Bank Holding Companies and Change in Bank Control (Regulation Y) — 1997-02-28 [97-4906]

The Board has adopted comprehensive amendments to Regulation Y that improve the competitiveness of bank holding companies by eliminating unnecessary regulatory burden and operating restrictions, and by streamlining the application/notice process. Among other revisions, the final rule incorporates a streamlined and expedited review process for bank acquisition proposals by well-run bank holding companies with a number of modifications intended to broaden and improve public notice of bank acquisition proposals, to assure that the regulatory filing is made well within the public comment period, and to better assure that proposals reviewed under the streamlined procedures do not raise issues under the statutory factors in the Bank Holding Company Act. The final rule also implements the changes enacted in the Economic Growth and Regulatory Paperwork Reduction Act of 1996 that eliminate certain notice and approval requirements and streamline others that involve nonbanking proposals by well-run bank holding companies.