Liquidating a corporation

Posted by / 18-Jun-2017 21:23

Officially created in the Glass-Steagall Act of 1933 and modeled after the deposit insurance program initially enacted in Massachusetts, the FDIC guaranteed a specific amount of checking and savings deposits for its member banks.

Originally denounced by the American Bankers Association as too expensive and an artificial support of bad business activity, the FDIC was declared a success when only nine additional banks closed in 1934.

The combination of high rates and an emphasis on fixed-rate, long-term lending began to increase the risk of bank failures.

The 1980s also saw the beginning of bank deregulation.

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1980 Bank Crisis to Present Inflation, high interest rates, deregulation and recession created an economic and banking environment in the 1980s that led to the most bank failures in the post-World War II period.

Inflation and a change in the Federal Reserve monetary policy led to increased interest rates.

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Some notable items and milestones for the FDIC through 1983 are as follows: The period from 1933-1983 was characterized by increased lending without a proportionate increase in loan losses, resulting in a significant increase in bank assets.

In 1947 alone, lending increased from 16% to 25% of industry assets; the rate rose to 40% by the 1950s and to 50% by the early 1960s. Banks began taking nontraditional risks and expanding the branch networks into new territory with the relaxation of branching laws.

Most people realize that the funds in their checking and savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC), but few are aware of its history, its function, or why it was developed.

Initiated in 1933 after the stock market crash of 1929, the FDIC continues to evolve as it finds alternative ways to insure deposit holders against potential bank insolvency.

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