11 Facts About FDIC

1.

The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks.

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2.

The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system.

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3.

FDIC insurance is backed by the full faith and credit of the government of the United States of America, and since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds.

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4.

The FDIC has a US$100 billion line of credit with the United States Department of the Treasury.

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5.

The FDIC describes this sign as a symbol of confidence for depositors.

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6.

FDIC maintains the insurance fund by assessing a premium on member institutions.

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7.

Two most common ways for the FDIC to resolve a closed institution and fulfill its role as a receiver are:.

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8.

In 1991, to comply with legislation, the FDIC amended its failure resolution procedures to decrease the costs to the deposit insurance funds.

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9.

The procedures require the FDIC to choose the resolution alternative that is least costly to the deposit insurance fund of all possible methods for resolving the failed institution.

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10.

On December 17, the FDIC issued guidance for the 2015 resolution plans of CIDIs of large bank holding companies .

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11.

FDIC publishes a guide entitled "Your Insured Deposits", which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance.

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