Categories: FDIC

Review Process for Draft Deposit Insurance Proposals

FIL-82-2018
December 6, 2018

Review Process for Draft Deposit Insurance Proposals

Printable Format:

FIL-82-2018 – PDF (PDF Help)

Summary:

The FDIC is establishing a process to allow prospective organizers the option to request FDIC review of a draft deposit insurance proposal prior to filing an official application. The FDIC will review draft proposals to identify potential issues, provide preliminary feedback, and work with organizers on their submissions before submitting a formal application.

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 FDIC has established a process for prospective organizers to request FDIC review of a draft deposit insurance proposal.
  • The draft review process is intended to provide the FDIC and organizing groups the opportunity to better understand and work through possible challenges with a proposal through a collaborative process before a formal application is filed.
  • This draft review process builds on FDIC’s recent efforts to engage in more fulsome pre-filing discussions with organizers of novel, unique or complex proposals seeking federal deposit insurance.
  • The process is expected to be particularly helpful for business models that present unusual or complex aspects, for groups seeking technical assistance, and is also open to any organizing group seeking feedback on a proposal beyond that which is typically available through the existing pre-filing process.
  • The FDIC expects to provide an update to the organizers within 30 days, and to complete its review and communicate overall feedback to organizers within 60 days of receiving a draft proposal. The timeframe may vary depending on the attributes of a specific proposal.
  • Because a draft proposal is not a formal or complete application, feedback will be limited to matters raised in the review of the submitted materials.
  • 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…

15 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