Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
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This law allows individuals and groups to apply for acquiring control of shares in a bank or a bank holding company. The Federal Reserve evaluates these applications based on specific criteria and provides public access to these documents for review and comment. Stakeholders need to send comments by a specified deadline.
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Key Changes
- Allows acquisitions of bank or bank holding company shares
- Applications reviewed by Federal Reserve based on specific criteria
- Comments on applications are made public
Obligations
What this law requires
Parties interested in acquiring significant shares of a bank or bank holding company must submit applications for review to the appropriate Federal Reserve Bank.
Interested persons must express their views in writing on the standards enumerated in paragraph 7 of the Act regarding the applications.
Comments must be sent to the designated Federal Reserve Bank or to the offices of the Board of Governors.
Interested parties must submit public comments on applications for acquiring shares by the established deadline.
Comments regarding applications must not include confidential information that would not be appropriate for public disclosure.