FDIC and OCC looking to increase de novo bank applications
The FDIC announced a new deposit insurance application process. This will be a two-phase process used to evaluate new applications to speed up the review process. The FDIC will provide de novo applications who satisfy requirements with a contingent authorization within 120 days of receiving the application. The idea is to make the process more efficient by getting a green light before organizers spend significant capital and time to form a new bank. Additionally, the OCC said it will continue to encourage the formation of new banks and strengthen the resilience of the federal banking system…
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