Several decades later, the Fair Housing Amendment Act of 1988 introduced the concept of the equal housing lender. In 1935, the FDIC became a permanent agency of the government that continues to insure deposits and monitor the financial performance of its members. The Banking Act established the FDIC as a temporary government corporation aimed at providing deposit insurance, funding short-term loans and regulating state banks. Government leaders knew they had to restore faith in the American banking system for our economy to recover from such a monumental downturn. Account holders were often quick to withdraw funds when the stability of their bank was in question, spurring widespread panic and many bank closures. During the Great Depression, nearly half of banking institutions failed due to economic hardship and distrust in the U.S. The FDIC was created in response to the Stock Market Crash of 1929, and it was part of the 1933 Banking Act. The Origin of the FDIC and Equal Housing Lenders Read on to learn more about the history of the FDIC and equal housing lenders, and how they benefit you as an account holder. Central Bank’s affiliation with the FDIC means our clients’ deposits are safely insured by the federal government up to $250,000 per ownership account. The second agency is called the National Credit Union Administration, and they perform the same service, but for credit unions. The Federal Deposit Insurance Corporation, or FDIC, is the agency that covers our own banking services. There are two agencies that insure equal housing lenders, and at least one of those names might sound familiar. It’s all about creating a fairer playing field and ensuring everyone has access to quality service. Financial institutions certified as equal housing lenders conduct business in accordance with anti-discrimination laws that concern the financing of property based on race, religion, national origin, sex, handicap or familial status. ![]() If you've done much online banking, or even seen bank ads on TV, you might have noticed Member FDIC and Equal Housing Lender labels.
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