With the creation of the Federal Deposit Insurance Corporation, member banks of the Federal Reserve System were given the option to purchase FDIC insurance for their depositors, while non-member commercial banks were required to buy deposit insurance. member banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors, while non-member commercial banks were prohibited from buying deposit insurance. both member and non-member banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors. Two or more of these answers. None of these answers