The White House said Monday that the chairman of the Federal Deposit Insurance Corporation will step down in the wake of a damning report about the agency's toxic workplace culture .

The amount that the FDIC insures has been revised several times. In 1934 the FDIC insured up to $5,000 per account. In 1980 the limit was increased to $100,000.

When reached by CNBC, the FDIC declined to comment on Brown’s call for Biden to replace Gruenberg. Brown did not call on Gruenberg to resign.

Most CDs sold by FDIC-member banks are insured up to $250,000 per depositor, per FDIC-insured bank, per ownership category. The coverage is automatic and free, and there are no fees or forms to ...

The FDIC is meant to protect depositors in the event of bank failure. It was created during the Great Depression in 1933, in which about 9,000 banks failed and about $7 billion in depositor assets ...

President Joe Biden has nominated Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corporation. The announcement comes after current FDIC Chair Martin Gruenberg said he intended ...

Both the NCUA and FDIC offer up to $250,000 of deposit protection, per depositor, per account ownership category. In most cases, FDIC-insured banks and NCUA-insured credit unions are equally safe ...