Background Investigations

Summary of Process

Whenever a filer seeks entry into the national banking system as an organizer, senior executive officer, director, or principal shareholder (for example, proposing to acquire 10 percent or more of the stock) of a proposed new national bank, or as a manager of a federal branch or agency, the OCC generally requires that person to submit an <citetitle>Interagency Biographical and Financial Report</citetitle> with the appropriate filing. The OCC also generally requires submitting those reports with the following types of filings: changes in bank control, changes in directors or senior executive officers when required under Section 914 of FIRREA or 12 CFR 5.51, conversions, director waivers, and failure acquisitions. The Interagency Biographical and Financial Report never is filed as a stand alone document; rather, it is an attachment to other filings submitted to the OCC.

For charter applications, the standard background checks, except for FBI fingerprint and IRS tax check waivers, are updated whenever one year lapses between preliminary conditional and final approval of a filing.

All information in each corporate filing is reviewed and may be verified. Any material misrepresentation or omission of fact generally will result in disapproval. The OCC may disapprove a corporate filing and take action against any filer, including referral for criminal action, if it determines that the materials submitted were misrepresented or omitted in an attempt to mislead the OCC.

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