[Federal Register Volume 62, Number 20 (Thursday, January 30, 1997)]
[Notices]
[Pages 4534-4535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-2284]


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FEDERAL RESERVE SYSTEM

Signet Banking Corporation, Richmond, Virginia; Notice to Engage 
in Certain Nonbanking Activities

    Signet Banking Corporation, Richmond, Virginia (Notificant), has 
provided notice pursuant to section 4(c)(8) of the Bank Holding Company 
Act (12 USC 1843(c)(8)) (BHC Act) and Sec.  225.23 of the Board's 
Regulation Y (12 CFR 225.23) of its intention to acquire 49.99 percent 
of a limited liability company (tentatively to be titled ``SoHo CFO, 
L.L.C.'') (Company), a de novo joint venture with United Video 
Satellite Group, Inc., Tulsa, Oklahoma, and thereby engage in certain 
data processing and transmission activities pursuant to Sec.  
225.25(b)(7) of Regulation Y (12 CFR 225.25(b)(7)), management 
consulting to depository institutions pursuant to Sec.  225.25(b)(11) 
of Regulation Y (12 CFR 225.25(b)(11)), and related incidental 
activities. Company proposes to conduct these activities nationwide.
    Notificant proposes that Company develop and maintain a Web site 
(``SoHo Web site''), accessible via the Internet, targeted to business 
owners and managers, with particular emphasis on small office and home 
office businesses. In this regard, Company would provide an electronic 
interface or communications gateway through which customers could: (1) 
obtain information on and access, via the Internet, business banking or 
financial services offered by Notificant and its banking and nonbanking 
subsidiaries; (2) obtain information on and access, via the Internet, 
business banking and financial services provided by other depository 
institutions; and (3) obtain information on and access Internet sites 
of selected providers of other financial products or services, 
including payroll, insurance, retirement planning, and investment and 
brokerage services, and financial educational information. Company also 
would advise participating depository institutions on the design and 
implementation of their Home Pages on the SoHo Web site and electronic 
commerce initiatives, as well as provide marketing and technical 
support to these institutions. Customers also would be able to 
effectuate payments for products and services through Company's system 
by using credit cards or an ``electronic wallet'' made available by a 
third party provider. Company also would engage in various activities 
which it maintains are incidental to the foregoing, including the 
provision of information on and access to, via the Internet, 
nonfinancial business products and services (such as office supply, 
marketing, and human resources products and services), making available 
to its customers the Internet acces30products and services of third 
party providers, and offering on-line access to business educational 
information.
    Section 4(c)(8) of the BHC Act provides that a bank holding company 
may, with Board approval, engage in any activity which the Board, after 
due notice and opportunity for hearing in the case of an acquisition of 
a savings association, has determined to be so closely related to 
banking or managing or controlling banks as to be a proper incident 
thereto. In publishing the proposal for comment, the Board does not 
take a position on issues raised by the proposal. Notice of the 
proposal is published solely to seek the views of interested persons on 
the issues presented by the application and does not represent a 
determination by the Board that the proposal meets, or is

[[Page 4535]]

likely to meet, the standards of the BHC Act.
    Any comments must be submitted in writing and received by William 
W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 
Washington, D.C. 20551, not later than February 13, 1997.
    This application may be inspected at the offices of the Board of 
Governors or the Federal Reserve Bank of Richmond.

    Board of Governors of the Federal Reserve System, January 24, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-2284 Filed 1-29-97; 8:45 am]
BILLING CODE 6210-01-F