FDIC Defends Its Bank Charter

In a statement defending allegations against its issuance of new bank charters, the FDIC reaffirmed its authority to review and approve applications for US businesses seeking deposit insurance from the FDIC; the criticism comes from the OCC as it continues to develop plans for its national fintech charter; in a podcast interview Friday with a Commodity Futures Trading Commission official, Keith Noreika criticized the FDIC’s process for chartering banks, suggesting that the open process was too long and cost too much for requesting companies eventually leading to many withdrawn applications; Noreika also said the OCC has proposed a bill that would take away the FDIC’s role in approving newly chartered entities for deposit insurance. Source

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