FDIC to increase personnel in 2023

The FDIC plans to ramp up hiring in the new year. Following approval of its 2023 operating budget of $2.4 billion for next year (a 6.5% increase) during a board meeting today, the agency outlined its plans for 220 new positions, primarily to carry out bank supervision and other core mission responsibilities.

Additional examiners are needed to help respond to the increasing size and complexity of the institutions the FDIC supervises, the downside risks to the banking system in the current uncertain economic environment, the large number of retirement-eligible examiners, and the time needed to develop new commissioned examiners, FDIC officials said. Additionally, the budget will also focus on modernizing FDIC’s information technology infrastructure and protect sensitive data. The budget also includes funding for a public information campaign to help clarify claims made about deposit insurance in recent years regarding nontraditional assets.