The Bank Holding Company Act of 1956 (BHC Act) and the Boardâs Regulation Y - Bank Holding Companies and Change in Bank Control (12 CFR Part 225) require a bank holding company (BHC) that, either through foreclosure or otherwise in the ordinary course of collecting a debt previously contracted (DPC), acquired voting securities of a bank or BHC or the securities or assets of a company engaged in a nonbanking activity to seek prior Board approval in order to retain ownership of those shares or assets for more than two years.
US Code:
12 USC 1842(a)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 1843(c)(2)
Name of Law: Bank Holding Company Act of 1956
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.