The FDIC Board of Directors approved a smaller operating budget for 2016, according to a Tuesday press release. The approved operating budget of $2.21 billion reflects a 4.7% drop from the 2015 budget.

Additionally, the board approved a net staffing level reduction to 6,569 positions – down 317 positions from 2015.

"As the U.S. banking industry continues to show improvement and the number of bank failures steadily declines, we remain focused on fulfilling the responsibilities of our mission while prudently managing costs," FDIC Chairman Martin Gruenberg said in a statement.

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