Deposit insurer extends comment deadline for RFI about insurance application process

An extension in the public comment period – to March 31 – will be added to a request for information (RFI) related to applications for deposit insurance by the federal insurer of bank deposits, according to a notice to be published Wednesday.

The Federal Deposit Insurance Corp. (FDIC) is extending the comments-due date to its RFI issued in December about agency initiatives related to the deposit insurance application process for de novo (new) banks and to “promote a more transparent, streamlined, and accountable process for all deposit insurance applications,” according to the agency. The original comments-due date was yesterday (Feb. 11). The extension notice was signed Feb. 7.

In its notice, the FDIC says the extension is necessary to “allow interested parties additional time to prepare comments and provide meaningful feedback on the request for information.”

Wednesday afternoon, the FDIC issued a Financial Institution Letter (FIL) addressing the comment period extension.

The RFI seeks comment from interested parties on all aspects of the deposit insurance application process. It seeks feedback on 13 questions related to deposit insurance applications. Those address, among other things, ways in which the FDIC could or should support the continuing evolution of emerging technology and fintech (financial technology) companies; aspects of the application process that may discourage potential applications; possible changes to the application process for traditional community bank proposals; and other suggestions for improving the effectiveness, efficiency, or transparency of the application process.

Extension of Comment Period for the Request for Information on the FDIC’s Deposit Insurance Application Process

FIL-7-2019: FDIC Extends Comment Period Related to the Request for Information on the Deposit Insurance Application Process

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