PROPOSED AMENDMENT TO REGULATION Y.The Federal Reserve Board on December December: see month. 13, 2000, requested public comment on a proposal that would amend Regulation Y (Bank Holding Companies and Change in Bank Control). The proposal would permit the following: * All bank holding companies, as an activity that is closely related to banking, to conduct a greater amount of nonfinancial Adj. 1. nonfinancial - not involving financial matters financial, fiscal - involving financial matters; "fiscal responsibility" data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a in connection with processing financial data * Financial holding companies, as an activity that is complementary to financial activity, to invest in companies engaged in certain types of data storage, web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. , and data processing advisory activities, so long as the investment was related to the provision of financial products and services. The proposal also requests comment on whether the Board should permit financial holding companies to invest in companies that do the following: * Develop new technologies that might support the sale and availability of financial products and services * Provide communications links for the delivery of financial products and services * And/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. engage in the electronic sale and delivery of products and services that include, but are not limited to, financial products and services. Comment is requested by February 16, 2001. |
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