Seidman Says FDIC Should Support Banking Industry

Article excerpt

NEW ORLEANS - The Federal Deposit Insurance Corp. should actively support the banking industry on legislation or regulations involving th e health of the banking system, FDIC Chairman-designate William Seidman said Wednesday.

Seidman, whose appointment by President Reagan was confirmed last week, said at a news conference at the American Bankers Association convention that the FDIC's primary concern was the safety and soundness of the banking system.

""Therefore, we should work closely with the industry because we have the same goals,'' Seidman said.

In remarks to a general session of the convention, Seidman said the FDIC should be the bankers' strongest voice in most governmental issues, even more than the Federal Reserve system, the Treasury Department or the Office of the Comptroller of the Currency.

""The recent tax proposals affecting the treatment of reserves seems to me to be a good example of a place for the FDIC to stand with the industry for the good of the system,'' Seidman said.

Seidman noted the other federal bank regulators had a variety of duties involving the administration of the banking and thrift systems, but that the FDIC's primary concern was the health of the banks and well-being of their customers.

Separately, Seidman said he hoped federal regulators could achieve uniformity in regulations requiring greater disclosure of financial information by banks.

An FDIC rule scheduled to take effect Jan. 1 would require disclosures of certain enforcement actions taken against a bank.

On Sunday, acting Comptroller H. …


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.