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Federal Deposit Insurance Act (FDIA)
Practical Law Glossary Item 9-503-0549 (Approx. 2 pages)
Glossary
Federal Deposit Insurance Act (FDIA)
The federal statute that, among other things:
- Establishes and sets the powers, responsibilities, and administration of the Federal Deposit Insurance Corporation (FDIC).
- Establishes the Deposit Insurance Fund.
- Sets the rules for banks to be insured by the FDIC.
- Sets safety and soundness standards for all insured banks.
- Regulates certain transactions and operational activities of all insured banks.
- Regulates the permissible business activities of insured state banks.
(12 U.S.C. §§ 1811 to 1835a.)