FDIC and their Mission to Protect Consumer

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government, created in 1933 in response to the thousands of bank failures in the 1920's and 30's. The FDIC is managed by a five-person Board of Directors, all of whom are appointed by the President and confirmed by the Senate, with no more than three being from the same political party.

THE FDIC receives NO congressional appropriations but is funded by premiums that banks pay for deposit insurance coverage and from earnings on investments in the U.S. Treasury securities.

Currently the FDIC insures more than $7 trillion of deposits U.S. banks. Individual combined saving, checkings, and other deposit accounts are insured to $250,000 per person. The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and other financial institutions may offer.

The FDIC directly examines and supervises more than 4,900 banks and savings banks for operational safety and soundness; this is more than half of the institutions in the United States banking system.

Most Americans are most familiar with the Consumer Protection division of the FDIC. This division monitors for compliance with consumer protection laws, including the Fair Credit Billing Act, the Fair Credit Reporting Act (hyperlink to article on this), the Truth-In-Lending Act (hyperlink to article on this), and the Fair Debt Collection Practices Act (hyperlink to ACA article), to name a few. Finally, the FDIC examines banks for compliance with the Community Reinvestment Act (CRA) which requires banks to help meet the credit needs of the communities they were chartered to serve.

The FDIC proactively is engaged to help Americans become more financially literate. They also strive to be the number one source of unbiased consumer information on such topics as mortgage loans, avoiding foreclosure, tips for protecting your financial information, your privacy, and protecting people against identity theft and fraud.

Currently the FDIC is conducting a pilot study program of small dollar loan products, with longer terms and lower APRs (capped at 36%) in 30 volunteer financial institution. This study is aimed at discovering more affordable alternatives to costly payday loans. It is designed as a two-year case study to understand how profitable banks can be from offering loans to customers under $1,000. However there were very different requirements, including some banks requiring a minimum FICO score of 500 to 550. Most current payday loan lenders do not check credit or require a minimum FICO score to be approved. http://www.fdic.gov/

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