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.