Search Results for keywords:"state member banks"

Found 2 results

Search Results: keywords:"state member banks"

💰 Only
Oldest Newest
  • 2025-02362 — Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
    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.

  • 2021-00033 — Membership of State Banking Institutions in the Federal Reserve System; Reports of Suspicious Activities Under Bank Secrecy Act
    💰
    Type:Proposed Rule
    Citation:86 FR 6576
    Reading Time:about 21 minutes

    The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

    Simple Explanation

    The Board that helps manage banks wants to change the rules so banks can try new and better ways to catch suspicious transactions, but they have to follow special guidelines and rules from another group too. They are asking people to share their thoughts by a certain date to help make these rules better.