ST. LOUIS–The FDIC’s chairman has announced what she said is an initiative around transparency and accountability.
FDIC Chair Jelena McWilliams announced the agency-wide “Trust through Transparency” initiative during remarks at the 2018 Community Banking in the 21st Century Research and Policy Conference here.
“Like any asset, trust must be earned and then preserved. In my view, the best way to maintain a trusting relationship is to be accessible, understandable, and responsive — to provide your stakeholders with the information and means to hold you accountable,” McWilliams said.
According to the FDIC, under the “Trust through Transparency” initiative it has launched a new section on its public website to provide new performance metrics that cross its business lines. The metrics will include data on the turnaround times for examinations and bank applications and timely response rates for the FDIC call center. The site also contains decisions related to appeals of material supervisory determinations and deposit insurance assessments, as well as information on the FDIC’s policies and procedures. The metrics will be updated regularly, and new materials will be added to the site as the agency creates more ways to shed light on the way it conducts business, the FDIC said.
Request for Information Issued
In addition, the FDIC noted it also recently issued a request for information on how to make communication with insured depository institutions more effective, streamlined, and clear. In September, the FDIC asked for comment on a proposal to retire more than half of the 664 risk management supervision-related Financial Institution Letters it issued between 1995 through 2017.
“These FILs are outdated or convey regulations or other information that is still in effect but available elsewhere on the FDIC’s website,” the FDIC said.
Unique Mailbox Created
A unique mailbox, transparency@fdic.gov, has also been created to allow interested stakeholders to share ways the FDIC can improve transparency.
“To promote real trust, we cannot simply make data available, publish performance measures, and consider the job complete,” McWilliams said. “That is not transparency or accountability. Instead, we must strive to be accessible to financial institutions, consumers, and the general public; understandable to most audiences; and responsive to new ideas and demands.”