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FED ER A L RESERVE BANK O F NEW YORK Circular No. 6937 May 8, 1972 BANK HOLDING COMPANIES Interpretation of Regulation Y To A ll Bank Holding Companies, and Others Concerned, in the Second Federal Reserve District: Printed below is an excerpt from the Federal Register of May 4, containing an inter pretation of Regulation Y of the Board of Governors of the Federal Reserve System. The interpretation lists the activities the Board of Governors has determined, under section 4(c)(8) of the Bank Holding Company Act, not to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. ALFRED HAYES, President. Title 12— BANKS AND BANKING Chapter II— Federal Reserve System SUBCHAPTER A — BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [R e g . Y ] PART 225— BANK HOLDING COMPANIES Nonbanking Activities Part 225 of Title 12, is amended by adding the following new section: § 2 2 5 .1 2 6 A ctivities n o t closely re la te d to b a n k in g . Pursuant to section 4(c)(8) of the Bank Holding Company Act and § 225.4 (a) of Regulation Y, the Board of Gov ernors has determined that the follow ing activities are not so closely related to banking or managing or controlling banks as to be a proper incident thereto: (a) Equity funding— that is, the com bined sale of mutual funds and insurance. (b) Underwriting life insurance that is not sold in connection with a credit transaction by a bank holding company, or a subsidiary thereof. (c) Real estate brokerage (see 1972 Fed. Res. Bulletin 428). (d) Land development (see 1972 Fed. Res. Bulletin 429). (e) Real estate syndication. By order of the Board of Governors, April 28, 1972. [s e a l] M ic h a e l A. G r e e n s p a n , A ssista n t S ecretary. [F R Doc.72-6762 Filed 5-3-72;8:47 am]
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