nThe stock market crash of 1929 and subsequent Great Depression produced a crisis of confidence in Americaís financial institutions. More than 9,000 banks closed
between October 1929 and March
nIn June 1933 Congress, at the urging of President Roosevelt, established the FDIC to restore confidence
and stability to the Nationís
banking system.† Since then, no depositor in an FDIC-insured bank has lost money as the result of a bank failure.
nFDIC insures deposits up to $100,000 in nearly all this nationís banks and savings and loan associations.† It also regulates state-chartered banks that are not members of the Federal Reserve System.†
nFDIC ensures that such banks are complying with federal consumer protection and equal credit laws such as the Truth in Lending Act and the Community Reinvestment Act.