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FDIC announces transparency initiative

Federal Deposit Insurance Corp. Chair Jelena McWilliams announced an initiative to bring greater openness and accountability to the agency.

The effort, called the "Trust through Transparency Initiative," includes a public website that will show new performance metrics, guidelines and decisions, and policies and procedures.

The FDIC intends to publish performance metrics such as call center usage, the timeliness of response and the turnaround times for examinations and applications — including de novo applications — on a regular basis.

Guidelines and decisions related to appeals of material supervisory determinations and deposit insurance assessments will be available on the website. McWilliams added that it will also include information about how the FDIC conducts its work, including "extensive" detail on how its processes and evaluates applications, as well as how case managers and examiners implement risk-focused supervision programs.

McWilliams also promised to revisit how the agency should balance the need to protect confidential information while still providing public access. She said the FDIC has started a "systematic" review of information it has deemed confidential, including its Freedom of Information Act process and exemptions.

She said the public should see progress in these areas over the coming months. She also announced a nationwide listening tour to meet with stakeholders, including regulated banks and their customers.