WASHINGTON–The Federal Deposit Insurance Corporation (FDIC) said it plans to centralize its supervision and resolution activities for the largest banks and complex financial institutions in a new division to be named the Division of Complex Institution Supervision and Resolution (CISR).
"Centralizing the FDIC's expertise of large, complex financial institutions into a single division within the Agency will enable us to take a more holistic approach to the supervision and resolution of these institutions and the unique challenges they present," said FDIC Chairman Jelena McWilliams in a statement.
According to the FDIC, the new division will be responsible for the agency's supervision and monitoring of banks with assets greater than $100 billion for which the FDIC is not the primary federal regulator. On the resolution side, the new division will be responsible for planning for and executing the FDIC's resolution mandates for these institutions, as well as for other financial companies if called upon to protect U.S. financial stability, the FDIC added.
Currently, those activities are divided into three separate areas of the agency.
Rick Delfin, who is currently the Director of the FDIC's Office of Complex Financial Institutions, will head CISR. John Conneely, the FDIC's Regional Director for Chicago, will serve as the division's Acting Senior Deputy Director to assist with the transition. The new division will be operational on July 21.
The FDIC said the changes are not expected to have an impact on its staffing levels or its overall operating budget.