[Federal Register Volume 61, Number 106 (Friday, May 31, 1996)]
[Notices]
[Pages 27352-27353]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13651]
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FEDERAL RESERVE SYSTEM
Notice of Proposal to Engage in Nonbanking Activities.
Banc One Corporation, Columbus, Ohio, CoreStates Financial Corp,
Philadelphia, Pennsylvania, PNC Bank Corp., Pittsburgh, Pennsylvania,
National City Corporation, Cleveland, Ohio, and KeyCorp, Cleveland,
Ohio, have given notice pursuant to section 4(c)(8) of the Bank Holding
Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and section 225.23 of the
Board's Regulation Y (12 CFR 225.23), to engage de novo through their
joint venture subsidiary, Electronic Payment Services, Inc.,
Wilmington, Delaware (Company), in providing data processing services
in connection with enhanced automated teller machine functions,
enabling financial institutions to dispense: (1) public transportation
tickets; (2) event and attraction tickets; (3) gift certificates; (4)
prepaid phone cards; (5) other forms of alternate media that evidence a
cardholder's prepayment for goods or services; and (6) other forms of
alternate media, the dispensing of which is the automated equivalent of
a customary banking activity. Company proposes to conduct these
activities throughout the United States.
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). 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 June 17,
1996. Any request for a hearing on this proposal must, as required by
section 262.3(e) of the Board's Rules of
[[Page 27353]]
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 Banks of Cleveland or
Philadelphia.
Board of Governors of the Federal Reserve System, May 24, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-13651 Filed 5-30-96; 8:45 am]
BILLING CODE 6210-01-F
