[Download] "Independent Community Bankers of America v. Board of Governors of the Federal Reserve System" by District of Columbia Circuit U.S. Court of Appeals # eBook PDF Kindle ePub Free
eBook details
- Title: Independent Community Bankers of America v. Board of Governors of the Federal Reserve System
- Author : District of Columbia Circuit U.S. Court of Appeals
- Release Date : January 02, 1999
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 84 KB
Description
Argued October 1, 1999 On Petition for Review of an Order of the Board of Governors of the Federal Reserve System Opinion for the Court filed by Circuit Judge Williams. Travelers Group, Inc. applied to the Board of Governors of the Federal Reserve System to become a bank holding company. Under § 3(a)(1) of the Bank Holding Company (""BHC"") Act, 12 U.S.C. § 1842(a)(1) (1994), Travelers needed Board approval before it could proceed with its plan to acquire all of the voting stock of an existing bank holding company, Citicorp, Inc., and thereby add all of Citicorp's banking and nonbanking subsidiaries to its group of companies. After completing this transaction Travelers planned to rename itself Citigroup, Inc. The Board approved Travelers's application on the condition that the new enterprise divest itself of its insurance business within two years, so as to comply with § 4(a)(2) of the BHC Act, 12 U.S.C. § 1843(a)(2) (1994). And it found the acquisition in compliance with § 20 of the Glass-Steagall Act, 12 U.S.C. § 377 (1994), as none of Citigroup's affiliates would derive more than 25% of its gross revenues from bankineligible securities. See Order Approving Formation of a Bank Holding Company and Notice to Engage in Nonbanking Activities, 84 Fed. Res. Bull. 985, 985 (1998), reprinted in J.A. 1, 3-4 (""1998 Order"").