What Are FRS Forms?
The Federal Reserve System uses FRS forms to collect data from depository institutions, bank holding companies, and other financial and non-financial institutions as well as consumers. In some instances, the use of the FRS forms is required while they are voluntary in other cases.
Suffice to mention that these forms are used to collect data periodically while some are used only occasionally. These forms are exclusively used by the Board of Governors of the Federal Reserve System and they have the letter ‘FR’ preceding the numbers.
Others that are used by the other federal banking agencies and the Federal Reserve have the letters ‘FFIEC’ preceding other numbers. It is important to take note of the difference when searching for the forms you need to ensure that you get the right one.
When Do You Need a FRS Form?
The FRS form is not for the general public. It is used by banking organizations and other non-financial organizations that are supervised by the Federal Reserve System. These organizations only need the FRS forms when they need to file reports or submit an application with the FRS.
The FRS forms are needed for bank holding company acquisitions and mergers as well as other non-banking activities. The forms are also part of the requirements for state member bank mergers, branch expansion, and international banking applications.
To use the FRS form, you must be a representative of a company that is involved in the aforementioned instances for the need of an FRS form. Authorized individuals have strict requirements to be able to complete and submit the FRS forms.
What are the Components of a FRS Form?
The components of an FRS form vary from one form to the other. For bank holding company acquisition, information about the Corporate Title of Notificant, address, city, state, and zip code will be required. The type of organization must also be provided.
You will find the list of requirements that the organization filing for the acquisition needs to fill out on the form. The Notification must tick each of the boxes that apply to the application.
Information about the representatives that can provide information about the filing must also be provided on the form. The signature, position, and name of the Notificant must also be provided on the form.
How to Complete a FRS Form?
The first thing is to find the appropriate form that you need. Cocosign has a list of different FRS forms for different purposes. Browse through the stock of forms in the FRS form category and select the relevant one for you. The form opens in an editable format to enable you to complete it on the site.
Carefully fill out the forms with appropriate information. When you are done filling out the forms, use the e-signature feature on the site to sign the form and validate it. You can then download it for upload on the appropriate portal.