Federal Deposit Insurance Act Policy
This Federal Deposit Insurance Act Policy addresses measures a bank must take to ensure proper adherence to the provisions and intent of Section 19 of the Federal Deposit Insurance Act ( the “FDI Act” – 12 U.S.C. 1829). The FDIP act prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering, or has agreed to enter into a pretrial diversion or similar program (program entry) in connection with a prosecution for such offense, may not become, or continue as, an institution-affiliated party (IAP) of an insured depository institution (IDI), own or control, directly or indirectly, any IDI, or otherwise participate, directly or indirectly, in the conduct of the affairs of any IDI without the prior written consent of the FDIC.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Section 19 Coverage – Topic 3
- Covered Offenses – Topic 4
- Conviction Under Section 19 – Topic 5
- Pretrial Diversion of Similar Program – Topic 6
- Types of Applications That Can Be Filed – Topic 7
- When an Application May Be Filed – Topic 8
- De Minimis Exemption – Topic 9
- Application Filing Requirements – Topic 10
- Application Evaluation – Topic 11
- Denied Applications – Topic 12
- Waiting Period for Subsequent Application if Application Denied – Topic 13
- Hearing Requirements – Topic 14
- Audit Policy – Topic 15
- Staff Training – Topic 16
- Retention of Documentation – Topic 17
Recent updates to this product:
08/15/24 Update
FDIC FIL-49-2024 – Final Rule to Revise FDIC Regulations Concerning Section 19 of the Federal Deposit Insurance Act
This Federal Deposit Insurance Act Policy (approximately 12 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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