Walter J. Cummings (1879-1967), gets the initial President of one’s FDIC and you may caters to up until February 1, 1934. A local out of Illinois, Cummings entered banking as an excellent clerk during the many years 18 but turned into somebody in a railroad products team and soon after arranged the brand new Cummings Automobile and Mentor Providers. He was titled professional secretary on Secretary of your own Treasury inside March 1933. Having monitored the brand new profitable organization of the Business, Cummings remaining brand new FDIC so you can lead the new Continental Illinois Federal Financial and you can Trust Team.

The fresh new FDIC’s Division away from Examination is done. Their very first duty is to try to glance at condition nonmember banking institutions to possess entry into Temporary Finance. Examiners in the OCC and you may county banking supervisors had been transferred otherwise seconded toward FDIC, and 47 community organizations is dependent in the country. In the the level, that it brief test push got almost step one,700 examiners and you may 900 assistance team. Lees verder “Of numerous examiners were to your mortgage regarding OCC otherwise county financial bodies”