The Federal Reserve System has received applications from individuals and groups under the Change in Bank Control Act to acquire or retain shares in various banks and bank holding companies. These applications are open for public inspection at specified Federal Reserve Banks and the Board of Governors. Interested parties can submit written comments by February 11, 2021. Notable applications include the McHugh family seeking to retain shares in McHugh Investment Company, and the Oliver Family Group aiming to acquire additional shares in Valliance Financial Corp.
Simple Explanation
The Federal Reserve is checking to make sure that some families who want to buy or keep more parts of banks are okay to do so, and people can tell the Reserve what they think about it before a certain date.