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STATEMENT | OCTOBER 17, 2024 |
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Statement by Vice Chairman Travis Hill on Board Merger and Deposit Insurance Application Review Process
On June 20, 2024, the FDIC Board approved a resolution I proposed to require recurring briefings to the full Board on any merger or deposit insurance application (“covered application”) outstanding for more than nine months. This requirement became effective this month, with the first set of required briefings held during the closed session of our Board meeting today.
Leading up to the June Board meeting, there were 11 covered applications pending that had been outstanding for more than nine months, with a dozen more poised to cross the 9-month threshold between the June and October Board meetings if not resolved sooner. Over the last 2½ years, the number of covered applications outstanding for more than nine months at any given time has consistently hovered around 10, and several of these applications have lingered significantly longer than nine months.
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