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