Each depositor insured to at least $250,000 per insured bank



Home > News & Events > Financial Institution Letters




Financial Institution Letters


FDICconnect Transaction List
Business Area Transaction Name and Description Scheduled Activation Date Available to:
Supervision Beneficial Ownership Report Filings: A interagency electronic filing system to facilitate the submission of beneficial ownership reports by directors, officers, and principal shareholders of institutions whose equity securities are registered with the FDIC, the FRB, the OCC, and the OTS. The electronic filing of beneficial ownership reports is mandatory, as required by the Sarbanes-Oxley Act of 2002. Available Now Institutions subject to filings under the Securities and Exchange Act of 1934.
  Brokered Deposit Waiver: This system can be used to submit an application pursuant to Section 29 of the FDI Act and Section 337.6 of the FDIC Rules and Regulations. These regulations state that an adequately capitalized insured depository institution may not accept, renew, or roll over any brokered deposit unless it has obtained a waiver from the FDIC. National banks, Federal Reserve member banks and Thrift institutions should consult the regulations of their primary regulator to ensure that they meet any additional requirements. Available 6/28/05 FDIC-Insured Institutions
  Consent to Exercise Trust Powers: This system can be used to submit an application pursuant to Section 333.2 of the FDIC Rules and Regulations which prohibits a State nonmember bank from changing the general character of its business without the prior written consent of FDIC. A change in the character of business is generally considered to have occurred when a fiduciary relationship is created. FDIC only gives consent to exercise powers that are granted or permitted by the State Authority. FDIC does not grant trust powers. Available 6/28/05 FDIC-Supervised
  Consumer Response Center: In accordance with the Federal Trade Commission Act of 1975, the FDIC’s Consumer Response Center, which is part of the Division of Supervision and Consumer Protection (DSC), is required to track, investigate, and respond to all written correspondence directed at FDIC-supervised institutions. This system will allow the FDIC and institutions to complete this process electronically within the FDICconnect secure environment. Available Now FDIC-Supervised Institutions
  Establish or Relocate Domestic Branch or Office: This system may be used to apply to the FDIC to establish a domestic branch, to relocate a domestic branch or main office, and to retain existing branches after the interstate relocation of the main office (Subpart C – Part 303, FDIC Rules and Regulations). This system should not be used for merger transactions, establishing insured branches of foreign banks or foreign branches of domestic banks, interstate acquisition of an individual branch or branches, or to provide notice of branch closings. This transaction is enhanced to provide the ability to submit electronic files as well as distribution of the filing to participating State Banking Departments. Available Now FDIC-Supervised Institutions
  Examination File Exchange: In an effort to reduce examination burden on its institutions, the FDIC currently requests various amounts of information that is reviewed prior to the on-site portion of the examination. This system will allow institutions and/or other affiliated parties such as data servicers to exchange files securely with the FDIC. Available Now FDIC-Supervised Institutions
  Extension of Time: Institutions can use this system to seek the prior consent of the FDIC for additional time to fulfill a condition required in an application approved by the FDIC or to consummate a transaction which was the subject of an approval by the FDIC. This system will distribute the filings to participating State Banking Available Now FDIC-Supervised Institutions
  Golden Parachute and Excess Severance Payments: This system can be used to submit an application pursuant to Section 18(k)(1) of the FDI Act and Part 359, which requires insured depository institutions and holding companies to seek prior consent before entering into contracts to pay and making golden parachute payments or excess nondiscriminatory severance plan payments. This system will distribute the filings to participating State Banking Departments. It will also support file attachment/submission. Available Now FDIC-Insured Institutions
  Post-Exam Survey: Use this application to complete a Post Exam Survey after Compliance and Safety and Soundness exams. An access number will be delivered with your Final Report of Exam, at which time you may log onto www.fdicconnect.gov to provide your feedback. The survey is located outside of the Business Center. Available Now Institutions recently examined for Compliance or Safety & Soundness
  Applications Pursuant to Prompt Corrective Action: This system can be used to submit an application pursuant to Part 303.200 of Subpart K of the FDIC Rules and Regulations which covers applications filed pursuant to Section 38 of the FDI Act. These regulations require insured depository institutions that are not adequately capitalized to receive approval prior to engaging in certain activities. Section 38 restricts or prohibits certain activities and requires an insured depository institution to submit a capital restoration plan when it becomes undercapitalized. The restrictions and prohibitions become more severe as an institution's capital level declines.

National banks, Federal Reserve member banks and Thrift institutions should consult the regulations of their primary regulator to ensure that they meet any additional requirements.

Below are the applications that require insured depository institutions to receive approval prior to engaging in certain activities:

  • Under Section 325.104 of the FDIC Rules and Regulations, state nonmember banks that are undercapitalized, significantly undercapitalized or critically undercapitalized, must file “a capital restoration plan” with the FDIC within 45 days of the date that the bank receives notice, or is deemed to have notice, that it is less than adequately capitalized.
  • An insured state nonmember bank and any insured branch of a foreign bank should submit an “application for capital distribution” if, after having made a capital distribution, the institution would be undercapitalized, significantly undercapitalized, or critically undercapitalized.
  • Any insured state nonmember bank and any insured branch of a foreign bank which is undercapitalized or significantly undercapitalized, and any insured depository institution which is critically undercapitalized, should submit “an application to engage in acquisitions, branching or new lines of business”. A new line of business will include any new activity exercised which, although it may be permissible, has not been exercised by the institution.
  • Any insured state nonmember bank or insured branch of a foreign bank that is significantly or critically undercapitalized, or any insured state nonmember bank or any insured branch of a foreign bank that is undercapitalized and which has failed to submit or implement in any material respect an acceptable capital restoration plan, should submit “an application to pay a bonus or increase compensation for any senior executive officer”.
  • Any critically undercapitalized insured depository institution should submit “an application to pay principal or interest on subordinated debt”.
  • Any critically undercapitalized insured depository institution should submit “an application to engage in certain restricted activities”.
Available 6/28/05  
  Reduce or Retire Capital Stock or Capital Debt: This system can be used to submit an application in accordance with Section 18(i)(1) of the FDI Act which requires an insured State nonmember bank to seek the prior consent of the FDIC before it reduces the amount or retires any part of its common or preferred capital stock, or retires any part of its capital notes or debentures. This system will distribute the filings to participating State Banking Departments. It will also support file attachment/submission. Available Now FDIC-Supervised Institutions
  Special Alerts: The FDIC currently distributes FDIC Special Alerts regarding apparent fraudulent activities. While Special Alerts are posted on the FDIC web site, their attachments (which often include copies of fraudulent and authentic financial instruments) are not posted in order to prevent them from being used to further perpetuate the fraudulent activity. To meet requests by the industry and to expedite the communication process (paper distribution of these alerts can take as long as three weeks), the FDIC will begin distribution of these Special Alerts and their attachments through FDICconnect. Distribution through this media will allow instantaneous and secure delivery. Available Now FDIC-Insured Institutions
Administrative
(Data collections, Notifications from and to the FDIC, Product Ordering, etc.)
Acquiring a Failed Financial Institution: Use this transaction to express interest in being notified of potentially failing financial institutions. The survey will help the FDIC tailor potential bid lists based on submitted institution preferences such as merger and acquisition contact information, deposit minimum/maximum acquisition size, and geographic areas of interest in acquiring potentially failing institutions.

Completing the survey does not mean that you will automatically be notified of all potentially failing institutions that meet stated criteria. The FDIC will review the submitted information to pre-approve each bid list based on a set of supervisory criteria prior to sending notification of a marketing effort.

For information regarding loan sales, please access www.fdicsales.com.

Available Now  
  Contact FDIC Ombudsman: Use this transaction to send questions, comments, or complaints to the FDIC Ombudsman. Available Now FDIC-Supervised Institutions
  FDIC Online Catalog: Use this transaction to order or download FDIC products. Items such as posters, decals, brochures, and artwork are available for shipping. Items available for download include software applications. Available Now FDIC-Insured Institutions
  Institution Information: Use this transaction to change or correct the name of your institution or the address of its main office. You can also change or correct a branch name or address, or notify the FDIC of a branch closing. Available Now FDIC-Insured Institutions
  Logo Request: Use this transaction to order electronic logos from the FDIC. The logos can be used in publications and electronic media. Available Now FDIC-Insured Institutions
  Summary of Deposits – Internet Collection (SOD-IC): Use this application to submit your yearly SOD bank data. A User ID and PIN will be mailed to your institution prior to the reporting deadline, at which time you may log onto deposits.fdicconnect.gov to provide your data. There is no need to register with FDICconnect to complete the survey; it is located outside of the Business Center. Available Now Institutions subject to the Summary of Deposits reporting requirement
Deposit Insurance Assessment Assessment Invoice Delivery: Use this transaction to download the most current and the previous quarters’ assessment invoices or certified statements for your institution. Previous quarters back through June 2003 are available. The download will include the assessment guidelines as well as any other documentation included with that invoice or statement. Available Now FDIC-Insured Institutions
  Assessment Payment Information:

Update ACH Information: Use this transaction to register your institution’s Automated Clearing House (ACH) information for assessment payments. You can also update existing ACH information, changing the Account Number, Routing Transit Number (RTN), and selecting the account type, GL or DDA. Additionally, you may update the ACH contact name, phone, and/or fax number.

Update Payment Option: Use this transaction to establish or terminate participation in the pre-payment and double payment programs. Please note, pre-payment is only available for the January 2nd invoice which you may elect to pay on December 30th. If you elect the pre-pay program, you can then elect to double pay on December 30th as well. Deadline for receipt of these requests to be effective is 60 days prior to the January 2nd invoice date.

Available Now FDIC-Insured Institutions

Last Updated 7/1/2005 communications@fdic.gov