FDIC Board Approves 2021 Operating Budget
December 15, 2020 / Source: FDIC
WASHINGTON – The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a 2021 Operating Budget of $2.279 billion. The budget provides funding for the continuation of critical FDIC information technology modernization, supports numerous projects to foster innovation at our nation’s banks, and expands initiatives to support diversity and inclusion. The budget also provides funding for contingency reserves in the event pandemic-related economic uncertainty leads to a deterioration in financial institution health.
“Recognizing that we are facing many uncertainties about the economic impact of the pandemic,” said FDIC Chairman Jelena McWilliams, “this budget will provide requisite flexibility while allowing us to continue modernizing the FDIC’s operations and to promote innovation.”
The FDIC’s 2021 Operating Budget includes $2.059 billion for ongoing operations, $175 million for receivership funding, and $44.9 million for the Office of the Inspector General (OIG). Over half of the $261 million (12.9 percent) increase in the Operating Budget is attributable to contingency reserves of $140 million in the event a potential operational and staffing surge becomes necessary. The Board also approved an authorized 2021 staffing level of 5,793 positions, a net increase of 65 positions from 2020.