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FRS

RIN: 7100-AC66

Publication ID: Fall 2008

Title: Regulation Y--Bank Holding Companies and Change in Bank Control
Abstract: Title I of the Gramm-Leach-Bliley Act (GLB Act) makes a number of miscellaneous amendments to sections 3, 4, and 5 of the Bank Holding Company Act of 1956 (BHC Act) and adds a new section 10A to the BHC Act. These amendments, among other things, prohibit the Board from determining that new activities are closely related to banking under section 4(c)(8) of the BHC Act; streamline the Board's reporting, examination, and other supervisory authority over bank holding companies and their subsidiaries; reduce the restrictions applicable to companies that control "nonbank banks" that are exempt from the nonbanking restrictions of the BHC Act under section 4(f) of that Act; and repeal the savings bank life insurance provisions currently set forth in section 3(g) of the BHC Act. The Board will consider issuing for public comment amendments to Regulation Y to implement the provisions of the GLB Act affecting the BHC Act that have not previously been addressed in rules adopted by the Board. The Board will also consider issuing for public comment in connection with this proposal. The Board anticipates proposing a number of changes to the regulation, including a reorganization of the regulation, as a part of its periodic and comprehensive review of Regulation Y. It is not anticipated that the proposals will have a significant economic impact on a substantial number of small entities subject to the Board's regulation.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 12 CFR 225
Legal Authority: 12 USC 1844(b)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Will Consider Requesting Additional Comment By	05/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Kieran Fallon Associate General Counsel Federal Reserve System Legal Division, Phone:202 452-5270