Full text of District Notices (Federal Reserve Bank of Dallas) : Amendment to Regulation Y

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F e d e r a l Re s e r v e B a n k

of

Da l l a s

DALLAS. TEXAS

June 27, 1960

AMENDMENT TO REGULATION Y

To All Banks and Others Concerned
in the Eleventh Federal Reserve District:
There is enclosed an amendment to Regulation Y of the
Board of Governors of the Federal Reserve System, effective
July 1, 1960. The purposes of this amendment are to give
public notice of the receipt of an application filed pursuant to
section 4 of the Regulation and thereby (1) afford interested
persons full opportunity to submit to the Board comments
and views with respect to such applications, and (2) facilitate
disposition of applications by the Board in the light of such
comments or views. The procedure here contemplated will
supersede the procedure of announcing tentative decisions on
applications.
Member banks are requested to insert this amendment in
their ring binders containing the Regulations of the Board of
Governors and the Bulletins of this bank.
Yours very truly,
Watrous H. Irons
P resid en t

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

BANK HOLDING COMPANIES

AMENDMENT TO REGULATION Y
ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

E ffective July 1, I9 6 0 , paragraphs

(d)

and

(e)

of section 4 of Regu­

lation Y are amended to read as follow s:

(d) Submission

of applications.—An application for approval by the

Board of any transaction requiring such approval under paragraph
of this section shall be filed with the Federal Reserve Bank.*

(a)

Three

copies of such application shall be filed except where, pursuant to
the provisions of paragraph

(e)

of this section, copies of the appli­

cation are required to be transmitted to both the Comptroller of the
Currency and the appropriate State supervisory authority, in which
circumstances

four copies

of the application shall be filed.

The

application shall be filed not le s s than 60 days before the date on
which it is proposed that the transaction requiring approval be con­
summated. 3

However, the Board in its discretion may, upon good

cause shown, accept an application although submitted within such
period of 60 days.

A separate application shall be filed with respect

to each bank the voting shares or a sse ts of which are sought to be
acquired by an existing bank holding company or nonbanking sub­
sidiary thereof.

(e)

Procedure on applications.— (1) A Federal Reserve Bank re­

ceiving an application under this section will retain one copy thereof
and will forward all other copies to the Board.

If either the applicant

or the bank the voting shares or a sse ts of which are sought to be
acquired is a national bank or a District bank, the Board will trans­
mit a copy of the application to the Comptroller of the Currency.
If either the applicant or the bank the voting shares or a sse ts of

* The term “ Federal Reserve Bank” , as used h erein, means the Federal
Reserve Bank of the Federal Reserve d is tric t in which the ap p lican t has
its principal o ffice*

3

in some cases it may not be possible for the Board to act upon an
application w ithin such period of 60 days and th is requirement should not
be regarded as suggesting that the Board w ill act upon all ap p lic atio n s w ith ­
in that period of tim e, although every effo rt w ill be made to exped ite such
action.

which are sought to be acquired is a State bank, the Board will trans­
mit a copy of the application to the bank supervisory authority o f
the State in which such bank is located.
(2)

Following the receipt of an application under this se c tio n ,

the Board will publish in the Federal Register a notice of such re­
ceipt, stating the names and addresses of the applicant and the bank
or banks

involved,

indicating the general nature of the proposed

transaction, and allowing 30 days (or a shorter period in exceptional
circumstances) for the

submission of written

comments or v ie w s.

Such comments or views shall be submitted to the Board or to the
Federal Reserve Bank for transmission to the Board.