The Federal Reserve is streamlining the application process for de novo banks1 and enhancing coordination with other banking supervisory agencies in that process. The revisions to the application process for de novo banks include:
Going forward, Reserve Bank staff should advise organizers of state-chartered banks to submit the Federal Reserve membership application form2 and the Interagency Charter and Federal Deposit Insurance Application form3 to the responsible Reserve Bank simultaneously.
In order to further reduce regulatory burden, System staff will coordinate with the FDIC and the state banking agency to ensure that applicants do not receive duplicate requests for information. However, System staff should continue to request additional information when information needed to analyze the factors that the Federal Reserve must consider is not being sought by other regulators.
In the past, because of the different name check processes of the Federal Reserve, FDIC, and relevant state banking authorities, applicants often had to make multiple trips to complete fingerprint cards for each banking agency. In order to alleviate this burden, the responsible Reserve Bank should coordinate with the other agencies to enable individuals to have all fingerprint cards made at the same time.
Questions regarding this guidance may be directed to Lisa DeFerrari, Assistant Director, Applications, at (202) 452-3893, or Robert Brooks, Supervisory Financial Analyst, Domestic Applications, at (202) 452-3103. In addition, questions may be sent via the Board’s public website.4