<p>WASHINGTON-On Saturday, June 16, the Federal Deposit Insurance Corp. (FDIC) turned 69 years old. The agency was created under the Banking Act of 1933, spurred by effects of the Great Depression, to insure bank and thrift deposits and promote safety and soundness. The FDIC's mission is "to maintain the stability of and public confidence in the nation's financial system," according to the agency's Web site. Currently, the House of Representatives passed legislation to streamline and update the FDIC, including merging the Bank Insurance Fund and the Savings Association Insurance Fund and increasing deposit insurance coverage, among other things. The Senate has yet to introduce a similar bill, though Senator Richard Shelby (R-Ala.) is reported to be considering it.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.