User:Esquivalience/sandbox2
From Wikipedia, the free encyclopedia
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in American banks. The FDIC was created by the 1933 Banking Act after 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 runs were common. The insurance limit was initially $2,500 per ownership category. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to $250,000 per ownership category.[2]
Agency overview | |
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Formed | 16 June 1933 |
Jurisdiction | Federal government of the United States |
Headquarters | Washington, D.C. |
Employees | 8,713 (December 2012)[1] |
Agency executive |
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Website | www.fdic.gov |
The FDIC and its reserves are not funded by public funds; member banks' insurance dues are the FDIC's primary source of funding.[3] The FDIC also has a $100 billion line of credit with the United States Department of the Treasury.[4] Depositors in credit unions are insured by the National Credit Union Administration, which is also a government agency.
As of 27 November 2014, there were 6,638 FDIC-insured banks.[5] The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages receiverships of failed banks.