[Federal Register Volume 61, Number 40 (Wednesday, February 28, 1996)]
[Notices]
[Page 7520]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4449]
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FEDERAL RESERVE SYSTEM
Woodforest Bancshares, Inc.; Notice to Engage in Nonbanking
Activities
Woodforest Bancshares, Inc., Houston, Texas (Notificant), has given
notice pursuant to section 4(c)(8) of the Bank Holding Company Act (12
U.S.C. 1843(c)(8)) (BHC Act) and Sec. 225.23(a)(3) of the Board's
Regulation Y (12 CFR 225.23(a)(3)), to acquire Mutual Money
Investments, Inc. (d/b/a Tri-Star Financial), Houston, Texas (Company),
and thereby engage in providing securities brokerage services pursuant
to Sec. 225.25(b)(15) of Regulation Y (12 CFR 225.25(b)(15)) and data
processing services pursuant to Sec. 225.25(b)(7) of Regulation Y (12
CFR 225.25(b)(7)). Notificant also proposes to act through Company as a
riskless principal in the purchase and sale of all types of securities
on the order of investors. This activity has previously been determined
by Board Order to be closely related to banking. Notificant proposes to
engage in the proposed activities nationwide.
Section 4(c)(8) of the BHC Act provides that a bank holding company
may, with Board approval, engage in any activity ``which the Board
after due notice and opportunity for hearing has determined (by order
or regulation) to be so closely related to banking or managing or
controlling banks as to be a proper incident thereto.'' 12 U.S.C.
1843(c)(8).
Notificant maintains that the Board previously has determined that
the proposed activities are ``so closely related to banking or managing
or controlling banks as to be proper incident thereto.'' The Board
previously has approved, by order, the proposed riskless principal
activities, and Notificant has stated that it will conduct these
activities using the same methods and subject to the prudential
limitations established by the Board in its previous orders. See J.P.
Morgan & Co. Incorporated, 76 Fed. Res. Bull. 26 (1990); Bankers Trust
New York Corporation, 75 Fed. Res. Bull. 829 (1989).
In publishing the proposal for comment, the Board does not take a
position on issues raised by the proposal. Notice of the proposal is
published solely in order to seek the views of interested persons on
the issues presented by the notice, and does not represent a
determination by the Board that the proposal meets or is likely to meet
the standards of the BHC Act.
Any comments or requests for hearing should be submitted in writing
and received by William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, not later than March
13, 1996. Any request for a hearing on this proposal must, as required
by section 262.3(e) of the Board's Rules of Procedure (12 CFR
262.3(e)), be accompanied by a statement of the reasons why 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. The
notice may be inspected at the offices of the Board of Governors or the
Federal Reserve Bank of Dallas.
Board of Governors of the Federal Reserve System, February 22,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-4449 Filed 2-27-96; 8:45 am]
BILLING CODE 6210-01-F
