FDIC Seeks Comment on Manual for Processing Deposit Insurance Applications
Summary:
FDIC is seeking public comment on a procedures manual developed to assist FDIC staff as they evaluate and process deposit insurance applications.
Statement of Applicability to Institutions with Less Than $1 Billion in Total Assets: This Financial Institution Letter applies to all proposed insured depository institutions.
Highlights:
- The manual provides comprehensive guidance to staff regarding the deposit insurance application process.
- Topics addressed include pre filing activities, application review and acceptance, application processing, pre opening activities, and post opening considerations, among other important items.
- Public issuance of the manual will provide transparency and benefit applicants and other interested parties by further clarifying the path to establishing a de novo institution.
- The content of the manual complements other resources available from the FDIC, and its release extends the FDIC's efforts to work with any group interested in organizing a de novo institution.
- The manual does not supersede any existing statutes, rules, or regulations applicable to the application process or newly formed institutions.
- The FDIC is seeking comment on the extent to which the manual contributes to organizers' understanding of the FDIC's processing of applications for deposit insurance.
- The 60-day comment period ends on September 8, 2017. Comments should be submitted to manualcomments@fdic.gov.
- Additional resources are available on the FDIC website dedicated to applications for deposit insurance.
Distribution:
- FDIC-Insured Depository Institutions
Suggested Routing:
- Chief Executive Officer
- Chief Financial Officer
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at https://www.fdic.gov/news/financial-institution-letters/2017/
To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).