financial holding company


Financial company that handles a variety of financial transactions and whose services are monitored by the Federal Reserve Board. The lists of financial services that a financial holding company can provide were formulated under the Gramm-Leach-Billey Act of 1999. An institution whose services encompass at least 85% of those of a banking institution may apply to be a financial holding company. In 2008, American Express, a credit card company, was changed into a financial holding company.

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You may want to do some business with a financial holding company if that will make things easier for you.

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He worked for a financial holding company and loved his work there and everyone could tell that by the way he conducted himself.

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Frank discovered that the financial holding company of which he had been a member was accused of fraudulent activity by the Federal Reserve Board.

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securities subsidiary Gramm-Leach-Bliley Act