On 12/6/18, the FDIC issued several updates, many of which relate to De Novos and the application process for deposit insurance. First, the FDIC announced that it is seeking comments from interested parties on all aspects of the deposit insurance application process. Secondly, the FDIC reissued its processing timeframe guidelines for applications, notices and other requests submitted on behalf of existing and proposed institutions and other parties. Next, the FDIC issued an update to its publication entitled applying for Deposit Insurance - A Handbook for Organizers of De Novo Institutions, finalized its deposit insurance applications procedures manual, and established a designated applications mailbox. In addition, the FDIC established a process to allow prospective organizers the option to request FDIC review of a draft deposit insurance proposal prior to filing an official application. Finally, the FDIC updated their Affordable mortgage Lending Guide.
The FDIC request for information on the deposit insurance application process can be found here.
The FDIC re-issuance of its processing time-frame guidelines can be found here.
The FDIC release relating to De Novo institutions and deposit insurance applications can be found here.
The FDIC release relating to the process to allow the FDIC to review a draft deposit insurance proposal can be found here.
Information on the FDIC’s updated Affordable Mortgage Lending Guide can be found here.