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Reporting forms
FFIEC 004
Report on Indebtedness of Executive Officers and Principal Shareholders and their Related Interests to Correspondent Banks
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Federal Reserve Board does not maintain these forms and instructions. |
Description: Form FFIEC 004 collects information from "each executive officer and each principal shareholder of an insured bank who was indebted, or whose related interests were indebted, during the calendar year for which the information is being submitted to a correspondent bank of their bank." Each officer or shareholder must file information on the maximum amount of his or her indebtedness to each correspondent bank as well as separate information on the indebtedness of each of the related interests of the officer or shareholder to each correspondent bank. State member banks must furnish a list of their correspondent banks to their executive officers and principal shareholders, keep records of the information submitted by the officers and shareholders, and provide to the public upon request a list of names of officers and shareholders to whom a correspondent bank of the member bank had an extension of credit in excess of the specified minimum level.
OMB: 7100-0034
Purpose: The Federal Reserve uses the information to ascertain whether any executive officer or principal shareholder may be receiving preferential treatment by a correspondent bank. Loans to executive officers and principal shareholders must be extended on "substantially the same terms...as those prevailing at the time for comparable transactions...with other persons."
Background: Form FFIEC 004 consolidates recordkeeping and disclosure requirements mandated by the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA), as amended by the Garn-St Germain Depository Institutions Act of 1982, and by Regulation O. FIRA requires that executive officers and principal shareholders of member banks submit to those member banks an annual report providing information on their indebtedness, and that of their related interests, to the member bank's correspondent banks.
Respondent Panel: The Federal Reserve panel consists of state member banks and their principal shareholders and executive officers. Participation is required.
Frequency: Annually, as of close of business the last calendar day of the year; the information is retained at the institution for three years.
Public Release: The financial data are confidential. However, names of officers and shareholders with loans above a certain amount must be disclosed by the member bank upon written request.
