[Federal Register Volume 60, Number 79 (Tuesday, April 25, 1995)]
[Notices]
[Pages 20270-20271]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10117]
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FEDERAL RESERVE SYSTEM
First Union Corporation; Notice to Engage in Certain Nonbanking
Activities
First Union Corporation, Charlotte, North Carolina (Notificant),
has provided 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 engage through its
subsidiary, First Union Capital Markets Corp., Charlotte, North
Carolina (Company), in underwriting and dealing in debt and equity
securities of all types, other than shares of open-end investment
companies, and acting as advisor with respect to swaps, caps and
similar instruments based on commodities; stock, bond or commodities
indices; or a hybrid of interest rates and such commodities or indices.
These activities will be conducted nationwide.
Notificant maintains that the Board previously has determined that
the proposed activities are closely related to banking. See Canadian
Imperial Bank of Commerce, 76 Federal Reserve Bulletin 158 (1990); J.P.
Morgan & Co. Incorporated, et al., 75 Federal Reserve Bulletin 192
(1989), aff'd sub nom. Securities Industries Ass'n v. Board of
Governors of the Federal Reserve System, 900 F.2d 360 (D.C. Cir. 1990);
and Citicorp, et al., 73 Federal Reserve Bulletin 473 (1987), aff'd sub
nom. Securities Industry Ass'n v. Board of Governors of the Federal
Reserve System, 839 F.2d 47 (2d Cir.), cert. denied, 486 U.S. 1059
(1988); Swiss Bank Corporation, 81 Federal Reserve Bulletin 185 (1995).
Notificant states that Company would conduct the proposed activities
within the limitations and prudential guidelines established by the
Board in previous orders.
In order to approve the proposal, the Board must determine that the
proposed activities to be conducted by Company ``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. Sec. 1843(c)(8). Notificant
believes that the proposal would produce public benefits that outweigh
any potential adverse effects. In particular, Notificant maintains that
the proposal would enhance competition and enable Notificant to offer
its customers a broader range of products. Notificant also maintains
that its proposal would not result in any adverse effects.
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 to seek the views of [[Page 20271]] interested persons
on the issues presented by the application 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 May 15, 1995. Any request for a
hearing on this application must, as required by Sec. 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.
This application may be inspected at the offices of the Board of
Governors or the Federal Reserve Bank of Richmond.
Board of Governors of the Federal Reserve System, April 19,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-10117 Filed 4-24-95; 8:45 am]
BILLING CODE 6210-01-F
