Deposit insurance - Finance Records
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Topic: Deposit insurance



  
 Federal Deposit Insurance Corporation - Wikipedia, the free encyclopedia
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933.
The total of all deposits in all 9,106 banks that suspended 1929-33 was $6.886 billion; losses to depositers were $1.336 billion or 19%.
Deposit insurance for SandLs was hastily shored up by the government, which created new regulations and transferred SandL deposit insurance to a branch of the FDIC.
http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation   (1786 words)

  
 FRB: Testimony, Greenspan--Deposit insurance--February 26, 2003
The benefits of deposit insurance, as significant as they are, have not come without a cost.
Deposit insurance has given them a safe and secure place to hold their transaction and other balances.
Deposit insurance and other components of the safety net also enable banks and thrift institutions to attract more resources, at lower costs, than would otherwise be the case.
http://www.federalreserve.gov/boarddocs/testimony/2003/20030226   (4053 words)

  
 Deposit Insurance
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in financial institutions that are CDIC members in case of their failure.
The amount of the contribution is set as a proportion of shares and deposits; or shares, deposits and liabilities; or deposits and borrowings; or gross revenues or interest income; or total assets.
Deposit protection funds are built up and maintained at required levels primarily by premiums or assessments levied on individual credit unions.
http://www.cucentral.ca/Public/whycu/insurnce/content/insurnce.htm   (248 words)

  
 Deposit Insurance, by George G. Kaufman: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Because the rates for deposit insurance were the same for the stodgy low-risk lender as they were for the high-flying, risk-taking lender, the low-risk banks and S&Ls would end up subsidizing the high-risk ones.
Opponents of deposit insurance argued, based in part on the experience of the state funds, that insurance would weaken the incentive for depositors to care whether their banks and S&Ls took excessive risks.
The Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC) were both established in 1934.
http://www.econlib.org/library/Enc/DepositInsurance.html   (1777 words)

  
 Modifying Federal Deposit Insurance
Deposit insurance has two sources of financing: premiums paid by insured institutions and general tax revenues.
The Congress is considering a number of changes to federal deposit insurance, including proposals to increase the real level of insurance coverage, charge all banks and savings associations premiums for deposit insurance, authorize credits that some banks could use to pay premiums, change the designated reserve ratio, and specify a required level of premiums.
Under current law, the costs of deposit insurance are paid from insurance premiums.
http://www.cbo.gov/showdoc.cfm?index=6342&sequence=0   (3457 words)

  
 FRBSF: Economic Letter - Deposit Insurance Reform--When Half a Loaf Is Better (05/10/2002)
However, given the underlying purposes of deposit insurance, there does not appear to be a strong case for raising insurance coverage further or for indexing the current limits to the inflation rate in the near-to-intermediate horizon--leave that half of the loaf for the future.
In mid-February, both houses of Congress introduced deposit insurance reform bills that were broadly similar and reflected many of the options included in a report by the Federal Deposit Insurance Corporation (FDIC 2001).
And in general, it is not clear that increasing deposit insurance coverage is the appropriate vehicle for addressing competitive issues among financial institutions.
http://www.frbsf.org/publications/economics/letter/2002/el2002-14.html   (1690 words)

  
 DEPOSIT INSURANCE FUND SKOPJE
Insurance premiums are paid on a monthly basis with the application of a 1/12 rate specified in paragraph 2 article 23 of the balance of deposits as shown in the balance sheet of the member at the end of each month.
Deposit of an individual shall mean the total deposits of article 10 of this Charter owned by the individual in a bank or savings house.
The basis for the computation of the amount of premium for insurance is the previous month's balance of deposits held by the members determined on the basis of monthly reports on the total deposits by banks and savings houses provided to the Fund by the National Bank of the Republic of Macedonia.
http://www.fodsk.org.mk/eng/charter.asp   (3644 words)

  
 Federal Reserve Bank of Minneapolis - fedgazette April 1996 - Deposit insurance: It's time to cage the monster
Recent discussions about deposit insurance have been about merging thrift and bank charters, taxing banks to pay the debt of the Financing Corp. and finding a few million dollars in the fantasy world of budget scoring to reduce the federal deficit.
The availability of deposit insurance funds may well lead to the treatment of a bank failure as a systemic risk problem because of the easy availability of funds when no systemic risk exists.
A deposit insurance system that began as a modest program to protect small savers from losing their savings when their bank failed has become a monster.
http://woodrow.mpls.frb.fed.us/pubs/fedgaz/96-04/edi964b.cfm?js=0   (1309 words)

  
 Deposit Insurance
The concept of security deposit insurance is very similar to PMI (Private Mortgage Insurance) that is available to home-buyers who do not have the 20% down payment required for most conventional mortgages.
In the event that a default or damage claim is paid by the insurance company, the tenant is as liable as if they had defrauded the landlord.
The insurance fees are usually between one and two percent of the loan amount.
http://rhol.org/rental/deposit_insurance.htm   (858 words)

  
 Consumer Information Center - FDIC: Your Insured Deposit - General Insurance Page
During this "grace period," the insurance coverage of the deposit owner's accounts will not change unless the accounts are restructured by those authorized to do so.
However, account statements, deposit slips, items deposited, and cancelled checks are not considered deposit account records for purposes of calculating deposit insurance.
Separate insurance is also available for funds held for retirement purposes, e.g., Individual Retirement Accounts, Keoghs, and pension or profit-sharing plans (see Questions 35, 36 and 37).
http://www.pueblo.gsa.gov/cic_text/money/insured-deposit/general.html   (1104 words)

  
 1541. Deposit Insurance
This type of account is effectively insurance from the government, with the same guarantee as government bonds, but without the wrong incentives for financial institutions that arise from deposit insurance.
Deposit insurance was not adopted primarily to protect the depositor.
The history of federal and state insurance plans shows that it is all but impossible to escape the moral hazard and other problems inherent in deposit insurance, as Canada learned when it adopted it in 1967.
http://www.worldbank.org/html/dec/Publications/Workpapers/wps1541-abstract.html   (430 words)

  
 V.P. Credit Union - deposit insurance
The aggregate of all deposits that are shown in the records of the credit union as trust accounts and deposited in trust for the benefit of the same beneficiary whether or not the identity of the beneficiaries are disclosed in the records of the credit union.
The aggregate of all deposits that are shown in the records of the credit union as registered retirement income funds under the Income Tax Act (Canada) to the credit of the same depositor.
Deposit insurance applies automatically to money on deposit and money invested in non-equity shares with a credit union.
http://www.vpcu.com/products/deposit.html   (938 words)

  
 The Regional Economist
Deposit insurance is an antidote to banking panics.
Deposit insurance encouraged bank risk-taking because the price of coverage—premiums and deductibles—was not set by the principles that guide private insurance companies.
But unlike the dissolutions of the state deposit insurance systems, which imposed no cost on state taxpayers, the dissolution of FSLIC cost U.S. taxpayers $150 billion.
http://www.stlouisfed.org/publications/re/2002/d/pages/insurance_reform.html   (3030 words)

  
 Deposit insurance increasing - Pittsburgh Tribune-Review
Deposit insurance on individual retirement accounts and Keough accounts will jump to $250,000 from $100,000, and all other federally insured accounts beginning in 2011 will be inflation-adjusted, the new law mandates.
The deposit insurance reform legislation also mandates the merger of the Bank Insurance Fund and the Savings Association Insurance Fund into the new Deposit Insurance Fund.
The new rules give the Federal Deposit Insurance Corp. and the National Credit Union Association a great deal of leeway in determining how much all federally insured accounts will be adjusted for inflation.
http://pittsburghlive.com/x/tribune-review/trib/regional/s_422444.html   (363 words)

  
 Deposit Insurance and Credit Guarantee Corporation.
Insurance of bank deposits is intended to give a measure of protection to depositors, particularly the smaller depositors, from the risk of loss of their savings arising from bank failures.
Establishment of the Deposit Insurance Corporation came in the wake of certain bank failures in fifties and early sixties and consequent efforts to restore the confidence of the depositing public in the banking system by safeguarding their interests.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) is the only organisation that provides Deposit Insurance in India.
http://www.bimaonline.com/cgi-bin/corp/dicgc/depinshome.asp   (163 words)

  
 Bank of Tanzania: About Deposit Insurance Board
The Deposit Insurance Board was established under section 24(1) of the same Act, and is responsible for policy formulation and for management and control of the Fund.
d) upon payment of a protected deposit the Fund shall be entitled to receive from the bank, financial institution or liquidator, as the case may be, an amount equal to the insolvency payment paid by the Fund on account of its subrogation to the claims of any depositor.
Currently the amount of a contribution is set at one tenth of one percent of the average of the bank or financial institution total deposit liabilities during the past 12 months from the date of notice.
http://www.bot-tz.org/DepositInsuranceBoard/aboutDIB.htm   (822 words)

  
 Insurance - Wex
While types of insurance vary widely, their primary goal is to allocate the risks of a loss from the individual to a great number of people.
Therefore, when researching whether a particular law governs, a good rule of thumb is to ask whether the inquiry is related to the "business of insurance" (where state law governs), or whether it is related to peripherals of the industry (labor, tax, securities - where federal law governs).
In general, insurance companies are the safekeepers of the premiums.
http://www.law.cornell.edu/topics/insurance.html   (425 words)

  
 Raising the Deposit-Insurance Limit:
Proponents of deposit insurance argue that it is neither reasonable nor fair to expect unsophisticated individuals to monitor banks, whose portfolios of assets consist largely of information-intensive assets—loans.
Ironically, one of the major provisions of the Glass-Steagall Act that was not altered by the FMA is federal deposit insurance.
From the perspective of federal deposit insurance, the financial reforms of the 1990s were a mixed blessing.
http://www.clevelandfed.org/research/com2000/0415.htm   (3131 words)

  
 Deposit Insurance
The NCUSIF insurance is similar to the deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC).
The share/deposit insurance at CSCU is provided by the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government insurance fund.
Either the credit union or Excess Share Insurance can terminate this coverage, but in either case ESI requires that you be notified of any change in the insurance on your accounts.
http://www.cscutx.com/asp/Products/product_6_6.asp   (498 words)

  
 CDIC: Home
The level of deposit insurance coverage provided by CDIC is set in legislation as passed by the Canadian Parliament.
To be eligible for insurance, deposits must be in Canadian currency and payable in Canada.
The amount of deposit insurance coverage insured per depositor in each CDIC member institution is $100,000.
http://www.cdic.ca/?id=100   (287 words)

  
 Results in
Deposit insurance reform has been on the board agenda every month for over a year.
Former chairman of the Senate Banking Committee, Sen. Phil Gramm (R-Texas), was a vocal opponent of deposit insurance reform.
For community banks, deposit insurance reform may translate to increased deposits.
http://www.findarticles.com/p/articles/mi_qa3799/is_200106/ai_n9002326   (450 words)

  
 CUNA News Now: House must vote again on deposit insurance
The Senate on Wednesday narrowly passed the massive budget reconciliation bill in which deposit insurance reform was included.
The deposit insurance reform provisions would increase coverage for retirement accounts to $250,000 and give the National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corp. (FDIC) authority to adjust coverage levels of all accounts to keep pace with inflation, starting in 2010.
WASHINGTON (12/27/05)--Credit unions and banks may have to wait until the new year for final action on deposit insurance reform after the Senate made a small adjustment to the bill, requiring the House to vote on it a second time.
http://www.cuna.org/newsnow/05/wash122205-1.html?ref=hed   (277 words)

  
 Deposit Insurance and Bank Failures
Insure banks pay a premium on all their deposits, even those deposits that are not covered by insurance.
In 1989 deposit insurance was consolidated under the Federal Deposit Insurance Corporation (FDIC).
After a rash of bank failures in the early 1930s, Federal deposit insurance was enacted by Congress, but over strong opposition.
http://wfhummel.cnchost.com/depositinsurance.html   (838 words)

  
 National Credit Union Administration - Share Insurance
The NCUA Share Insurance Estimator is an educational resource about share insurance and gives a detailed explanation of insurance coverage.
Historically, deposit insurance funds strive for a ratio of equity to insured savings of at least one percent.
Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).
http://www.ncua.gov/ShareInsurance   (528 words)

  
 Deposit Insurance: Actual and Good Practices--IMF Occasional Paper No. 197
Moral hazard occurs when protection causes the beneficiaries of insurance (in the case of deposit insurance, this means depositors, bank owners, managers and supervisors, and even politicians) to be careless in their approach to bank soundness.
Although for many years the IMF and other international financial institutions have responded to inquiries from member countries concerning deposit insurance, their interest in the subject has intensified recently.
Consequently, Section II of this paper explores ways to obtain the benefits of deposit insurance that so many countries seek while avoiding the well-explored pitfalls—moral hazard, adverse selection, and agency problems.
http://www.imf.org/external/pubs/nft/op/197   (779 words)

  
 DEPOSIT INSURANCE REFORM
The banks that have paid deposit insurance premiums over the years to build up the BIF and SAIF should be given credit for those past premiums in establishing a means to fund the insurance fund.
· The current requirement to impose a 23 basis point premium if the insurance fund will not reach the required minimum level within 1 year is likely to hit banks with large deposit insurance premiums at a time when the economy is in recession and the banks are already under earnings pressure.
· The FDIC should be given the flexibility to establish deposit insurance premiums to ensure the insurance fund is adequately funded and to phase in those premiums as necessary to avoid financial shocks to the banking system.
http://www.njleague.com/Priorities/deposit_insurance_reform.htm   (837 words)

  
 House Committee on Financial Services [Committee News]
“Federal deposit insurance was first established in 1934 during the Great Depression, and has served for over 70 years as a source of stability in the banking system and a valued safety net for depositors.
 This bipartisan legislation preserves the value of insured deposits at America’s banks, thrifts and credit unions; advances the national priority of enhancing retirement security for all Americans; and ensures that the benefits and costs of deposit insurance are allocated equitably and fairly among financial institutions.
 Deposits in banks and savings associations are covered either by the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF), while the deposits of America’s 85 million credit union members are insured by the National Credit Union Share Insurance Fund (NCUSIF).
http://financialservices.house.gov/news.asp?FormMode=release&id=662&NewsType=1   (1543 words)

  
 Legislative Issues
The Safe and Fair Deposit Insurance Act, S. 1562, was approved by the Senate Banking Committee by voice vote on October 18, 2005 and was submitted to the Budget Committee for inclusion in the FY06 Budget Reconciliation Package.
STATUS/OUTLOOK: The Deposit Insurance Reform Act, H.R. 1185, passed the House of Representatives on May 4, 2005 by a vote of 413 — 10.
The FDIC compromise provisions are incorporated in the Conference Report of the FY06 Budget Reconciliation package (S. 1932), and passed the House by a vote of 212 - 206 on December 18, 2005.
http://www.cuna.org/gov_affairs/legislative/issues/2005/deposit_ins.html   (571 words)

  
 IMF Report on Observance of Standards and Codes: Bulgaria -- System of Deposit Insurance
The DIF itself is required to inform the public of its financial condition; however, the basis for the practice of obtaining an independent audit of financial statements should be clarified.
The LBDG permits the DIF to invest in short-term deposits with commercial banks that are authorized dealers of government securities.
The system of deposit protection is provided by the Deposit Insurance Fund, an independent financial agency created under the Law on Bank Deposit Guarantee, which was adopted in April 1998.
http://www.imf.org/external/np/rosc/bgr/depos.htm   (2570 words)

  
 Insurance considerations for items in a safe-deposit box
The Federal Deposit Insurance Corporation's $100,000 guarantee, however, does not extend to safe-deposit boxes.
Deciding what insurance coverages you need can be complicated.
Know, however, that if you do purchase this coverage for property that you keep at home instead of a more-secure safe deposit box, the premium cost more than doubles.
http://www.bankrate.com/brm/news/insur/20030117a.asp   (1061 words)

  
 Deposit Insurance
National Credit Union Administration is an agency of the Federal Government and serves as the primary provider of deposit insurance.
With the combination of Federal deposit insurance coverage from National Credit Union Share Insurance Fund (NCUSIF) and excess deposit insurance from Excess Share Insurance (ESI), you receive share insurance protection up to $350,000 per account.
Excess Share Insurance, a subsidiary of American Share Insurance, is the nation's largest private deposit insurer for credit unions.
http://www.westerncu.com/deposins.htm   (379 words)

  
 Deposit Insurance Reform
Also included is an increase in the deposit insurance limit for certain retirement accounts.
AFP is the only corporate voice in the deposit insurance reform debate.
AFP ACTION – Representing corporate depositors, who are the dominant funders of deposit insurance, the AFP supports deposit insurance reform.
http://www.afponline.org/pub/gr/i_depinsur.html   (309 words)

  
 Federal Reserve Bank of Minneapolis - Economic Research - Deposit Insurance Reform
Other proposals include privatizing deposit insurance and allowing banks engaged in complex activities to give up direct access to deposit insurance in return for reduced regulation and oversight.
Remarks by Gary Stern at the FDIC Conference on Deposit Insurance, January 29, 1998
Require the disclosure of additional data on banks' financial condition.
http://woodrow.mpls.frb.fed.us/research/studies/tbtf   (275 words)

  
 Deposit Insurance and Bank Intermediation in the Long Run
Insurance premium requirements on member banks, even when risk-adjusted, are instead found to have little effect in restraining banks' risk-taking behavior.
The basic moral hazard problem is the incentive for depository institutions to engage in excessively high-risk activities, relative to socially optimal outcomes, in order to increase the option value of their deposit insurance guarantee.
Deposit Insurance and Bank Intermediation in the Long Run
http://www.bis.org/publ/work156.htm   (234 words)

  
 Nutmeg State Federal Credit Union - Deposit Insurance
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member's deposits in credit unions up to the $100,000 federal limit.
By law, federally insured credit unions maintain 1% of their deposits in the NCUSIF and the NCUA Board can levy a premium if necessary.
Since then, the NCUA Board has charged only one premium, when three large New England credit unions failed in 1992 substantially increasing insurance losses.
http://www.nutmegstatefcu.org/nsfcu/nsfcumain2.nsf/HTMLDOC?OpenForm&Page=SSDEPINSUR   (164 words)

  
 Press Release - President Bush Enacts Deposit Insurance Reform
Although not required to be made part of an agency rulemaking, the statutory amendments require NCUA and FDIC to conduct a study and report to Congress within 12 months of the enactment of the statutory amendments regarding the feasibility of certain changes to the federal share and deposit insurance systems.
Below are highlights of the upcoming changes to NCUA’s share insurance coverage and information as to what federally-insured credit unions can expect in the near future.
NCUA will revise its “official sign,” which indicates a credit union’s shares are federally-insured, by including, among possible other things, a statement that federally-insured share accounts are backed by the full faith and credit of the United States Government.
http://www.ncua.gov/news/press_releases/2006/NR06-0217.htm   (362 words)

  
 PDIC Homepage
The Philippine Deposit Insurance Corporation (PDIC) and the Office of the Government Corporate Counsel (OGCC) recently signed a memorandum of agreement (MOA) governing the composition of the Administrative Hearing Committee (AHC), in support of the state insurer’s new investigative powers under the amended PDIC Charter.
The Philippine Deposit Insurance Corporation (PDIC) and the Department of Education (DepEd) signed a Memorandum of Understanding (MOU) on the Basic Secondary Education (BSE) – PDIC Module Development Project on October 26, at the Astoria Plaza Hotel in Pasig City.
The Philippine Deposit Insurance Corporation (PDIC) recently signed a Memorandum of Agreement with Philippine Ratings Services Corporation (Philratings) on the conduct of a pilot credit rating assessment of thrift and rural banks.
http://www.pdic.gov.ph   (907 words)

  
 Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000.
A sharp increase in bank failures in the late 1980s and early 1990s led to the insolvency (1991–92) of the FDIC as well, forcing it to seek government loans.
Major Independent Agencies - There are several administrative divisions of the government whose job it is to enforce and...
http://www.factmonster.com/ce6/history/A0818383.html   (291 words)

  
 Checking credit union deposit insurance
The insurance fund for credit unions is the National Credit Union Share Insurance Fund, or NCUSIF.
The National Credit Union Administration, or NCUA, has an electronic brochure, Your Insured Funds, that explains the insurance program in greater depth.
A credit-union member that has share accounts in two or more different insured credit unions would have up to $100,000 in insured funds in each credit union.
http://www.bankrate.com/brm/news/drdon/20051018a1.asp   (298 words)

  
 FDIC: Federal Deposit Insurance Corporation
Deposit Insurance Reform - View an institution’s preliminary estimated one-time assessment credit
An independent agency created by Congress in 1933, the FDIC supervises banks, insures deposits up to $100,000 and helps maintain a stable and sound banking system.
http://www.fdic.gov   (170 words)

  
 Nova Scotia Credit Union Deposit Insurance Corporation
The role of the Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC) is to provide deposit insurance for credit unions and caisses populaires in Nova Scotia, Canada.
On this website you will find the most up-to-date information on NSCUDIC and its activities, including the coverage provided to credit union members, the advisories we publish for credit unions themselves, as well as our annual reports and newsletters.
Working with Credit Union Central of Nova Scotia and the Nova Scotia Department of Environment & Labour, we provide the most comprehensive deposit insurance and stabilization programs of any financial institution in Nova Scotia.
http://www.nscudic.org   (157 words)

  
 FDIC: Deposit Insurance
Learn how deposit insurance works and whether the FDIC insures your deposits.
Find out how FDIC deposit insurance works and estimate coverage on your deposits.
Learn about the FDIC's risk-based premium system and recommendations for its reform.
http://www.fdic.gov/deposit   (112 words)

  
 SECU Credit Union - Online Loans, Free Checking, Online Banking
IRA Certificates of Deposit are also insured up to an additional $100,000 by Excess Share Insurance (ESI) at no cost to you.
To supplement the $100,000 federal deposit insurance, SECU's Money Manager, Advantage Money Market and Certificate of Deposit accounts in excess of the federal insurance limit are insured up to an additional $100,000 by Excess Share Insurance (ESI), the nation's largest private deposit insurer.
This coverage is provided at no cost to members.
http://www.secumd.org/html/secu/lower.htm?page=about.esi   (163 words)

  
 Federal Deposit Insurance Corporation
In 1990 the Federal Deposit Insurance Corporation (FDIC)
http://www.epa.gov/region02/superfund/brownfields/fdic.htm   (265 words)

  
 US CODE: Title 12,CHAPTER 16—FEDERAL DEPOSIT INSURANCE CORPORATION
Reduced assessment rate for deposits attributable to lifeline accounts
Assessment credits for qualifying activities relating to distressed communities
Authority of State insurance regulator and Securities and Exchange Commission
http://www.law.cornell.edu/uscode/12/ch16.html   (220 words)

  
 ::: Welcome to The Jamaica Deposit Insurance Corporation Online :::
::: Welcome to The Jamaica Deposit Insurance Corporation Online :::
http://www.jdic.org   (10 words)

  
 Untitled Document
Recently there were changes to the levels of insurance for IRA/KEOGH accounts.
We are in the process of updating the Estimator to reflect these changes.
For information regarding these changes please follow this link
http://webapps.ncua.gov/ins   (34 words)

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