FDIC Ramping Up, Just in Case

Need a job? Try the FDIC. They're bringing a few employees out of retirement, hiring new staff, and looking for companies that may be able to help.

With the rough sledding that banks have experienced lately, the FDIC is concerned that we'll see an increase in bank failures. Bank failures have been rare for years, but the Wall Street Journal quotes Jaret Seiberg as saying:

"Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems...."

If you use a small institution in those areas, you may want to do some homework and make sure that you're under FDIC limits and that the bank is not flirting with trouble.

Further reading:

• How FDIC Insurance Works
• Wall Street Journal on FDIC Staffing
• Audio Story (MP3 file) from Marketplace