Release Date: July 12, 2012
For immediate release
The Federal Reserve on Thursday issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice.
Federal Reserve System staff will review submitted questions about potential filings, otherwise known as pre-filings, before the submission of formal filings. Pre-filings may include a variety of information such as business plans, presentations outlining potential proposals, or other items about which potential applicants may have questions. This process is expected to benefit community banking organizations that do not file applications frequently and also pre-filers with novel proposals.
Pre-filings should be submitted to the appropriate Reserve Bank or through the System's Electronic Applications System, E-Apps. The Federal Reserve anticipates that the review of pre-filings will take no more than 60 days. While most types of pre-filings should take considerably less than 60 days to review, the evaluation of complex or novel proposals may require the full 60 days or longer.
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