[Federal Register: July 8, 1999 (Volume 64, Number 130)]
[Notices]               
[Page 36877]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08jy99-71]                         

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FEDERAL RESERVE SYSTEM

 
Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire or 
control voting securities or assets of a company, including the 
companies listed below, that engages either directly or through a 
subsidiary or other company, in a nonbanking activity that is listed in 
Sec.  225.28 of Regulation Y (12 CFR 225.28) or that the Board has 
determined by Order to be closely related to banking and permissible 
for bank holding companies. Unless otherwise noted, these activities 
will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. Interested persons may express their 
views in writing on the question whether the proposal complies with the 
standards of section 4 of the BHC Act.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than July 22, 1999.
    A. Federal Reserve Bank of Chicago (Philip Jackson, Applications 
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
    1. Old Kent Financial Corporation, Grand Rapids, Michigan; to 
engage de novo through its subsidiary, Old Kent Securities Corporation, 
Grand Rapids, Michigan, in acting as investment or financial advisor, 
pursuant to Sec.  225.28(b)(6) of Regulation Y; providing securities 
brokerage services, ``riskless principal,'' and private placement 
services, pursuant to Sec.  225.28(b)(7)(i), (ii) and (iii) of 
Regulation Y; underwriting and dealing in obligations that state member 
banks of the Federal Reserve System are authorized to underwrite and 
deal in under 12 U.S.C. 24 and 335 (``bank-eligible securities''), and 
engaging in investing and trading activities, pursuant to Secs.  
225.28(b)(8)(i) and (ii) of Regulation Y; underwriting and dealing to a 
limited extent in all types of debt and equity securities other than 
shares of open-end investment companies (mutual funds); See, J.P. 
Morgan & Co. Incorporated et al., 75 Fed. Res. Bull. 192 (1989); and 
providing administrative and other shareholder services to mutual 
funds; see, Mellon Bank Corporation, 79 Fed. Res. Bull. 626 (1993); 
State Street Boston Corporation, 81 Fed. Res. Bull. 297 (1995); 
Barclays PLC, 82 Fed. Res. Bull. 158 (1996); The Governor and Company 
of the Bank of Ireland, 82 Fed. Res. Bull. 1129 (1996).
    B. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Wells Fargo & Company, San Francisco, California; Norwest 
Mortgage, Inc., Des Moines, Iowa, and Southwest Partners, San Diego, 
California; to engage de novo through a joint venture subsidiary, Gold 
Coast Mortgage, San Diego, California, in residential mortgage lending, 
pursuant to Sec.  225.28(b)(1) of Regulation Y.

    Board of Governors of the Federal Reserve System, July 2, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-17336 Filed 7-7-99; 8:45 am]
BILLING CODE 6210-01-F