Federal Deposit Insurance Corporation FDIC

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system. It is one of the Nation’s premier regulatory agencies and a model for the rest of the world. In carrying out its mission, the FDIC insures the funds of depositors in banks and savings associations; performs examinations and other supervisory activities to assess on a continuous basis the financial condition of banks and savings associations to ensure that they are operating in a safe and sound manner and complying with consumer protection, fair lending, and other applicable laws and regulations; and acts as receiver to dispose of any insured financial institution that fails. In 2010, the FDIC’s mission was expanded to give it a major role in planning to resolve the failure of a large, systemically important bank holding company in the event of a significant deterioration in its financial condition. Since its establishment in 1933, no depositor has ever lost funds in an FDIC-insured deposit account.