[Federal Register Volume 73, Number 83 (Tuesday, April 29, 2008)]
[Notices]
[Pages 23251-23252]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-9326]
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FEDERAL RESERVE SYSTEM
Voluntary Testing and Enrollment for a New Method of Submitting
Applications, Notices, and Other Requests for Regulatory Authorization
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Federal
Reserve) proposes to implement an electronic system for the submission
of applications, notices, and other requests for regulatory
authorization to the Federal Reserve System by insured depository
institutions, bank holding companies (BHCs), foreign banking
organizations (FBOs), other entities, individuals, or groups
(collectively, filers) under the Federal Reserve Act, Bank Holding
Company Act, Bank Merger Act, Change in Bank Control Act, the
International Banking Act of 1978, and the Federal Reserve's
regulations implementing these statutes. As a part of this process the
Federal Reserve would implement an authentication system to authorize
filers and their designated agents to access the Electronic
Applications system (E-Apps) and submit filings. To identify any
unresolved issues with (E-Apps), the Federal Reserve proposes to
establish a testing program involving a limited number of filers that
would be willing to provide written and oral feedback regarding the
authentication and testing processes.
DATES: Pilot Phase Timeframe: Second and Third Quarters 2008.
System Enrollment and Implementation Phase Timeframe: Beginning
Fourth Quarter 2008.
[[Page 23252]]
FOR FURTHER INFORMATION CONTACT: Michael Sexton, Manager (202-452-3009)
or Vaishali Sack, Supervisory Financial Analyst (202-452-5221),
Division of Banking Supervision and Regulation, Board of Governors of
the Federal Reserve System; Michelle Shore, Federal Reserve Board
Clearance Officer (202-452-3829), Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
For users of Telecommunications Device for the Deaf (``TDD'') only,
contact (202) 263-4869.
SUPPLEMENTARY INFORMATION:
I. Background
The Federal Reserve is developing an electronic system for the
submission of applications, notices, and other requests for regulatory
authorization (collectively, filings) by filers to the Federal Reserve.
The Government Paperwork Elimination Act of 1998 (GPEA) generally
requires federal executive agencies to use electronic forms and
electronic filings to conduct official business with the public when
practicable. The Federal Reserve, which complies with GPEA, has elected
to provide a web-based system for the electronic submission of filings,
in order to reduce substantially the Federal Reserve's reliance on its
current, paper-based submission processes. This electronic system, E-
Apps, is currently under development.
Although the use of E-Apps would be voluntary for filers, the
Federal Reserve anticipates that the electronic submission of filings
through E-Apps would reduce the burden filers experience with current
requirements for paper-based submissions. Therefore, filers who
voluntarily choose to submit filings through E-Apps would save the time
and expense associated with photocopying and mailing or otherwise
filing copies.
In order to provide sufficient assurances of authentication, data
integrity, data confidentiality and non-repudiation, and sufficient
security for the information transmitted in filed documents, filers and
their designated agents must be authenticated to access E-Apps and
submit filings to the Federal Reserve. Filers or their designated
representatives (employees or agents) who elect to submit filings
through E-Apps will be required to first obtain digital certificates
from the Federal Reserve. The process for requesting certificates will
be similar to the process currently in place for using certain
financial services provided by the Federal Reserve. Information, forms,
and instructions regarding the certificate request process will be
available on the Federal Reserve's public Web site (http://
www.federalreserve.gov/).
II. Testing and Enrollment
This notice announces the voluntary testing and mandatory
enrollment for E-Apps. Enrollment is mandatory only if the filer elects
to use the E-Apps system. As discussed below, the testing and
enrollment will be conducted in two phases: The Pilot phase and the
System Enrollment and Implementation phase. The Federal Reserve
anticipates that the phases will be conducted according to the
following schedule: The Pilot phase would be conducted for
approximately two months during the second quarter of 2008. The System
Enrollment and Implementation phase would begin in the fourth quarter
of 2008 with Enrollment and continue with Implementation beginning in
the first quarter of 2009.
As part of the testing, each participating filer would be expected
to enroll in E-Apps. The Federal Reserve would issue digital
certificates to properly documented subscribers.
Pilot Phase: This phase would begin approximately in June
2008 and would be conducted for two months. The Pilot phase would
include approximately twenty filers and subscribers (individuals who
are authorized to submit filings on behalf of filers) as voluntary
participants. Participants in the Pilot phase would access the E-Apps
system and would submit at least one filing through the E-Apps system
on behalf of each filer.
The Federal Reserve would distribute filing instructions to each
participating filer and subscriber and provide assistance as necessary.
Pilot phase participants would be asked to provide written and oral
feedback regarding the certificate and filing processes, the E-Apps
system, and any customer support they receive during the Pilot phase.
The comments and recommendations received from the participants would
be analyzed to identify issues. The Pilot phase, along with the
feedback, would help the Federal Reserve identify any unresolved issues
with the E-Apps system before the System Enrollment and Implementation
Timeframe.
System Enrollment and Implementation Phase: Enrollment in
the E-Apps System would be available for all filers and their
designated representatives (employees or agents) beginning in the
fourth quarter of 2008, and would be mandatory for filers who want to
submit filings to the Federal Reserve through E-Apps. Filers and
subscribers that participated in the Pilot phase would be able to
submit filings using the certificates previously issued to them. All
other filers and their designated representatives would be required to
submit the appropriate paperwork and follow the digital certificate
request procedures outlined above. Implementation of the E-Apps System
would begin in the first quarter of 2009.
Board of Governors of the Federal Reserve System, April 24,
2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8-9326 Filed 4-28-08; 8:45 am]
BILLING CODE 6210-01-P