Edit, Download, and Sign the FDIC Application for Consent to Exercise Trust Powers
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How do I fill this out?
To fill out this form, start by providing your bank's information and the type of trust power for which you are applying. Ensure all relevant sections are completed accurately. Finally, review your responses and sign the form.
How to fill out the FDIC Application for Consent to Exercise Trust Powers?
1
Provide your bank's information including name, address, city, state, and zip code.
2
Select the type of trust power you are applying for and any relevant subcategories.
3
Complete the section for individuals to whom inquiries regarding the application may be directed.
4
Ensure all information is accurate and complete.
5
Sign and date the form before submission.
Who needs the FDIC Application for Consent to Exercise Trust Powers?
1
State nonmember banks wishing to exercise trust powers.
2
Banks seeking full trust power authorization.
3
Banks needing limited trust powers such as executor or guardian roles.
4
Banks requiring corporate trust powers.
5
Financial institutions undergoing changes to the character of their business.
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1
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What are the instructions for submitting this form?
Complete all required sections of the form. Attach any necessary documents. Submit the form to the appropriate Regional Director (DOS) via mail or online submission. The FDIC’s address is 550 17th Street, N.W., Washington, DC 20429. Ensure that all information is accurate and up-to-date. Save a copy of the form for your records.
What are the important dates for this form in 2024 and 2025?
Expiration Date: 01/31/2025
What is the purpose of this form?
The purpose of this form is to enable state nonmember banks to request consent from the FDIC to exercise trust powers. It ensures that banks provide all necessary information for the application process. Compliance with regulatory requirements is facilitated through this form, promoting efficient processing.
Tell me about this form and its components and fields line-by-line.
- 1. Bank Information: Includes name, address, city, state, and zip code of the applicant bank.
- 2. Trust Powers Selection: Allows the bank to select the type of trust power they are applying for.
- 3. Inquiry Contact: Lists the person to whom any inquiries regarding the application may be directed.
- 4. Signature: Includes the signature of the CEO or designee and the date of signing.
- 5. General Instructions: Provides detailed instructions and regulatory requirements for completing the form.
What happens if I fail to submit this form?
Failure to submit this form may result in the bank being unable to legally exercise trust powers.
- Legal Compliance: Non-compliance with FDIC rules.
- Business Operations: Inability to exercise necessary trust operations.
How do I know when to use this form?
- 1. Applying for Trust Powers: When a bank is seeking to obtain FDIC authorization to exercise trust powers.
- 2. Changing Business Character: When there is a change in the general character of a bank’s business.
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