Friday, March 27, 2020

FDIC chairman assures public bank deposits are safe

Federal Deposit Insurance Corporation Chairman Jelena McWilliams addressed the Financial Stability Oversight Council on Thursday, highlighting the agency’s ongoing efforts to provide the necessary flexibility to both banks and their customers in response to the coronavirus (COVID-19) pandemic.

“I want to underscore that our banks are safe,” McWilliams said. “Your FDIC-insured deposits are safe. […] The FDIC was borne out of a crisis, and it has witnessed many crises. We will get through this one together. Since 1933, no depositor has ever lost a penny in an FDIC-insured institution, and that will not change.”

The full text of the chairman’s remarks at today’s FSOC meeting can be found here. The FDIC continues to work closely with other financial regulators to provide regular updates and guidance to banks and consumers.