The system that banks supervised by the Federal Reserve must use to file their applications with the Fed will be replaced Oct. 17 with a new cloud-based system called FedEZFile, the Fed announced Thursday in a supervisory letter.
FedEZFile, according to the central bank, will provide real-time status tracking, two-way messaging, and digitally signed documents for applications. In a release, the Fed said it plans to schedule an “Ask the Fed” webinar on the new system at a later date.
Also released Oct. 17 will be FedEZFile Fluent, it said. Accessible through the Fed Board’s website, FedEZFile Fluent contains video tutorials and quick reference guides. These tools will provide step-by-step instructions on how to register for FedEZFile, submit an application, and access filing information on the dashboard, the letter notes.
Users will be able to register for FedEZFile and access FedEZFile Fluent beginning Oct. 17, the Fed said (however, it said registration is not required for access to FedEZFile Fluent). “Upon FedEZFile going live, users will no longer be able to access E-Apps. All pending applications filed prior to October 17, 2022, will be transferred to FedEZFile for continued processing,” it said.
The letter encourages prospective filers to contact the Applications Department of the appropriate Reserve Bank to discuss their proposal prior to submission. “During this transition, Reserve Bank staff are available to answer questions regarding FedEZFile access, registration, and the filing process,” it said.
The Fed said the substantive requirements of applications will remain the same, but the new system will make the filing process “more intuitive” and minimize paper applications and communications.