|For immediate release|
The Federal Reserve Board today approved an interim rule, effective March 11, 2000, listing financial activities permissible for financial holding companies under the Gramm- Leach-Bliley Act.
The list also will help identify companies subject to the provisions of the act governing the privacy of customer information. The privacy provisions apply to a company doing a financial business regardless of whether the company is affiliated with a bank.
The interim rule, which amends Regulation Y (Bank Holding Companies), establishes procedures for financial holding companies to engage in the listed financial activities. It also establishes procedures by which a party may ask the Board to list additional activities as financial in nature or as incidental to or complementary to a financial activity.
Comment is requested on the interim rule by May 12, 2000. The Board will revise it as appropriate after reviewing the comments.
The Board's notice is attached.
2000 Banking and consumer regulatory policy