About Federal Deposit Insurance Corporation
The FDIC is like money in the bank, only better. The Federal Insurance Corporation (FDIC) insures deposits and retirement accounts in member accounts for up to $250,000, protecting depositors in the event of bank failure. It also supervises financial institutions and manages failed banks. The FDIC is funded by member bank premiums for deposit insurance coverage and from earnings on investments in US Treasury securities. It insures around $8 trillion of deposits, covering virtually every bank in the country. An independent federal agency, the FDIC was created in 1933 in response to bank runs during the Great Depression.
The FDIC examines and supervises around 1,400 saving banks.
The agency generates almost 70% of total revenue from assessments, followed by Interest on US Treasury Securities with approximately 30% of total revenue.
The agency has six regional offices and three temporary satellite offices across the country, in addition to its headquarters in Washington, DC. It also has almost 95 FDIC-owned or leased facilities throughout the country.
In 2019, the company had revenue of $11.2 billion, a 57% increase from the previous year.
Net income totaled $10 billion, a 51% increase from the previous year. This was primarily due to lower provision for insurance losses.
The company's cash at the end of 2019 was $6 billion, a 4% increase from the previous year. Operating activities generated $6.8 billion, while investing activities used $6.5 billion, mainly for purchase of US treasury securities.
DCP has established a Supervision Strategic Plan to identify near-term initiatives that are aligned with long-term objectives. The Supervision Strategic Plan for consumer compliance is built around four pillars: Technology and Financial Innovation, Supervisory Efficiency, Emerging Risk Identification, and Communication Effectiveness. DCP established 20 key near-term initiatives in alignment with these pillars and set forth strategies to leverage technology, expand industry engagement, and efficiently conduct risk-focused examination activities to pursue these initiatives. DCP will continue to advance these strategic priorities and is updating the plan to reflect 2021 – 2024 initiatives and goals.
550 17th St NW
Washington, DC 20429-0002
Phone: 1 (877) 275-3342
Employer Type: Privately Owned
Deputy to the Chairman and CFO: Steven O. App
Chairman: Martin J. Gruenberg
Vice Chairman: Thomas M. Hoenig
Employees (This Location): 2,242
Employees (All Locations): 7,300
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