[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