Type:Notice
Citation:90 FR 9160
Reading Time:about 2 minutes
The Board of Governors of the Federal Reserve System has decided to extend the Domestic Branch Application (FR 4001) for another three years. This means that state member banks must continue to seek approval from the Federal Reserve before opening new branches, and they must notify the Federal Reserve by letter without using a specific form. The Board published a request for public comments on this extension and did not receive any feedback. The extension is happening without any changes to the current process.
Simple Explanation
The Federal Reserve is going to keep using the same form for banks to tell them when they want to open new branches for three more years, and no one said anything when they asked if this was okay.