FDIC To Improve Deposit Insurance Application Process

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 to aid the process of creating new banks;
• finalized a manual that provides instructions to staff about the process;