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".
A financial institution,sometimes called a banking institution,is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking,there are three major types of financial institution:
- Depository institution –deposit-taking institution that accepts and manages deposits and makes loans,including bank,building society,credit union,trust company,and mortgage broker;
- Contractual institution –insurance company and pension fund
- Investment institution –investment bank,underwriter,and other different types of financial entities managing investments.
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 National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States,one of two agencies that provide deposit insurance to depositors in U.S. depository institutions,the other being the Federal Deposit Insurance Corporation (FDIC),which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate,charter,and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government,the NCUA operates and manages the National Credit Union Share Insurance Fund,insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund,the NCUA operates three other funds:the NCUA Operating Fund,the Central Liquidity Facility (CLF),and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund,with the Share Insurance Fund,finances the agency's operations.
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.
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.
Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio,Texas,federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets,Security Service serves more than 800,000 members,and operates 66 locations in Texas,Colorado and Utah. The credit union is a member of the CU Service Centers shared branching network.
Richard Thomas Metsger served in the Oregon State Senate from 1999 to 2011. President Barack Obama nominated Rick Metsger to serve on the board of the National Credit Union Administration on May 16,2013. The U.S. Senate confirmed Metsger on August 1,2013,and he took the oath of office on August 23,2013. He served as the ninth NCUA board chairman from May 1,2016,through January 22,2017.
The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970,the Share Insurance Fund is administered by the National Credit Union Administration,an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions,and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full faith and credit of the United States government.
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.
Credit unions in the United States served 100 million members,comprising 43.7% of the economically active population,in 2014. U.S. credit unions are not-for-profit,cooperative,tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020,the largest American credit union was Navy Federal Credit Union,serving U.S. Department of Defense employees,contractors,and families of servicepeople,with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019,there were 5,236 federally insured credit unions with 120.4 million members,and deposits of $1.22 trillion.
The Credit Union Membership Access Act is an Act for the United States government that amended the Federal Credit Union Act in 1998. The bill was proposed on the heels of the Supreme Court decision in NCUA v. First National Bank &Trust against the National Credit Union Administration,a key victory in the American Bankers Association's legislative agenda and a major setback to credit unions. The Act reversed this ruling,authorizing credit unions to have multiple common bonds among their memberships.
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.
Martin James Gruenberg is an American attorney who previously served as chairman of the Federal Deposit Insurance Corporation (FDIC). Gruenberg previously served as FDIC chairman from 2023 to 2025;2012 to 2018;as well as on an acting basis from 2005 to 2006 and 2011 to 2012.
Deborah "Debbie" Matz is an American civil servant who served as the 8th Chairman of the National Credit Union Administration.
Michael E. Fryzel is an American attorney with offices in Chicago,Illinois. Following the 2016 general election,Fryzel served on election-winner Donald Trump's transition team and developed the Agency Action Plan for the National Credit Union Administration.
John Mark McWatters is a lawyer,accountant and former board member of the National Credit Union Administration (NCUA). He was appointed by President Donald Trump on June 23,2017,to serve as the tenth board chairman of the NCUA,and resigned from the NCUA Board on November 20,2020.
Rodney E. Hood was a member of the National Credit Union Administration board and was the eleventh chairman of the board from 2019 to 2021. Hood was the first African-American to lead a federal banking agency.
Kyle S. Hauptman is the thirteenth Chairman of the National Credit Union Administration (NCUA). Hauptman was designated Chairman by President Donald J. Trump on January 20,2025. Before his designation as Chairman,Mr. Hauptman served as Vice Chairman of the NCUA since December 18,2020.
