Proposed Expansion of Prohibition Against Interstate Deposit-Production Offices to Include Any Bank or Branch Controlled by an Out-of-State BHC
To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:
In a press release dated April 11, the Board of Governors of the Federal Reserve System announced a proposed amendment to its Regulation H, Membership of State Banking Institutions in the Federal Reserve System, that would expand the prohibition against interstate deposit-production offices to include any bank or branch controlled by an out-of-state bank holding company.
The proposal would implement the amendment made by Section 106 of the Gramm-Leach-Bliley Act to Section 109 of the Riegle-Neal Interstate Banking and Branching Act. The official notice (pdf - 56kb) of the proposal was published in the Federal Register of April 9, 2001.
Comments should be made by June 8, 2001, to the Board of Governors as specified in the notice.