Federal Deposit Insurance Corporation (FDIC)
What is it? A government-owned corporation that insures deposits up to $100,000 at all federal and some state-chartered banks, savings associations, and industrial loan companies. Deposit insurance is financed by a fee paid by the insured institutions (see Bank Insurance Fund). The FDIC promotes the safety and soundness of insured depository institutions and the U.S. financial system by identifying, monitoring and addressing risks to the deposit insurance funds. The FDIC also is the primary federal regulator of about 6,000 state-chartered nonmember banks (commercial and savings banks that are not members of the Federal Reserve System).Added By: Gracie
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