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2000 - Rules and Regulations
Subpart B—Deposit Insurance
§ 303.20 Scope.
This subpart sets forth the procedures for applying for deposit
insurance for a proposed depository institution or an operating
noninsured depository institution under section 5 of the FDI Act
(12 U.S.C. 1815). It also sets
forth the procedures for requesting continuation of deposit insurance
for a state-chartered bank withdrawing from membership in the Federal
Reserve System and for interim institutions chartered to facilitate a
merger transaction. Each bank that results from the conversion of a
Federal savings association into multiple banks pursuant to section
5(i)(5) of the Home Owners' Loan Act, 12 U.S.C. 1464(i)(5), is treated
as a proposed depository institution or a de novo institution, as
appropriate, for purposes of this subpart.
[Codified to 12 C.F.R. § 303.20]
[Section 303.20 amended at 73 Fed. Reg. 2145, January 14,
2008; 73 Fed. Reg. 55434, September 25, 2008]
§ 303.21 Filing procedures.
(a) Applications for deposit insurance shall be filed with the
appropriate FDIC office. The relevant application forms and
instructions for applying for deposit insurance for an existing or
proposed depository institution may be obtained from any FDIC regional
director.
(b) An application for deposit insurance for an interim depository
institution shall be filed and processed in accordance with the
procedures set forth in § 303.24, subject to the provisions of
§ 303.62(b)(2) regarding
deposit insurance for interim institutions. An interim institution is
defined as a state- or federally-chartered depository institution that
does not operate independently but exists solely as a vehicle to
accomplish a merger transaction.
(c) A request for continuation of deposit insurance upon
withdrawing from membership in the Federal Reserve System shall be in
letter form and shall provide the information prescribed in § 303.25.
[Codified to 12 C.F.R. § 303.21]
§ 303.22 Processing.
(a) Expedited processing for proposed institutions. (1)
An application for deposit insurance for a proposed institution which
will be a subsidiary of an eligible depository institution as defined
in § 303.2(r) or an eligible holding company will be acknowledged in
writing by the FDIC and will receive expedited processing unless the
applicant is notified in writing to the contrary and provided with the
basis for that decision. An eligible holding company is defined as a
bank or thrift holding company that has consolidated assets of at least
$150 million or more; a BOPEC rating of at least "2" for bank
holding companies or an above average or "A" rating for thrift
holding companies; and at least 75 percent of its consolidated
depository institution assets comprised of eligible depository
institutions.
{{10-31-08 p.2055}}
(2) Under expedited processing, the FDIC will take action on an
application within 60 days of receipt of a substantially complete
application or 5 days after the expiration of the comment period
described in § 303.23, whichever is later. Final action may be
withheld until the FDIC has assurance that permission to organize the
proposed institution will be granted by the chartering authority.
Notwithstanding paragraph (a)(1) of this section, if the FDIC does not
act within the expedited processing period, it does not constitute an
automatic or default approval.
(b) Standard processing. For those applications that are
not processed pursuant to the expedited procedures, the FDIC will
provide the applicant with written notification of the final action
when the decision is rendered.
[Codified to 12 C.F.R. § 303.22]
[Section 303.22 amended at 68 Fed. Reg. 50459, August 21, 2003,
effective September 22, 2003]
§ 303.23 Public notice requirements.
(a) De novo institutions and operating noninsured
institutions. The applicant shall publish a notice as prescribed
in § 303.7 in a newspaper
of general circulation in the community in which the main office of the
depository institution is or will be located. Notice shall be published
as close as practicable to, but no sooner than five days before, the
date the application is mailed or delivered to the appropriate FDIC
office. Comments by interested parties must be received by the
appropriate regional director within 30 days following the date of
publication, unless the comment period has been extended or reopened in
accordance with § 303.9(b)(2).
(b) Exceptions to public notice requirements. No
publication shall be required in connection with the granting of
insurance to a new depository institution established pursuant to the
resolution of a depository institution in default, or to an interim
depository institution formed solely to facilitate a merger
transaction, or for a request for continuation of federal deposit
insurance by a state-chartered bank withdrawing from membership in the
Federal Reserve System.
[Codified to 12 C.F.R. § 303.23]
§ 303.24 Application for deposit insurance for an interim
institution.
(a) Application required. Subject to
§ 303.62(b)(2), a deposit
insurance application is required for a state-chartered interim
institution if the related merger transaction is subject to approval by
a federal banking agency other than the FDIC. A separate application
for deposit insurance for an interim institution is not required in
connection with any merger requiring FDIC approval pursuant to subpart
D of this part.
(b) Content of separate application. A letter
application for deposit insurance for an interim institution,
accompanied by a copy of the related merger application, shall be filed
with the appropriate FDIC office. The letter application shall briefly
describe the transaction and contain a statement that deposit insurance
is being requested for an interim institution that does not operate
independently but exists solely as a vehicle to accomplish a merger
transaction which will be reviewed by a federal banking agency other
than the FDIC.
(c) Processing. An application for deposit insurance for
an interim depository institution will be acknowledged in writing by
the FDIC. Final action will be taken within 21 days after receipt of a
substantially complete application, unless the applicant is notified in
writing that additional review is warranted. If the FDIC does not act
within the expedited processing period, it does not constitute an
automatic or default approval.
[Codified to 12 C.F.R. § 303.24]
§ 303.25 Continuation of deposit insurance upon withdrawing
from membership in the Federal Reserve System.
(a) Content of application. To continue its insured
status upon withdrawal from membership in the Federal Reserve System, a
state-chartered bank shall submit a letter application to the
appropriate FDIC office. A complete application shall consist of the
following information:
{{10-31-08 p.2056}}
(1) A copy of the letter, and any attachments thereto, sent to
the appropriate Federal Reserve Bank setting forth the bank's
intention to terminate its membership;
(2) A copy of the letter from the Federal Reserve Bank
acknowledging the bank's notice to terminate membership;
(3) A statement regarding any anticipated changes in the bank's
general business plan during the next 12-month period; and
(4)(i) A statement by the bank's management that there are no
outstanding or proposed corrective programs or supervisory agreements
with the Federal Reserve System.
(ii) If such programs or agreements exist, a statement by the
applicant that its Board of Directors is willing to enter into similar
programs or agreements with the FDIC which would become effective upon
withdrawal from the Federal Reserve System.
(b) Processing. An application for deposit insurance
under this section will be acknowledged in writing by the FDIC. The
FDIC shall notify the applicant, within 15 days of receipt of a
substantially complete application, either that federal deposit
insurance will continue upon termination of membership in the Federal
Reserve System or that additional review is warranted and the applicant
will be notified, in writing, of the FDIC's final decision regarding
continuation of deposit insurance. If the FDIC does not act within the
expedited processing period, it does not constitute an automatic or
default approval.
[Codified to 12 C.F.R. § 303.25]
§§ 303.26--303.39 [Reserved]
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