FDIC Budget Dips as Contingency Reserves Lowered

The FDIC board today unanimously approved a $2.26 billion agency operating budget for 2022, a 0.7% decrease from the 2021 budget. The decline came primarily from reductions in designated reserves for receiverships and other adverse contingencies that did not materialize during the COVID-19 pandemic; funds for core FDIC operations will rise by 4%.

The budget included increases in spending to support the agency’s ongoing technology and facilities modernization projects. The board also authorized a 2022 staffing level of 5,897, a net increase of 44 positions from 2021.

“The initiatives funded by this budget will provide new tools and capabilities to our employees so that they can focus on the mission,” said FDIC Chairman Jelena McWilliams. “As we continue to monitor the impact of the pandemic and inflation, the FDIC must be prepared to respond quickly to any contingency.”