Subpart H of Regulation Y; Subpart H of Regulation LL
Who must file?
A state member bank, bank holding company, or savings and loan holding company must provide prior notice to the Federal Reserve to add a director or a senior executive officer if the bank meets the criteria in section 225.72 of Regulation Y or 238.73(a) of Regulation LL, as applicable. An institution may request a waiver of the prior notice requirement if the individual's services are needed immediately.
Publication requirements-newspaper/Federal Register
No publication notice is required.
Provide the information required in Form FR 2081b and the Interagency Biographical and Financial Reports (IBFR), FR 2081c, for the filer. Filers are encouraged to submit IBFRs prior to the initial filing to allow for initiation of name checks and to provide fingerprints, when required. The Reserve Bank will provide instructions for completion of fingerprints. Note that a response should be provided for all report items. Please enter “not applicable” or “N/A,” where appropriate.
Processing time frames
The notice period expires 30 days after a complete notice is received by the Federal Reserve unless the Federal Reserve informs the notificant that the processing period is being extended. The Reserve Bank will inform the notificant when the notice is considered complete.
For proposals to add a director or senior officer, the Federal Reserve considers the factors in section 225.73(c) of Regulation Y or 238.75(a) of Regulation LL, as applicable.
These proposals may be consummated immediately.
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