FDIC announces centralized division for large, complex financial institution activities
On June 27, the FDIC announced that it will form a new division titled, “Division of Complex Institution Supervision and Resolution (CISR),” to centralize and consolidate the supervision and resolution activities for the largest banks and complex financial institutions. The division will be responsible for the supervision and monitoring of banks with assets greater than $100 billion for which the FDIC is not the primary federal regulator. It will also be responsible for planning and executing the FDIC's resolution mandates for such banks and for other financial companies if necessary to protect U.S. financial stability. FDIC Chairman McWilliams stated that the new division, which will consolidate functions currently handled by three separate areas of the FDIC, “will enable [the FDIC] to take a more holistic approach to the supervision and resolution of these institutions and the unique challenges they present.” The division is expected to be operational on July 21.