News Release 1998-7 | January 21, 1998
Regulators Propose Common Form for Merger Applications
Office of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision
WASHINGTON, D.C. — To promote consistency and reduce regulatory burden, the four federal financial institution regulatory agencies of banks and thrifts have proposed a uniform application for institutions to use for mergers, consolidations and combinations.
Financial institutions would no longer be required to submit different forms to each agency. In addition, institutions would no longer be required to include a significant amount of detailed information that regulators can access by other means, such as from quarterly call reports. As a result, the proposed form would help simplify the application process, particularly for mergers requiring approval by different agencies.
The four agencies today published a notice in the Federal Register inviting comment on the proposed "Interagency Bank Merger Act Application" form. A copy of the draft form is available from any of the agencies or on the Internet at http://www.fdic.gov. It also is available by fax at (202) 906-5660 or (202) 479-0141.
The agencies plan to adopt a uniform merger application form later this year after reviewing public comments and getting clearance from the U.S. Office of Management and Budget.
Today's action is part of the agencies' continuing review of corporate forms to simplify procedures, eliminate duplicative or outmoded policies, and otherwise reduce burdens for financial institutions.
Last year the agencies issued three common forms to promote uniformity: Interagency Notice of Change in Control, Interagency Notice of Change in Director and Senior Executive Officer, and Interagency Biographical and Financial Report.