FDIC (Federal Deposit Insurance Corporation)

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that was created in 1933. Its primary purpose is to insure deposits of money in all banks and financial institutions that are members of the FDIC. If a bank or financial institution fails and is unable to return its depositors' money, the FDIC will reimburse depositors up to a certain insurance limit. Through this process, FDIC helps to ensure that people do not lose all of their money in case their bank fails. FDIC also promotes financial stability by identifying, monitoring and addressing the risks that may threaten the stability of the nation's banking and financial systems.