[Federal Register Volume 61, Number 149 (Thursday, August 1, 1996)]
[Notices]
[Pages 40219-40220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19554]


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[[Page 40220]]


FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies That are Engaged in Permissible 
Nonbanking Activities

    The company listed in this notice has given notice under section 4 
of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation      Y, (12 CFR Part 225) to engage de novo, or to acquire 
or control voting securities or assets of a company that engages either 
directly or through a subsidiary or other company, in a nonbanking 
activity that is listed in Sec.  225.25 of Regulation Y (12 CFR 225.25) 
or that the Board has determined by Order to be closely related to 
banking and permissible for bank holding companies. Unless otherwise 
noted, these activities will be conducted throughout the United States.
    The notice is available for inspection at the Federal Reserve Bank 
indicated. Once the notice 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 the proposal complies with the standards of section 4 
of the BHC Act, including 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'' (12 U.S.C. 1843). 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.
    Unless otherwise noted, comments regarding the application must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than August 15, 1996.
    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 Financial, Inc., Des Moines, Iowa, in 
the issuance and sale at retail of money orders having a face value of 
not more than $1 thousand through its existing subsidiaries, pursuant 
to Sec.  225.25(b)(12) of the Board's Regulation Y. Norwest Financial 
will enter into a contract with Travelers Express, Inc., Minneapolis, 
Minnesota. Travelers Express would provide Norwest Financial with blank 
money order forms and the equipment necessary to process the money 
order sales. Norwest Financial would act as the agent of Travelers 
Express and sell money orders in exchange for a flat fee for each money 
order sold.

    Board of Governors of the Federal Reserve System, July 26, 1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-19554 Filed 7-31-96; 8:45 am]
BILLING CODE 6210-01-F