Episode Details

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. This episode reviewed press releases from the FDIC and OCC and an article from Banking Dive titled “FDIC tweaks de novo application process.” Links to the FDIC and OCC press releases are included below.  

Link: OCC prioritizes de novo banks - ICBA Payments

Link: FDIC tweaks de novo application process | Banking Dive