Eligibility to Make Application to Become an Insured Bank under Section 5 of the Federal Deposit Insurance Act; Rescission of Statement of Policy

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As part of the FDIC's systematic review of its regulations and written policies under section 303(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 (CDRI), the FDIC is rescinding its Statement Regarding Eligibility to Make Application to Become an Insured Bank Under section 5 of the Federal Deposit Insurance Act (Statement of Policy). The Statement of Policy describes the analysis the FDIC used when carrying out a former statutory directive to evaluate certain factors in determining an industrial loan company's eligibility for deposit insurance. Since the statute is no longer in force, the FDIC is rescinding this outmoded Statement of Policy.