The OCC said it will continue to encourage the formation of new banks and strengthen the resilience of the federal banking system.
Background: The announcement follows an announcement this week of the FDIC’s new two-phase process to review new deposit insurance applications intended to encourage new bank formation and accelerate the speed of the review process.
Statement: The OCC said it has received 40 de novo applications in the last 18 months and, in many cases, made decisions on charter applications within 120 days of receipt of the complete application