[Federal Register Volume 62, Number 16 (Friday, January 24, 1997)]
[Notices]
[Page 3699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1707]
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FEDERAL RESERVE SYSTEM
Notice of Proposals to Engage in Permissible Nonbanking
Activities or to Acquire Companies that are Engaged in Permissible
Nonbanking Activities
The companies listed in this notice have given notice under section
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and
Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire
or control voting securities or assets of a company that engages either
directly or through a subsidiary or other company, in a nonbanking
activity that is listed in Sec. 225.25 of Regulation Y (12 CFR 225.25)
or that the Board has determined by Order to be closely related to
banking and permissible for bank holding companies. Unless otherwise
noted, these activities will be conducted throughout the United States.
Each notice is available for inspection at the Federal Reserve Bank
indicated. Once the notice 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 the proposal complies with the standards of section 4
of the BHC Act, including 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'' (12 U.S.C. 1843). 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 6, 1997.
A. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice
President) 925 Grand Avenue, Kansas City, Missouri 64198:-0001
1. Norwest Corporation, Minneapolis, Minnesota, and Norwest
Financial Services, Inc., Des Moines, Iowa (collectively,
``Applicants''), to acquire Reliable Financial Services, Inc., San
Juan, Puerto Rico (``Reliable''), and thereby engage in the following
activities: (1) the purchase, origination, sale, and servicing of
automobile loans, pursuant to Sec. 225.25(b)(1) of the Board's
Regulation Y; and (2) the sale of credit life, credit accident, and
credit health insurance related to these loans, pursuant to Sec.
225.25(b)(8) of the Board's Regulation Y.
In addition, Applicants propose to fulfill the commitments and
obligations of Reliable relating to the securitization of automobile
loan receivables through an existing grantor trust. As servicer for the
grantor trust, Applicants would receive a fee for servicing, managing
and collecting the receivables that are transferred to the trust.
B. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice
President) 925 Grand Avenue, Kansas City, Missouri 64198:-0001
1. BOK Financial Corporation, Tulso, Oklahoma; to engage de novo
through its wholly-owned subsidiary, Alliance Securities Corporation,
Tulsa, Oklahoma, in underwriting and dealing, to a limited extent, in
certain municipal revenue bonds (including certain unrated revenue
bonds), 1-4 family mortgage-related securities, consumer receivable-
related securities, and commercial paper that a state member bank may
not underwrite and deal in bank-ineligible securities, see, e.g.,
Citicorp, 73 Fed. Res. Bull. 473 (1987); Letter Interpreting Section 20
Orders, 81 Fed. Res. Bull. 198 (1995); in acting as agent in the
private placement of all types of securities, see Bankers Trust New
York Corp., 75 Fed. Res. Bull. 829 (1989); in providing investment
advisory services see 12 CFR 225.25(b)(4); in underwriting and dealing
in government obligations and money market instruments in which state
member banks may underwrite and deal under 12 U.S.C. Secs. 24(7) and
335 (bank-eligible securities) see 12 CFR 225.25(b)(16); and in
providing full-service securities brokerage services see 12 CFR
225.25(b)(15).
Board of Governors of the Federal Reserve System, January 17,
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-1707 Filed 1-23-97; 8:45 am]
BILLING CODE 6210-01-F
