FDIC

U.S. Government agency which protects bank deposits against loss

The Federal Deposit Insurance Corporation (FDIC) is a created by the Glass-Steagall Act of 1933. The vast number of bank failures in the Great Depression spurred the United States Congress into creating an institution which would guarantee deposits held by commercial banks, inspired by the Commonwealth of Massachusetts and its Depositors Insurance Fund (DIF). The FDIC provides deposit insurance which currently guarantees checking and savings deposits in member banks up to $100,000 per depositor.
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Noun
1. a federally sponsored corporation that insures accounts in national banks and other qualified institutions
(synonym) Federal Deposit Insurance Corporation
(hypernym) corporation, corp

The FDIC is the independent deposit insurance agency created by the U. S. Congress to maintain stability and public confidence in the nation's banking system. In its unique role as deposit insurer of banks and saving associations, and in cooperation with the other federal and state regulatory agencies, the FDIC promotes the safety and soundness of insured depository institutions and the U.S. financial system by identifying, monitoring, and addressing risks to the deposit insurance funds.

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