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Clawback

The act of taking back money or benefits that were previously paid to someone, often due to poor performance, misconduct, or a company's failure.

Insured Depository Institution

A bank or financial institution whose deposits are insured by a federal agency, typically the Federal Deposit Insurance Corporation (FDIC), up to a certain amount.

Federal Deposit Insurance Corporation (FDIC)

An independent agency of the U.S. government that protects bank depositors by insuring deposits and helps maintain stability and public confidence in the nation's financial system.

Covered Compensation

Specific types of money or benefits, like salary, bonuses, or stock, that an executive receives and that can be taken back under certain conditions.

Covered Party

An individual, such as a director, officer, or major shareholder, who can be held responsible for a failed bank's condition and whose compensation might be subject to clawback.

Deposit Insurance Fund

A fund managed by the FDIC, financed by fees from insured banks, which is used to pay back depositors when an insured bank fails.

Insolvency