Who Can Become a Member of the Federal Reserve System
Any state-chartered bank (mutual or stock-formed) may become a member of the Federal Reserve System. The twelve regional Reserve Banks supervise state member banks as part of the Federal Reserve System's mandate to assure strength and stability in the nation's domestic markets and banking system. Reserve Bank supervision is carried out in partnership with the state regulators, assuring a consistent and unified regulatory environment. Regional and community banking organizations constitute the largest number of banking organizations supervised by the Federal Reserve System.
What is the Process for Becoming a Member
Membership requires the submission of an application, which can be found at the following link: Federal Reserve Membership Application. For additional information on the process feel free to contact Vice President Michael Watson of Regional and Community Bank Supervision, (617) 973-3913.