A Better Way to Manage Your Everyday Money - Book - Page 23
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is an independent agency
created by Congress to maintain stability and public confidence in the nation's
financial system. To accomplish this mission, the FDIC:
● insures deposits at banks;
● examines and supervises financial institutions for safety, soundness, and consumer
protection;
● makes large and complex financial institutions resolvable; and
● manages receiverships.
Since its creation in 1933, the FDIC has been an essential part of the American financial system.
In the 1920s and early 1930s, a rise in bank failures created a national crisis, wiping out many
Americans’ savings. Since FDIC insurance began in 1934, no depositor has lost a single penny
of insured funds due to bank failure.
The Board of Directors of the FDIC manages operations to fulfill the agency’s mission. Each
member of the five-person Board is appointed by the President and confirmed by the Senate.
The FDIC provides a wealth of resources for consumers, bankers, analysts, and other
stakeholders. Browse their collection of financial education materials, data tools, documentation
of laws and regulations, information on important initiatives, and more at fdic.gov.
National Credit Union Administration
Created by the U.S. Congress in 1970, one of the NCUA's main responsibilities
is to administer the National Credit Union Share Insurance Fund (NCUSIF),
which uses federal monies to protect shares (deposits) in all federal credit unions. The National
Credit Union Administration is an independent federal agency that:
● insures deposits at federally insured credit unions,
● protects the members who own credit unions, and
● charters and regulates federal credit unions.
The NCUA provides a number of support services to the credit union system, such as:
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