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FDIC’s Website Seeks to Increase Transparency with Performance Metrics

The FDIC has added a new section to its public website titled Transparency & Accountability and can be found at www.fdic.gov/transparency/. Jelena McWilliams published a message on the FDIC website:

“I believe that the Trust through Transparency initiative will strengthen the trust among consumers, financial institutions, and the FDIC while best positioning the FDIC to fulfill its important mission. I welcome your feedback at [email protected].”

The webpage above lists additional pages in this section:

The FDIC published a press release on October 3, 2018, to announce the addition of the new page.

Read the Full October 3, 2018, Press Release

Jelena McWilliams,Federal Deposit Insurance Corporation (FDIC) Chairman, announced an agency-wide initiative called,”Trust through Transparency.” She made the announcement at the 2018 Community Banking in the 21st Century Research and Policy Conference, located in St. Louis, Missouri.

“Like any asset, trust must be earned and then preserved. In my view, the best way to maintain a trusting relationship is to be accessible, understandable, and responsive — to provide your stakeholders with the information and means to hold you accountable,” Chairman McWilliams is quoted as saying.

In support of the “Trust through Transparency” initiative, a new section was launched on its public website with new performance metrics.”

“The metrics will include data on the turnaround times for examinations and bank applications and timely response rates for the FDIC call center.”

The FDIC states that the “metrics will be updated regularly, and new materials will be added to the site as the agency creates more ways to shed light on the way it conducts business.”

Also, the FDIC issued a request for information on “how to make communication with insured depository institutions more effective, streamlined, and clear.”

“A unique mailbox, [email protected], has been created to allow interested stakeholders to share ways the FDIC can improve transparency.”

“To promote real trust, we cannot simply make data available, publish performance measures, and consider the job complete. That is not transparency or accountability.”

“Instead, we must strive to be accessible to financial institutions, consumers, and the general public; understandable to most audiences; and responsive to new ideas and demands,” Chairman McWilliams said.


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