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Federal Reserve updates fingerprinting process for applications

The Federal Reserve Board's Supervision and Regulation Letter SR 20-20, issued Friday, describes its new process to facilitate the electronic collection and transmission of fingerprints to the Federal Bureau of Investigation in connection with background investigations for applications involving changes to the ownership and/or composition of the board of directors or executive management of supervised financial institutions.

The Federal Reserve will continue to request from other regulatory and investigative agencies background information about an individual or company involved in applications through the name check process. Since 2003, the Federal Reserve's background investigation process has included an FBI criminal history check through the submission of fingerprints. The Federal Reserve recently started using a third-party vendor to facilitate the electronic collection and transmission of fingerprints to the FBI. Electronic fingerprinting is a more efficient collection method than the previous card and ink process. Benefits associated with the new process include faster fingerprint processing time, cost savings, and reduced staff burden. In addition, applicants will benefit from a significantly increased number of fingerprint collection sites, and improved scheduling flexibility.

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