Board of Governors of the Federal Reserve System:
Bank Holding Companies and Change in Bank Control (Regulation Y)
OGC-97-28: Published: Mar 12, 1997. Publicly Released: Mar 12, 1997.
Pursuant to a legislative requirement, GAO reviewed the Federal Reserve System's Board of Governors' new rule on bank holding companies and change in bank control. GAO noted that the: (1) final rule would amend Regulation Y to improve the competitiveness of bank holding companies by eliminating unnecessary regulatory burden and operating restrictions and streamlining the application and notice process; and (2) Board of Governors complied with applicable requirements in promulgating the rule.