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FDIC seeks comments for de novo deposit insurance handbook

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FDIC seeks comments for de novo deposit insurance handbook

The FDIC is seeking comments on a handbook designed to outline the process of establishing new banks.

The book, "Applying for Deposit Insurance - A Handbook for Organizers of De Novo Institutions," provides de novo organizers an overview of "business considerations and statutory requirements" needed to establish a new depository institution and apply for deposit insurance, the FDIC said in a news release.

"De novo institutions add vitality to our local banking markets, providing credit and services to communities that may be overlooked by larger institutions," FDIC Chairman Martin Gruenberg said in the FDIC statement. "This handbook is the latest in a series of steps we have taken to support the establishment of de novo institutions. Our goal is to increase transparency about the application approval process and resources available to assist potential organizers. The FDIC has developed this handbook as a practical and plain language guide to help organizers navigate the application review process."

Comments about the handbook's clarity and usefulness can be submitted to handbookcomments@fdic.gov by Feb. 20, 2017.

In April, the FDIC decreased the period of enhanced supervisory monitoring of newly insured depository institutions from seven to three years, and has initiated industry outreach meetings to inform industry participants about the FDIC's application process.