[Federal Register Volume 60, Number 89 (Tuesday, May 9, 1995)]
[Notices]
[Page 24634]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11349]
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FEDERAL RESERVE SYSTEM
Norwest Corporation; Notice of Application to Engage de novo in
Permissible Nonbanking Activities
The company listed in this notice has filed an application 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 application is available for immediate inspection at the
Federal Reserve Bank indicated. Once the application 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 consummation of the proposal 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
May 23, 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
through its subsidiary, Norwest Ventures, Inc., Des Moine, Iowa, in a
joint venture with Conerstone Mortgage, Ho-Ho-Kus, New Jersey, and
engage in the residential mortgage lending business, including
activities such as prequalification, mortgage loan origination and
processing and closing loans, pursuant Sec. 225.25(b)(1) of the
Board's Regulation Y. The georgraphic scope of this activity is
Paramus, New Jersey, and the surrounding area.
Board of Governors of the Federal Reserve System, May 3, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-11349 Filed 5-8-95; 8:45 am]
BILLING CODE 6210-01-F
