FDIC Organizational Changes to Implement Regulatory Reform

On August 10, the FDIC approved the creation of a new Office of Complex Financial Institutions (OCFI) and Division of Depositor and Consumer Protection (DCP) to help carry out its responsibilities under the Dodd-Frank Act.  The CFI will review and oversee bank holding companies with more than US$100 billion in assets, as well as non-bank financial companies designated as systemically important by the new Financial Stability Oversight Council.  It will also be responsible for carrying out the FDIC’s new authority under the Act to implement orderly liquidations of bank holding companies and non-bank financial companies that fail.  The establishment of the DCP is intended to provide increased visibility to the FDIC’s compliance examination and enforcement program. FDIC Release.