The FDIC Board of Directors approved a smaller operating budget for 2016, according to a Tuesday press release. The approved operating budget of $2.21 billion reflects a 4.7% drop from the 2015 budget.
Additionally, the board approved a net staffing level reduction to 6,569 positions – down 317 positions from 2015.
"As the U.S. banking industry continues to show improvement and the number of bank failures steadily declines, we remain focused on fulfilling the responsibilities of our mission while prudently managing costs," FDIC Chairman Martin Gruenberg said in a statement.
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The 2016 FDIC operating budget included $1.81 billion for ongoing operations and $400 million for receivership funding. The operating budget was $108 million lower for 2016 due to substantially reduced resource requirements for the receivership funding budget component, the FDIC said. The ongoing operations component of the budget was 0.9%, or $17 million, higher than it was in the 2015 budget; the receivership funding component of the budget was 23.8%, or $125 million, lower compared to the previous year.
Staffing changes included 5,961 permanent and 608 non-permanent positions, which reflected an increase of 17 permanent positions from 2015 and was offset by a non-permanent position decrease of 334.
In comparison, the 2016 NCUA budget was approved with a 4.1% increase over 2015 during the agency's November board meeting.
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