How do you request the Secretary to determine that an activity is financial in nature or incidental to a financial activity?

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) Identify and define the activity for which the determination is sought, specifically describing what the activity would involve and how the activity would be conducted; (2) Explain in detail why the activity should be considered financial in nature or incidental to a financial activity; and (3) Provide information supporting the requested determination and any other information required by the Secretary concerning the proposed activity. (c) (i) The purposes of section 5136A of the Revised Statutes (12 U.S.C. 24a) and the GLBA; (ii) Changes or reasonably expected changes in the marketplace in which banks compete; (iii) Changes or reasonably expected changes in the technology for delivering financial services; and (iv) Whether the activity is necessary or appropriate to allow a bank and the subsidiaries of a bank to— (A) Compete effectively with any company seeking to provide financial services in the United States; (B) Efficiently deliver information and services that are financial in nature through the use of technological (C) Offer customers any available or emerging technological means for using financial services or for the document imaging of data. (2) Because the Secretary is required to consider the factors in paragraph (c)(1) of this section in making his determination, any request should address the factors in paragraph (c)(1) of this section. The Secretary may also consider other relevant factors. (d) (2) (e) (1) Will inform the requester of the Secretary

official document · source cfr-2024 · id 12:§ 1501.1