Federal Deposit Insurance Corporation Law and Legal Definition
The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. The corporation was established in 1933 in response to the losses incurred during the Great Depression when bankrupt banks could not return the money deposited in them. It is managed by a five member board of directors, appointed by the president with the consent of the U.S. Senate.
National banks, state banks that are members of the Federal Reserve System , and other qualified state banks are covered by the FDIC. However, mutual funds and other securities are not covered. The corporation is financed by assessments on insured banks and interest on government securities. Since 1989 the FDIC has supervised the Savings Association Insurance Fund, the agency that was created to provide coverage for savings and loan associations when the Federal Savings and Loan Insurance Corporation became insolvent. Failures of financial institutions in the late 1980s and early 1990s led to the FDIC's own insolvency, but it has since recovered.
Legal Definition list
- Federal Debt
- Federal Crop Insurance Corporation
- Federal Crop Insurance Act
- Federal Crimes
- Federal Credit Union
- Federal Deposit Insurance Corporation
- Federal Deposit Insurance Fund
- Federal Deposit Insurance Reform Act of 2005
- Federal Deposit Insurance Reform Conforming Amendments Act of 2005
- Federal Depository Institutions Regulatory Agency
- Federal Direct Consolidation Loan Program [Education]
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accompanying the Federal Government Outside the United States
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Active Voters [Federal Elections]
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
