🠈 Federal Deposit Insurance Corporation 🠊
Federal Deposit Insurance Company
The Federal Deposit Insurance Company (FDIC) is a federal agency that provides deposit insurance for banks and savings and loans. It was created by the 1933 Banking Act.
The Federal Home Loan Banks is a network of eleven member owned banks that secures home loans. It is a bank owned by banks.
Wikipedia reports the the FDIC has a $100 billion line of credit with the US Treasury and insured the deposits of
This page lists events that involve the FDIC, FSLIC and other off shoots of the program that I encounter in my research of financial history.
- 1932: The Federal Home Loan Bank Act created 11 member owned Federal Home Loan Banks.
- 1933: The FDIC was created by the 1933 Banking Act.
- 1934: The Federal Savings and Loan Insurance Company (FSLIC) was created by the National Housing Act.
- 1970: Congress created the National Credit Union Association to regulate Federal Credit Union.
- 1984: FDIC seized the assets Continental Illinois National Bank and Trust Co. of Chicago. This was the largest failure to date. They sold it to Bank of America in 1984.
- 1988: North Carolina National Bank acquiored First RepublicBank Corporation of Dallas, Texas.
- 1989-1995: The Resolution Trust Company (RTC) was a conservateurship designed to dispose of assets of 747 failed savings and loans.
- Kay Kay Realty received contracts from Arizona Asset Management
- Wasatch Group acquired properties from RTC.
- Andrew Wiederhorn made a fortune selling property from Resolution Trust. He created a mortgage company that sold subprime mortgages that collapsed. He now owns FAT Brands.
- Lennar Corporation bought the portfolio of AmeriFirst Bank for about $450 million.
- Several hundred banks failed during the financial crisis. Wikipedia has a page that lists bank failures by year
- 2008 - 25
- 2009 - 140
- 2010 - 157
- 2011 - 92
- 2012 - 51
- 2013 - 24
- 2014 - 18
- 2015 - 8
- 2016 - 5
- 2017 - 8
- Ivestopia - FSLIC (Drawn 6/28/2018)
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