FDIC Updates Q&As on Deposit Insurance Application Process

The FDIC updated supplemental Q&As on the deposit insurance application process for new insured depository institutions.

The FDIC clarified that:

• applicants do not need to identify the specific physical location of the proposed institution's main office, although the application should describe the anticipated location; and

• the proposed CEO must be identified, whereas other senior executive officer candidates may be noted after the formal application is submitted.