The Federal Deposit Insurance Corporation (FDIC) is a U.S. government corporation created by the Banking Act of 1933 during the Great Depression to restore public trust in the banking system. The FDIC's primary mission is to maintain stability and public confidence in the nation's financial system by insuring deposits in member banks. As of June 2024, the FDIC provided deposit insurance at 4,517 institutions. Since its inception, no depositor has lost a penny of FDIC-insured funds.
The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each ownership category. It also supervises financial institutions for safety, soundness, and consumer protection, and manages receiverships of failed banks. The agency is funded by assessments that banks and savings associations pay for deposit insurance coverage and does not receive Congressional appropriations. Travis Hill was confirmed as the 23rd Chairman of the FDIC Board of Directors, beginning his five-year term on January 2, 2026. The FDIC publishes regular updates on the financial condition of the U.S. banking system through its Quarterly Banking Profile. The Q3 2025 report showed a net income growth of 13.5 percent and deposit insurance reserves at $150 billion.
