A financial institution involved in travel-related and credit card services settled OFAC charges for violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations.
News & Insights
The FDIC provided guidance for non-traditional community banks on deposit insurance applications.
The FDIC updated supplemental Q&As on the deposit insurance application process for insured depository institutions.
The FDIC is requesting feedback on ways in which it can enhance the deposit insurance application process. The FDIC is seeking comment on (i) ways in which the FDIC could support the evolution of emerging technology and FinTech companies, (ii) parts of the application process that might affect future applications and (iii) possible changes to the application process for community bank proposals. In other administrative actions, the FDIC: established an optional review for organizers to seek feedback on a draft deposit insurance proposal before filing the final application; updated a handbook
The FDIC extended the de novo period for newly organized, state nonmember institutions from three to seven years for examinations, and issued a supplement to its November 2014 guidance related to the Statement of Policy on Applications for Deposit Insurance.