The four federal banking agencies have announced their intention to
adopt three interagency corporate forms that would replace and
streamline forms that currently vary from agency to agency.
Under Section 304 of the Riegle Community Development and
Regulatory Improvement Act of 1994, the agencies are developing
forms that promote consistency and uniformity in a manner that
reduces federal regulatory burden on the banking industry. These
are the first uniform corporate forms proposed by the agencies.
The forms approved by the agencies for public comment are:
Interagency Notice of Change in Control: Generally,
this notice is used by persons who wish to acquire
voting shares of a bank or thrift;
Interagency Notice of Change in Director and
Senior Executive Officer: This notice is used to
notify the appropriate regulatory agency prior to the
employment of a new director or senior executive
officer when the bank or thrift has been in existence
for less than two years, has undergone a change in
control within the last two years, or is in "troubled"
Interagency Biographical and Financial Report: This
report is filed in conjunction with the Interagency
Notice of Change in Control and the Interagency
Notice of Change in Director and Senior Executive
Officer. It is also used by organizers of a new
financial institution, and for other related purposes.
Notice of the proposal has been published in the Federal Register
which invites comments on the draft forms by October 15, 1996.
A copy of each draft form is available from any of the agencies.
The regulatory agencies are continuing to review other corporate
forms in their efforts to achieve uniformity and to simplify or
eliminate duplicative or outmoded policies or procedures which
unnecessarily burden financial institutions.
Congress created the Federal Deposit Insurance Corporation in 1933
to restore public confidence in the nation's banking system. The
FDIC insures deposits at the nation's 12,000 banks and savings
associations and it promotes the safety and soundness of these
institutions by identifying, monitoring, and addressing risks to
which they are exposed.
FDIC press releases and other documents may be obtained through the
FDIC's Public Information Center, 801 17th Street, NW, Room 100,
Washington, DC (703) 562-2200.