[Federal Register Volume 60, Number 12 (Thursday, January 19, 1995)]
[Notices]
[Pages 3868-3869]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-1306]
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FEDERAL RESERVE SYSTEM
Norwest Corporation, et al.; Notice of Applications to Engage de
novo in Permissible Nonbanking Activities
The companies listed in this notice have filed an application under
Sec. 225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1))
for the Board's approval under section 4(c)(8) of the Bank Holding
Company Act (12 U.S.C. 1843(c)(8)) and Sec. 225.21(a) of Regulation Y
(12 CFR 225.21(a)) to commence or to engage de novo, either directly or
through a subsidiary, in a nonbanking activity that is listed in Sec.
225.25 of Regulation Y as closely related to banking and permissible
for bank holding companies. Unless otherwise noted, such activities
will be conducted throughout the United States.
Each application is available for immediate inspection at the
Federal Reserve Bank indicated. Once the application 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 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.'' 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 applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than February 1, 1995.
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 wholly-owned subsidiary, Norwest Mortgage, Inc., Des
Moines, in a joint venture with Mountain Pacific Mortgage, San Diego,
California, and thereby engage in the residential mortgage lending
business pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y.
B. Federal Reserve Bank of San Francisco (Kenneth R. Binning,
Director, Bank Holding Company) 101
[[Page 3869]]
Market Street, San Francisco, California 94105:
1. U.S. Bancorp, Portland, Oregon; to engage de novo through U.S.
Trade Services, Inc., Portland, Oregon, in issuing and paying letters
of credit in Hong Kong and world-wide as well as conduct related letter
of credit processing such as examining documents presented under letter
of credit, transferring letters of credit at the request of
beneficiaries, and creating trade acceptances from usance draft drawn
under letter of credit pursuant to Sec. 225.25(b)(1)(iv) of the
Board's Regulation Y.
Board of Governors of the Federal Reserve System, January 12,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-1306 Filed 1-18-95; 8:45 am]
BILLING CODE 6210-01-F
