The Federal Deposit Insurance Corporation has introduced a two-phase process for reviewing de novo deposit insurance applications. Qualifying applicants may receive contingent authorization within 120 calendar days of filing, followed by final approval within 12 months or less after contingent authorization as they provide additional information and complete key organizational steps. Phase 1 focuses on the proposed institution’s business plan, financial projections, ownership, capital strategy, management and operating model, with initial management interviews generally completed within 90 days. During Phase 2, applicants must finalize governance and capital arrangements, contracts, locations, risk management and compliance frameworks, and other information needed to assess the statutory factors. Applications may generally be filed concurrently with the FDIC and the chartering authority, which will coordinate reviews where possible. Before opening, an approved institution must notify the FDIC of its planned opening date and undergo a pre-opening examination, generally 30 days before opening. The FDIC will then confirm that all pre-opening conditions have been met and issue the deposit insurance certificate.
Federal Deposit Insurance Corporation2026-08-10
Federal Deposit Insurance Corporation introduces two-phase review for de novo applications with 120-day contingent authorization
The Federal Deposit Insurance Corporation has adopted a two-phase review for de novo deposit insurance applications, offering qualifying applicants contingent authorization within 120 days. Final approval is targeted within 12 months or less after contingent authorization, subject to completion of organizational steps and submission of final materials. The process includes coordination with chartering authorities and a pre-opening examination.