TAILIEUCHUNG - THE FDIC’S ROLE AS RECEIVER CHAPTER 7

Therefore, customers play a major part in a bank’ s success or failure. As simple as the logic ‘Keep them happy and survive. Make them unhappy and perish’, may seem, in practical terms this is not as easily achieved. How do banks anticipate customer needs and respond to them? How do they retain old customers while seeking new ones? And that too at a time when their margins are stretched and the very foundations of trust have been shattered? However , very few banks are in a position to keep their customers satisfied on all count. For other struggling banks it. | CHAPTER 7 - THE FDIC S ROLE AS RECEIVER Before the creation of the Federal Deposit Insurance Corporation FDIC the Office of the Comptroller of the Currency OCC which had the authority to appoint the receiver of a failed national bank supervised national bank liquidations. Liquidations of state banks varied considerably from state to state but most were handled under the provisions for general business insolvencies. The . Congress recognized the importance of deposit protection in providing stability in the nation s economy. As such Congress gave the FDIC special powers to use in the liquidation of assets from failed banks or thrifts and the payment of claims against the receivership estate. Federal laws governing the resolution of failed depository institutions were designed to promote the efficient and expeditious liquidation of failed banks and thrifts. The more significant of those powers are detailed below. Comparison with Bankruptcy Law In many ways the powers of the FDIC as receiver of a failed institution are similar to those of a bankruptcy trustee. Like a bankruptcy trustee a receiver steps into the shoes of an insolvent party. The receiver may liquidate the insolvent institution or transfer some or all of its assets to an acquiring institution. Although many of the concepts central to the operation of an FDIC receivership are similar to those of the bankruptcy process federal law grants the FDIC additional powers that lead to critical differences between bankruptcy and the FDIC receivership law. The FDIC s role and responsibilities when serving as receiver are defined by specific statutory provisions contained in the Federal Deposit Insurance Act of 1950. These additional powers allow the FDIC to both expedite the liquidation process for banks and thrifts in order to maintain confidence in the nation s banking system and to maximize the cost-effectiveness of the receivership process to preserve a strong insurance fund. The primary advantage is that the

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