On July 11, 2012, the Federal Reserve Board (FRB) issued supervisory guidance outlining a new, optional process for applicants to request guidance on potential bank acquisitions or other proposals. Under the new process, staff of the Federal Reserve System will review questions about potential filings (pre-filings) before formal filings are submitted. Pre-filings are inquiries related to potential applications and notices that may include, but are not limited to:

Applicants may submit pre-filings to the appropriate Reserve Bank or through the Federal Reserve System's Electronic Applications System. The FRB expects that reviews of pre-filings will take no more than 60 days in most cases. Pre-filing inquiries will be handled on a best-efforts basis, with priority being given to pending formal applications and notices. Typically, there will be only one pre-filing review period for a potential application or notice.

This new process could shorten the review period for many formal applications. The FRB expects the new process to be particularly helpful for community banking organizations and others that do not file applications frequently and pre-filers with novel proposals that are seeking feedback on specific areas of a proposal. It does not expect organizations that frequently file proposals with the FRB to use the pre-filing process.

At the end of the review period, pre-filers wishing to pursue their proposal, or those informed that a proposal requires a filing, should submit a final application or notice as soon as practicable. The final filing should stand alone as a complete submission, containing all relevant documents.

The guidance makes clear that pre-filers should understand that:

To learn more about bank-related acquisitions, see Practice Notes, Bank Mergers and Acquisitions and Investments Involving Banks: Control Issues.