[Federal Register Volume 60, Number 89 (Tuesday, May 9, 1995)]
[Notices]
[Page 24634]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11349]



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FEDERAL RESERVE SYSTEM

Norwest Corporation; Notice of Application to Engage de novo in 
Permissible Nonbanking Activities

    The company listed in this notice has filed an application under 
Sec.  225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1)) 
for the Board's approval under section 4(c)(8) of the Bank Holding 
Company Act (12 U.S.C. 1843(c)(8)) and Sec.  225.21(a) of Regulation Y 
(12 CFR 225.21(a)) to commence or to engage de novo, either directly or 
through a subsidiary, in a nonbanking activity that is listed in Sec.  
225.25 of Regulation Y as closely related to banking and permissible 
for bank holding companies. Unless otherwise noted, such activities 
will be conducted throughout the United States.
    The application is available for immediate inspection at the 
Federal Reserve Bank indicated. Once the application has been accepted 
for processing, it will also be available for inspection at the offices 
of the Board of Governors. Interested persons may express their views 
in writing on the question whether consummation of the proposal can 
``reasonably be expected to produce benefits to the public, such as 
greater convenience, increased competition, or gains in efficiency, 
that outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.'' Any request for a hearing on this question 
must be accompanied by a statement of the reasons a written 
presentation would not suffice in lieu of a hearing, identifying 
specifically any questions of fact that are in dispute, summarizing the 
evidence that would be presented at a hearing, and indicating how the 
party commenting would be aggrieved by approval of the proposal.
    Comments regarding the application must be received at the Reserve 
Bank indicated or the offices of the Board of Governors not later than 
May 23, 1995.
    A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Norwest Corporation, Minneapolis, Minnesota; to engage de novo 
through its subsidiary, Norwest Ventures, Inc., Des Moine, Iowa, in a 
joint venture with Conerstone Mortgage, Ho-Ho-Kus, New Jersey, and 
engage in the residential mortgage lending business, including 
activities such as prequalification, mortgage loan origination and 
processing and closing loans, pursuant Sec.  225.25(b)(1) of the 
Board's Regulation Y. The georgraphic scope of this activity is 
Paramus, New Jersey, and the surrounding area.

    Board of Governors of the Federal Reserve System, May 3, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-11349 Filed 5-8-95; 8:45 am]
BILLING CODE 6210-01-F