Continuation of deposit insurance upon withdrawing from membership in the Federal Reserve System.

CFR · 2024-01-01 · US · Title 12

(a) (1) A copy of the letter, and any attachments thereto, sent to the appropriate Federal Reserve Bank setting forth the bank's intention to terminate its membership; (2) A copy of the letter from the Federal Reserve Bank acknowledging the bank's notice to terminate membership; (3) A statement regarding any anticipated changes in the bank's general business plan during the next 12-month period; and (4)(i) A statement by the bank's management that there are no outstanding or proposed corrective programs or supervisory agreements with the Federal Reserve System. (ii) If such programs or agreements exist, a statement by the applicant that its Board of Directors is willing to enter into similar programs or agreements with the FDIC which would become effective upon withdrawal from the Federal Reserve System. (b)

official document · source cfr-2024 · id 12:§ 303.25