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. The applications are filed under the Bank Holding Company Act of 1956 and adhere to applicable regulations. Public comments on these applications must be submitted by February 10, 2021. The applications can be inspected at specified Federal Reserve Banks or the Board of Governors' offices, with further access available through their Freedom of Information Office.
Simple Explanation
The Federal Reserve is looking at requests from some companies that want to create new banks or take over other banks. People have until February 10, 2021, to say what they think about these requests.