As part of an effort among regulators to speed up the eligibility process to bid on the assets of failed banks, the Federal Deposit Insurance Corp. will begin using a less exhaustive review process.

The agency said Wednesday that its reviews could focus on ensuring compliance with the Community Reinvestment Act, capital availability, and a strong management team.

"The FDIC will consider abbreviated information submissions and applications, and may issue conditional approval for deposit insurance, in order to qualify interested parties for the FDIC's failing institution bidders list," the agency said.

The FDIC said potential bidders may also need to convert to bank or thrift holding companies.

The Office of the Comptroller of the Currency said on Nov. 21 that it planned to create a "shelf charter" to help private-equity firms receive preapproval for bank charters.

The firms would then be eligible to bid for failed banks' assets.

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