|For immediate release|
The Federal Reserve Board today 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 today are effective immediately.
The Board has changed the procedures for processing elections filed by foreign banks to allow the use of the 31-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.
2000 Banking and consumer regulatory policy