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Chairman Powell's Statement on
FDIC Board Approval of Special Examination Activities

FOR IMMEDIATE RELEASE
PR-6-2002 (1-29-2002)
Media Contact:
Phil Battey (202) 898-6993

"The agreement establishes a better process for determining when the FDIC will use its authority to examine any insured institution. It will further protect the deposit insurance funds. It shows what the banking regulators can achieve when we work together. It is a significant step forward." Don Powell, FDIC Chairman

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,747 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200)

Last Updated 01/30/2002 communications@fdic.gov