How to request approval to engage in an activity that is complementary to a financial activity?

CFR · 2024-01-01 · US · Title 12

(a) (1) Identify and define the proposed complementary activity, specifically describing what the activity would involve and how the activity would be conducted; (2) Identify the financial activity for which the proposed activity would be complementary and provide detailed information sufficient to support a finding that the proposed activity should be considered complementary to the identified financial activity; (3) Describe the scope and relative size of the proposed activity, as measured by the percentage of the projected financial holding company revenues expected to be derived from and assets associated with conducting the activity; (4) Discuss the risks that conducting the activity may reasonably be expected to pose to the safety and soundness of the subsidiary depository institutions of the financial holding company and to the financial system generally; (5) Describe the potential adverse effects, including potential conflicts of interest, decreased or unfair competition, or other risks, that conducting the activity could raise, and explain the measures the financial holding company proposes to take to address those potential effects; (6) Describe the potential benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that the proposal reasonably can be expected to produce; and (7) Provide any information about the financial and managerial resources of the financial holding company and any other information requested by the Bo

official document · source cfr-2024 · id 12:§ 225.89