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?