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Section 19 of the Federal Deposit Insurance Act prohibits any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution, from becoming or continuing as an institution-affiliated party; owning or controlling, directly or indirectly, an insured institution; or otherwise participating, directly or indirectly, in the conduct of the affairs of an insured institution without the prior written consent of the FDIC. Note that consultants who participate in the conduct of the affairs of an insured institution may be subject to Section 19. Therefore, a pre-employment background screening process should be established by all financial institutions that, at a minimum, uncovers information regarding a job applicant's convictions and program entries to ensure that only appropriate persons are employed, or that an application for FDIC consent is sought, if applicable.

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When did the Federal Deposit Insurance Corporation Improvement Act pass?

The Federal Deposit Insurance Corporation Improvement Act passed in 1991


What was the FDICIA?

The FDICIA was the Federal Deposit Insurance Corporation Improvement Act


The emergency banking relief act banking act of 1933 and the federal deposit insurance corporation were designed to do what?

The Emergency Banking Relief Act of 1933 aimed to stabilize the banking system during the Great Depression by allowing federal intervention in banks, facilitating their reopening, and restoring public confidence. The Federal Deposit Insurance Corporation (FDIC) was established to provide insurance for bank deposits, protecting depositors' funds and preventing bank runs. Together, these measures sought to restore stability to the financial system and ensure the safety of individual savings.


The FDIC was created after the great depressiopn with the passgae of which act?

The Federal Deposit Insurance Corporation (FDIC) was created after the Great Depression with the passage of the Banking Act of 1933, also known as the Glass-Steagall Act. This legislation aimed to restore public confidence in the banking system by providing deposit insurance to protect depositors' funds. The FDIC began operations in 1934, ensuring that individuals would not lose their savings in the event of bank failures.


What is the function the FDIC?

That is the Federal Deposit Insurance Corporation which was created by the Banking Act of 1933. It insures each depositor's account for up to $250,000 in the event of bank failure and supervises banks for soundness and safety.

Related Questions

When did the Federal Deposit Insurance Corporation Improvement Act pass?

The Federal Deposit Insurance Corporation Improvement Act passed in 1991


Which act established the federal deposit insurance corporation?

Glass-Steagall Banking Act


What act is closely related to the Glass-Steagall Act?

Federal Deposit Insurance Corporation


What was the FDICIA?

The FDICIA was the Federal Deposit Insurance Corporation Improvement Act


Federal Deposit Insurance Corporation (FDIC)?

The Federal Deposit Insurance Corporation was established by Roosevelt in the Glass-Steagall Act. This Act insured deposits up to $2500 and reduced the number of bank closings in 1934.


Which of these was created from the Glass-Steagall Act of 1933 after the Great Depression?

Federal Deposit Insurance Corporation


What act was enacted to protect peoples savings?

The Federal Deposit Insurance Corporation(FDIC) in the 1930's.


What does fica stand for?

Federal Insurance Contribution Act The word FICA stands for "Federal Insurance Contributions Act."


What are some plans that are still in place today from the new deal of FDR?

The Tennessee valley act Federal Deposit Insurance act Securities and Exchange commission Federal Housing Administration Rural Electrification Administration National Labor Relations Board Social Security Act


How is federa deposit Insurance Act 1950 is used in banking operation and small banks?

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. The FDIC insures deposits at over 7500 institutions across the United States


Does the Emergency Banking Act still exist today?

The Emergency Banking Act no longer exists, however elements of the act were included in the 1933 Banking Act. It's also one of the things that ultimately led to the Federal Deposit Insurance Corporation.


What are the provisions of the Deposit Insurance Funds Act of 1996?

Congress passed the Deposit Insurance Funds Act of 1996, which directed the FDIC to take immediate steps to recapitalize SAIF and change the basis on which funds were raised