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FDIC Seeks Comment on Manual for Processing Deposit Insurance Applications
ON Monday, July 10, 2017, the FDIC announced it is releasing and seeking public comment on a procedures manual developed to assist FDIC staff as they evaluate and process deposit insurance applications. The manual addresses each stage of the insurance application process: from pre‑filing activities to application acceptance, review, and processing; pre‑opening activities; and post‑opening considerations.
“The manual reflects the FDIC’s ongoing commitment to provide clear and comprehensive guidance about the deposit insurance application process,” said FDIC Chairman Martin Gruenberg. “Issuing the manual publicly will provide transparency and benefit applicants and other interested parties by further clarifying the path to establishing a de novo institution. The manual complements other resources available from the FDIC, and its release extends the FDIC’s efforts to work with any group interested in organizing a new bank.”
The FDIC is seeking public comment on the manual, specifically on how well the manual helps bank organizers understand the FDIC’s application process. The 60-day comment period ends on September 8, 2017.