Who We Are
History of the FDIC
It was during the Great Depression. The year was 1933. American families were losing their life savings. Many lost their homes. Families had entrusted their money to their banks, and the banks were failing. There was no deposit insurance. Congress took action. The Federal Deposit Insurance Corporation was created, and the familiar FDIC symbol went up on bank doors and windows all across America.
Since the start of FDIC insurance on January 1, 1934, not one depositor has lost a cent of insured funds as a result of a failure. The FDIC gradually became part of "Main Street" America.
Today, the people of the FDIC are still at work behind the scenes ensuring financial safety for depositors across America. But today, the financial landscape is more complex, more global and much more focused on high-technology banking. As always, we conduct compliance examinations, assess financial conditions of financial institutions and examine the adequacy of internal controls. But now, we also analyze Internet-related risk, explore the ramifications of wireless banking and look into the issues of technology interoperability.
As banking expands to e-banking, FDIC is on the forefront of assessing and managing the risks and seizing the opportunities. The world of banking is changing. And so is the FDIC. We are addressing the new realities of the 21st century, and changing as a corporation to reflect new strategic initiatives, from internal career development programs to diversity in the workforce.
Care to join us?