| Type of Filing | Description Who Must File | Publication Requirements | Forms Required | Approximate Processing Time |
Any state member bank that seeks to pay dividends in excess of net income for the calendar year combined with retained net income from the preceding two years. | None required | A letter that includes: 1. the amount of the proposed dividend payment; 2. the purpose or reason for the dividend payment; and 3. the effect upon the bank’s capital levels. | Reserve Bank processed filings – 15 -30 days following receipt of all required information Board processed filings – 60 days after receipt | |
Change in Directors/Officers(FIRREA) | Certain state member banks must provide prior notice to the Federal Reserve before adding or replacing a director or a senior executive officer, or substantially changing the responsibilities of any senior executive officer. An institution may request a waiver of the prior notice requirement if the individual's services are needed immediately. | None required | External LinkForm FR 2081b – Interagency Notice of Change in Director or Senior Executive Officer External LinkForm FR 2081c – Interagency Biographical and Financial Report | 30 days after the notice is received by the Federal Reserve unless applicant is otherwise notified |
A change in control in which any person(s) proposes to own, control, or hold with power to vote 25 percent or more (10% in some cases) of any class of voting stock, or become the largest shareholder of a state member bank. | The Federal Reserve also will publish a notice in the Federal Register | External LinkForm FR 2081a – Interagency Notice of Change in Bank Control External LinkForm FR 2081c – Interagency Biographical and Financial Report | 60 calendar days after receipt or 5 business days after the latest comment period end date |
The views expressed are those of the authors and do not necessarily reflect the positions of the Federal Reserve Bank of Kansas City or the Federal Reserve System.