Change in Bank Control Notices for Acquisitions
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law pertains to the Change in Bank Control Act, requiring individuals or entities seeking to acquire shares of a bank or bank holding company to file notices with the Federal Reserve. The law mandates the consideration of specific factors in processing these applications. Interested individuals can comment on the applications, and these comments will be made public, with a deadline for submission indicated.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Notificants must file under the Change in Bank Control Act.
- Public comments on applications are subject to disclosure.
- Submission of comments has a specified deadline.
Obligations
What this law requires
File a notice with the Federal Reserve under the Change in Bank Control Act (12 U.S.C. 1817(j)) and Regulation Y (12 CFR 225.41) before acquiring shares of a bank or bank holding company
Ensure applications for change in bank control are submitted to the appropriate Federal Reserve Bank or the Board of Governors, Benjamin W. McDonough, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551-0001
Ensure all filings comply with the evaluation factors set forth in paragraph 7 of the Change in Bank Control Act (12 U.S.C. 1817(j)(7))
Make public portions of applications available for immediate inspection at the applicable Federal Reserve Bank and Board of Governors offices
Disclose that comments received on applications are subject to public disclosure and will not be modified to remove personal, business, confidential, or identifying information