The Federal Deposit Insurance Corporation (FDIC) announced the hiring of key senior leadership staff for the Office of Complex Financial Institutions (CFI) and the Division of Depositor and Consumer Protection (DCP). The FDIC Board of Directors approved the establishment of these new organizations in August 2010 to enhance the FDIC’s ability to carry out its new and enhanced responsibilities under the Dodd-Frank Act. According to the FDIC, CFI will provide strategic direction to the FDIC’s new mission responsibilities under the Dodd-Frank Act to monitor and address risks in the largest, systemically important financial institutions, and DCP will provide greater focus and visibility to FDIC’s depositor and consumer protection programs.
Both organizations will begin formal operations on February 13, 2011. In addition, the Division of Supervision and Consumer Protection will become the Division of Risk Management Supervision on that date.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.