The FDIC budget announcements at today's board meeting revealed significant increases in dealing with banks' escalating woes.
According to an attachment to the proposed 2010 operating budget, the bank regulator has budgeted for a 104% increase over the estimate for 2009 in receivership funding. This equates to a $1.27 billion increase for a total FDIC budget of $2.5 billion. Ongoing operations were up 18.2% to $229.5 million, bringing the overall FDIC budget to just under $4 billion, representing a 55.8% overall increase.
The NCUA at its November board meeting approved a $200.9 million budget for a boost of 13%. The increase has drawn letters from the national trade associations in opposition to the move.
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