What US Bank Holding Company Act (12 USC ch 17): Bank Holding Company Acquisitions and Activities requires
The Bank Holding Company Act (12 U.S.C. ch. 17) regulates the formation, acquisitions and permissible activities of companies that control banks, administered by the Board of Governors of the Federal Reserve System. Section 1841 provides the definitions, including bank holding company and control. Section 1842 makes it unlawful, except with the prior approval of the Board, for any action to be taken that causes a company to become a bank holding company, or for a bank holding company to acquire direct or indirect ownership or control of more than 5 percent of the voting shares of a bank, or to acquire substantially all the assets of a bank, or to merge with another bank holding company; in acting on an application the Board must consider the competitive effects, and may not approve a transaction that would result in a monopoly or substantially lessen competition unless the anticompetitive effects are clearly outweighed by the public interest in meeting the convenience and needs of the community, and must consider the financial and managerial resources and future prospects, the effectiveness in combating money laundering, and the risk to financial stability. Section 1843 restricts the nonbanking activities of bank holding companies to those closely related to banking or permissible for a financial holding company. Section 1844 provides for administration, reporting and supervision by the Board. The Act is the legal foundation for US bank holding company regulation.
Pillar: Banking & Global Finance · Authority: US Congress / Board of Governors of the Federal Reserve System · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title12/html/USCODE-2022-title12-chap17.htm
SHA-256 integrity: 61f92bbb4345339372a358ea3f00bd3372db90f00d34122dd4329a69c3866a2d
Primary Citations — 8 traced to source
- Bank Holding Company Act, 12 U.S.C. 1841 - definitions, including bank holding company and control.
- Bank Holding Company Act, 12 U.S.C. 1842 - acquisition of bank shares or assets; prior Board approval.
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