Fed · other · Published 1994-11-02 · Effective 1994-11-02
Document
Document number
94-27058
Federal Register citation
—
CFR reference
12 CFR 225
Type
Rule
Action
Interim rule with request for comments.
Category
other
Agency
US Federal Reserve System
Publication date
1994-11-02
Effective date
1994-11-02
Docket
Federal Register: November 2, 1994
Abstract
These rules implement the streamlined notice procedure recently enacted in Section 319 of the Riegle Community Development and Regulatory Improvement Act of 1994 (``Riegle Act'') for the formation of a new bank holding company that results from a corporate reorganization of a bank by the current shareholders of the bank. These rules also implement section 321 of the Riegle Act, which amends the Bank Holding Company Act and the Bank Merger Act to authorize the Board to shorten the post-approval waiting period for bank acquisitions and mergers (during which time the United States Attorney General may review the competitive effects of a proposal approved by the Board) from 30 to 15 days with the consent of the United States Attorney General. Because the procedures prescribed by section 319 and section 321 are effective immediately, the Board has proposed the following as an interim rule that will take effect immediately. The Board is seeking comments on this interim rule, and will amend the rule as needed to address the comments received. The Board also is currently developing additional initiatives to reduce the regulatory burden associated with its application and notice procedures, and invites comment on any suggestions in furtherance of these initiatives. DATES: Interim Rule effective on November 2, 1994; comments must be received by December 5, 1994.