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Application for a Deposit Facility [Banks & Banking]
Understanding the Application for a Deposit Facility [Banks & Banking]
Definition & Meaning
An application for a deposit facility refers to a formal request made to a federal financial supervisory agency in the United States. This application can cover several areas, including:
Obtaining a charter for a national bank or federal savings and loan association.
Seeking deposit insurance for newly chartered state banks or similar institutions.
Establishing a domestic branch or facility that can accept deposits.
Relocating the home office or branch office of a regulated financial institution.
Merging with or acquiring another regulated financial institution, which requires specific approvals.
Acquiring shares or assets of a regulated financial institution that also requires approval.
Table of content
Legal Use & context
This term is primarily used in banking and financial regulation. It is relevant in contexts such as:
Banking law, particularly regarding the establishment and operation of financial institutions.
Regulatory compliance, where banks must adhere to federal laws and regulations.
Users may find it beneficial to utilize legal forms from US Legal Forms to assist in the application process, ensuring compliance with the necessary requirements.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Here are a couple of examples of applications for a deposit facility:
A new state bank submits an application for deposit insurance to the Federal Deposit Insurance Corporation (FDIC) to ensure customer deposits are protected.
A national bank applies for a charter to open a new branch in a different state to expand its services (hypothetical example).
Relevant laws & statutes
Key statutes related to applications for deposit facilities include:
12 USCS § 2902 - Defines the term and outlines the types of applications.
12 USCS § 1828(c) - Addresses mergers and acquisitions in the banking sector.
12 USCS § 1842 - Governs the acquisition of shares in regulated financial institutions.
State-by-state differences
Examples of state differences (not exhaustive):
State
Regulatory Authority
Key Differences
California
California Department of Financial Protection and Innovation
State-specific requirements for deposit insurance applications.
Texas
Texas Department of Banking
Additional local regulations may apply for branch establishments.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Deposit Insurance Application
Request for protection of customer deposits.
Focuses specifically on insurance rather than facility establishment.
Charter Application
Request to establish a new bank or financial institution.
Specifically pertains to the creation of a bank rather than operational facilities.
Common misunderstandings
What to do if this term applies to you
If you need to submit an application for a deposit facility, consider the following steps:
Gather all necessary documentation, including business plans and financial statements.
Complete the application form accurately and thoroughly.
Consult with a legal professional if you have questions about the process or requirements.
Explore US Legal Forms for templates that can guide you in preparing your application.
Find the legal form that fits your case
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