On December 16, the FDIC’s Board of Directors announced it approved a final rule streamlining the establishment and relocation processes for domestic bank branches and main offices following its July proposal (covered by InfoBytes here). The final rule largely adopted the measures outlined in the proposed rule — including expedited processing, the elimination of the FDIC’s discretion to remove filings from expedited review, reduced filing content, the removal of public notice and comment requirements, and the exclusion of de minimis branch facility changes from filing requirements — but incorporates several targeted changes in response to comments.

Modifications to the proposed rule contained in the final rule include extending the expiration period for approved filings from 18 to 24 months, clarifying the definition of “de minimis change in address” to specify that such changes involve moves within the same approximate location (e.g., direct line of sight, sharing a parking area, or being on the same block), and adding a definition for “intrastate main office relocation.” The final rule also clarifies eligibility for expedited processing by removing the reference to a “substantially complete” application and instead requiring that eligible filings include the information set forth in 12 CFR 303.42, but specifies that institutions subject to certain sanctions are ineligible for expedited review.