Categories: FDIC

Guidance Related to the FDIC Statement of Policy on Applications for Deposit Insurance

FIL-56-2014
November 20, 2014

Guidance Related to the FDIC Statement of Policy on Applications for Deposit Insurance

Printable Format:

FIL-56-2014 – PDF (PDF Help)

Summary:

The FDIC is issuing guidance in the form of “Questions and Answers” or “Q&As” to aid applicants in developing proposals for deposit insurance and to provide transparency to the application process.

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

Highlights:

Part 303 (Subpart B) of the FDIC Rules and Regulations (12 U.S.C. § 1815) sets forth the administrative procedures to apply for deposit insurance.

The FDIC Statement of Policy on Applications for Deposit Insurance (SOP), which was effective October 1, 1998, provides additional guidance to proposed depository institutions applying for deposit insurance.

The FDIC strives to provide transparency in the application process and periodically receives questions regarding the SOP from applicants and other related parties.

To aid potential applicants, the FDIC is issuing Q&As related to the SOP. As circumstances warrant, the FDIC may post additional Q&As to the FDIC’s Web site.

The Q&As cover topics such as pre-filing meetings, processing timelines, initial capitalization, and initial business plans of de novo institutions.

Continuation of FIL-56-2014

Financial Institution Letters
FIL-56-2014
November 20, 2014

Guidance Related to the FDIC Statement of Policy on Applications for Deposit Insurance

This Financial Institution Letter (FIL) provides guidance related to the FDIC Statement of Policy of Applications for Deposit Insurance (SOP). Part 303 (Subpart B) of the FDIC Rules and Regulations (12 U.S.C. § 1815) sets forth the administrative procedures for applying for deposit insurance.

The SOP was effective October 1, 1998, and provides additional guidance to proposed depository institutions applying for federal deposit insurance.

In order to aid applicants in developing proposals for deposit insurance, and to provide transparency to the application process, the FDIC has developed an initial set of questions and answers (Q&As) regarding the SOP. The Q&As (attached to this FIL) address pre-filing meetings, processing timelines, initial capitalization, and initial business plans of de novo institutions.

As circumstances warrant, the FDIC will consider additional Q&As to aid applicants in the development and submission of applications for deposit insurance and the application process. It is the FDIC’s intent that the Q&As will be a valuable resource for applicants and other interested parties.

Questions regarding the SOP or the Q&As may be directed to Associate Director Lisa D. Arquette at larquette@fdic.gov or Donald R. Hamm at dhamm@fdic.gov.

Doreen R. Eberley
Director
Division of Risk Management Supervision

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago