The National Credit Corporation was an independent agency of the United States federal government established in 1931 to stem the tide of bank failures across the US.
[1] The corporation served as an intermediary in the interbank lending market, loaning funds from its $500,000,000 banker's pool to banks on the verge of failure.
[8] By December 1931, President Buckner stated that the Corporation was "functioning in every one of the twelve Federal Reserve Districts" and had granted all loans asked by banks.
[9] Later that same month, the Corporation issued another call for payment of the third installment of 10 per cent, or approximately $50,000,000, on subscriptions to its gold notes payable at the Federal Reserve Bank in each district.
[11] By mid-April 1932, the Corporation announced a third repayment of part of the funds subscribed to it by banks throughout the country, leaving $79,775,000 of its notes outstanding.