FDIC Board of Directors Establishes Office of Supervisory Appeals

WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved amendments to the agency's Guidelines for Appeals of Material Supervisory Determinations. Under the new Guidelines, the FDIC is replacing the existing Supervision Appeals Review Committee (SARC) with the Office of Supervisory Appeals, an independent, standalone office within the FDIC.

The Office of Supervisory Appeals will be the final level of review of material supervisory determinations, independent of the Divisions that make supervisory determinations. The office will be staffed by reviewing officials who are hired externally, and each panel will have at least one reviewing official with bank supervisory experience and at least one reviewing official with industry experience. The FDIC will notify institutions once the office is operational.