The Federal Reserve System has announced that certain companies have indicated their plans, under the Bank Holding Company Act, to engage in nonbanking activities or to acquire nonbanking companies. These activities are permissible and related to banking, as outlined in Regulation Y. Public portions of these applications can be reviewed at the specified Federal Reserve Banks and comments from the public are encouraged, to be submitted by March 3, 2021. One noted application involves Hyperion Bancshares, Inc., aiming to acquire a mortgage company and engage in credit activities.
Simple Explanation
Some banks want to do more business with other companies that aren't banks, and this is mostly okay to do. People can look at what the banks are planning and tell the Federal Reserve what they think by March 3rd, 2021.