🏦FDIC Proposes Rule to Streamline Branch Establishment Processes
Establishment and Relocation of Branches and Offices
Summary
The Federal Deposit Insurance Corporation (FDIC) proposes to amend the processes for an insured State nonmember bank to establish a branch or relocate a main office or branch by eliminating certain filing requirements, reducing processing timelines, and updating public notice procedures, and by making corresponding changes to the procedures applicable to the relocation of an insured branch of a foreign bank. The FDIC seeks comment on all aspects of the proposed rule.
Agencies
- Federal Deposit Insurance Corporation
Business Impact
$$$ - High
The regulatory proposal modifies the processes for establishing and relocating branches, reducing filing requirements and processing timelines. This can lead to significant time and cost savings for banks, enhancing their operational efficiency. Specific changes include the removal of public comment periods for branch applications, which may hasten the approval process.