The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.
Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.
The savings and loan crisis of the 1980s and 1990s was the failure of 32% of savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
H.F. Ahmanson & Co. was a California holding company named after Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
Dollar Bank is a full-service regional savings bank serving both individuals and business customers, operating more than 90 offices throughout Pennsylvania, Ohio, Maryland, and Virginia. The bank's corporate headquarters is located in downtown Pittsburgh alongside its Pennsylvania regional headquarters. The Ohio headquarters is located in downtown Cleveland, and Virginia headquarters is located in Hampton Roads.
First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013.
Zions Bancorporation is a national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington. It has 416 branches and over 1 million customers. It was founded by the Church of Jesus Christ of Latter-day Saints in 1873, although the church divested its interest in the bank in 1960.
People's United Financial, Inc., was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.
Dollar Dry Dock Savings Bank was a savings bank that operated in New York City from 1983 until it suffered from bank failure in 1992.
Old Stone Bank was a popular Rhode Island banking institution that was founded in Providence in 1819 as a mutual savings bank that was called Providence Institution for Savings.
The Greenwich Savings Bank was an American savings bank based in New York City that operated from 1833 to 1981. At the time of its closure in 1981, it was the 16th largest bank in the U.S. by total deposits.
Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
Banco Crédito y Ahorro Ponceño was the first bank in Ponce, Puerto Rico, and one of the first two native Puerto Rican banks to be established in Puerto Rico. The bank was the first one to introduce a bank credit card to the Puerto Rican market. With over 50 branches throughout the island, the bank was one of the largest banking companies in Puerto Rico during most of the twentieth century.
