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FDIC Broadens Use Of Its Streamlined "Merit" Examination Program
The Federal Deposit Insurance Corporation (FDIC) announced today that it is broadening the use of its streamlined examination program called "MERIT" (for Maximum Efficiency, Risk-Focused, Institution Targeted Examinations). Well-rated insured banks with total assets of $1 billion or less will now be eligible for examination under the streamlined program. The MERIT program was originally limited to well-rated banks with total assets of $250 million or less.
Michael J. Zamorski, Director of the FDIC's Division of Supervision and Consumer Protection, added: "Among the program's overall benefits are less examiner time spent on-site in examinations of well-rated banks and more examination resources devoted to institutions that pose higher risks."
###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 9,237 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 (877-275-3342 or (703) 562-2200).
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