Regulatory Alerts2020-08-14
SR 20-20: Updated Fingerprinting Process Related to Applications Reviewed by the Federal Reserve
The Board of Governors of the Federal Reserve System issued this guidance to implement a new electronic fingerprinting process for background investigations related to applications reviewed by the Federal Reserve. This update replaces the previous card and ink method with a third-party vendor solution to improve efficiency, reduce costs, and provide greater scheduling flexibility for applicants. The change applies to all Federal Reserve-supervised financial institutions and specifically targets individuals becoming principal shareholders or top policymakers, while maintaining existing name check protocols.
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