[Federal Register Volume 60, Number 212 (Thursday, November 2, 1995)]
[Notices]
[Pages 55716-55717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27288]
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FEDERAL RESERVE SYSTEM
Notice of Public Meeting
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of public meeting.
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ATE AND TIME: Thursday, November 16, 1995, beginning at 9:00 a.m.
E.S.T.
PLACE: Federal Reserve Bank of New York, 33 Liberty Street, New York
City, New York, 10045.
SUMMARY: The Federal Reserve Board is announcing a public meeting in
connection with the application of Chemical Banking Corporation, New
York City, New York, to acquire The Chase Manhattan Corporation, New
York City, New York, pursuant to sections 3 and 4 of the Bank Holding
Company Act of 1956.
FOR FURTHER INFORMATION CONTACT: Thomas M. Corsi, Senior Attorney (202/
452-3275), or Christopher Greene, Attorney (202/452-2263), Legal
Division, or Charles Fleet, Review Examiner, Division of Consumer and
Community Affairs (202/452-2776), Board of Governors of the Federal
Reserve System, Washington, D.C. 20551. For users of Telecommunications
Device for the Deaf (TDD) only, please contact Dorothea Thompson (202/
452-3344), Board of Governors of the Federal Reserve System, 20th and C
Streets, N.W., Washington, D.C. 20551.
SUPPLEMENTARY INFORMATION:
Background and Public Meeting Notice
On October 3, 1995, Chemical Banking Corporation, New York City,
New York (Chemical), applied to the Federal Reserve System for approval
under sections 3 and 4 of the Bank Holding Company Act (12 U.S.C. 1842,
1843) (BHC Act) to acquire The Chase Manhattan Corporation, New York,
New York (Chase), and thereby to acquire the banking and nonbanking
subsidiaries of Chase. Chemical also has applied to the New York State
Banking Department under relevant provisions of New York banking law.
Under authority delegated by the Board of Governors of the Federal
Reserve System (Board) in Sec. 265.6(a)(2) of the Board's Rules, the
General Counsel of the Board hereby orders that a public meeting on the
applications be held in New York City, New York, on Thursday, November
16, 1995, to collect information on the convenience and needs of the
communities to be served by this proposal, including the records of
performance of these institutions under the Community Reinvestment Act
(12 U.S.C. 2901 et seq.) (CRA) and the community reinvestment
provisions of New York Banking Law (N.Y. Banking Law section 28-b).
The public meeting will be held jointly with the New York State
Banking Department at the Federal Reserve Bank of New York, 33 Liberty
Street, New York City, New York, 10045. The meeting will begin at 9:00
a.m. E.S.T.
Purpose and Procedures
The purpose of the public meeting is to receive information
regarding the convenience and needs of the communities to be served by
this proposal, including the records of performance of Chemical and
Chase under the CRA and the community reinvestment provisions of New
York Banking Law. The CRA requires the appropriate federal financial
supervisory agency to ``assess [an] institution's record of meeting the
credit needs of its entire community, including low- and moderate-
income neighborhoods, consistent with the safe and sound operation of
[the] institution.'' 12 U.S.C. 2903. The Board, as a federal financial
supervisory agency, is required to take this record into account in its
evaluation of an application under section 3 of the BHC Act.
The public meeting is convened under the Board's policy statement
regarding informal meetings in Sec. 262.25(d) of the Board's Rules (12
CFR 262.25(d)). This policy statement provides that the purpose of a
public meeting is to elicit information, to clarify factual issues
related to an application, and to provide an opportunity for interested
individuals to provide testimony. In contrast to a formal
administrative hearing, the rules for taking evidence in an
administrative proceeding will not apply to this public meeting.
Testimony at the public meeting will be presented to a panel consisting
of Presiding Officers, Neil D. Levin, Superintendent of Banks of the
State of New York, or his designee, and Griffith L. Garwood, Director
of the Board's Division of Consumer and Community Affairs, and other
panel members appointed by the Presiding Officers. These panel members
may question witnesses, but no cross-examination of witnesses by others
will be permitted.
In conducting this public meeting, the Presiding Officers will have
the authority and discretion to ensure that the meeting proceeds in a
fair and orderly manner. The public meeting will be transcribed and
information regarding procedures for obtaining a copy of the transcript
will be announced at the public meeting.
All persons wishing to testify at the public meeting should submit
a written request to Darrie Williams, Secretary of the New York State
Banking Board, Two Rector Street, New York City, New York 10006
(facsimile: 212/618-6912), with a copy to William W. Wiles, Secretary
of the Board, Board of Governors of the Federal Reserve System, 20th
Street and Constitution Avenue, N.W., Washington, D.C., 20551
(facsimile: (202/452-3819), not later than November 10, 1995, providing
the following information:
(i) A brief statement of the nature of the expected testimony and
the estimated time required for the presentation;
(ii) Address and telephone number (and facsimile number, if
available); and
(iii) Identification of any special needs, such as persons desiring
translation services, persons with a physical disability who may need
assistance, or persons using visual aids for their presentation. To the
extent available, translators will be provided to persons wishing to
present their views in a language other than English if they include
this information in their request to testify.
Persons interested only in attending the meeting do not need to
submit a written request to attend.
On the basis of the requests received, the Presiding Officers will
prepare a schedule for persons wishing to testify. Persons not listed
on the schedule may be permitted to speak at the public meeting at the
discretion of the Presiding Officers if time permits at the conclusion
of the schedule of witnesses. Copies of testimony may, but need not, be
filed with the Presiding Officers before a person's presentation.
By order of the General Counsel of the Board of Governors,
acting pursuant to
[[Page 55717]]
authority delegated by the Board of Governors, effective October 30,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-27288 Filed 11-1-95; 8:45 am]
BILLING CODE 6210-01-P
