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WASHINGTON The Federal Deposit Insurance Corp. on Tuesday approved a nearly 11% reduction in the agency's budget for 2014, a further sign of how the improving economy is reducing bank failures.
December 10
WASHINGTON The Federal Deposit Insurance Corp.'s board of directors will meet Tuesday to consider approving the agency's 2015 operating budget as well as to discuss a proposal related to derivatives netting.
Last year the agency approved a 10.9% budget decrease, compared to 2013, in large part because of lower projected staffing needs thanks to fewer failures in the division of resolutions and receiverships. Proposed staffing for the agency fell 10.6% while funding for FDIC receiverships was down by a third. The agency also proposed cutting 547 positions in the resolution division. With failures down, the FDIC has been eliminating non-permanent positions that were added during the crisis.
The meeting agenda released Friday said the agency will also consider a proposal dealing with netting agreements between parties in a derivatives transaction.
The meeting will be held at 10 a.m. at the FDIC building in Washington, D.C.
