The FDIC is a government corporation that insures deposits at banks and savings institutions, currently up to $250,000 per depositor, per insured bank, per ownership category. It also examines and supervises many banks for safety, soundness, and consumer protection, and steps in to resolve failed banks so depositors do not lose insured money.
Created by Congress under the Banking Act of 1933 (Glass-Steagall); reorganized by the Federal Deposit Insurance Act of 1950 (Pub. L. 73-66, 48 Stat. 162 (June 16, 1933); codified at 12 U.S.C. 1811 et seq. (management at 12 U.S.C. 1812)), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
