The FR Y-3F collects comprehensive and systematic data on the structure of the proposed transaction, on its likely competitive effects, on its likely effects on the convenience and needs of the public, and on the present and pro forma financial condition of the applicant and its proposed subsidiary(ies).
Purpose: The Federal Reserve uses the information to fulfill its responsibilities under the Bank Holding Company Act and the Foreign Bank Supervision Enhancement Act of 1991 to determine if proposals are competitively acceptable, consistent with the public interest, and financially sound.
Prior to 2005, this information collection was collected as FR Y-1f, Application for a Foreign Organization to Become a Bank Holding Company. The changes made to the FR Y-1f were made to achieve consistency with the FR Y-3, the Application for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (OMB No. 7100-0121)
Any company organized under the laws of a foreign country that is seeking initial entry into the United States via establishment or acquisition of a U.S. subsidiary bank.
The applicant must publish notice in the community in which the proposed new or acquired subsidiary is located and file the application within seven days of publication of the notice.
Available to the public on request.