On July 15, the FDIC Board approved a notice of proposed rulemaking to streamline processes related to the establishment and relocation of domestic branches and offices. The FDIC’s stated its objective is to reduce the regulatory burden on banks that may wish to establish a branch or relocate by reducing time and costs with filings. For example, if processed under expedited processing, an eligible bank filing to establish a branch could be deemed “approved” by three or five business days following submission, depending on location parameters. The FDIC also proposed eliminating its discretion to remove filings from expedited processing, eliminating filing requirements for de minimis branch facility changes, and eliminating public notice and comment requirements.
The FDIC seeks comment on all aspects of the proposed rule, specifically requesting feedback on several aspects, including the sufficiency of filing content requirements, the elimination of the public comment period, criteria for expedited processing, and any unidentified impacts on small entities.
[View source.]
