Search Results for keywords:"nonbanking activities"

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Search Results: keywords:"nonbanking activities"

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  • 2021-01893 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 7382
    Reading Time:about a minute or two

    The Federal Reserve System has issued a notice regarding proposals by companies to engage in or acquire nonbanking activities that are permissible under the Bank Holding Company Act. The notice invites the public to review and comment on these applications, which are available for inspection at specified Federal Reserve Banks. Comments must be submitted by February 12, 2021. One of the proposals involves First Citizens Bancshares, Inc., seeking to acquire shares in companies engaging in credit and loan servicing activities.

    Simple Explanation

    The Federal Reserve wants people to know that some companies are asking to do fun bank-like things that don’t involve actually being a bank, like helping with loans. They want everyone to check these ideas out and say what they think before February 12, 2021.

  • 2021-00092 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 1497
    Reading Time:about a minute or two

    The Federal Reserve System is announcing that certain companies have applied to engage in nonbanking activities as permitted under the Bank Holding Company Act and Regulation Y. Interested individuals can review the public sections of these applications at the Federal Reserve Banks and submit written comments about whether these proposals meet the necessary standards by February 8, 2021. For example, Commerce Bancshares, Inc. seeks to retain a mortgage company to engage in credit and loan services. The public can also request information through the Federal Reserve's website or by contacting specific Reserve Banks.

    Simple Explanation

    The Federal Reserve is letting people know that some companies want to do new types of banking activities that don’t involve typical banks. People can look at these requests and say what they think about them until February 8, 2021.

  • 2025-01033 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:90 FR 4742
    Reading Time:about a minute or two

    The Federal Reserve System has released a notice regarding certain companies planning to engage in or acquire companies involved in nonbanking activities, as permitted under the Bank Holding Company Act and Regulation Y. The activities are considered closely related to banking and will be conducted across the United States. The public can inspect the applications at certain Federal Reserve Banks or contact the Board's Freedom of Information Office for expedited requests. Comments from the public are invited and must be submitted by January 31, 2025, to the appropriate offices of the Federal Reserve System.

    Simple Explanation

    The Federal Reserve System is letting people know about some companies that want to start doing things like banks do, even if they are not banks. They want people to look at their plans and say what they think about it by January 31, 2025.

  • 2021-02230 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 8013
    Reading Time:about a minute or two

    The Federal Reserve System announced that several companies have applied to either engage in new nonbanking activities or acquire companies involved in such activities, as permitted under the Bank Holding Company Act and Regulation Y. These activities can be carried out directly or through subsidiaries. The public can review the applications at designated Federal Reserve Banks or related online resources, and is invited to submit comments until February 18, 2021. An example of a company pursuing this is New Republic Partners, Inc. from North Carolina, which plans to start financial and investment advisory services through a wholly-owned subsidiary.

    Simple Explanation

    Some big companies want to do new stuff that banks can do, like helping people with money advice. The Federal Reserve is looking at their plans and is asking people to say what they think about these plans by February 18, 2021.

  • 2024-30728 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:89 FR 105048
    Reading Time:about a minute or two

    The Federal Reserve System published a notice about companies planning to engage in or acquire nonbanking activities under the Home Owners' Loan Act. The information regarding these applications is accessible both at the specified Federal Reserve Bank and the Board of Governors. Interested individuals can express their views in writing, ensuring that comments are submitted by January 27, 2025. The Marathon MHC of Wisconsin plans to merge with Marathon Bancorp, Inc., converting to stock form as part of the transaction.

    Simple Explanation

    The Federal Reserve is telling people that a company called Marathon MHC wants to join with another company, Marathon Bancorp, and change its form, like turning a toy into a different shape. People can write letters to say what they think about this by the end of January next year.

  • 2021-02764 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 8909
    Reading Time:about a minute or two

    The Federal Reserve System has issued a notice mentioning companies that want to start or acquire nonbanking businesses related to banking, as allowed by the Bank Holding Company Act. These activities will take place across the United States, and the applications are open for public inspection. People can submit their opinions in writing about whether these proposals meet legal standards by February 25, 2021. One specific case mentioned is the McIntosh County Bank Holding Company seeking to retain shares in AccuData Services and engage in data processing activities.

    Simple Explanation

    The Federal Reserve wants to let people know that some companies plan to start or buy other companies that do things related to banking but aren't banks, like handling data. People can say what they think about this by writing to them by February 25, 2021.

  • 2025-02658 — Notice of Proposals To Engage In or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:90 FR 9628
    Reading Time:about 2 minutes

    The Federal Reserve System has announced a notice under section 4 of the Bank Holding Company Act. This details the plans of some companies to engage in or acquire businesses conducting nonbanking activities, which are permissible for bank holding companies. The notice specifically mentions WaFd, Inc., a company based in Seattle, Washington, which intends to start new ventures offering financial and investment advisory services as well as trust company functions. Comments from the public are invited, with a deadline of March 3, 2025, and these comments will be publicly accessible except for any confidential information.

    Simple Explanation

    The Federal Reserve System is letting people know that a company called WaFd, Inc. wants to start new businesses in giving advice about money and handling trusts. People can say what they think about this idea until March 3, 2025.

  • 2020-29034 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 98
    Reading Time:about a minute or two

    The Federal Reserve System published a notice regarding companies planning to engage in permissible nonbanking activities. These activities are under section 4 of the Bank Holding Company Act and Regulation Y. The notice includes information on how the public can view the applications and submit comments. Specifically, it mentions that the Caisse Fédérale de Crédit Mutuel and its subsidiaries intend to engage in financial and investment advisory activities in the United States through their subsidiary, Transatlantique Private Wealth LLC.

    Simple Explanation

    The Federal Reserve System shared a notice about some companies wanting to offer money advice services in the U.S. It mentions a particular company called Transatlantique Private Wealth LLC, which plans to do this through its parent, Caisse Fédérale de Crédit Mutuel.

  • 2021-03843 — Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 11530
    Reading Time:about a minute or two

    The Federal Reserve System has published a notice listing companies that wish to engage in or acquire nonbanking activities as allowed under the Bank Holding Company Act and Regulation Y. Interested individuals can view the applications at the Federal Reserve Banks or online, and can submit their written opinions on whether the proposals meet the required standards by March 12, 2021. One specific request comes from Hazen Bancorporation, Inc. in North Dakota, aiming to engage in data processing services through subsidiaries. The public can access more information or express their views through the provided contact details.

    Simple Explanation

    The Federal Reserve has a list of companies that want to do some new business activities, and people can share their thoughts about these plans by March 12, 2021. One company from North Dakota wants to help with computer services, and everyone can learn more or tell what they think about it.

  • 2021-03048 — Notice of Proposals to Engage in or to Acquire Companies Engaged in Permissible Nonbanking Activities
    Type:Notice
    Citation:86 FR 9505
    Reading Time:about a minute or two

    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.

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