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Federal Deposit Insurance Corporation
Gov. corporationsContested removalSelf-funded
At a glance
Type
Government corporations
Removal of leadership
Removal protection contested
Appointed by
Board appointed by the President, confirmed by the Senate
Structure
5-member board · led by the Chairperson
Term
6-year term · party-balanced
Funding
Outside annual appropriations
Independence
Independent
12 U.S.C. 1812 is silent on removal of the 3 appointed directors; whether they enjoy implied for-cause protection is unsettled. The other 2 board members serve ex officio and are themselves at-will removable (CFPB Director per Seila Law (2020); Comptroller of the Currency by the President). The question is implicated by post-Seila removal-power litigation and the Supreme Court's May 2025 stay in Trump v. Wilcox, which signaled possible narrowing of Humphrey's Executor for multimember boards.
What it does
The FDIC is a government corporation that insures deposits at banks and savings institutions, currently up to $250,000 per depositor, per insured bank, per ownership category. It also examines and supervises many banks for safety, soundness, and consumer protection, and steps in to resolve failed banks so depositors do not lose insured money.
Financial
How it fits
Created by Congress under the Banking Act of 1933 (Glass-Steagall); reorganized by the Federal Deposit Insurance Act of 1950 (Pub. L. 73-66, 48 Stat. 162 (June 16, 1933); codified at 12 U.S.C. 1811 et seq. (management at 12 U.S.C. 1812)), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Large-Bank Deposit Insurance Determination Modernization
Notice of Termination of Receiverships
Agency Information Collection Activities: Proposed Revision of Information Collection; FDIC How America Banks Survey; Comment Request (3064-0215)
Proposed Agency Information Collection Activities; Comment Request
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agency Information Collection Activities: Information Collection Extension; Submission for OMB Review; Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101)
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request