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BOARD OF GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

WASHINGTON, D.C. 20551

DIVISION OF SUPERVISION

AND REGULATION

SR 20-20

August 14, 2020

TO THE OFFICER IN CHARGE OF SUPERVISION

 AT EACH FEDERAL RESERVE BANK

SUBJECT: Updated Fingerprinting Process Related to Applications Reviewed by the 

Federal Reserve

Applicability: This guidance applies to all financial institutions supervised by the Federal 

Reserve, including those with $10 billion or less in consolidated assets.

PURPOSE: The Federal Reserve reviews applications and notices (collectively, “applications”) that 

may include the need to collect fingerprints in order to assess whether certain proposed shareholders 

and policymakers have the competence, experience, integrity, character, and financial resources to 

effectively lead a supervised financial institution in a safe-and-sound manner. This letter describes 

the new process to facilitate the electronic collection and transmission of fingerprints to the 

Federal Bureau of Investigation (“FBI”) in connection with background investigations associated 

with applications that involve changes to the ownership and/or composition of the board of 

directors or executive management of supervised financial institutions. 

The Federal Reserve will continue to request from other regulatory and investigative 

agencies background information about an individual or company involved in applications

through the name check process. Since 2003, the Federal Reserve’s background investigation 

process has included an FBI criminal history check through the submission of fingerprints. The 

Federal Reserve recently commenced using a third-party vendor to facilitate the electronic 

collection and transmission of fingerprints to the FBI. Electronic fingerprinting is a more 

efficient collection method relative to the previous card and ink process. Benefits associated 

with the new process include faster fingerprint processing time, cost savings, and reduced staff 

burden. In addition, applicants will benefit from a significantly increased number of fingerprint 

collection sites, and improved scheduling flexibility. 

The new fingerprint process will not change the Federal Reserve’s overall process for 

determining whether an individual will be subject to name checks. The Federal Reserve 

generally will conduct name checks only on an individual that, upon consummation of an 

application, will become a principal shareholder or one of the top two policymakers of the 
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supervised financial institution. Reserve Bank staff will notify affected individuals of any 

fingerprint requirements and provide instructions on how to access the vendor’s collection sites.

Reserve Banks are asked to distribute this letter to the Federal Reserve-supervised 

institutions in their districts, as well as to their supervisory and examination staff. Questions 

may be sent via the Board’s public website.1

Michael S. Gibson

Director

Cross References:

• SR letter 15-8, “Name Check Process for Domestic and International Applications”.

Supersedes

• SR letter 03-10, “Enhancement to the Name Check Process Related to Applications

Reviewed by the Federal Reserve”.

 1 See http://www.federalreserve.gov/apps/contactus/feedback.aspx