Is banking going to go bankrupt in America?
Jan Meriss Alfonso Assistant at Ascent Law LLC The banking system in the United States has been on the verge of collapse for some time now. It's not a new topic, but it's one that has many people concerned. If you're one of them, you might be asking yourself: will my bank fail? Understanding Banking Failure Banks have been consolidating into bigger and bigger entities. The FDIC (Federal Deposit Insurance Corporation) is an independent government agency created by Congress in 1933 to maintain stability and public confidence in the nation's financial system by insuring deposits. Its mission is to maintain public confidence in the U.S. banking system by protecting depositors' funds through bank deposit insurance and resolving failed insured banks without taxpayer loss. In 1995 there were over 18,000 commercial banks, but in 2013 there were just over 6,200 banks. The number of total bank failures since 2010 has been 611, and it's predicted to hit 800 this year. Th...