US Federal Reserve Board Adopts Revised Forms, Including Bank Merger Act Application Form

Author:Shearman & Sterling LLP
Profession:Shearman & Sterling LLP
 
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On March 15, 2018, the U.S. Board of Governors of the Federal Reserve System adopted a proposal to extend for three years, with revisions, certain forms, including the Interagency Notice of Change in Control (FR 2081a), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b), Interagency Biographical and Financial Report (FR 2081c) and the Interagency Bank Merger Act Application (FR 2070) forms. The revisions to the Interagency Bank Merger Act Application form include additional requested items, such as projected financial statements and capital figures as of the end of each of the first three years of operation following consummation of the merger. In doing so, the Federal Reserve Board noted that the form's prior requirement of one year of projected financial statements was not viewed as sufficient. The Federal Reserve Board also explained that the additional requested items in the revised Bank Merger Act Application form are typically requested in follow-up questions in...

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