Federal Deposit Insurance Corporation
What is the FDIC: The FDIC is the Federal Deposit Insurance Corporation, which supervises both banks and S&L (savings and loan) institutions. The FDIC looks to prevent fraud and unsound banking practices, and administers the deposit insurance system that protects depositors in case of bank failure.
The FDIC is a distinct organization from The Federal Reserve and has a different set of priorities. The Fed focuses almost entirely on macro issues like interest rates and the overall supply of credit.
The FDIC, by contrast, is charged with policing the activities of individual banks. Additionally, however, the FDIC has a team of economists and financial analysts who monitor the impacts of existing legislation and regulation on the banking system, and who develop proposals for improvements.
Note that the FDIC is unrelated to SIPC, which insures accounts at brokerage firms.
Organization: The FDIC has roughly 5,000 employees in 87 offices. Its 7 regional headquarters are:
- Washington, DC
- Atlanta (plus 12 field offices)
- New York (plus 15 field offices)
- Chicago (plus 15 field offices)
- Dallas ( plus 14 field offices)
- Kansas City (plus 15 field offices)
- San Francisco (plus 9 field offices)
Careers: The major career paths within the FDIC are:
- Bank Examiners (look for unsound practices and illegal activity)
- Compliance Examiners (enforce laws and regulations concerning fair lending, community reinvestment, consumer protection, civil rights, etc.)
- Economists (study the banking industry, regulation and legislation)
- Financial Analysts
- Information Technology
Education and Training: The educational and professional backgrounds most in demand for positions at the FDIC are:
Internships: The FDIC offers a variety of internship programs for students from the high school to the graduate school level, including:
- Summer Intern Legal Program (for law students)
- Student Education Employment Program
- Student Career Experience Program (part-time during the academic year)
- Student Temporary Employment Program (part-time and summer)
- Summer Interns to Economists