Resources

The Federal Financial Institutions Examination Council member entities strongly support the formation of new (de novo) depository institutions. The FFIEC member entities encourage ongoing communication and coordination among member agencies that promote de novo formations.  

In May 2026, the FFIEC issued the following statement on behalf of its members: 

FFIEC Statement on Promoting De Novo Depository Institution Formation 

The Federal Financial Institutions Examination Council (FFIEC) on behalf of its members¹ is issuing this statement to reaffirm support for the formation of new (de novo) depository institutions.  

The number of depository institutions in the U.S. has fallen steadily over the past three decades while the overall banking system has grown significantly in asset size. Until recently, the number of de novo formations had stagnated, which contributed to the declining number of depository institutions. Further, based on industry feedback, the FFIEC understands that unnecessary delays, costs, or unpredictability in application processes may discourage potential organizers from seeking to form new depository institutions. 

The formation of new depository institutions is crucial for maintaining a healthy financial system. The entrance of de novos helps maintain competition in the banking sector, fosters innovation in products and services, and broadens consumer access to credit and other banking services. The formation of new depository institutions is particularly important to ensure that local communities and small businesses have access to financial services. De novo formations also contribute to the overall resilience and diversity of the financial system by spreading risk across different markets, business models, and institution sizes while preventing excessive concentration. 

The FFIEC member entities have been pursuing and implementing process improvements and are committed to continuing to enhance coordination between the relevant regulators on de novo applications, streamline the application process within our applicable statutory requirements, and provide greater transparency to applicants on expectations and timelines.  

The FFIEC member entities welcome prospective applicants to review the resources below or reach out to key contacts in the member entities’ regions, districts, or states. The FFIEC member entities plan to continue efforts to address regulatory burden and obstacles to promote new depository institution formation as de novos serve a vital role in maintaining a robust and diversified financial system.   

Resources and Contact Information for Applicants