Footnote 1: A receivership is a temporary entity that is established upon the appointment of the FDIC by the appropriate federal or state regulator authority to wind up the business and affairs of a failed financial institution. The FDIC’s roles and responsibilities as a receiver are defined by provisions in the Federal Deposit Insurance Act (FDI Act).
Footnote 2: The FDIC could not readily provide information on the number of checks written in comparison to the number of electronic payments made to receivership dividend recipients for our audit period. However, the FDIC provided information on the number of checks issued starting in January 2003. Accordingly, we used that information in our report.
Footnote 3: We reviewed the following OIG reports: Review of the FDIC’s Strategy for Managing Improper Payments (Audit Report No. 02-022, June 14, 2002); Internal Control over Receivables from Failed Insured Depository Institutions (Audit Report No. 03-026, March 28, 2003); Internal Control over Receivership Receipts (Audit Report No. 03 024, March 27, 2003); and Insurance Determination Claims Process (Audit Report No. 03-041, September 17, 2003).
