Coronavirus: FDIC Suspends Early Retirement Program

The Federal Deposit Insurance Corporation announced Monday that the early retirement and separation program offered to up to 20 percent of its workforce has been suspended as part of the agency’s response to the coronavirus.

The FDIC announced the buyouts earlier this month, saying the program is an effort to rebalance the workforce by growing its examination and risk-related teams. Additionally, the FDIC plans to add specialized information technology, computer science, data management and loan-review personnel.

As part of the plan, the FDIC announced several field offices will be closed and consolidated with other offices.

In announcing the suspension of the buyout program, the FDIC also announced:

  • The Board of Directors meeting Tuesday will be held on a “notational basis.” Vote results and any member statements will be released to the public following the votes.
  • All FDIC employees are teleworking through at least March 30.
  • Supervisory and other FDIC activities at financial institutions will be conducted off-site for two weeks starting Monday, March 16. Any on-site activities that are necessary will be conducted with minimal on-site teams.

“Despite the challenges presented by the coronavirus, the FDIC remains prepared to carry out its mission to insure deposits, promote financial stability, protect consumers, and ensure the safe and sound operation of FDIC-supervised institutions,” FDIC said in a statement.