WASHINGTON -- The Federal Reserve Board will expand the amount of information it releases about bank applications starting in the second half of this year, the agency said Monday.
The central bank already makes public a bank's application to acquire another firm or a request to establish a branch, but it has not previously disclosed when it denies a firm or if the company opts to withdraw its application.
Starting in the latter half of the year, the Fed will publish such information semiannually. It will include statistics on the length of time to process the application, the number of approvals, denials, and withdrawals as well as the reason for the withdrawal.
"The new report will increase transparency of the applications process by providing more detailed information to the public and supervised institutions regarding the bases for withdrawn applications," according to the agency's release.
Separately, the Fed also released guidance on common reasons a financial institution may withdraw its application.
