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Glossary

FDIC

Financial Term

The Federal Deposit Insurance Corporation (FDIC) is an independent US government agency that provides deposit insurance to protect depositors in case of bank failures. Founded in 1933 as part of the New Deal, the FDIC*s main responsibility is to maintain stability and public confidence in the US banking system.

The FDIC insures deposits up to a certain limit, which is currently $250,000 per depositor per insured bank. This means that if a bank fails, depositors won*t lose their money up to the insured limit. The FDIC is funded by premiums that banks pay into the insurance fund, and the agency uses these funds to pay out claims to depositors if necessary.

In addition to deposit insurance, the FDIC also provides regulatory oversight for banks and savings associations to ensure their safety and soundness. The FDIC also provides technical assistance and training to these institutions to help them comply with banking regulations and best practices.

Overall, the FDIC is a crucial institution in the US financial system. Its deposit insurance guarantee gives American consumers confidence in the safety of their bank deposits, which in turn helps to maintain stability in the banking system.


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