Each depositor insured to at least $250,000 per insured bank

Resolutions and Receivership Specialist Intern Program

   ...banking on our future by investing in our greatest asset, our workforce.

Introduction

The Federal Deposit Insurance Corporation, or FDIC, is the symbol of trust you see on banks across the United States. This symbol assures depositors that they can depend on up to $100,000 of deposit insurance which, when you think about it, makes working at the FDIC a career experience that really counts. Within FDIC, the Division of Resolutions & Receiverships (DRR) is charged with resolving failing and failed financial institutions, which includes, among other important responsibilities, ensuring depositors’ have prompt access to their insured funds. Occasionally we provide technical assistance to foreign countries and international organizations to aid in improving the efficiency of their banking and financial systems. The FDIC is one of the most respected forces in the financial community. We’re making a difference in our community and in the world.

To maintain our exceptional reputation, we must continuously strive to develop and retain a highly skilled, professional and competent workforce who is able to meet our daily challenges, in addition to preparing for the challenges we are sure to face in the future. To accomplish this endeavor, DRR has established intern opportunities to train and develop employees to perform the full range of duties assigned to Resolutions and Receivership Specialists.

Resolutions and Receivership Specialist Interns

Resolution and Receivership Specialist Interns rotate through a variety of assignments encompassing the full range of work associated with a failing or failed financial institution. Assignments include formal class room training supplemented by meaningful on-the-job work to prepare you fully for a beneficial career with the FDIC. Resolutions and Receivership Specialist Interns attend and participate in quarterly meetings with other program members, mentors/coaches, and senior managers to develop working relationships, share ideas, and gain valuable experience in the work environment. After each rotational assignment, Resolutions and Receivership Specialist Interns are evaluated and provided the opportunity to offer feedback on their training assignments and learning experience. Each Resolutions and Receivership Specialist Intern will be assigned a mentor to help them learn and progress within the organization. Upon completion of the two-year Intern program, successful candidates may be offered a permanent position within the FDIC.

 Major Areas of Assignments
  • Accounting Operations
Resolutions and Receivership Specialist Interns participate in performing duties and responsibilities associated with establishing the Balance Sheet when the institution fails, recording all liquidation transactions into the general ledger, organizing the general ledger information in a useable format, and preparing the final financial position for FDIC to terminate the receivership. Additionally, Resolutions and Receivership Specialist Interns participate in the processing of invoices generated from the business activities of FDIC regional and field offices.

  • Asset Management
Specialist Interns participate in performing duties and responsibilities associated with managing the FDIC’s interest in assets by administering and disposing of assets in a manner that returns maximum net present value to the corporation. Assets include securities, commercial loans, commercial real estate, judgements, student loans, other assets, repossessions, bankruptcies, agricultural loans, oil & gas assets, and finders fee program.

  • Franchise and Asset Marketing
Resolutions and Receivership Specialist Interns become involved with various activities necessary to market failing institutions, assets and loans. Through various assignments, Resolutions and Receivership Specialist Interns will learn to develop Information Packages, and recommendations for marketing strategies, conduct Asset Valuation Reviews, and market failing institutions to other financial institutions. These activities include analyzing lending portfolios and developing pools of loans.

  • Receivership Operations
Specialist Interns participate in making depositor insurance determinations on accounts related to failed financial institutions. Additionally, Resolutions and Receivership Specialist Interns work closely with other professionals to coordinate and accomplish other tasks associated with a failed financial institution such as paying dividends, collecting insurance overpayments, and dealing daily with customers and other creditors to resolve problems and concerns. Resolutions and Receivership Specialist Interns will also get involved in complex and sensitive financial matters requiring the use of investigative techniques and coordination with legal representatives.

Pay and Benefits

Interns are paid competitive salaries and employee benefits including:
  • Health Insurance
  • Dental and Vision Insurance
  • Life Insurance
  • Retirement Plan
  • 401(k) Savings Plan
  • Paid Vacation and Sick Leave
  • Flexible Spending Account
  • Disability Insurance Programs
  • Life Cycle Account
  • FDIC Employee Assistance Program (EAP)
  • Public Transit Subsidy

More Information

Information about vacancy announcements, qualification requirements, application forms and instructions may be obtained by visiting our website at www.fdic.gov/about/jobs/index.html

More about the FDIC

The Federal Deposit Insurance Corporation (FDIC) was established in 1933 by Congress as an independent agency of the Federal Government to maintain public confidence in the nation's banking system and to manage the Bank Insurance Fund (BIF), which insures bank deposits. The need for Federal deposit insurance developed due to the high number of bank failures that occurred during the years following the stock market crash of 1929.

With the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress created the Savings Association Insurance Fund (SAIF) giving FDIC responsibility for administering this fund in addition to the BIF.

Role of FDIC

In the distinctive role as deposit insurer of financial institutions and in cooperation with other Federal agencies, such as Comptroller of the Currency and office of Thrift Supervision, the FDIC protects the safety and soundness of insured depository institutions and the U.S. financial system by identifying, monitoring, and addressing risks to the deposit insurance funds.

  • FDIC provides financial and economic information and analysis to promote public understanding and to minimize disruptive effects from the failure of financial institutions.
  • FDIC supervises and examines nearly 6000 state-chartered banks and performs as backup supervisor of the nation's savings and loans.
  • FDIC is responsible for liquidating the assets of failed banks and savings associations.

FDIC's income is derived from assessments levied on financial institutions, and income from investments of those assessments in government securities.

More about Division of Resolutions and Receiverships (DRR)

The function of FDIC's Division of Resolutions and Receiverships (DRR) is to provide prompt payment of a failed bank's insured deposits and to liquidate assets in the most cost efficient manner. To meet its goals, DRR seeks to maximize the return of funds to the FDIC and other creditors of failed banks.

Mission Statement

DRR exists to plan and efficiently handle the resolution of failing FDIC-insured institutions and to provide prompt, responsive, and efficient administration of failing and failed financial institutions in order to maintain confidence and stability in our financial system.

Vision Statement

DRR is a diverse team of skilled, service-oriented professionals that effectively administers failing and failed financial institutions by anticipating and responding to technological and other changes that impact the financial industry. DRR values flexibility, innovation and the contributions of its employees.

Diversity Statement

Through our training initiatives, DRR supports issues of diversity by providing developmental opportunities for all employees. We support and maintain an inclusive work environment that recognizes and appreciates the perspective talents and contributions of all employees.
Last Updated 6/10/2003

Careers at FDIC