Applying for a bank charter from the Comptroller of the Currency is simultaneously followed by an application for FDIC insurance,to expedite the formation process and save duplication of efforts.

Question

Quizplus · Accepted Answer

This statement is true. Banks typically apply for both a charter from the Comptroller of the Currency and FDIC insurance simultaneously in order to streamline the process and avoid duplicating efforts.

Applying for a Bank Charter from the Comptroller of the Currency