Applications Under Regulation Y — 1994-11-02 [94-27057]

These rules are intended to implement the simplified notice procedures recently established under section 346 of the Riegle Community Development and Regulatory Improvement Act of 1994 for bank holding companies proposing to engage de novo or through an acquisition in nonbanking activities. Because Section 346 implements this procedure immediately, the Board has proposed the following as an interim rule that will take effect immediately and will apply to all notices filed subsequent to enactment of Section 346. The Board also is seeking comments on the interim rule, and will amend the rule as needed to address the comments received. The Board is currently developing additional initiatives to reduce the regulatory burden associated with its application and notice procedures, and the Board invites comment on any suggestions in furtherance of these initiatives.