How many days does the FDIC have to notify the Board of changes to ownership or address?

The correct response is grounded in the regulatory requirements governing the Federal Deposit Insurance Corporation (FDIC). Specifically, the FDIC is obligated to notify the Board of Governors of the Federal Reserve System regarding any changes in ownership or address within a timeframe of 10 days. This 10-day notification period is established to ensure that regulatory bodies are kept informed of significant changes that may affect financial institutions, thereby aiding in the maintenance of oversight and promoting transparency.

This requirement exemplifies the importance of timely communication in the banking sector, where changes in ownership or address could have implications for regulatory compliance, risk assessment, and overall financial stability. Understanding this timeframe is crucial for those involved in the management or regulation of financial institutions, as it underscores the need for diligence in reporting and compliance matters. Maintaining up-to-date records enables regulatory authorities to effectively monitor institutions, thereby safeguarding the interests of depositors and the financial system as a whole.