Financial Institution Letters

FDIC Seeks Comment on Manual for Processing Deposit Insurance Applications

Printable Format:

FIL-26-2017 - PDF (PDF Help)

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.