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.
A savings and loan association (S&L),or thrift institution,is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States,similar institutions in the United Kingdom,Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held,meaning that the depositors and borrowers are members with voting rights,and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company,and even publicly traded,in such instances it is no longer truly a mutual association,and depositors and borrowers no longer have membership rights and managerial control. By law,thrifts can have no more than 20 percent of their lending in commercial loans—their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.
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 Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities,including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods,a practice known as redlining.
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.
The Banking Act of 1933 was a statute enacted by the United States Congress that established the Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass–Steagall Act,after its Congressional sponsors,Senator Carter Glass (D) of Virginia,and Representative Henry B. Steagall (D) of Alabama. The term "Glass–Steagall Act",however,is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. That limited meaning of the term is described in the article on Glass–Steagall Legislation.
An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money,and may be owned by non-financial institutions. They provide niche financial services nationwide. ILCs offer FDIC-insured deposits and are subject to FDIC and state regulator oversight. All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act,which limits bank transactions with affiliates,including the non-bank parent company." ILCs are permitted to have branches in multiple states. They are regulated and supervised by state charters and insured by the Federal Deposit Insurance Corporation. They are authorized to make consumer and commercial loans and accept federally insured deposits. Banks may not accept demand deposits if the bank has total assets greater than $100 million. ILCs are exempted from the Bank Holding Company Act.
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.
The Federal Deposit Insurance Reform Act of 2005,was an act of the United States Congress on banking regulation. It contained a number of changes to the Federal Deposit Insurance Corporation (FDIC).
All regulated financial institutions in the United States are required to file periodic financial and other information with their respective regulators and other parties. For banks in the U.S.,one of the key reports required to be filed is the quarterly Consolidated Report of Condition and Income,generally referred to as the call report or RC report. Specifically,every National Bank,State Member Bank and insured Nonmember Bank is required by the Federal Financial Institutions Examination Council (FFIEC) to file a call report as of the close of business on the last day of each calendar quarter,i.e. the report date. The specific reporting requirements depend upon the size of the bank and whether or not it has any foreign offices. Call reports are due no later than 30 days after the end of each calendar quarter. Revisions may be made without prejudice up to 30 days after the initial filing period. Form FFIEC 031 is used for banks with both domestic (U.S.) and foreign (non-U.S.) offices;Forms FFIEC 041 and 051 is for banks with domestic (U.S.) offices only.
The Senate Banking Subcommittee on Financial Institutions and Consumer Protection is one of five subcommittees within the Senate Committee on Banking,Housing,and Urban Affairs.
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.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
The Bank of New England Corporation was a regional banking institution based in Boston,Massachusetts,which was seized by the Federal Deposit Insurance Corporation (FDIC) in 1991 as a result of heavy losses in its loan portfolio and was placed into Chapter 7 liquidation. At the time,it was the 33rd largest bank in the United States,and its federal seizure bailout was the second-largest on record. At its peak,it had been the 18th largest bank and had over 470 branch offices. The liquidation company was named Recoll Management Corporation and its bankruptcy estate has continued to exist to pay out claims against the company. As of 2016,most of what was once Bank of New England is now part of Bank of America.
A community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people who understand the local needs of families,businesses,and farmers. Employees often reside within the communities they serve.
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.
A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely,in accordance with the bank regulations imposed on these institutions by the chartering level of government. In the United States,they may conduct supervision on behalf of a U.S. government agency,the Federal Reserve System,a state banking authority,or for the financial institutions themselves as internal auditors. The main duties of a bank examiner are to ensure that a bank's operations are legal and can provide financial stability. A bank examiner will also review financial statements,evaluate the level of risk associated with loans,and assess the management of a bank.
Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group,a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 which investigated banks in the United States and the business they did with firearm dealers,payday lenders,and other companies that,while operating legally,were said to be at a high risk for fraud and money laundering.
