Who must file?
A foreign banking organization (FBO) may change its home state once after providing prior notice to the Federal Reserve under section 211.22(b)(1) of Regulation K. An FBO may submit an application for the specific consent of the Federal Reserve under section 211.22(b)(2) of Regulation K to change its home state again, upon showing that a national or state-chartered bank with the same home state would be permitted to change to the new home state proposed by the FBO.
Publication requirements--newspaper/Federal Register
The written notice or application submitted to the Federal Reserve must include the reasons for the proposed change in home state and the expected impact on the organization.
Processing time frames
The prior notice period for an FBO to change its home state once would expire 30 calendar days after the notice is received by the Federal Reserve. Based on the circumstances presented, the Federal Reserve may waive a portion of the 30-day notice period, suspend processing of the request, or act on the request under the specific consent procedure.
The Federal Reserve normally acts on an application for specific consent within 60 calendar days after receipt unless the Federal Reserve notifies the applicant that the 60-day period is being extended.
For proposals to change an FBO's home state a second time, the Federal Reserve considers whether the change is consistent with competitive equity between foreign and domestic banks.