The Federal Reserve System has received applications from several companies seeking approval to become bank holding companies or to acquire control over existing banks or bank holding companies. These applications are based on regulations laid out by the Bank Holding Company Act of 1956. The public can review these applications at designated Federal Reserve Banks or online. Comments on these applications must be submitted by February 10, 2021, to either the mentioned Reserve Bank or the Board of Governors.
Simple Explanation
The Federal Reserve is looking at requests from companies that want to become big banks or buy other banks. People can say what they think about these requests until February 10, 2021.