This infographic is hard to read on our page, but it is chock full of interesting information. Too bad it’s too hard to read.
Information About the FDIC
FDIC stands for Federal Deposit Insurance Corporation. It was established in 1933 by the Banking Act of 1933 and then the Banking Act of 1935 gave the FDIC the authority to get financial information from all insured, state-charted banks not supervised by the Federal Reserve. The FDIC is an independent agency of the federal government. In 1934 their role was to insure each depositor to at least $2,500 per insured bank. Today the number is $250,000. This all came about because of bank failures that followed the Great Depression. Since its inception, the FDIC is proud that not a single penny of insured funds has been lost.
In the Past
The first US Bank was chartered in 1791. In 1819 the federal government required all banks to provide regular banking reports. In 1836 federal law gave the Secretary of the Treasury the authority to collect information on state banks that were used as federal depositories. In 1934 the FDIC opened and began to publish annual statistics on the banking industry. Between 1935 and 954 the data and statistics were formalized and more complex studies were requested. In 1960 the FDIC began computerization. In 1972 reports became available to the public, and in 1993 the FDIC’s information became available online.
The FDIC today examines and supervises over 4,900 banks for “operational safety and soundness” to maintain compliance with various consumer protection laws that require banks to help meet the financial needs of consumers. The FDIC has an insurance fund used to cover losses from bank failures.
What it Means to You
FDIC-insured institutions are growing, which means that your money could be safer, as long you deposit your money in an FDIC-insured bank.
Pretty blue, but kind of boring. I did like in the “past” part where they put the dates on pennies. Clever. The rest of the graphics are uninspiring.
A great informative infographic, if you have no idea what the FDIC is.
Source: FDIC history from Nationwide Bank