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Department of Insurance, Securities and Banking

Chartering a Bank in the District of Columbia

The Department of Insurance, Securities and Banking (DISB) is the District of Columbia’s consumer financial protection agency and financial services regulator. DISB also charters depository institutions (banks), credit unions and trust companies.

Commitment to Quality

The philosophy of DISB is that all financial institutions deserve fair, consistent, and transparent regulation and supervision. We are actively involved in strategic planning at all levels of the organization and believe that our commitment to quality translates into better service to the institutions that we regulate.

Lower Fees and Assessments

The fees and assessments for District chartered financial institutions are lower than the fees and assessments charged by the Office of the Comptroller of the Currency (OCC) and our counterparts in neighboring jurisdictions.

Access to District of Columbia Government Resources

District of Columbia law requires that District chartered banks are given the opportunity to receive deposits of District funds. Additionally, given the size and environment in which DISB operates, District chartered banks have access to DISB staff and District resources to discuss banking policy and other banking related issues and opportunities.

Great Working Relationship with Federal Regulators

DISB maintains a great working relationship with the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Bank (FRB).

The de novo bank application or conversion process is a joint effort between the state and federal regulator which minimizes investigation, turnaround time and the regulatory burden on the applicant.

DISB has a cooperative examination agreement with the FDIC to conduct examinations on a joint basis. The joint examination and issuance of a single report essentially assures that a District chartered bank will have only one regulatory examination on either a 12- or 18-month cycle.

We coordinate efforts to determine and adopt appropriate remedies for problem issues involving District chartered banks resulting in greater overall regulatory flexibility. We believe that the combination of these and other factors make the District charter more attractive for both domestic and international institutions. We welcome your interest and encourage you to contact us if you need additional information or if we may be of assistance to you.

If you would like to start a new bank or convert an existing federal charter to a District charter, we encourage you to contact Samuel Fuller at (202) 727-8000 or by email at [email protected] for additional information.