1. SI01: Number of Institutions by Regulatory Agent and Insurance Fund
1.1 General Comments
The category of FDIC-insured savings institutions includes all institutions insured by either the Deposit Insurance Fund (DIF),the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF) that operated under state or federal banking codes applicable to thrift institutions, except for one self-liquidating institution primarily funded by the FSLIC Resolution Fund (FRF). Savings institutions that were placed in Resolution Trust Corporation conservatorship are excluded from these tables while in conservatorship.For relevant dates of operation of agencies and insurance funds see “Significant Events” below. The institutions covered in this section were regulated by and submit financial reports to the Federal Deposit Insurance Corporation (FDIC), the Federal Savings and Loan Insurance Corporation (FSLIC),the Office of Thrift Supervision (OTS) or the Office of the Comptroller of the Currency (OCC).Data for the savings institutions regulated by the FDIC are from the Federal Financial Institution Examination Council (FFIEC) Reports of Income and Condition submitted to the FDIC (Call Reports). Data for savings institutions regulated by the Office of Thrift Supervision (OTS) are from the Thrift Financial Reports (TFR).
Current reporting requirements or definitions for each column heading are stated below. Where possible, historical amounts are adjusted to reflect current reporting requirements and definitions as closely as possible. The notes below identify any significant adjustments or changes in definitions from current requirements. Certain adjustments are made to the Thrift Financial Reports to provide closer conformance with the reporting and accounting requirements of the Call Reports. These notes are an integral part of this publication and provide information regarding the comparability of source data and reporting differences over time.
1.2 Significant Events
1984 -- Deposit insurance for mutual savings banks (savings banks with no capital stock that accept only, with a few exceptions, savings deposits and whose earnings inure to the benefit of the depositor). These banks include those operating under special state banking codes applicable to mutual savings banks and all guaranty savings banks in New Hampshire and all insured savings banks in Massachusetts.Although HSOB data are available only from 1984, such institutions were insured by the FDIC before that date.
Deposit insurance for all savings and loan associations and all federally insured savings banks not insured by the FDIC provided by the Federal Savings and Loan Insurance Corporation (FSLIC).Although HSOB data are available only from 1984, such institutions were insured by the FSLIC before that date.
1989 -- Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) was signed into law on August 9, 1989. FIRREA also created and funded a government agency, the Resolution Trust Corporation (RTC) to manage and dispose of, either through sale or liquidation, any failed savings institution transferred from the OTS through September 30, 1993. FIRREA specified that any funds needed to protect the depositors of these failed savings institutions would be publicly provided until the termination of the RTC on December 31, 1996. Additionally, FIRREA specified that the FDIC would be the sole insurer of all financial institutions, and that institutions would acquire deposit insurance through either the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF) depending upon their charter. The SAIF replaced the FSLIC insurance fund. Further, FIRREA specified that any acquisition of deposits insured by a fund other than the acquiring institution's must maintain a percentage in both insurance funds equivalent to the membership percentage at the date of acquisition. Regulatory supervision continued to be provided by the FDIC and the OTS depending upon the charter of the institution.
1993 -- The RTC Completion Act extends the RTC's responsibility to accept failed savings institutions from OTS through July 1, 1995 and terminates the RTC on December 31, 1995. Funding for future failures of savings institutions to be borne by either the BIF or SAIF.
1996 -- The Deposit Insurance Fund Act of 1996 (DIFA) was passed at the end of the third quarter and included a one-time special assessment on institutions with SAIF insurance that cost the industry $3.5 billion. The DIFA was part of the Economic Growth and Regulatory Paper Reduction Act of 1996. This act relaxed the Qualified Thrift Lender test by increasing the amount of consumer-oriented loans, such as credit card loans, that can be counted as qualifying assets. This act also raised the allowable percentage of loans to commercial borrowers to 20 percent, where amounts in excess of 10 percent must be made up of loans to small businesses. Earlier in the year, the Small Business Job Protection Act of 1996 removed the favorable treatment for a bad debt reserve for tax purposes. This act put savings institutions on par with commercial banks for the tax treatment of bad debt reserves. Starting in 1996, the TFR was completed on a fully consolidated basis, with the exception of subsidiary depository institutions being reported on the equity method of accounting. The Call reports also use this method of consolidation. Prior to this time, the TFR reflected the consolidation of the parent thrift with all finance subsidiaries only. All other subsidiaries were reported on an equity or cost basis.
2006 -- Among its provisions, the Federal Deposit Insurance Reform Act of 2005 merged the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) into a new fund, the Deposit Insurance Fund (DIF). This change was made effective March 31, 2006.
2010 -- The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law on July 21, 2010. Effective one year after enactment, this legislation transferred supervisory authority over OTS-supervised, federally chartered savings institutions to the OCC and over OTS-supervised, state-chartered savings institutions to the FDIC. The legislation also provided for the abolition of the OTS 90 days after the transfer date and the assumption of its duties by the OCC.
*- includes institutions where assistance was provided under a systemic risk determination. Any costs that exceed the amounts estimated under the least cost resolution requirement would be recovered through a special assessment on all FDIC-insured institutions.
For additional notes, see https://www5.fdic.gov/hsob/HSOBNotes.asp#BF1.