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The FDIC Today

The FDIC Today. By Olivia Cooke. FDIC?. F ederal D eposit I nsurance C orporation Insuring deposits in banks and thrift institutions for at least $250,000 Serves 4,900 banks Complies with consumer protection laws. A Little History. 600 banks failed between 1921-1929

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The FDIC Today

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  1. The FDIC Today By Olivia Cooke

  2. FDIC? • Federal Deposit Insurance Corporation • Insuring deposits in banks and thrift institutions for at least $250,000 • Serves 4,900 banks • Complies with consumer protection laws

  3. A Little History • 600 banks failed between 1921-1929 • Bank crisis in 1933 due to uncertainty and banking conditions • Vicious circle • Businesses are going bankrupt • People question if money is safe • Mass rumors • http://www.history.com/topics/bank-run/videos#banking-crisis-hits-america

  4. Federal Reserve Act • 1933 • Temporary plan (Jan) and permanent plan (July). • Signed by Woodrow Wilson • Created federal Reserve System and granted legal authority to issue legal tender (payment).

  5. 1st board of directors for FDIC

  6. Present Issues • 2008 • 25 banks were taken over by the FDIC • Largest bank failure in terms of US dollar value • 2009 • FDIC launched program to help rid banks of toxic assent to increase lending ability • 2010 • 157 banks with approximately $92 billion in total assets failed

  7. U.S. Bank Failures

  8. In conclusion… • The FDIC was put in place to • Protect people/deposits • Save money • Take over banks who are doing deposits wrongly

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