Get For Paperwork Reduction Act Notice, See Page 3 - Fdic

To accomplish this mission, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

(3) INSTITUTIONS INCLUDED FOR CERTAIN PURPOSES. --The term "insured depository institution" includes any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank for purposes of section 8 of this Act.

3501 et seq.) The Paperwork Reduction Act (PRA) of 1995 requires that agencies obtain Office of Management and Budget (OMB) approval before requesting most types of information from the public.

(3) money received or held by a bank or savings association, or the credit given for money or its equivalent received or held by a bank or savings association, in the usual course of business for a special or specific purpose, regardless of the legal relationship thereby established, including without being limited to, ...

The FDIC was established under the Banking Act of 1933 in response to numerous bank failures during the Great Depression. The FDIC began insuring banks on January 1, 1934. Today, the basic insurance coverage amount for deposit accounts is $250,000. The FDIC does not operate on funds appropriated by Congress.

In general, the PRA applies even when information is collected from non-US citizens, residences, or businesses as those entities are considered “persons” under the Act. If you're only collecting information from federal employees or military personnel as part of their job, then you don't need PRA clearance.

Investment products that are not deposits, such as mutual funds, annuities, life insurance policies and stocks and bonds, are not covered by FDIC deposit insurance.