AMENDMENTS TO THE INTERIM RULE REGARDING PROCEDURES FOR ELECTING TO BE TREATED AS A FINANCIAL HOLDING COMPANY.
The Federal Reserve Board on March 15, 2000, announced amendments
to its interim rule regarding procedures for bank holding companies and
foreign banks to elect to be treated as financial holding companies. The
interim rule was issued on January 19, 2000. The amendments announced on
March 15 are effective immediately.
The Board has changed the procedures for processing elections filed
by foreign banks to allow the use of the thirty-one-day notice procedure
applicable to U.S. bank holding companies. The Board based its decision
on its assessment of the comparability of the standards used in the
first elections filed by foreign banks. Given this experience, the Board
believes it can effectively perform its statutory responsibilities using
a notice procedure. The Board also adopted several other amendments to
the interim rule.
The Board will accept comments on these amendments until April 17,
2000.
COPYRIGHT 2000 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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