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What is Federal Deposit Insurance Corporation (FDIC)?

2023-11-08 14:17
1 min.
Daniel Rivera
Crypto Terms Glossary: What is Federal Deposit Insurance Corporation (FDIC)?

The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. federal agency that insures deposits in financial institutions, acting as a guarantor in the event of an institution failing. The FDIC was created in the 1933 Banking Act to restore faith in banks during the Great Depression. Its ongoing purpose is to foster confidence in financial institutions.

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