Abstract
Since 1970 the nature of bank holding companies has undergone marked change. Prior to 1970, the holding company parent essentially confined its operations to holding the stock of one or more banks. It generally refrained from either direct or indirect participation in nonbanking activities and issued little or no debt. Since the passage of the 1970 amendments to the Bank Holding Company Act, many holding companies have moved aggressively into a variety of nonbanking activities, such as mortgage banking, consumer finance, leasing, insurance and data processing. Also, since 1970 holding company parents have become important financing vehicles for both their bank and nonbank affiliates.
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