FDIC Clearing Out Insurance Application Backlog, Vice Chair Says

The Federal Deposit Insurance Corp. is still reviewing three deposit insurance applications that have been pending for more than nine months, including Ford Motor Co.'s bid for an industrial bank, as the number of dangling reviews has decreased.

The FDIC’s staff is now required to brief the agency’s board on any application that hasn’t been approved or denied for more than nine months under a policy the board adopted unanimously.

The FDIC board received briefings on three pending deposit insurance applications in closed session Thursday, following an open meeting to discuss restoration of funds in the federal Deposit Insurance Fund, ...