The Federal Reserve System is announcing that certain companies have applied to engage in nonbanking activities as permitted under the Bank Holding Company Act and Regulation Y. Interested individuals can review the public sections of these applications at the Federal Reserve Banks and submit written comments about whether these proposals meet the necessary standards by February 8, 2021. For example, Commerce Bancshares, Inc. seeks to retain a mortgage company to engage in credit and loan services. The public can also request information through the Federal Reserve's website or by contacting specific Reserve Banks.
Simple Explanation
The Federal Reserve is letting people know that some companies want to do new types of banking activities that don’t involve typical banks. People can look at these requests and say what they think about them until February 8, 2021.