Regulatory Alerts2012-07-10
Added · Updated
Implementation of a New Process for Requesting Guidance from the Federal Reserve Regarding Bank and Nonbank Acquisitions and Other Proposals
The Board of Governors of the Federal Reserve System issued this guidance to establish an optional pre-filing process allowing applicants to request feedback on potential acquisitions or proposals before submitting formal applications. This new procedure is designed to assist community banking organizations and entities with novel proposals by enabling targeted staff review of specific issues, business plans, or structural documents within a 60-day timeframe. The guidance clarifies that pre-filing reviews are not part of the formal statutory review period, do not guarantee final approval, and are intended to streamline subsequent formal applications by addressing potential concerns early in the process.
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