Search Results for keywords:"Commercial Bank

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Search Results: keywords:"Commercial Bank

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  • 2025-05522 — Modernizing Payments To and From America's Bank Account
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    Type:Presidential Document
    Citation:90 FR 14001
    Reading Time:about 4 minutes

    In Executive Order 14247, the U.S. President outlines plans to modernize government payment systems by eliminating paper checks and transitioning to electronic payments, starting on September 30, 2025. This change aims to reduce costs, fraud, and inefficiencies while increasing the security of federal payments. The order mandates that all federal payments, including benefits, tax refunds, and vendor payments, be processed electronically, with exceptions for certain situations like emergencies or national security. The Secretary of the Treasury, along with other agencies, is tasked with ensuring a smooth transition by supporting affected individuals and promoting public awareness of the new system.

    Simple Explanation

    Imagine the President of the United States wants to stop using paper checks to pay people and instead use computers to send money, kind of like how you send messages on a phone. This will help make sure the money is safe and fast, but they need to make sure it works for everyone, even those who don’t have a bank.

  • 2025-05524 — Protecting America's Bank Account Against Fraud, Waste, and Abuse
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    Type:Presidential Document
    Citation:90 FR 14011
    Reading Time:about 11 minutes

    The Executive Order titled "Protecting America's Bank Account Against Fraud, Waste, and Abuse" aims to improve financial integrity within the federal government. It instructs the Department of the Treasury to enhance systems and guidance for verifying government payments to prevent fraud and improper payments. The order mandates federal agencies to consolidate their financial management systems and work with the Treasury to ensure funds are properly managed. Additionally, it focuses on increasing the transparency and efficiency of financial transactions to safeguard taxpayer dollars.

    Simple Explanation

    Imagine a big piggy bank where the government keeps its money. The President made a new rule to help keep that money safe by checking very carefully who gets paid, so it's harder for people to steal or waste it.

  • 2025-05384 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:90 FR 14141
    Reading Time:about a minute or two

    This document is a notice from the Federal Reserve System announcing that certain companies have applied to become bank holding companies or to acquire control over banks. The applications are being reviewed under the Bank Holding Company Act of 1956 and Regulation Y. The public can view the details of these applications and submit written comments, which will be publicly disclosed. One such application is from Centreville, MHC, in West Warwick, Rhode Island, seeking to acquire Centreville Bank.

    Simple Explanation

    The Federal Reserve is announcing that some companies want to become big bank bosses or take over other banks. People can read about these plans and say what they think, but they might worry because the rules can be hard to understand and personal information could be shared.

  • 2024-30727 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:89 FR 105048
    Reading Time:about a minute or two

    The Federal Reserve System has released a notice regarding companies that have applied to become bank holding companies or to acquire control over banks or other bank holding companies. These applications are being processed under the Bank Holding Company Act. People can view the public parts of these applications at certain Federal Reserve Banks and the Board of Governors' offices, or request them online. The public can submit comments on these applications until January 27, 2025, but should avoid including confidential information in their submissions.

    Simple Explanation

    The Federal Reserve is letting everyone know that some companies want to become owners of banks, and they are asking people to share their thoughts about this until January 27, 2025. You can look at these requests online, but be careful not to share any secrets when you tell them what you think.

  • 2025-01484 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:90 FR 7696
    Reading Time:about a minute or two

    The Federal Reserve System has published a notice regarding applications by companies seeking approval to become bank holding companies or to acquire assets or shares of banks or bank holding companies. These applications are based on the Bank Holding Company Act of 1956 and other relevant regulations. Members of the public can access the application details and share their written feedback before February 21, 2025. Specifically, United Community Banks, Inc., based in Greenville, South Carolina, proposes to acquire ANB Holdings, Inc., and American National Bank in Oakland Park, Florida.

    Simple Explanation

    The Federal Reserve is telling people about a plan where one big bank wants to buy another bank, and anyone can say what they think about it before February 21, 2025.

  • 2021-00758 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:86 FR 3153
    Reading Time:about a minute or two

    The Federal Reserve System has announced that certain companies are seeking approval to become bank holding companies or acquire control of existing banks or bank holding companies. These applications are available for public inspection at specified Federal Reserve Banks and online. Interested individuals can submit written comments on these applications, which must be received by February 16, 2021. One noteworthy application is from SBWY Financial Corporation in Evanston, Wyoming, to acquire State Bank in Green River, Wyoming.

    Simple Explanation

    Some companies want to become big bosses of banks, and they need permission from a group called the Federal Reserve System. People can look at these plans and say what they think, but they need to send their opinions before a special date in February.

  • 2024-28465 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:89 FR 96653
    Reading Time:about a minute or two

    The Federal Reserve System has announced that certain companies have applied for approval to become bank holding companies or to acquire ownership of existing banks or bank holding companies. Interested individuals can review these applications at Federal Reserve Banks or the Board of Governors' office and may submit comments on the applications by January 6, 2025. One specific transaction mentioned involves Atlantic Union Bankshares Corporation seeking to acquire Sandy Spring Bancorp, Inc., and its subsidiary, Sandy Spring Bank. Comments on these proposals are subject to public disclosure and should not include confidential information.

    Simple Explanation

    Some companies want to become part of a big bank family or buy other banks, and the people in charge say you can look at their plans and say what you think about them until January 6, 2025. Atlantic Union wants to buy a bank named Sandy Spring, and everyone can share their thoughts, but they need to remember that what they say will be visible to everyone.

  • 2025-04941 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:90 FR 13487
    Reading Time:about a minute or two

    The Federal Reserve System has announced that several companies have applied for approval to become or merge with bank holding companies under the Bank Holding Company Act of 1956. These applications are available for public viewing at the specified Federal Reserve Banks and the Board of Governors' offices. The public can submit comments on these applications until April 23, 2025, but should avoid including any confidential information. For instance, Cornerstone Bancorp, Inc. is seeking to acquire Cornerstone Capital Bank, SSB, both based in Houston, Texas.

    Simple Explanation

    The Federal Reserve System is letting people know that some companies want to join together or become banks, and everyone can check out their plans and share what they think until April 2025. For example, there's a company called Cornerstone Bancorp, Inc. that wants to take over another bank in Houston, Texas.

  • 2021-03952 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:86 FR 11775
    Reading Time:about a minute or two

    The Federal Reserve System has announced that several companies are applying to become bank holding companies or to acquire control over banks or bank holding companies. These actions are in accordance with the Bank Holding Company Act and related regulations. One such application is from Sunstate Bancshares, Inc., which aims to acquire Sunstate Bank in Miami, Florida. Public comments on these applications need to be submitted by March 29, 2021, addressed to the specific Federal Reserve Bank or the Board of Governors in Washington, DC.

    Simple Explanation

    In this notice, the Federal Reserve is talking about companies like Sunstate Bancshares wanting to own or take control over banks. People can say what they think by sending a letter before March 29, 2021.

  • 2025-06331 — Formations of, Acquisitions by, and Mergers of Bank Holding Companies
    Type:Notice
    Citation:90 FR 15570
    Reading Time:about a minute or two

    The Federal Reserve System has announced that several companies have applied for approval to either become a bank holding company or acquire another bank or bank holding company under the Bank Holding Company Act of 1956 and related regulations. These applications are available for public inspection at the specified Federal Reserve Banks and the Board of Governors' offices, with comments from the public being invited. The comments must be submitted by May 14, 2025, and will be subject to public disclosure. One specific application mentioned is from Legacy Financial, Inc. of Johnson, Kansas, which seeks to acquire BancCentral, National Association in Alva, Oklahoma.

    Simple Explanation

    The Federal Reserve System is checking if companies can buy or join with other banks. People can look at these plans and say what they think by May 14, 2025, but everyone will see their comments. One company from Kansas wants to buy a bank in Oklahoma.

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