More than $2.76 billion in fines, restitution ordered, and other monetary recoveries were realized by the federal bank deposit insurance agency’s efforts in the six-month period of Oct. 1 of last year to March 31, the agency’s inspector general said Monday.
However, the Federal Deposit Insurance Corp.’s (FDIC) Office of Inspector General (OIG) said, the agency’s top watchdog will have a smaller staff in the years going forward what with the loss of 17 workers taking buyouts or retiring, also during the six-month reporting period, the OIG said.
According to its semiannual report to Congress, the OIG said its investigations – in addition to the monetary recoveries from fines, restitution orders and others – resulted in 64 indictments, 48 convictions and 62 arrests. “These results include the FDIC OIG’s efforts combatting fraud in the federal government’s COVID-19 pandemic response, which resulted in 13 indictments and informations, 11 arrests, and 20 convictions,” the OIG said. “Monetary benefits resulting from these types of cases alone this period totaled nearly $44.9 million.”
The OIG asserted that the office has “undergone significant organizational change during the reporting period.” That includes returning to a full-time, in office presence (as of Feb. 24), and the loss of the 17 staff members.
“Fourteen members of our office accepted the Deferred Resignation Program and 3 staff retired or took other positions, resulting in a 17-full time equivalent staff reduction overall,” the agency reported. “This has led to organizational restructuring and reassignment of certain key responsibilities.”
However, the OIG indicated that the staff reductions will not affect its ability to do the job of providing internal oversight of the agency’s activities and investigating and deterring fraud among financial institutions.
“Notwithstanding such organizational changes, we have continued to pursue our mission and to ensure we are prepared to effectively meet our oversight responsibilities,” wrote Inspector General Jennifer L. Fain. “The OIG is firmly committed to sustained delivery of credible results that drive meaningful change, enhance integrity and accountability, and foster public trust in the FDIC.”
FDIC Office of Inspector General Semiannual Report to the Congress, October 1, 2024 – March 31, 2025
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