All of us at FDIC work really hard. Look below and find out who we are and the type of work we do! We also want to know who you are and what you think about the Learning Bank. Please visit the email section by clicking on the email coin. Thanks!
Who Works for the FDIC?
The Federal Deposit Insurance Corporation was created in 1933 to provide insurance protection for depositors if their bank fails. Since 1933, the FDIC has responded to thousands of bank failures, and its insurance protection has been expanded to include accounts in savings and loans associations. All insured depositors of failed banks and thrifts have been protected by the FDIC. The FDIC protects up to $250,000 of your funds for savings or checking account, certificate of deposit, or money market; and up to $250,000 for IRA or Keogh accounts (effective April 1, 2006).
There is more to the FDIC's mission, however, than standing ready to protect depositors when a financial institution fails. The FDIC also is the Federal bank regulator responsible for supervising certain savings banks and state-chartered banks that are not members of the Federal Reserve System.
As a regulator, the FDIC strives to prevent bank failures by monitoring the industry's performance and enforcing regulations intended to make sure financial institutions operate in a safe and sound manner. Banking, however, is a competitive business. The FDIC's oversight of the industry is not designed to stifle competition or to prevent the failure of banking businesses that cannot compete effectively. Banks fail, and when they do the FDIC is working for you. The FDIC staff is on location at the failed institution, using money from the FDIC insurance fund to promptly reimburse insured depositors. Later, the FDIC staff will recover a portion of this money by selling the failed financial institution's loans and other assets.
Approximately 4,500 people working within seven specialized operating divisions now work in FDIC offices throughout the country. The FDIC's main office is in Washington, D.C. Six cities host major regional offices. They are: Atlanta, Georgia; Chicago, Illinois; Dallas, Texas; Kansas City, Missouri; New York, New York and San Francisco, California. There are two area offices located in Memphis, Tennessee and Boston, Massachusetts. There also are more than 80 small field offices throughout the country. Examiners use these when they are not conducting on-site bank examinations.