Federal Deposit Insurance

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The Federal Deposit Insurance Corporation (FDIC) is an independent, United States government agency created by the Glass-Steagall Act of 1933. The agency insures deposits and examines financial institutions. It is funded by premiums that banks and thrift institutions pay for deposit insurance coverage, as well as from earnings on investments in U.S. Treasury securities. The Federal Deposit Insurance Corporation supervises more than 5,000 savings banks and financial institutions. The agency is also a primary federal regulator of banks that do not join the Federal Reserve System. It is a back-up supervisor for the remaining insured banks. The Federal Deposit Insurance Corporation employs over 5,000 professionals.