FDIC Extends Application Period for Safe Account Pilot
The Federal Deposit Insurance Corporation (FDIC) extended for 30 days the application period for a pilot program to evaluate the feasibility of insured depository institutions offering safe, low-cost transactional and savings accounts that meet the needs of underserved consumers.
(PressZoom) - The Federal Deposit Insurance Corporation (FDIC) extended for 30 days the application period for a pilot program to evaluate the feasibility of insured depository institutions offering safe, low-cost transactional and savings accounts that meet the needs of underserved consumers.
The deadline extension is in response to several institutions indicating that more time is needed to evaluate whether current product offerings are responsive to the parameters of the pilot program, to make adjustments as necessary, if appropriate, to design a responsive product offering and to obtain appropriate management review and approval of applications.
The applications are now due by October 15, 2010, and should be submitted through SafeAcctPilot@fdic.gov. Institutions will be notified of their selection by October 29. Information on the pilot program, reporting requirements, positive aspects of participation, eligibility of insured institutions and the application process is available at fdic.gov/consumers/template/.
The FDIC announced the pilot program on August 10, 2010.
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