[Federal Register Volume 60, Number 237 (Monday, December 11, 1995)]
[Notices]
[Page 63529]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30140]
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FEDERAL RESERVE SYSTEM
Norwest Corporation; Notice of Proposal to Engage de novo in
Permissible Nonbanking Activities
The company listed in this notice has given notice 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.
The notice is available for immediate 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 commencement of the activity 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.
Comments regarding the application must be received at the Reserve
Bank indicated or the offices of the Board of Governors not later than
December 28, 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
in issuing commercial and standby letters of credit related to
customers of The Foothill Group, Los Angeles, California, pursuant to
Sec. 225.25(b)(1) of the Board's Regulation Y, and issuing shipping
guarantees, pursuant to Sec. 211.3(b)(1) of the Board's Regulation K.
Board of Governors of the Federal Reserve System, December 6,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-30140 Filed 12-8-95; 8:45 am]
BILLING CODE 6210-01-F
