Definition of “Predominantly Engaged in Financial Activities” — 2012-04-10 [2012-8515]

On February 11, 2011, the Board published a notice of proposed rulemaking ("February 2011 NPR") that would amend Regulation Y to establish the criteria for determining whether a company is "predominantly engaged in financial activities" and define the terms "significant nonbank financial company" and "significant bank holding company" for purposes of Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act" or "Act"). Based on comments received, the Board believes that clarification is needed regarding the scope of activities that would be considered to be financial activities under that proposal. Accordingly, this notice supplements the February 2011 NPR amending specific portions of the regulation for clarity.