FDIC Chairman Addresses FSOC; Underscores Banks and Deposits Remain Safe

Press Release

March 26, 2020

FDIC Chairman Addresses FSOC; Underscores Banks and Deposits Remain Safe


Media Contact:
Julianne Fisher Breitbeil
(202) 898-6895

WASHINGTON—Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today addressed the Financial Stability Oversight Council (FSOC), 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," said Chairman McWilliams. "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.

The agency's existing guidance and statements related to COVID-19 include:

# # # 

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,177 as of December 31, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-40-2020

The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.