Categories: FDIC

FDIC Requests Information on the Deposit Insurance Application Process

FIL-80-2018
December 6, 2018

FDIC Requests Information on the Deposit Insurance Application Process

Printable Format:

FIL-80-2018 – PDF (PDF Help)

Summary:

The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking comments from interested parties on all aspects of the deposit insurance application process. The request is part of the FDIC’s efforts to enhance transparency, efficiency, and accountability.

Statement of Applicability to Institutions With Total Assets Under $1 Billion: This Financial Institution Letter applies to all existing and proposed insured depository institutions.

Highlights:

  • The FDIC is responsible for maintaining stability and public confidence in the nation’s financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, making large and complex financial institutions resolvable, and managing receiverships.
    • As part of this mission, the FDIC grants deposit insurance to newly formed institutions and to operating institutions that are not currently insured.
  • In addition to requesting information regarding any steps the FDIC can take to improve the deposit insurance application process, the Request for Information also solicits information regarding any aspect of the application process that discourages potential applicants from initiating or completing the process.
  • Among other topics, the Request for Information also solicits comments regarding whether there are:
    • Ways in which the FDIC could or should modify the application process for traditional community banks.
    • Ways in which the FDIC could or should support the continuing evolution of emerging technology and fintech companies as part of its application review process, and whether there are particular risks associated with any such proposals.
    • Legal, regulatory, economic, technological, or other factors separate from the application process that discourage potential applications.
    • Any other suggestions that the FDIC should consider for improving the effectiveness, efficiency, or transparency of the application process, or for addressing any other interests or concerns of stakeholders relative to the application process.
  • Comments on the Request for Information will be accepted for 60 days after publication in the Federal Register.
  • Additional resources are available on the FDIC website dedicated to applications for deposit insurance.
IR Press

Share
Published by
IR Press

Recent Posts

OCC Announces Enforcement Actions for November 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

13 hours ago

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

1 day ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

2 days ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago