Filings under Section 225.17 of Regulation Y - no publication. In some cases, the Justice Department will shorten the waiting period to 15 days. This commitment is routinely obtained from bank holding companies over de novo banks because a de novo bank has little or no historical record of satisfactory earnings to support debt servicing. In some cases, the Justice Department will shorten the waiting period to 15 days.
Requirements vary depending on proposed activity.
If your proposal involves a joint venture, please refer to SR 96-39 . The required information should be provided in a letter along with a copy of the corresponding Bank Merger Act application. The required information should be provided in a letter. Examples of independent documentation are bank letters verifying cash balances, copies of federal income tax returns to verify income, and appraisals and sale contracts for assets to be liquidated. Before filing the application, the organizers should contact the Reserve Bank to schedule a pre-filing meeting.