The partial federal government shutdown could affect the timing of processing of certain new merger and acquisition applications by the Board of Governors of the Federal Reserve System (the “Board”).

Pursuant to special procedures outlined in a December 2018 notice, the Office of the Federal Register is not publishing documents during the partial government shutdown except where necessary to safeguard human life, protect property, or provide other emergency services consistent with the performance of functions and services exempted under the Antideficiency Act.  Exempt functions and services include activities related to the supervision of the stock markets and commodities and futures exchanges, but not other normal and routine activities of the federal banking regulators.

Continue Reading Government Shutdown Could Affect Federal Reserve Processing of M&A Applications

On December 6, 2018, the Federal Deposit Insurance Corporation (“FDIC”) released a series of documents relating to the process for chartering a de novo FDIC-insured depository institution.

  1. A request for information (“RFI”) on all aspects of the FDIC’s deposit insurance application process. The RFI seeks comments on the transparency and efficiency of the application

On November 30, 2018, the Federal Reserve requested comments on a new application form—the FR LL-10(e)—for savings and loan holding companies (“SLHCs”). The new form would replace Form H-(e), which was inherited from the Office of Thrift Supervision when the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred supervisory authority for SHLCs

On November 7, 2016, the Office of the Comptroller of the Currency (“OCC”) announced that the agency will begin phasing in a new, centralized online system for processing licensing and public welfare investment applications and notices filed by national banks, federal savings associations, and federal branches and agencies (collectively, “banks”).

Continue Reading OCC Announces New Centralized Online System for Licensing and Public Welfare Investment Filings