Interagency Notice of Change in Director or Senior Executive Officer
An FR 2081 report must be filed before a transaction resulting in a change in ownership or management of a state member bank or a bank holding company. This interagency information collection consists of three forms: Notice of Change in Control (FR 2081a), Notice of Change in Director or Senior Executive Officer (FR 2081b), and Biographical and Financial Report (FR 2081c). The FR 2081a and FR 2081b provide a detailed description of a proposed change in ownership or management, respectively. The FR 2081c is used by individuals and is filed in conjunction with the other reports to provide supporting financial and employment data.
Purpose: The Federal Reserve uses the information from this report to evaluate a depository institution's controlling ownership and senior officers and directors.
The Notice of Change in Bank Control originated in 1979 as a result of the enactment of the Change in Bank Control Act of 1978; in 1996 the single notice was changed to three separate interagency reports. The Change in Bank Control Act requires prior notice from individuals involved in changes in the controlling ownership of a financial institution (now reported on FR 2081a). Section 914 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requires depository institutions to give prior notice of a proposed addition of any individual to the board of directors or the employment of an individual as a senior executive officer (FR 2081b). The evaluation of transactions under both of these acts requires background information on the individuals involved (FR 2081c).
State member banks, bank holding companies, and individuals proposing to make significant investments in bank holding companies and banks. Reporting is required.
The FR 2081a and FR 2081b must be filed at least sixty days and thirty days, respectively, prior to the proposed changes. The FR 2081c must be filed along with both the FR 2081a and FR 2081b, as well as with other applications.
Notices of Change in Bank Control are public documents.
Last Update: April 2, 2015