Independent Community Bankers of America v. Board of Governors of Federal Reserve System

Opinion for the Court filed by Circuit Judge STEPHEN F. WILLIAMS.

STEPHEN F. WILLIAMS, Circuit Judge:

Travelers Group, Inc. applied to the Board of Governors of the Federal Reserve System to become a bank holding company. Under § 3(a)(1) of the Bank Holding Company (“BHC”) Act, 12 U.S.C. § 1842(a)(1) (1994), Travelers needed Board approval before it could proceed with its plan to acquire all of the voting stock of an existing bank holding company, Citicorp, Inc., and thereby add all of Citi-corp’s banking and nonbanking subsidiaries to its group of companies. After completing this transaction…