The FDIC announced a new two-phase approach to evaluating deposit insurance applications that provides for contingent authorization within 120 days followed by final approval within 12 months and includes coordination with the OCC and state authorities regarding charters. Regulators may be receptive to new and innovative bank charters, but potential applicants will need to prepare a complete application package, demonstrate high-quality bank management and directors, use pre-filing engagement and document other details.
For Faster FDIC Review, Banks Must Front-Load Prep
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