The Federal Reserve System has announced several applications for review involving bank holding companies. These applications, governed by the Bank Holding Company Act, include Huntington Bancshares Incorporated's plan to acquire TCF Financial Corporation and First Cahawba Bancshares, Inc.'s proposal to become a bank holding company by acquiring First Cahawba Bank. Interested parties can review the applications and submit their comments to the respective Federal Reserve Banks or the Board of Governors by February 18, 2021.
Simple Explanation
The Federal Reserve, which helps keep banks in check, announced that one big bank wants to buy another, and another small company wants to become a bank by buying a tiny bank. People can say what they think about these changes until February 18, 2021.