FDIC Announces Trust Through Transparency Initiative

In a recent address to federal and state banking regulators the Chairman of the FDIC, Jelena McWilliams, announced a Trust Through Transparency Initiative to further the FDIC’s goals of being accessible, understandable, and responsive in each of its business areas.  The initiative is intended to build trust and confidence with institutions the FDIC supervises as well as the public.

A key feature of the initiative is a new section of the FDIC’s website where it will publish performance metrics, including:

• Turnaround times for examinations and bank applications;
• FDIC call center usage and timely response rates;
• Decisions related to appeals of material supervisory determinations and deposit insurance assessments; and
• Information concerning FDIC policies and procedures.

The FDIC will also reevaluate the proper balance between protecting confidential information and providing public access, including a review of its Freedom of Information Act process.  As part of the overall initiative, the Chairman has launched a nationwide listening tour to meet with stakeholders.