Federal Reserve Membership Application

A state-chartered bank may become a member of the Federal Reserve System by filing an application and having the Board determine that the bank meets the statutory standards for membership. National banks automatically become members of the Federal Reserve System upon being chartered by the Office of the Comptroller of the Currency (OCC). When acting upon an initial Federal Reserve membership application filed by a state-chartered bank, the Federal Reserve is required under section 9 of the Federal Reserve Act (FRA) to consider the financial condition of the applying bank, the general character of its management, and whether the corporate powers to be exercised are consistent with the FRA. The other relevant criteria established by the statute and by regulation include the adequacy of capital, financial history and condition, future earnings prospects, and the convenience and needs of the community or communities to be served. Information requested of a new or existing state-chartered bank applying for Federal Reserve membership (such as deposits and earnings projections, proposed premises, and the background of proposed bank officials) is not available from any source other than the applicant. The information requested in the FR 2083 application for membership is necessary for the Federal Reserve to be able to fulfill its responsibilities with respect to evaluating a state-chartered bank for membership. The Federal Reserve uses the information collected through the application form, along with other Federal Reserve System-generated data, to determine whether the applicant bank meets the standards for approval.

The latest form for Federal Reserve Membership Application expires 2022-12-31 and is listed under ICR 201912-7100-010.