Who must file?
The following institutions may file an application for membership under section 208.3 of Regulation H.
- a newly organizing state bank (de novo);
- an existing state nonmember bank;
- an existing national bank that seeks to convert to a state charter and continue as a member bank; or
- a thrift or other depository institution converting to a state bank charter and desiring to become a member bank.
Before submitting a membership application, we encourage applicants to contact Reserve Bank staff so that we may determine whether a pre-membership examination of the applying institution is necessary.
Publication requirements--newspaper/Federal Register
No publication notice is required.
Provide the information required in Form FR 2083A/B/C. Additionally, provide any required Interagency Biographical and Financial Reports (IBFR), FR 2081c. 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
For membership applications reviewed on an expedited basis, the Federal Reserve acts within 15 calendar days after receipt. A membership proposal may qualify for the expedited processing procedure if it meets the criteria in section 208.3(c)(1). For other membership applications, the Federal Reserve normally acts within 30 or 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the processing period is being extended.
For membership proposals, the Federal Reserve considers the factors in Section 208.3(b) of Regulation H.
Membership proposals may be consummated immediately. However, the banking organization must first arrange the purchase of relevant Reserve Bank stock so that the stock may be issued when the bank becomes a member.
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