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.
The chairman of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve,and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board.
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 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.
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles,standards,and report forms to promote uniformity in the supervision of financial institutions". It also oversees real estate appraisal in the United States. Its regulations are contained in title 12 of the Code of Federal Regulations.
U.S. Century Bank is a community bank in Miami-Dade County,Florida,with headquarters in the city of Doral. U.S. Century Bank is a Minority Depository Institution (MDI) operating in South Florida. As of March 2023,it has approximately $2.2 billion in total assets,$183.9 million in equity capital,and a branch network that includes 10 locations in Miami-Dade and Broward counties. It is a member of the Federal Deposit Insurance Corporation and rated five stars by Bauer Financial.
Thomas Michael Hoenig is a Distinguished Senior Fellow at the Mercatus Center. He became a director of the Federal Deposit Insurance Corporation on April 16,2012,and served as vice chairman from November 30,2012 to April 30,2018. From 1991 to 2011,he served as the eighth chief executive of the Tenth District Federal Reserve Bank,in Kansas City,United States. In 2010,he was serving as a voting member of the Federal Open Market Committee,as one of five of the twelve Federal Reserve Bank presidents that sit on the Committee on a yearly rotating basis. He is known as an "anti-inflation hawk".
John M. Reich was a Director of the Federal Deposit Insurance Corporation (FDIC). He was sworn in on January 15,2001,following an appointment by President of the United States Bill Clinton and served on the FDIC Board for eight years. Reich served as Vice Chairman of the Board of the FDIC from November 2002 until he was nominated on June 7,2005 by President George W. Bush to be Director of the Office of Thrift Supervision (OTS),and the U.S. Senate confirmed his nomination on July 29,2005. He also served as Acting Chairman of the FDIC from July to August 2001. As Deputy Chairman,2001–2005,Reich served as the Chair of FDIC's Audit Committee during a time when the General Accounting Office issued reportable conditions regarding information security at the Corporation.
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.
Thomas James Curry is an American government official who served as the 30th Comptroller of the Currency of the United States from April 9,2012,until May 5,2017. Prior to becoming Comptroller of the Currency,Curry served as a Director of the Federal Deposit Insurance Corporation (FDIC) and as the chairman of the NeighborWorks America Board of Directors. He was born in Greenwich,Connecticut and raised in Stamford,Connecticut.
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.
Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27,2017 to May 29,2020.
The Banking Act of 1935 passed on August 19,1935,and was signed into law by the president,Franklin D. Roosevelt,on August 23. The Act changed the structure and power distribution in the Federal Reserve System that began with the Banking Act of 1933. The Act contained three titles.
Signature Bank was an American full-service commercial bank headquartered in New York City and with 40 private client offices in the states of New York,Connecticut,California,Nevada,and North Carolina. In addition to banking products,specialty national businesses provided services specific to industries such as commercial real estate,private equity,mortgage servicing,and venture banking;subsidiaries of the bank provided equipment financing and investment services. At the end of 2022,the bank had total assets of US$110.4 billion and deposits of $82.6 billion;as of 2021,it had loans of $65.25 billion.
Jelena McWilliams is a Serbian-American business executive and a former Chairman of the Federal Deposit Insurance Corporation. She was nominated to the position and to the FDIC Board of Directors by President Donald Trump,and the Senate confirmed her appointment on May 24,2018. She was sworn in as chairman on June 5,2018. Previously,McWilliams was executive vice president and chief legal officer of Fifth Third Bank in Cincinnati,Ohio. She resigned from her position as Chairman of the Board of the FDIC on February 4,2022.
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve,after the chair of the Federal Reserve. In the absence of the chair,the vice chair presides over the meetings Board of Governors of the Federal Reserve System.
