March 26, 2020

FDIC: Chairman Addresses FSOC; Underscores Banks and Deposits Remain Safe

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 born out of a crisis, and it has witnessed many crises. We will get through this one together. Since 1933, no depositor has lost a penny of insured deposits in an FDIC bank, 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:

This post was originally published here.