The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FED ER A L R ESER VE BANK O F N E W YORK BANK HOLDING COMPANIES Notice of Possible Delay in Processing Applications to Engage in Insurance Agency Activities To All Bank Holding Companies, and Others Concerned, in the Second Federal Reserve District: Following is the text of a notice issued June 19 by the Board of Governors of the Federal Reserve System: Notice is hereby given to prospective bank holding company applicants that if a substantive objection is received with respect to an application to engage, de novo or by acquisition of a going concern, in insurance agency activities, action on the application by the Board of Governors of the Federal Reserve System is likely to be delayed until the Board has acted on those insurance agency applications on which hearings have been ordered and are in progress. The Board has granted requests for hearings on certain applications to engage in insurance agency activities pursuant to section 4 ( c ) ( 8 ) of the Bank Holding Company Act (12 U.S.C. 1 8 4 3 (c )(8 )) and §§ 2 2 5 .4 (b )(1 ) and (2 ) of the Board’s Regulation Y (12 CFR 2 2 5 .4 (b )(1 ) and ( 2 ) ) . As new applications will involve generally the same issues as those presented in one or more of the applications on which the Board has ordered hearings, neither additional hearings nor outright approval or denial of the new applications would appear to be desirable at this time. Accordingly, notice is hereby given to prospective applicants proposing to engage in insur ance agency activities pursuant to section 4 ( c ) ( 8 ) of the Bank Holding Company Act, that such proposals hereafter submitted and as to which a substantive objection is filed will in most instances be held in abeyance and not processed pending resolution of those applications on which the Board has ordered hearings. It is anticipated that applications to engage in credit life and disability insurance and mortgage redemption insurance, as well as any application involving a community of less than 5,000 persons, may not be objected to in the future. Absent substantive objections, such cases will be duly processed in the normal manner. Additional copies of this circular will be furnished upon request. A lfred H ayes, President.
@FedFRASER