Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
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The regulation outlines the procedure for individuals or entities looking to acquire shares in a bank or bank holding company under the Change in Bank Control Act. It specifies how public comments can be made on such acquisitions and emphasizes transparency in the process by making applications available for public inspection.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduces a formal process for acquiring bank shares
- Requires public comment on acquisitions
- Ensures transparency by making applications publicly available
Obligations
What this law requires
Parties interested in acquiring significant shares of a bank or bank holding company must submit applications under the Change in Bank Control Act.
Individuals or entities seeking to acquire shares of a bank or bank holding company must submit a notice under the Change in Bank Control Act.
Public comments must be accepted and made available regarding share acquisition applications under the Change in Bank Control Act.
Interested parties must submit comments regarding the applications they wish to comment on to the specified Federal Reserve Bank or the Board of Governors.
Comments received regarding applications are subject to public disclosure and must not include confidential information.