The Federal Reserve places substantial reliance on internal management information maintained by FHCs and on reports filed with, or prepared by, bank, thrift, and functional regulators, as well as on publicly available information for both regulated and non-regulated subsidiaries. Since enactment of the GLB Act, over 500 FHCs have been formed.
The vast majority of those are small community holding companies that converted largely in an effort to take advantage of the insurance agency provisions of the GLB Act or to be well positioned should opportunities for exercising new powers present themselves.