The processing stages for filings submitted to the Federal Reserve System are presented in the following flow chart. The description of each stage can be obtained by clicking on the stage's name in the flow chart.
Filings normally are submitted to the responsible Reserve Bank. Receipt is defined as the date on which a filing is first physically received by the Federal Reserve. Filings submitted after normal business hours shall be considered received on the following business day.
Acknowledgement is defined as the date that the filer is notified by phone or in writing that a filing satisfies the minimum informational requirements of the relevant statutes. Additional information may be needed to complete the record before the Federal Reserve acts on the proposal.
The Federal Reserve may request additional information by phone or in writing from a filer at any time before final action is taken. The information generally is needed to complete an analysis of the statutory factors related to a filing.
The Board of Governors can approve or deny any filing. The Board also may delegate a filing to the Reserve Bank, the Secretary of the Board, or the Board's Director of Banking Supervision and Regulation, as appropriate. The action taken under such delegated authority is generally limited to an approval action. The time frame in which a final action can be taken is discussed under the specific filing types. When a final action is taken, the Federal Reserve generally notifies a filer by phone or in writing.
After the Federal Reserve has acted on a filing, but prior to the consummation of the proposal, events may arise whereby significant changes may be needed with respect to an approved proposal, or an extension of time may be needed in which to consummate a transaction. Under these circumstances, the filer should advise the Federal Reserve immediately.
Consummation occurs on the date that the filer completes the transaction(s) approved by the Federal Reserve. The filer may be required to submit information to the Federal Reserve within a certain period of time after consummation. If so, the filer would be notified prior to consummation, typically in the approval letter or order.
The Federal Reserve returns filings that do not meet the minimum informational requirements of all relevant statutes.
To withdraw a filing, a filer may submit a letter to the Federal Reserve at any time before a final action is taken.