As a result, the Board has significantly streamlined the process for well-capitalized, well-run companies to acquire a bank or nonbank and eliminated the prior approval process for such companies to engage de novo in Board-approved nonbanking activities.
Second, the Board concluded that bank holding companies should be permitted to conduct nonbanking activities to the fullest extent permissible under the Bank Holding Company Act, and that Regulation Y should be sufficiently flexible to allow for industry changes in permissible activities without requiring additional regulatory filings.