The Federal Reserve System has received applications from individuals and groups who want to acquire shares in banks or bank holding companies. These applications are reviewed under the Change in Bank Control Act, and the public can view them at the respective Federal Reserve Banks or online. Comments from the public are welcome but should not include confidential details, as they will be made publicly available. Two specific applications have been mentioned: one involving trustees retaining shares in Community Financial Services in Kentucky, and another concerning individuals joining a family group to acquire shares in Carlson Bankshares in Minnesota.
Simple Explanation
The Federal Reserve is looking at requests from people who want to own parts of banks, just like you might share toys with your friends. They want to make sure everything is fair, and people can tell the Federal Reserve what they think, just like when you talk about sharing rules in kindergarten.