Based on customer feedback, effective Sept. 4, the Federal Reserve Banks have implemented the use of electronic signatures via Docusign® rather than paper-based, wet signature forms for the following Accounting Services forms:
- The Certificate of Resolutions Authorizing an Institution to Open and Maintain Accounts and Use Services (Board Resolutions form)
- The Federal Reserve Bank Official Authorization List (OAL) Account and Non-Account Holders
- The Federal Reserve Bank Official Authorization List (OAL) Non-Depository Institution and/or Non-Financial Entities
Additionally, the Federal Reserve Banks have introduced identity verification technology via ID.me®, which takes the place of traditional notarization for the Authorizing Officer and Certifying Official (if applicable) on the OAL. In addition to improving overall security, these changes reduce form processing times by eliminating the need to send or receive paper documents among signers who are geographically distant. Together, the Docusign and ID.me tools are referred to as the “electronic process.”
Organizations do not need to act until updates are needed to one of the impacted forms. For additional information, see the Docusign and ID.me Frequently Asked Questions and Resources for Accounting Services forms.
“Docusign” is a registered trademark of Docusign, Inc. “ID.me” is a registered trademark of ID.me, Inc.
