The Federal Reserve System has announced a notice regarding proposals by companies to engage in or acquire companies involved in nonbanking activities. According to the notice, these activities should relate to banking and be permissible under the Bank Holding Company Act and Regulation Y. Interested parties can inspect the public portions of the applications at designated Federal Reserve Banks or online. Comments regarding the applications must be submitted by May 16, 2025.
Simple Explanation
The Federal Reserve System wants to let people know that some companies are planning to either start new or buy companies that do activities related to banking but aren't exactly banks. People can look at these plans online or at special places and have until May 16, 2025, to share their thoughts.