The Federal Deposit Insurance Corporation is a federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. Established in 1993, FDIC aims to encourage stability and maintain public confidence in the financial system through the advancement of sound banking practices.
Snarky FDIC Joke: "The FDIC puts stickers on bank doors to bolster confidence in failing institutions" (Doug Casey)
As of 2018, the FDIC insures deposits up to $250,000 per depositor as long as the institution is a member firm. It is critical for consumers to confirm if their institution is FDIC insured.