The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The 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 1933 Banking Act, 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 was 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 US$250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States of America, and since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds.
A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs.
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. The terms "S&L" or "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.
President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.
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.
HSBC Bank Australia Limited is the Australian subsidiary of HSBC. The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury and financial markets, payments and cash management and securities custody.
Digital Federal Credit Union (DCU) is a credit union based in Marlborough, Massachusetts. It has over 978,000 members and is the largest credit union headquartered in New England as measured by assets, managing over US $9.9 billion. DCU is regulated under the authority of the National Credit Union Administration (NCUA) of the US federal government.
Security Service Federal Credit Union (SSFCU) is federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $9.8 billion in assets and more than 925,000 members, Security Service Federal Credit Union operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.
iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.
Delta Community Credit Union is a credit union headquartered in Georgia, a state in the United States. Delta Community Credit Union has $8.5B in assets and more than 430,000 members. USA Credit Unions has ranked Delta Community as among the top 25 largest credit unions in the U.S. Members include residents in 16 Atlanta metro area counties. The credit union serves the following companies: Delta Air Lines, Chick-fil-A, RaceTrac and UPS. As a not-for-profit credit union, their earnings must be returned to their members. According to Credit Unions Online, "the largest credit union in Georgia is Delta Community Credit Union...". Delta Community is a state-chartered credit union organized under the Georgia Department of Banking and Finance and federally insured by the National Credit Union Share Insurance Fund. There are 30 branch offices. It is a member of CO-OP, formerly known as CU Service Centers, a nationwide cooperative that has 3,500 member credit unions with +5,000 branches.
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 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.
Tropical Financial Credit Union (TCFU) is a member-owned credit union that was chartered in 1935 and is headquartered in Miramar, Florida. TFCU is regulated under the authority of the National Credit Union Administration (NCUA).
Lafayette Federal Credit Union, is a credit union headquartered in Rockville, Maryland, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. Federal government. As of January 2022, Lafayette Federal had over US$1.29 billion in assets, and over 50,000 members.
Del-One Federal Credit Union is a federally chartered credit union headquartered in Dover, Delaware and regulated under the authority of the National Credit Union Administration (NCUA). Del-One Federal Credit Union was officially chartered in 1960 and was assigned the NCUA charter number 13919. Del-One is the largest credit union in Delaware. As of March 2020, Del-One had over $520 million in assets, serving over 72,000 members, and 11 branches. Member deposits up to $500,000 in Del-One are insured by $250,000 through the National Credit Union Share Insurance Fund, and an additional $250,000 through Excess Share Insurance.
Alliant Credit Union is a member-owned financial cooperative headquartered in Chicago, Illinois. Alliant provides exclusive benefits to employees, retirees, and members of qualifying organizations and their family members; any member of the Foster Care to Success; and individuals who live or work in a qualifying community and their family members. Founded in 1935, Alliant is the ninth largest credit union by asset size in the United States with $14 billion USD in assets, and serves more than 600,000 members nationwide.
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.
Telhio Credit Union or Telhio is a US Credit union or financial cooperative headquartered in Columbus, Ohio. Telhio is registered as a state-chartered type credit union and is the fifth largest credit union in Central Ohio. As of December 2020, Telhio has approximately $947Mil in assets, and 52,569 members. Telhio is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States up to $250,000. Additionally, Telhio carries ESI Insurance, which insures personal accounts an additional $250,000, for a total of $500,000 in deposit insurance.
Kinecta Federal Credit Union is a federally chartered credit union based in Manhattan Beach, California. Originally chartered in 1940, Kinecta has 275,000+ Members and assets in excess of $6.5 billion as of 2021. Kinecta has 32 branches in three states: California, New York, and New Jersey. Kinecta offers a diverse array of products and services for businesses and individuals, include checking and savings accounts; auto loans, RV and boat loans, credit cards; mortgage loans; home equity loans, and lines of credit; business accounts, loans, and credit cards.
