We do not believe you are required to send customers revised account disclosures and privacy notices when only your bank’s name is changing. However, if your bank’s main office is changing, you must seek federal and state approval and publish notice of the change.

For consumer savings accounts, Regulation DD requires you to provide advance notice when a change in account terms will adversely affect your customers. Consequently, we do not believe you are required to provide notice when only your name is changing and not any account terms that could adversely affect your consumer customers. We also are not aware of any law or regulation that would require you to provide revised account disclosures to commercial customers when changing your name.

Regulation P requires banks to provide a revised privacy notice before disclosing any nonpublic personal information about a consumer other than as described in its current privacy notice. Regulation P also requires banks to provide a revised privacy notice before disclosing: (1) a new category of nonpublic personal information, (2) nonpublic personal information to a new category of nonaffiliated third party (that was not adequately described in the current privacy notice), or (3) nonpublic personal information about a former customer to a nonaffiliated third party, if that former customer has not had the opportunity to exercise an opt out right regarding that disclosure. Since your bank is not changing how it discloses nonpublic personal information, we do not believe a revised privacy notice is required.

For additional guidance on name changes, you may wish to review the Interagency Statement on Branch Names included in the resources below. Although the statement addresses banks wishing to operate a branch under a different trade name, we believe the guidance on making sure that customers understand the scope of FDIC insurance is relevant, since you do not want your customers to mistakenly infer that your new bank name is a separate institution providing separate FDIC insurance coverage from your current bank name.

If you decide to relocate your main office (i.e., the principal office designated in your charter), the FDIC’s filing procedures require you to submit an application to the appropriate FDIC office and publish notice of the relocation for two consecutive weeks in a newspaper in the community where the main office currently is located and in the community to which the main office will relocate. You also must post the newspaper notice in the lobby of the office that will relocate. The Illinois Banking Act also requires state-chartered banks to file a written application with the IDFPR if they wish to change the location of their main office.

For resources related to our guidance, please see:

• Regulation DD, 12 CFR 1030.4(a)(1)(i) (“A depository institution shall provide account disclosures to a consumer before an account is opened or a service is provided, whichever is earlier. An institution is deemed to have provided a service when a fee required to be disclosed is assessed. Except as provided in paragraph (a)(1)(ii) of this section, if the consumer is not present at the institution when the account is opened or the service is provided and has not already received the disclosures, the institution shall mail or deliver the disclosures no later than 10 business days after the account is opened or the service is provided, whichever is earlier.”)
   
• Regulation DD, 12 CFR 1030.5(a)(1) (“A depository institution shall give advance notice to affected consumers of any change in a term required to be disclosed under § 1030.4(b) of this part if the change may reduce the annual percentage yield or adversely affect the consumer. The notice shall include the effective date of the change. The notice shall be mailed or delivered at least 30 calendar days before the effective date of the change.”)
   
• Regulation DD, 12 CFR 1030.4(b) (“Account disclosures shall include the following, as applicable: (1) Rate information . . . (2) Compounding and crediting . . . (3) Balance information . . . (4) Fees . . . (5) Transaction limitations . . . (6) Features of time accounts . . . (7) Bonuses . . .”)
   
• Regulation P, 12 CFR 1016.8(a) (“Except as otherwise authorized in this part, you must not, directly or through any affiliate, disclose any nonpublic personal information about a consumer to a nonaffiliated third party other than as described in the initial notice that you provided to that consumer under § 1016.4 of this part, unless:
  

  (1) You have provided to the consumer a clear and conspicuous revised notice that accurately describes your policies and practices;

  (2) You have provided to the consumer a new opt out notice;

  (3) You have given the consumer a reasonable opportunity, before you disclose the information to the nonaffiliated third party, to opt out of the disclosure; and

  (4) The consumer does not opt out.”)

• Regulation P, 12 CFR 1016.8(b) (“(1) Except as otherwise permitted by §§ 1016.13, 1016.14, and 1016.15 of this part, you must provide a revised notice before you:
  

  (i)  Disclose a new category of nonpublic personal information to any nonaffiliated third party;

  (ii) Disclose nonpublic personal information to a new category of nonaffiliated third party; or

  (iii) Disclose nonpublic personal information about a former customer to a nonaffiliated third party, if that former customer has not had the opportunity to exercise an opt out right regarding that disclosure.

  • (2) A revised notice is not required if you disclose nonpublic personal information to a new nonaffiliated third party that you adequately described in your prior notice.”)
     

• Interagency Statement on Branch Names (May 1, 1998) (“While there are no federal laws or regulations that specifically require that all branches of an insured depository institution operate under a single name, 1 the Agencies are concerned that if customers believe they are dealing with two different institutions, they may inadvertently exceed FDIC insurance limits by depositing excess amounts in different branches of the same institution. The Agencies believe it is important that customers understand the scope of FDIC insurance in these circumstances. 2 Accordingly, an insured depository institution that intends to use a different name for a branch or other facility should take reasonable steps to ensure that customers will not become confused and believe that its facilities are separate institutions or that deposits in the different facilities are separately insured.”)
   
• Federal Deposit Insurance Act, 12 USC 1828(d)(1) (“No State nonmember insured bank shall establish and operate any new domestic branch unless it shall have the prior written consent of the Corporation, and no State nonmember insured bank shall move its main office or any such branch from one location to another without such consent.”)
   
• FDIC Filing Procedures, 12 CFR 303.42(a) (“An applicant shall submit an application to the appropriate FDIC office on the date the notice required by § 303.44 is published, or within 5 days after the date of the last required publication.”)
   
• Interagency CRA Q&As, Question .43(c)-1 (“What is an institution's “main office”? A1. An institution's main office is the main, home, or principal office as designated in its charter.”)
   
• FDIC Filing Procedures, 12 CFR 303.44(a) (“Newspaper publications. For applications to relocate a main office, notice shall be published at least once each week on the same day for two consecutive weeks. The required publication shall be made in the following communities: . . . (2) To relocate a main office. In the community in which the main office is currently located and in the community to which it is proposed the main office will relocate.”)
   
• FDIC Filing Procedures, 12 CFR 303.44(c) (“In the case of applications to relocate a main office or a branch, a copy of the required newspaper publication shall be posted in the public lobby of the office to be relocated for at least 15 days beginning on the date of the last published notice required by paragraph (a) of this section.”)
   
• Illinois Banking Act, 205 ILCS 5/13 (“A bank chartered under this Act may change its main banking premises by filing written application with the Commissioner, on forms prescribed by the Commissioner, provided (i) the change shall not be a removal to a new location without complying with the capital requirements of Section 7 and of subsection (1) of Section 10 of this Act; (ii) the Commissioner approves the relocation or change; and (iii) the bank complies with any applicable federal law or regulation.”)
   
• Illinois Banking Act, 205 ILCS 5/2 (“‘Main banking premises’ means the location that is designated in a bank's charter as its main office.”)