Law360, New York ( March 14, 2012, 2:20 PM EDT) -- The Gramm-Leach-Bliley Act of 1999 created a new "financial holding company" (FHC) designation for banking organizations, which was available to any bank holding company if its bank subsidiaries met certain requirements. Qualification as an FHC allows a bank holding company and its nonbank subsidiaries to engage in a range of activities deemed by the Federal Reserve to be "financial in nature," or incidental or complementary to such a financial activity....
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