FDIC Seeks Comment on New Deposit Insurance Processing Manual

As part of its ongoing work to facilitate the chartering of de novo institutions, the FDIC is seeking feedback on a manual released today to guide agency staff as they evaluate and process deposit insurance applications.

The manual covers general deposit insurance application matters, pre-filing activities, application receipt, review and acceptance, application processing, pre-opening activities and post-opening considerations. The FDIC is seeking input specifically on how well the manual helps bank organizers understand the application process. Comments are due Sept. 8.

The release of the manual is the latest in a series of steps by the FDIC to encourage new bank charters. Previously, the agency released a handbook on deposit insurance for de novo organizers, conducted regional outreach and issued FAQs on the application process. The FDIC also reduced the period of enhanced supervision for de novo banks from seven years to three. For more information, contact ABA’s Shaun Kern.