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FDIC Releases Final Handbook for Organizers of De Novo Institutions
On Monday, May 1, 2017, the FDIC released its “Handbook for Organizers of De Novo Institutions,” providing an overview of the business considerations and statutory requirements de novo organizers will face as they work to apply for deposit insurance and establish a new depository institution. This financial institution letter applies to all proposed insured depository institutions. The handbook provides a plain language overview of the requirements and considerations significant to the application process, and aims to provide organizers a clear and transparent explanation of the path to obtaining deposit insurance. The handbook also offers guidance for navigating the three phases of establishing an insured institution: pre-filing activities, the application process, and pre-opening activities. It provides useful information for organizers of a new depository institution, and reflects comments from organizers and other interested parties during recent industry outreach events. The handbook does not establish new policy or guidance, or modify existing policy or guidance.