Regulators Issue Common Form for Charter and Federal Deposit Insurance Applications

To promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation issued a uniform application form for a charter and federal deposit insurance.

Effective immediately, the "Interagency Charter and Federal Deposit Insurance Application" form will be used to apply for a national bank or federal savings association charter and for federal deposit insurance. The agencies also worked closely with the Conference of State Bank Supervisors, and it is expected that most state banking agencies will use the form as part of their charter application packages. The new form will eliminate duplicative information requests by consolidating into one uniform document the reporting requirements of the regulatory agencies.

The new form is part of an ongoing effort by the regulatory agencies to simplify procedures, eliminate duplicative or outmoded policies, and reduce regulatory burden on financial institutions. In prior years, the agencies have issued four other common forms to promote uniformity.

A copy of the final form is available from any of the agencies or on the Internet at http://www.occ.treas.gov/corpapps/forms.htm; http://www.ots.treas.gov; http://www.fdic.gov/regulations/resources/institution/index.html; and at http://www.csbs.org.

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