The Federal Reserve System has announced an extension of the comment period for an application involving the formation or acquisition of bank holding companies. The application in question concerns First Citizens BancShares, Inc., located in Raleigh, North Carolina, acquiring CIT Group, Inc., based in New York, New York. The public is invited to express their views in writing about this application, with the new deadline for submissions set for February 22, 2021. The information is accessible for review at the Federal Reserve Bank of Richmond and through specified online resources.
Simple Explanation
The Federal Reserve System wants to give people more time to share their thoughts about one bank buying another. Now, everyone has until February 22, 2021, to send in their opinions, and they can do this by writing letters or going online!