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The Federal Reserve Board today requested comment on
proposed revisions to Regulation Y that are intended to improve
the competitiveness of bank holding companies by eliminating
unnecessary regulatory burden and operating restrictions, and by
streamlining the application and notice process.
Comment is requested by October 31, 1996.
The proposed revisions include:
- a streamlined and expedited review process for
bank and nonbanking proposals by well-run bank
holding companies;
- reorganizing and expanding the regulatory list of
nonbanking activities and removing a number of
restrictions on those activities that are
outmoded, have been superseded by Board order or
are unnecessary restrictions that would not apply
to insured banks that conduct the same activity;
- amendments to the tying restrictions, including
removal of the regulatory extensions of those
restrictions to bank holding companies and their
nonbank subsidiaries; and
other changes to eliminate unnecessary regulatory
burden and to streamline and modernize Regulation
Y, including changes to the provisions
implementing the Change in Bank Control Act and
section 914 of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989.
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