de novo period

The FDIC Rescinds De Novo Time Period Extension

On April 6, 2016, the Federal Deposit Insurance Corporation (the “FDIC”) rescinded Financial Institution Letter (FIL) 50-2009, Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.  The Financial Institution Letter extended the de novo period from three to seven years for newly organized, state nonmember institutions for examinations, capital maintenance and other requirements.  Release.