FDIC Announces Actions to Promote a More Transparent, Streamlined, and Accountable Deposit Insurance Application Process — 2018-12-06

The Federal Deposit Insurance Corporation (FDIC) is announcing multiple initiatives and resources related to the deposit insurance application process for organizers of new, or de novo, banks, and to promote a more transparent, streamlined and accountable process for all applications submitted to the agency. “A pipeline of new banks is critical to the long-term health of the industry and communities across the country. The application process should not be overly burdensome and should not deter prospective banks from applying. The FDIC wants to see more de novo banks, and we are hard at work to make this a reality,” said FDIC Chairman Jelena McWilliams. As part of the initiatives, the FDIC is seeking comment from interested parties on all aspects of the deposit insurance application process.