Federal Deposit Insurance Corporation Quotes

if a bank failed to meet its quota for loans to low-income minorities, it ran a high risk of failing to earn a “satisfactory” CRA rating from the Federal Deposit Insurance Corporation.

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

With the first banks opened on Monday, the afternoon brought another request from Roosevelt. Stating that he needed the tax revenue, he asked Congress that beer with alcohol content of up to 3.2 percent be made legal; the Eighteenth Amendment did not specify the percentage that constituted an intoxicating beverage. Congress complied. The House passed the bill the very next day with a vote count of 316–97, pushing it to the Senate. Wednesday brought good cheer: The stock market opened for the first time in Roosevelt’s presidency. In a single-day record, the Dow Jones Industrial Average gained over 15 percent—a gain in total market value of $3 billion. By Thursday, for increased fiscal prudence, the Senate had added an exemption for wine to go with beer, but negotiated the alcohol content down to 3.05 percent. Throughout the week, banks were receiving net deposits rather than facing panicked withdrawals. Over the following weeks, the administration developed a sweeping farm package designed to “increase purchasing power of our farmers” and “relieve the pressure of farm mortgages.” To guarantee the safety of bank deposits, the Federal Deposit Insurance Corporation was created. To regulate the entire American stock and bond markets, the Exchange Act of 1933 required companies to report their financial condition accurately to the buying public, establishing the Securities and Exchange Commission. Safety nets such as Social Security for retirement and home loan guarantees for individuals would be added to the government’s portfolio of responsibilities within a couple of years. It was the largest peacetime escalation of government in American history.

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