In 2009, Scott Pelley was granted access to the FDIC's takeover of Heritage Community Bank in a Chicago suburb. #60Minutes #News "60 Minutes" is the most successful television broadcast in history. Offering hard-hitting investigative reports, interviews, feature segments and profiles of people in the news, the broadcast began in 1968 and is still a hit, over 50 seasons later, regularly making Nielsen's Top 10. Subscribe to the “60 Minutes” YouTube channel: Watch full episodes: Get more “60 Minutes” from “60 Minutes: Overtime”: Follow “60 Minutes” on Instagram: Like “60 Minutes” on Facebook: Follow “60 Minutes” on Twitter: Subscribe to our newsletter: Download the CBS News app: Try Paramount+ free: For video licensing inquiries, contact: licensing@veritone.com...(read more)
LEARN MORE ABOUT: Bank Failures
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The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government that was created to ensure the stability and public confidence in the nation's banking system. It was established in 1933 in response to the bank failures that occurred during the Great Depression. Today, the FDIC is responsible for insuring deposits in banks and thrift institutions up to $250,000 per depositor, per insured bank. When a bank fails, the FDIC steps in to protect depositors and maintain the stability of the banking system. The agency's primary mission is to protect depositors by reimbursing them for their insured deposits. The FDIC also takes over the failed bank's assets and liabilities, and the accounts are transferred to another bank or thrift institution. Depositors do not need to take any action as the FDIC handles the transfer of accounts. The FDIC typically pays depositors within a few days after the bank fails. Depositors with uninsured deposits, above the $250,000 limit, may not receive all of their money back. However, the FDIC may pay a dividend on the failed bank's remaining assets in the future, and uninsured depositors may receive a portion of that dividend. The FDIC is funded by premiums paid by insured banks and thrift institutions. The premiums are based on the amount of insured deposits and the risk profile of the insured institution. Banks and thrift institutions are required by law to participate in the FDIC's insurance program. The FDIC also plays a key role in preventing bank failures. The agency conducts bank examinations to ensure that institutions are operating in a safe and sound manner. The FDIC also provides resources and guidance to help troubled banks and thrift institutions return to profitability. In conclusion, the FDIC plays a crucial role in maintaining public confidence in the banking system. Through its insurance program, the agency ensures that depositors are protected in the event of a bank failure. The FDIC also works to prevent bank failures and promote the stability of the financial system. https://inflationprotection.org/the-actions-of-the-fdic-when-your-bank-fails-60-minutes-archive-from-2009/?feed_id=84687&_unique_id=642cfe0c5b350 #Inflation #Retirement #GoldIRA #Wealth #Investing #60Minutes #CBSNews #Chicago #fdic #heritagecommunitybank #money #overtime #rewind #scottpelley #BankFailures #60Minutes #CBSNews #Chicago #fdic #heritagecommunitybank #money #overtime #rewind #scottpelley
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