[Federal Register Volume 65, Number 60 (Tuesday, March 28, 2000)]
[Rules and Regulations]
[Page 16302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-7432]


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FEDERAL RESERVE SYSTEM

12 CFR Part 225

[Regulation Y; Docket No. R-1057]


Bank Holding Companies and Change in Bank Control

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Interim rule; correction.

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SUMMARY: This document corrects the preamble to an interim rule 
published in the Federal Register of March 21, 2000, regarding 
procedures for bank holding companies and foreign banks to elect to be 
treated as financial holding companies. This correction clarifies that 
depository institution subsidiaries of foreign banks electing financial 
holding company status must meet the same requirements as depository 
institution subsidiaries of bank holding companies electing financial 
holding company status.

DATES: This correction is effective March 15, 2000.

FOR FURTHER INFORMATION CONTACT: Ann Misback, 202-452-3788.

Correction

    In interim rule FR Doc. No. 00-6049, beginning on 65 FR 15053 in 
the issue of March 21, 2000, make the following correction in the 
Summary section. On page 15053 in the second column beginning on the 
first line, remove the first sentence in its entirety and replace it 
with the following sentence:
    ``Second, in order to make the requirements for foreign banks 
consistent with the requirements imposed on bank holding companies, the 
Board is amending the interim rule to require that all U.S. depository 
institution subsidiaries (such as thrifts and nonbank trust companies) 
of electing foreign banks meet the same requirements as depository 
institution subsidiaries of bank holding companies.''

    Dated: March 21, 2000.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 00-7432 Filed 3-27-00; 8:45 am]
BILLING CODE 6210-01-P