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In the United States, a bank holding company, as provided by the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), is broadly defined as "any company that has control over a bank". [2] All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System .
The Bank Holding Company Act of 1956 (12 U.S.C. § 1841, et seq.) is a United States Act of Congress that regulates the actions of bank holding companies.. The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company and that bank holding companies headquartered in one state are banned from acquiring a ...
U.S. Bancorp is the bank holding company of U.S. Bank, which is the fifth largest bank by assets in the United States. The Minneapolis-based holding company’s most recent acquisition was that of ...
FIRREA allowed bank holding companies to acquire thrifts. It established new regulations for real estate appraisals. In addition, the Act established Appraisal Subcommittee (ASC) within the Examination Council of the Federal Financial Institutions Examination Council. It also established new capital reserve requirements.
A year before the law was passed, Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers.
Bank Holding Company Act of 1956 Depository Institutions Deregulation and Monetary Control Act of 1980 Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 Gramm–Leach–Bliley Act of 1999 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: United States Supreme Court cases; Board of Governors v. Agnew, 329 U.S ...
The holding companies were not eligible to enter the SIBHC Program because each owned a bank, although not the type of bank that would cause the holding company to be supervised by the Federal Reserve as a bank holding company. In addition two bank holding companies (Citigroup Inc. and JP Morgan Chase & Co.) entered the CSE Program. [70]
President Bill Clinton's signing statement for the GLBA summarized the established argument for repealing Glass–Steagall Section's 20 and 32 in stating that this change, and the GLBA's amendments to the Bank Holding Company Act, would "enhance the stability of our financial services system" by permitting financial firms to "diversify their product offerings and thus their sources of revenue ...