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The Federal Deposit Insurance Corporation (FDIC)
Part 1 of Paper
....n an independent agency of the United States Congress that was created in 1933 in a section of the Federal Reserve Act. It’s main propose is to insure banks in the event of bank failure. In 1950, a section of the act concerning the corporation was amended and makes a separate law, the Federal Deposit Insurance act..... Part 2 of Paper
....led institution’s depositors as soon as possible, usually on the next business day after the closing of the institution. The depositors who have funds in excess of the insurance limits receive the insured portion of their funds. They may also receive a portion of their uninsured funds either at that time or as the assets of the failed institutions is liquidated. The major jobs of the corporation are to pay the depositors if an insured bank closes without enough money to pay the claims of it.... |
| Number of words: 396 - Approximate pages: 2 |
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