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Friday, November 21, 2014

FDIC Issues Guidance on Deposit Insurance Applications

The FDIC issued question-and-answer guidance to banks applying for deposit insurance. The guidance applies both to de novo banks and to banks that seek to leave the Federal Reserve System or that convert from mutual to stock ownership via an interim savings association.

The Q&A document covers pre-filing meetings, application processing timelines, initial capitalization and business plans. The FDIC said that applications are generally acted on four to six months after complete submission and that initial capital raised for banks with a “traditional risk profile” should be sufficient to meet an 8% leverage ratio throughout the first three years of operation.

Read the FDIC’s policy statement on applications.
Read the Q&A guidance.

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