Profiles of Existing Government Corporations - US Government ...

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CORPORATION PROFILE
AFFIIJATED AGENCIRS: FDIC has access t0 r@pO~S Of examination
made by, and reports of condition made to, the Comptroller of the
Currency, and any Faderal Reserve (FR) bank, the Federal Home
Loan Rank Board (FHLBB), and any Federal Home Loan Bank and all
related revisions of reports of condition made to either agency.
FDIC directors, after consultation with the Comptroller of the
Currency, the MLBB, and the Board of Governors of the FR System,
may by regulation define certain banking terms, e.g., "cash
items." The FRLBB has authority to appoint FDIC as the receiver
for a fedora1 eavings bank whose insured statue has been
terminated by FDIC'S Board. The Comptroller of the Currency has
the authority to appoint FDIC as the reCeiV@r for any insured
national bank, insured federal branch of a foreign bank, insured
District bank, or any non-insured national bank or District bank.
FDIC is required to consult the Board of Governors of the FR
System or the Comptroller of the Currency vhen making an
eligibility determination for state members banks or national
banks regarding purchases of net worth certificates.
BUDGET STATUS: On budget and subject to the Government
Corporation Control Act (GCCA). FDIC iS not subject to the
regular Office of Management and Budget's (ORB) reviov process.
OUB does not provide a line item roviev nor is the FDIC subject
to OXB apportionment control.
TREASURY STATUS: The Secretary of Treasury must approve each
sale or purchase of U.S. obligations for FDIC'e account vhich in
the aggregate exceed SlOO,OOO. The Secretary has authority to
loan funds to FDIC on such tame as may be fixed by FDIC and the
Secretary. The Secretary has authority to prepare forms of
notes, debentures, or other obligations, subject to the approval
of FDIC. The engraved plates, dyes, bed pieces, and other
material executed in connection vith the aforementioned
obligatione shall remain in the custody of the Secretary of
Treasury. FDIC has the authority to borrov up to $3 billion from
the U.S. Treasury.
REPORTING STATUS: FDIC shall annually make a report of its
operations to the Congress as soon as practicable after January
1st of each year. The FDIC'e Board is required to transmit to
Congress an annual report specifying the types and amounts of net
vorth certificatee purchased from each depository institution.
Tha Comptroller Goneral is required to submit a copy of the
financial audit report to the Congreee, the Proeident, the
Secretary of Treasury. and FDIC. The CoIaptroller Goneral is
required to submit to Congress an audit report of the net worth
certificate program of FDIC.=
LITIGATION STATUS: FDIC has the power to sue and be sued.
.