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FDIC streamlines process for bank application reviews

FDIC headquarters
Photo: J. David Ake/Getty Images

The new process would give prospective banks an earlier indication that their application is likely to be approved.

The Federal Deposit Insurance Corporation (FDIC) has revised its process for reviewing applications from new banks seeking federal deposit insurance, creating a two-phase system for new applications received after August 15.

Under the new procedures, the FDIC will aim to issue a contingent authorization within 120 days of receiving an application

The

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