Deposit insurer points to cybersecurity, SIFI resolution, community bank aid as focus for 2018 in plan

Cybersecurity, post-crisis resolution planning and research on and technical assistance for community banks will be among the items of focus for the federal insurer of bank deposits in 2018, the agency Wednesday in releasing its annual performance plan.

In releasing its 2018 Corporate Annual Performance Plan, outgoing Federal Deposit Insurance Corp. (FDIC) Board Chairman Martin Gruenberg said the agency would continue to focus on fulfilling its core mission responsibilities. (Gruenberg’s term as chairman ended in November; he remains as head of the board until board chair nominee Jelena McWilliams is confirmed by the Senate).

The plan outlined specific annual performance goals for the agency, as well as “indicators and targets” for the insurer’s three “major business lines” of insurance, supervision and receivership management.

Gruenberg, in the plan’s introduction, said increased attention to cybersecurity and “other new, technology-related risks in insured depository institutions” would be a focus for his agency.

“The FDIC will also continue to carry out its expanded post-crisis responsibilities (in coordination with the Federal Reserve Board) related to resolution planning for systemically important financial institutions (SIFIs),” he stated. “In addition, it will conduct research on and provide outreach and technical assistance to community banks.”

FDIC 2018 Performance Plan