(a) Advisory opinions regarding scope of previously approved nonbanking
activities.
(1) Request for
advisory opinion. Any person may submit a request to the Board
for an advisory opinion regarding the scope of any permissible nonbanking
activity. The request shall be submitted in writing to the Board and
shall identify the proposed parameters of the activity, or describe
the service or product that will be provided, and contain an explanation
supporting an interpretation regarding the scope of the permissible
nonbanking activity.
(2) Response to request. The Board
shall provide an advisory opinion within 45 days of receiving a written
request under this paragraph.
4-045.3
(b) Procedure for consideration of new activities.
(1) Initiation of proceeding. The Board may, at any time, on its
own initiative or in response to a written request from a person,
initiate a proceeding to determine whether any activity is so closely
related to banking or managing or controlling banks as to be a proper
incident thereto.
(2) Requests for determination. Any request
for a Board determination that an activity is so closely related to
banking or managing or controlling banks as to be a proper incident
thereto, shall be submitted to the Board in writing, and shall contain
evidence that the proposed activity is so closely related to banking
or managing or controlling banks as to be a proper incident thereto.
(3) Publication. The Board shall publish in
the Federal Register notice that it is considering the permissibility
of a new activity and invite public comment for a period of at least
30 calendar days. In the case of a request submitted under paragraph
(b) of this section, the Board may determine not to publish notice
of the request if the Board determines that the requester has provided
no reasonable basis for a determination that the activity is so closely
related to banking, or managing or controlling banks, as to be a proper
incident thereto, and notifies the requester of the determination.
(4) Comments and hearing requests. Any comment
and any request for a hearing regarding a proposal under this section
shall comply with the provisions of section 262.3(e) of the Board’s
Rules of Procedure (12 CFR 262.3(e)).
