Membership of State Banking Institutions in the Federal Reserve System
Fed · other · Published 2000-03-20 · Effective 2000-03-11 · 65 FR 14810
Document
Document number
00-6468
Federal Register citation
65 FR 14810
CFR reference
12 CFR 208
Type
Rule
Action
Interim rule with request for public comments.
Category
other
Agency
US Federal Reserve System
Publication date
2000-03-20
Effective date
2000-03-11
Abstract
The Board is amending Regulation H to implement provisions of the Gramm-Leach-Bliley Act for state member banks. The Gramm-Leach- Bliley Act authorizes state member banks to control, or hold an interest in, financial subsidiaries which may conduct certain activities that are financial in nature or incidental to a financial activity. The Board has promulgated this rule on an interim basis, effective on March 11, 2000, in order to allow state member banks that meet applicable criteria to acquire control of, or an interest in, a financial subsidiary as soon as possible following the effective date of the relevant provisions of the Gramm-Leach-Bliley Act.