Walter J. Cummings (1879-1967), becomes the original President of FDIC and you may suits up until February step 1, 1934. A native of Illinois, Cummings inserted banking given that a good clerk in the ages 18 however, became somebody inside the a railroad gizmos team and later planned new Cummings Vehicles and you can Advisor Organization. He had been entitled professional secretary on the Secretary of Treasury into the March 1933. Which have tracked brand new effective place of your own Organization, Cummings kept the new FDIC to help you lead the latest Continental Illinois National Bank and Faith Organization.

The fresh FDIC’s Office off Examination is made. The very first obligation should be to consider county nonmember financial institutions getting admission on Temporary Fund. Examiners regarding the OCC and you will state financial executives have been moved otherwise seconded toward FDIC, and 47 career organizations is actually dependent around the nation. Within its height, that it temporary test push got nearly step 1,700 examiners and you will 900 assistance group. The newest examiners accept the difficult work away from exploring from the 12 months-avoid the fresh new tens of thousands of condition nonmember financial institutions which have applied to feel FDIC members.