FDIC's Letter to Stakeholders

FDIC issued a report today on its activities and accomplishments during the second quarter of 2007.  Reported net income for insured financial institutions is excellent ($36 Billion in the 1st Q of '07 - the fourth highest quarterly figure ever reported).  Insured deposits increased by $84.4 Billion - the second largest quarterly increase in the last 5 years.  Basel II, subprime lending, and affordable consumer credit were key issues for FDIC.

Going forward, FDIC's top three priorities are: 

1.  Monitoring the troubled mortgage market and mitigating potential negative repercussions for borrowers & insured institutions;

2.  Assisting the unbanked to join the financial mainstream; and

3.  Developing joint federal banking agency final banking rules to implement Basel II.

Link:  http://www.fdic.gov/about/financial/letters/07Q2_stake.html

(ag) Aug. 7, 2007, in Federal Banking Agencies/FDIC