FDIC Issues Guidance on Application Process for Deposit Insurance

The Federal Deposit Insurance Corporation ("FDIC") issued guidance in the form of a Q&A to aid applicants in developing proposals for deposit insurance and to provide transparency in the application process. The FDIC Statement of Policy on Applications for Deposit Insurance ("SOP"), which became effective on October 1, 1998, provides guidance regarding the application process for deposit insurance. The Q&A covers topics such as pre-filing meetings, processing timelines, initial capitalization and the initial business plans of de novo institutions.

The FDIC stated that it could post additional Q&As to the FDIC's Web site, as circumstances warranted.

See: FDIC Guidance.