Non-Banking Activities

Thrift Acquisition

The acquisition of a savings association or other non-bank insured depository institutions such as trust companies and credit card banks that do not meet the definition of "bank" under the BHC Act.

Section 225.24 and Sections 225.11-225.15 of Regulation Y

Local newspapers

The Federal Reserve will publish a notice in the Federal Register.

Form FR Y-4 – Notification for Prior Approval to Engage Directly/Indirectly in Certain Non-banking Activities

Five (5) business days after the end of the last comment period unless extended by the Board for an additional 5 business days

If an institution does not meet the requirements (Section 225.14(c)) for 5 day processing, the application will be processed as follows:

Reserve Bank processed filings – 30 calendar days after receipt or 5 business days after the end of the latest comment period

Board processed filings – 60 calendar days after receipt unless applicant is otherwise notified