How does the lead Financial Institution (FI) access its member FI accounts

The lead Financial Institution (FI) accesses its member FI accounts through a specific process outlined by the IRS. Once the lead FI creates its member accounts, it can access these accounts by navigating to the “member information” link from its homepage and selecting the name of the member FI from the All members table. This allows the lead FI to access each of its member accounts under its own lead FI account login, without needing to log into each member account separately.

However, there are certain conditions and limitations to this access:

1. Only one person can access the account at a time. If the lead FI tries to access a member account while the member FI is logged in, the lead FI will receive an error message. Similarly, the member FI will not be able to log into its account if the lead FI is accessing it.
2. The lead FI can access the member FI information only when the lead’s account status is Initiated, Registration Submitted, Registration Incomplete, or Approved.

Additionally, the system generates a FATCA ID and temporary access code for each member when the lead FI adds a member under Part 2 of the lead's registration. The lead FI provides these credentials to the member FI, enabling the member to log into its account. Despite each FI having its own account, only one entity (either the lead or the member FI) can access the member account at a time.

Sources:
Instructions for Form 8957 (06/2018)
Publication 5118 (07/2021)