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Federal Deposit Insurance Corporation

 
 

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Federal Deposit Insurance Corporation


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Hoover's Profile: Federal Deposit Insurance Corporation
 
Contact Information
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429-9990
DC Tel. 202-898-7021
Toll Free 877-275-3342
Fax 202-942-3427

Type: Government Agency
On the web: http://www.fdic.gov
Employees: 7,300

The FDIC is like money in the bank, only better. The Federal Insurance Corporation (FDIC) promises that depositors' money is safe in the event a bank fails. The FDIC, created in 1933 in response to the bank runs during the Great Depression, insures deposits and retirement accounts in member banks and thrifts for up to $250,000. It also supervises and conducts examinations of banks and thrifts. The agency has six regional offices across the country, in addition to its headquarters in Washington, DC. Funded by premiums paid by member banks and thrifts, the FDIC is managed by a five-person board of directors, all of whom are appointed by the US President and confirmed by the Senate.

Key numbers for fiscal year ending December, 2007:
Sales: $3.4M

Officers:
Chairman: Sheila C. Bair
Vice Chairman: Martin J. (Marty) Gruenberg
Deputy to the Chairman and COO: John F. Bovenzi

 
Investment Dictionary: Federal Deposit Insurance Corporation - FDIC
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The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices.

Investopedia Says:
The FDIC will insure deposits of up to US$100,000 per institution as long as the bank is a member firm.

Before opening an account with a financial institution, be sure to check that it is FDIC insured.

Related Links:
Learn how the FDIC is helping to keep your money in your pockets. Are Your Bank Deposits Insured?
Forget the sock drawer - learn how to earn big bucks over the short term. Money Market Vs. Savings Accounts
Established in 1933 and repealed in 1999, the Glass-Steagall Act had good intentions but mixed results. What Was The Glass-Steagall Act?


 
Financial & Investment Dictionary: Federal Deposit Insurance Corporation (FDIC)
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Federal agency established in 1933 that guarantees (within limits) funds on deposit in member banks and thrift institutions and performs other functions such as making loans to or buying assets from member institutions to facilitate mergers or prevent failures. In 1989, Congress passed savings and loan association bailout legislation that reorganized FDIC into two insurance units: the Bank Insurance Fund (BIF) continued the traditional FDIC functions with respect to banking institutions and the Savings Association Insurance Fund (SAIF) insured thrift institution deposits, replacing the Federal Savings and Loan Insurance Corporation (FSLIC), which ceased to exist. In 2005, Congress passed the FDI Reform Act merging the SAIF and BIF into one insurance fund called the Deposit Insurance Fund (DIF). The same law also raised the federal deposit insurance level from $100,000 to $250,000 on retirement accounts and gave the FDIC the option to increase insurance ceilings on regular bank accounts from $100,000 by $10,000 a year, based on inflation, every five years thereafter starting April 1, 2010. See also Office of Thrift Supervision (OTS).

 
Real Estate Dictionary: Federal Deposit Insurance Corporation (FDIC)
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A public corporation, established in 1933; insures up to $100,000 for each depositor in most Commercial Banks and Savings and Loan Associations. Has own reserves and can borrow from the U.S. Treasury.
Example: The First National Bank becomes insolvent and cannot pay depositors who want to withdraw their money. The FDIC pays each depositor the full Principal amount, up to $100,000, if a merger with a healthy bank cannot be arranged.

 
Columbia Encyclopedia: Federal Deposit Insurance Corporation
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Federal Deposit Insurance Corporation (FDIC), 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 (temporarily increased to $250,000 from Oct., 2008, through Dec., 2009). The corporation was established in 1933 to prevent a repetition of 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. The FDIC provides coverage for deposits in national banks, in state banks that are members of the Federal Reserve System, and in other qualified state banks. (Mutual funds and other securities are not covered.) It may also make loans to insured banks in the interest of protecting the depositors. The corporation derives its income from 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. A sharp increase in bank failures in the late 1980s and early 1990s led to the insolvency (1991–92) of the FDIC as well, forcing it to seek government loans. The fund recovered by the mid-1990s, but the mortgage and financial crisis that began in 2007 again threatened the fund and led to FDIC takeovers of several banks.


 
Law Encyclopedia: Federal Deposit Insurance Corporation
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This entry contains information applicable to United States law only.

The Federal Deposit Insurance Corporation (FDIC) was created on June 16, 1933, under the authority of the Federal Reserve Act, section 12B (12 U.S.C.A. § 264(s)). It was signed into law by President Franklin D. Roosevelt to promote and preserve public confidence in banks at the time of the most severe banking crisis in U.S. history. From the stock market crash of 1929 to the beginning of Roosevelt's tenure as president in 1933, nine thousand banks closed their doors, resulting in losses to depositors of $1.3 billion. The FDIC was established to provide insurance coverage for bank deposits, thereby maintaining financial stability throughout the United States.

The FDIC is an independent agency of the government. Its management was established by the Banking Act of 1933. It consists of a board of directors numbering three members, one the comptroller of the currency, and two appointed by the president with approval of the Senate. The two appointed members serve six-year terms, and one is elected by the members to serve as chair of the board. The headquarters of the FDIC is located in Washington, D.C., and the corporation has thirteen regional offices. Most employees are bank examiners.

The FDIC does not operate on funds from Congress. The capital necessary to start the corporation back in 1933 was provided by the U.S. Treasury and the twelve Federal Reserve banks. Since then, its major sources of income have been assessments on deposits held by insured banks and interest on its portfolio of U.S. Treasury securities.

Besides administering the Bank Insurance Fund, the FDIC is also responsible for the Savings Association Insurance Fund (SAIF), which was established on August 9, 1989, under the authority of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. § 1821 (2)). The SAIF insures deposits in savings and loan associations.

The FDIC also insures, up to the statutory limitation, deposits in national banks, state banks that are members of the Federal Reserve System, and state banks that apply for federal deposit insurance and meet certain qualifications. If an insured bank fails, the FDIC pays the claim of each depositor, up to $100,000.

The FDIC may make loans to or purchase assets from insured depository institutions in order to facilitate mergers or consolidations, when such action for the protection of depositors will reduce risks or avert threatened loss to the agency. It will prevent the closing of an insured bank when it considers the operation of that institution essential to providing adequate banking.

The FDIC may, after notice and a hearing, terminate the insured status of a bank that continues to engage in unsafe banking practices. The FDIC will regulate the manner in which the depository institution gives the required notice of such a termination to depositors.

From 1980 to 1990, a total of 1,110 banks failed, principally owing to bad loans in a slowly weakening real estate market and risky loans to developing countries. The FDIC found itself in such financial straits that in 1990, Chairman L. William Seidman testified before Congress, "The insurance fund is under considerable stress" and is "at the lowest point at anytime in modern history."

The FIRREA and the FDIC Improvement Act of 1991 (codified in scattered sections of 12 U.S.C.A.) came as reactions to the savings and loan crisis and to a banking crisis of the 1980s, which together cost the U.S. taxpayers hundreds of billions of dollars.

FIRREA gave the FDIC authority to administer the SAIF, replacing the Federal Savings and Loan Insurance Corporation (FSLIC) as the insurer of deposits in savings and loan associations. The FDIC Improvement Act placed new restrictions on how the corporation repaid lost deposits. Before the act, the FDIC deemed it necessary to repay all deposits, whether or not they were at an insured bank or over $100,000, in order to protect public confidence in the nation's financial institutions. Since the act, it must take a "least-cost" method of case resolution. The act stipulates that the FDIC will not be permitted to cover uninsured depositors unless the president, the secretary of the treasury, and the FDIC jointly determine that not doing so would have serious adverse effects on the economic conditions of the nation or community.

See: banks and banking; Federal Reserve Board.

 
Economics Dictionary: Federal Deposit Insurance Corporation
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A federal agency that insures deposits in the savings accounts of qualifying banks.

 
Abbreviations: FDIC
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is short for:

Meaning Category
Federal Deposit Insurance CorporationBusiness->General
Business->International Business
Governmental->US Government
Business->Accounting
Fire Department Instructors ConferenceCommunity->Conferences

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Wikipedia: Federal Deposit Insurance Corporation
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Federal Deposit Insurance Corporation
FDIC
Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
Agency overview
Formed June 16, 1933
Jurisdiction Federal government of the United States
Headquarters Washington, D.C.
Employees 4,125 (2006)[1]
Agency executives Sheila C. Bair, Chairman
 
Martin J. Gruenberg, Vice Chairman
Website
www.fdic.gov
The FDIC's satellite campus in Arlington, Virginia, is home to many administrative and support functions, though the most senior officials work at the main building in Washington

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. Funds in non-interest bearing transaction accounts are fully insured, with no limit, under the temporary Transaction Account Guarantee Program. However, not all banks are participating in the TLGP/TAGP.

On January 1, 2014[2][3], the standard coverage limit will change to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

Insured deposits are backed by the full faith and credit of the United States.[4]

The vast number of bank failures caused by runs on the bank in the Great Depression spurred the United States Congress to create an institution to guarantee deposits held by commercial banks, inspired by the Commonwealth of Massachusetts and its Depositors Insurance Fund (DIF).[3]

The FDIC insures accounts at different banks separately. For example, a person with accounts at two separate banks (not merely branches of the same bank) can keep funds up to the insurance limit in each account and be insured for the total deposited. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) are considered separately for the insurance limit. Under the Federal Deposit Insurance Reform Act of 2005, Individual Retirement Accounts are insured to $250,000.

Contents

History

Inception

The 19th century economy of the United States was characterized by occasional bank panics, with corresponding economic downturns and unemployment. After the particularly severe Panic of 1893, legislators sought to arrange better security for bank deposits. William Jennings Bryan, for example, proposed a national bank guarantee fund for use during bank runs. Although deposit security measures were adopted over time at the state level, the federal government chose a "lender of last resort" approach in the 1913 foundation of the Federal Reserve System.

This combined state-federal system failed to prevent a bank panic in 1933, at the end of Herbert Hoover's term as president. The panic saw 4,004 banks closed, with an average of $900,000 in deposits. Under the federal government's supervision, these banks were merged into stronger banks. Many months later, depositors received compensation for roughly 85% of their former deposits.[citation needed] Incoming President Franklin D. Roosevelt, a former banker himself, did not like the insurance approach, but he agreed to it to restore confidence in the banking system.[5]

In May 1933, the U.S. House Banking and Currency Committee submitted a bill that would insure deposits 100 percent to $5,000, and after that on a sliding scale; it would be financed by a small assessment on the banks. However the U.S. Senate Banking Committee reported a bill that excluded banks that were not members of the Federal Reserve System. Senator Arthur Vandenberg rejected both bills because neither contained a ceiling on the guarantees. He proposed an amendment covering all banks, beginning by using a temporary fund and a $2,500 ceiling. It was passed as the Glass-Steagall Deposit Insurance Act in June 1933 with Steagall's amendment that the program would be managed by the new Federal Deposit Insurance Corporation. The act established the FDIC as a temporary government corporation and gave the FDIC the authority to regulate and supervise state non-member banks; it extended federal oversight to all commercial banks for the first time, and prohibited banks from paying interest on checking accounts. The act funded the FDIC with $289 million in initial loans from the United States Treasury and the Federal Reserve, loans which the FDIC repaid in 1948.[6][7]

The bill was not supported by banks: Francis Sisson, then-president of the American Bankers Association, said that concept of banks paying into a fund that would insure individual banks against losses was "unsound, unscientific, unjust, and dangerous."[8] [9]

Led by Chicago banker Walter J. Cummings, Sr., the FDIC soon included almost all the country's 19,000 banking offices. Insurance started January 1, 1934. President Franklin D. Roosevelt was personally opposed to insurance because he thought it would protect irresponsible bankers, but yielded when he saw Congressional support was overwhelming.[citation needed] In early 1934, Roosevelt appointed Leo Crowley, a Wisconsin banker, as the second head of FDIC. Crowley, Roosevelt soon learned, did not have an unblemished record as a banker in Wisconsin. After some anguish, Roosevelt kept Crowley on and ignored his detractors. The outstanding public service of Leo Crowley was not generally known until 1996.[10]

The Banking Act of 1935 established the FDIC as a permanent agency of the government and provided for deposit insurance up to $5,000. The Federal Deposit Insurance Act of 1950 increased the insurance limit to $10,000, gave the FDIC the authority to lend to any insured bank in danger of closing if the operation of the bank is essential to the local community, and authorized the FDIC to examine national and state member banks for their insurance risk.[11]

The FDIC deposit insurance limit was increased to $15,000 in 1966, and in 1969, to $20,000. In 1974, Congress increased the limit to $40,000.[12][13] A deposit insurance limit of $100,000 was enacted in 1980 by the Depository Institutions Deregulation and Monetary Control Act of 1980.[14] On October 3, 2008, the deposit insurance was temporarily raised to $250,000 per depositor through December 31, 2009, later extended to 2013.[15] [16]

Historical insurance limits

  • 1935 - $5,000
  • 1950 - $10,000
  • 1966 - $15,000
  • 1969 - $20,000
  • 1974 - $40,000
  • 1980 - $100,000
  • 2008 - $250,000 (Temporary increase due to expire December 31, 2013)

S&L and bank crisis of the 1980s

Federal deposit insurance received its first large-scale test in the late 1980s and early 1990s during the savings and loan crisis (which also affected commercial banks and savings banks).

The brunt of the crisis fell upon a parallel institution, the Federal Savings and Loan Insurance Corporation (FSLIC), created to insure savings and loan institutions (S&Ls, also called thrifts). Due to a confluence of events, much of the S&L industry was insolvent, and many large banks were in trouble as well. The FSLIC became insolvent and merged into the FDIC. Thrifts are now overseen by the Office of Thrift Supervision, an agency that works closely with the FDIC and the Comptroller of the Currency. (Credit unions are insured by the National Credit Union Administration.) The primary legislative responses to the crisis were the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA).

This crisis cost taxpayers an estimated $150 billion to resolve.

2008/2009 Financial Crisis

As a result of the financial crisis in 2008, twenty five U.S. banks became insolvent and were taken over by the FDIC.[17]. As of July 3, 2009, an additional 52 banks became insolvent.[18] This six month tally surpasses the 50 banks that were seized in 1993.[19] The United States has lost 6 million jobs since the recession began in December of 2007.[20]

FDIC funds

Former Funds

There were two separate FDIC funds; one was the Bank Insurance Fund (BIF), and the other was the Savings Association Insurance Fund (SAIF). The latter was established after the savings & loans crisis of the 1980s. The existence of two separate funds for the same purpose led to banks attempting to shift from one fund to another, depending on the benefits each could provide. In the 1990s, SAIF premiums were at one point five times higher than BIF premiums; several banks attempted to qualify for the BIF, with some merging with institutions qualified for the BIF to avoid the higher premiums of the SAIF. This drove up the BIF premiums as well, resulting in a situation where both funds were charging higher premiums than necessary.[21]

Then Chairman of the Federal Reserve Alan Greenspan was a critic of the system, saying that "We are, in effect, attempting to use government to enforce two different prices for the same item – namely, government-mandated deposit insurance. Such price differences only create efforts by market participants to arbitrage the difference." Greenspan proposed "to end this game and merge SAIF and BIF".[22]

Deposit Insurance Fund

In February, 2006, President George W. Bush signed into law the Federal Deposit Insurance Reform Act of 2005 ("FDIRA") and a related conforming amendments act. The FDIRA contains technical and conforming changes to implement deposit insurance reform, as well as a number of study and survey requirements. Among the highlights of this law was merging the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) into a new fund, the Deposit Insurance Fund (DIF). This change was made effective March 31, 2006. The FDIC maintains the DIF by assessing depository institutions an insurance premium. The amount each institution is assessed is based both on the balance of insured deposits as well as on the degree of risk the institution poses to the insurance fund.

FDIC exposure to insured deposits and DIF reserve ratios

A March 2008 memorandum to the FDIC Board of Directors shows a 2007 year-end Deposit Insurance Fund balance of about $52.4 billion, which represented a reserve ratio of 1.22% of its exposure to insured deposits totaling about $4.29 trillion. The 2008 year-end insured deposits were projected to reach about $4.42 trillion with the reserve growing to $55.2 billion, a ratio of 1.25%.[23]

As of June 2008, the DIF had a balance of $45.2 billion.[24] Bank failures typically represent a cost to the DIF because FDIC, as receiver of the failed institution, must liquidate assets that have declined substantially in value while at the same time making good on the institution's deposit obligations. In July 2008, IndyMac Bank failed and was placed into receivership. The failure was initially projected by the FDIC to cost the DIF between $4 billion and $8 billion[25], but shortly thereafter the FDIC revised its estimate upward to $8.9 billion. Due to the failures of IndyMac and other banks, the DIF fell in the second quarter of 2008 to $45.2 billion.[26]. The decline in the insurance fund's balance[27] caused the reserve ratio (fund's balance divided by the insured deposits) to fall to 1.01 percent as at 30 June 2008, down from 1.19 percent in the prior quarter. Once the ratio falls below below 1.15 percent, FDIC is required to develop a restoration plan to replenish the fund, which is expected to involve requiring higher contributions from banks which deal in riskier activities.[26]

"Full Faith and Credit"

In light of apparent systemic risks facing the banking system, the adequacy of FDIC's financial backing has come into question. Beyond the funds in the Deposit Insurance Fund above and the FDIC's power to charge insurance premia, FDIC insurance is additionally assured by the Federal government. According to the FDIC.gov website (as of January 2009), "FDIC deposit insurance is backed by the full faith and credit of the United States government". This means that the resources of the United States government stand behind FDIC-insured depositors."[28] The statutory basis for this claim is less than clear. Congress, in 1987, passed a non-binding resolution to this effect [29], but there appear to be no laws strictly binding the government to make good on any insurance liabilities unmet by the FDIC.

Insurance requirements

To receive this benefit, member banks must follow certain liquidity and reserve requirements. Banks are classified in five groups according to their risk-based capital ratio:

  • Well capitalized: 10% or higher
  • Adequately capitalized: 8% or higher
  • Undercapitalized: less than 8%
  • Significantly undercapitalized: less than 6%
  • Critically undercapitalized: less than 2%

When a bank becomes undercapitalized the FDIC issues a warning to the bank. When the number drops below 6% the FDIC can change management and force the bank to take other corrective action. When the bank becomes critically undercapitalized the FDIC declares the bank insolvent and can take over management of the bank.

Resolution of insolvent banks

The two most common methods employed by FDIC in cases of insolvency or illiquidity are:

  • Purchase and Assumption Method (P&A), in which all deposits (liabilities) are assumed by an open bank, which also purchases some or all of the failed bank's loans (assets). Other failed assets are auctioned online, primarily through The Debt Exchange and First Financial Network.[30] There are several types of P&As:
    • The Basic P&A: assets that pass to acquirers generally are limited to cash and cash equivalents.
    • The Loan Purchase P&A: the winning bidder assumes a small portion of the loan portfolio, sometimes only the installment loans, in addition to the cash and cash equivalents.
    • The Modified P&As: the winning bidder purchases the cash and cash equivalents, the installment loans, and all or a portion of the mortgage loan portfolio.
    • The P&As with Put Options: to induce an acquirer to purchase additional assets, the FDIC offered a “put” option on certain assets that were transferred.
    • The Whole Bank P&As: Bidders were asked to bid on all assets of the failed institution on an “as is,” discounted basis (with no guarantees). This type of sale was beneficial to the FDIC for three reasons. First, loan customers continued to be served locally by the acquiring institution. Second, the whole bank P&A minimized the one-time FDIC cash outlay, and the FDIC had no further financial obligation to the acquirer. Finally, a whole bank transaction reduced the amount of assets held by the FDIC for liquidation.
    • The Loss Sharing P&As: these use the basic P&A structure except for the provision regarding transferred assets. Instead of selling some or all of the assets to the acquirer at a discounted price, the FDIC agrees to share in future loss experienced by the acquirer on a fixed pool of assets.[31]
  • Payoff Method, in which insured deposits are paid by the FDIC, which attempts to recover its payments by liquidating the receivership estate of the failed bank. These are straight deposit payoffs and are only executed if the FDIC doesn’t receive a bid for a P&A transaction or for an insured deposit transfer transaction. In a straight deposit payoff, no liabilities are assumed and no assets are purchased by another institution. Also, the FDIC determines the insured amount for each depositor and pays that amount to him or her. In calculating each customer’s total deposit amount, the FDIC includes all the interest accrued up to the date of failure under the contractual terms of the depositor’s account.[32]

FDIC-insured products

FDIC deposit insurance covers deposit accounts, which, by the FDIC definition, include:

Accounts at different banks are insured separately. All branches of a bank are considered to form a single bank. Also, an Internet bank that is part of a brick and mortar bank is not considered to be a separate bank, even if the name differs.

The FDIC publishes a guide entitled Your Insured Deposits, which sets forth the general contours of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance.[33]

Items not insured by FDIC

Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are:[33]

  • Stocks, bonds, mutual funds, and money funds
    • The Securities Investor Protection Corporation, a separate institution chartered by Congress, provides protection against the loss of many types of such securities in the event of a brokerage failure, but not against losses on the investments.
    • Further, as of September 19, 2008, the US Treasury is offering an optional insurance program for money market funds, which guarantees the value of the assets.[34]
  • Investments backed by the U.S. government, such as US Treasury securities
  • The contents of safe deposit boxes.
    Even though the word deposit appears in the name, under federal law a safe deposit box is not a deposit account – it's a well-secured storage space rented by an institution to a customer.
  • Losses due to theft or fraud at the institution.
    These situations are often covered by special insurance policies that banking institutions buy from private insurance companies.
  • Accounting errors.
    In these situations, there may be remedies for consumers under state contract law, the Uniform Commercial Code, and some federal regulations, depending on the type of transaction.
  • Insurance and annuity products, such as life, auto and homeowner's insurance.

See also

Notes and references

  1. ^ Best Places to Work in the Federal Government
  2. ^ http://www.icba.org/news/newsreleasedetail.cfm?ItemNumber=59068&sn.ItemNumber=1733
  3. ^ a b Financial Institution Letters: FDIC Deposit Insurance Coverage from Google Cache; accessed 24 May 2009: "snapshot of the page as it appeared on May 17, 2009 06:56:29 GMT". Original URL: http://www.fdic.gov/news/news/financial/2008/fil08102a.html . Page reads, "Last Updated 4/21/2009"
  4. ^ 12 U.S.C. section 1828(a)(1)(B). Accessible online from Cornell law: US CODE: Title 12,1828. Regulations governing insured depository institutions
  5. ^ Remarks of Martin J. Gruenberg, Vice Chairman, Federal Deposit Insurance Corp; on The International Role of Deposit Insurance; The Exchequer Club, Washington, D.C. November 14, 2007[1]
  6. ^ FDIC Learning Bank, 1930's History, [2]
  7. ^ FDIC Learning Bank, 1940's History, [3]
  8. ^ Mark D. Flood (1992), "The Great Deposit Insurance Debate", Federal Reserve Bank of St. Louis, Review, July/August 1992
  9. ^ Daniel Gross, "Bair Market: The FDIC chairwoman's great ideas for preventing the meltdown of America's banking industry", Slate magazine, July 18, 2008
  10. ^ Stuart L. Weiss; The President's Man: Leo Crowley and Franklin Roosevelt in Peace and War;; Southern Illinois University Press, 1996
  11. ^ FDIC Learning Bank, 1950's History, [4]
  12. ^ FDIC Learning Bank, 1960's History, [5]
  13. ^ FDIC Learning Bank, 1970's History, [6]
  14. ^ FDIC Learning Bank, 1980's History, [7]
  15. ^ http://www.icba.org/news/newsreleasedetail.cfm?ItemNumber=59068&sn.ItemNumber=1733
  16. ^ FDIC news release, [8]
  17. ^ FDIC. "Failed Bank List". http://www.fdic.gov/bank/individual/failed/banklist.html. Retrieved on 2009-06-27. 
  18. ^ Ari Levy and Flynn McRoberts. "Six Illinoise Banks, One in Texus Shut by Regulators". http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atbNltJ7QyEw. Retrieved on 2009-07-03. 
  19. ^ Ari Levy and Flynn McRoberts. "Six Illinoise Banks, One in Texus Shut by Regulators". http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atbNltJ7QyEw. Retrieved on 2009-07-03. 
  20. ^ Margaret Chadbourn. "Five Banks are Seized". http://www.bloomberg.com/apps/news?pid=20601110&sid=aCbHA.m7rikc. Retrieved on 2009-06-27. 
  21. ^ Sicilia, David B. & Cruikshank, Jeffrey L. (2000). The Greenspan Effect, pp. 96–97. New York: McGraw-Hill. ISBN 0-07-134919-7.
  22. ^ Sicilia & Cruikshank, pp. 97–98.
  23. ^ http://www.fdic.gov/deposit/insurance/assessments/assessment_rates_2008.pdf "Assessment Rates for 2008," p. 11. Retrieved on 9/25/2008.
  24. ^ Chief Financial Officer's (CFO) Report to the Board: DIF Balance Sheet - Third Quarter 2008
  25. ^ FDIC: Press Releases - PR-56-2008 7/11/2008
  26. ^ a b Wutkowski, Karey (26 August 2008). "FDIC says IndyMac failure costlier than expected". Reuters Business & Finance (Reuters). http://www.reuters.com/article/americasMergersNews/idUSN2637860820080826. Retrieved on 2008-08-28. 
  27. ^ "Failed Bank List" (HTML). Federal Deposit Insurance Corporation. http://www.fdic.gov/bank/individual/failed/banklist.html. Retrieved on 2008-08-28. 
  28. ^ "FDIC: Symbol of Confidence for 75 Years". http://www.fdic.gov/consumers/banking/confidence/symbol.html#Full. Retrieved on 2009-01-16. 
  29. ^ "FDIC Law, Regulations, Related Acts". http://www.fdic.gov/regulations/laws/rules/4000-2660.html. Retrieved on 2009-01-16. 
  30. ^ FDIC Website (accessed June 17, 2009)
  31. ^ http://www.fdic.gov/bank/historical/reshandbook/ch3pas.pdf
  32. ^ http://www.fdic.gov/bank/historical/reshandbook/ch4payos.pdf
  33. ^ a b http://www.fdic.gov/consumers/consumer/information/fdiciorn.html
  34. ^ Henriques, Diana B. (2008-09-19). "Treasury to Guarantee Money Market Funds". The New York Times. http://www.nytimes.com/2008/09/20/business/20moneys.html?em. Retrieved on 2008-09-20. 

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