Interim Rule and Request for Public Comment on Regulation Y (Bank  Holding Companies and Change in Bank

Interim Rule and Request for Public Comment on Regulation Y (Bank Holding Companies and Change in Bank

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Federal Reserve Bankll★Kof DallasDALLAS, TEXAS 75265-5906February 4, 2000Notice 2000-09TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTInterim Rule and Request forPublic Comment on Regulation Y(Bank Holding Companies and Change in Bank Control)DETAILSThe Board of Governors of the Federal Reserve System has adopted on an interimbasis and requested public comment on a rule that establishes procedures for bank holdingcompanies and some foreign banks to elect to become financial holding companies.The interim rule, effective March 11, 2000, includes amended definitions of terms inexisting Subpart A that are applicable to the new Subpart. The Board is promulgating this rule toimplement provisions of the recently enacted Gramm-Leach-Bliley Act that enables bank hold-ing companies and foreign banks that meet applicable statutory requirements to become financialholding companies and thereby engage in a broader range of financial and other activities thanare permissible for bank holding companies.The Board must receive comments by March 27, 2000. Please address comments toJennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Streetand Constitution Avenue, N.W., Washington, DC 20551. All comments should refer to DocketNo. R-1057.AT TACHMENTA copy of the Board’s notice as it appears on pages 3785–94, Vol. 65, No. 16 of theFederal Register ...

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