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.