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Federal Deposit Insurance Corporation: Difference between revisions
Federal Deposit Insurance Corporation (view source)
Revision as of 00:36, 8 January 2025
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{{Short description|US government agency providing deposit insurance}} | {{Short description|US government agency providing deposit insurance}} | ||
{{Use mdy dates|date=March 2023}} | {{Use mdy dates|date=March 2023}} | ||
{{Infobox government agency | {{Infobox government agency | ||
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| website = {{URL|https://www.fdic.gov/}} | | website = {{URL|https://www.fdic.gov/}} | ||
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The '''Federal Deposit Insurance Corporation''' ('''FDIC''') is a [[State-owned enterprises of the United States|United States government corporation]] supplying [[deposit insurance]] to depositors in American [[commercial bank]]s and [[savings bank]]s.<ref name=":0">{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship|volume=119 |issue=2 |page=369 }}</ref>{{rp|15}} The FDIC was created by the [[Banking Act of 1933]], enacted during the [[Great Depression]] to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and [[bank run]]s were common.<ref name=":0" />{{rp|15}}{{sfn|Walter|2005|p=39}} The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category.<ref>{{cite news |title=FDIC insurance limit of $250,000 is now permanent|url=http://www.boston.com/business/personalfinance/managingyourmoney/archives/2010/09/fdic_insurance_3.html|archive-url=https://web.archive.org/web/20121002001609/http://www.boston.com:80/business/personalfinance/managingyourmoney/archives/2010/09/fdic_insurance_3.html|archive-date=October 2, 2012|url-status=dead |newspaper=The Boston Globe}}</ref> FDIC insurance is backed by the full faith and credit of the [[government of the United States]], and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".<ref>{{cite web | url=https://www.fdic.gov/deposit/deposits/ | title=FDIC: Understanding Deposit Insurance }}</ref><ref>{{Cite web|url=https://www.fdic.gov/consumers/banking/facts/|title = FDIC: When a Bank Fails - Facts for Depositors, Creditors, and Borrowers|publisher=FDIC}}</ref> | The '''Federal Deposit Insurance Corporation''' ('''FDIC''') is a [[State-owned enterprises of the United States|United States government corporation]] supplying [[deposit insurance]] to depositors in American [[commercial bank]]s and [[savings bank]]s.<ref name=":0">{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship|volume=119 |issue=2 |page=369 }}</ref>{{rp|15}} The FDIC was created by the [[Banking Act of 1933]], enacted during the [[Great Depression]] to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and [[bank run]]s were common.<ref name=":0" />{{rp|15}}{{sfn|Walter|2005|p=39}} The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category.<ref>{{cite news |title=FDIC insurance limit of $250,000 is now permanent|url=http://www.boston.com/business/personalfinance/managingyourmoney/archives/2010/09/fdic_insurance_3.html|archive-url=https://web.archive.org/web/20121002001609/http://www.boston.com:80/business/personalfinance/managingyourmoney/archives/2010/09/fdic_insurance_3.html|archive-date=October 2, 2012|url-status=dead |newspaper=The Boston Globe}}</ref> FDIC insurance is backed by the full faith and credit of the [[government of the United States]], and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".<ref>{{cite web | url=https://www.fdic.gov/deposit/deposits/ | title=FDIC: Understanding Deposit Insurance }}</ref><ref>{{Cite web|url=https://www.fdic.gov/consumers/banking/facts/|title = FDIC: When a Bank Fails - Facts for Depositors, Creditors, and Borrowers|publisher=FDIC}}</ref> | ||