WASHINGTON–Even as it reports it collected more than $2.76 billion in fines and other recoveries from Oct. 1 of 2024 to March 31 of this year, the FDIC’s Office of Inspector General (OIG) said it will have fewer staff members moving forward, with smaller staff in the years going forward 17 workers taking buyouts or retiring over that same period.
In its semiannual report to Congress, the FDIC OIG said its investigations resulted in 64 indictments, 48 convictions and 62 arrests, in addition to the recovery of funds. “These results include the FDIC OIG’s efforts combatting fraud in the federal government’s COVID-19 pandemic response, which resulted in 13 indictments, 11 arrests, and 20 convictions,” the OIG said in its report. “Monetary benefits resulting from these types of cases alone this period totaled nearly $44.9 million.”
At the same time, the OIG said that due largely to the Trump administration’s efforts to downsize the federal workforce, it will have fewer people to help it fulfill its watchdog role and recover funds where it can.
Reorganization and Reassignments
“Fourteen members of our office accepted the Deferred Resignation Program and 3 staff retired or took other positions, resulting in a 17-full time equivalent staff reduction overall,” according to the OIG. “This has led to organizational restructuring and reassignment of certain key responsibilities.”
The OIG said the reductions will not hurt its ability to do its job of providing oversight of the FDIC and investigating fraud.
