To the Chief Executive Officers of all Member Banks in the Second Federal Reserve District:
Since 1979, member banks have been subject to certain reporting and disclosure requirements set forth under the Board's Regulation O. These requirements were established in titles VIII and IX of the Financial Institutions Interest Rate and Regulatory Control Act of 1978 (FIRA), as amended by the Garn-St Germain Depository Institutions Act of 1982.
A link to form FFIEC 004 is available as a file to assist your bank and your bank's executive officers and principal shareholders in complying with the requirements set forth in Regulation O. Please duplicate the form, which has been approved by the FFIEC, in accordance with your needs. You should note, however, that executive officers and principal shareholders may provide the required information on other forms, if they wish.
Executive officers and principal shareholders subject to the reporting requirements must file annual reports concerning their indebtedness, and the indebtedness of their related interests, to the correspondent banks of the member bank. These reports should be filed with the member bank's board of directors by January 31 of each year. The 2000 report covers the period January 1 to December 31, 1999.
Each member bank should notify its executive officers and principal shareholders of the reporting requirements. Persons who are no longer executive officers or principal shareholders at the time the report is to be filed are not required to file a report.
Each member bank is also required to make available to its executive officers and principal shareholders a list of the member banks correspondent banks. A correspondent bank is defined as a bank that maintains one or more correspondent accounts for a member bank during the calendar year that, aggregated, exceed certain amounts specified in the regulation.
Form FFIEC 004, or a similar form that is filed by executive officers and principal shareholders, must be kept on file at the member bank for a period of three years. These reports are not required to be made available to the public; however, the reports will be reviewed by examiners during the course of an examination of the member bank. The reports filed by executive officers and principal shareholders are not required to be filed with the Federal Reserve Bank or the Office of the Comptroller of the Currency.
Any questions your bank may have on this matter may be directed, at this Bank, to Jennifer R. Zara, Bank Supervision Officer.