what we do
the mission of the federal deposit insurance corporation (fdic) is to maintain stability and public confidence in the nation’s financial system. In support of this goal, the fdic:
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- secure deposits,
- examines and supervises financial institutions for safety and soundness and consumer protection,
- works to make large and complex financial institutions solvable, and
- manages judicial administrations.
an independent agency of the federal government, the fdic was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. learn more about the history of the fdic.
fdic does not receive appropriations from congress; it is financed by the premiums that banks and savings associations pay for deposit insurance coverage. the fdic insures trillions of dollars of deposits in the us banks and savings banks: deposits in practically all banks and savings associations in the country.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Since the inception of fdic insurance on January 1, 1934, no depositor has lost a penny of insured funds as a result of bankruptcy. The fdic’s electronic deposit insurance estimator can help you determine if you have adequate deposit insurance for your accounts. the fdic insures deposits only. it does not insure securities, mutual funds or similar types of investments that banks and savings institutions may offer. learn more about deposit insurance.
supervision & exam
the fdic directly supervises and reviews more than 5,000 banks and savings associations to ensure operational safety and soundness. banks may be licensed by states or by the office of the comptroller of the currency. State-chartered banks also have the option of joining the Federal Reserve System. The fdic is the main federal regulator of banks chartered by states that do not join the federal reserve system. in addition, the fdic is the backup supervisor for the remaining insured banks and savings banks.
The fdic also examines banks for compliance with consumer protection laws, including the Fair Credit Billing Act, Fair Credit Reporting Act, Truth in Lending Act, and Fair Practices Act. debt collection, to name a few. Finally, the fdic examines banks for compliance with the Community Reinvestment Act, which requires banks to help meet the credit needs of the communities they are authorized to serve.
To protect insured depositors, the fdic responds immediately when a bank or savings association fails. institutions are usually closed by their authorizing authority: the state regulator or the office of the comptroller of the currency. The fdic has several options for resolving institutional failures, but the most common is to sell the failed institution’s deposits and loans to another institution. clients of the bankrupt institution automatically become clients of the institution that assumes them. most of the time, the transition is seamless from the customer’s point of view.
where are we
fdic is headquartered in washington, dc, and has established field and regional offices throughout the country.
who we are
the fdic is managed by a five-person board of directors that includes the comptroller of the currency and the director of the consumer financial protection bureau, all of whom are appointed by the president and confirmed by the senate, with no more of three being from the same political party.
For more information on the fdic’s mission and operations, be sure to review the additional information provided in the about section of this website.
thank you for your interest in fdic.