The Federal Deposit Insurance Corp. is proposing to streamline notification requirements for banks that acquire deposits. Currently, banks must notify the FDIC within 30 days after assuming deposits from another institution so the FDIC can terminate the latter's deposit insurance coverage. To simplify the process, the FDIC would provide sample notification letters. The agency also would provide model notification letters for institutions that voluntarily terminate their deposit insurance coverage. Comments are due July 14.
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