The Federal Reserve System has released a notice regarding certain companies planning to engage in or acquire companies involved in nonbanking activities, as permitted under the Bank Holding Company Act and Regulation Y. The activities are considered closely related to banking and will be conducted across the United States. The public can inspect the applications at certain Federal Reserve Banks or contact the Board's Freedom of Information Office for expedited requests. Comments from the public are invited and must be submitted by January 31, 2025, to the appropriate offices of the Federal Reserve System.
Simple Explanation
The Federal Reserve System is letting people know about some companies that want to start doing things like banks do, even if they are not banks. They want people to look at their plans and say what they think about it by January 31, 2025.