FDICs

FDICs is a plural shorthand commonly used to refer to the Federal Deposit Insurance Corporation, a United States federal agency. The standard term FDIC refers to a single agency, which provides deposit insurance, supervises financial institutions for safety and soundness, and resolves failed banks.

The FDIC was established in 1933 during the Great Depression to restore public confidence in the U.S. banking system. Its core responsibilities include insuring deposits, supervising and examining banks to promote stability, and managing the orderly resolution of failed banks. Deposit insurance covers up to $250,000 per depositor per insured bank, with coverage extended to many account types such as checking, savings, and money market accounts, as well as certain retirement accounts.

Funding for the FDIC and the Deposit Insurance Fund (DIF) comes from insurance premiums paid by insured banks and from earnings on investments and recoveries from failed banks. The DIF is used to protect insured deposits and to close or resolve insolvent banks. The FDIC operates independently of Congress for routine operations but is funded through the DIF rather than annual appropriations.

In addition to insurance, the FDIC conducts bank examinations and consumer protection activities in coordination with other regulators. When a bank fails, the FDIC acts as the receiver, pays insured deposits from the DIF, and facilitates the transfer of deposits to another insured institution when possible.

Governance is provided by a five-member Board of Directors appointed by the President and confirmed by the Senate, including a Chairman and a Vice Chairman. The agency maintains regional offices across the United States and collaborates with federal and state regulators to maintain financial system stability.