Summary. In 1980, the Federal Reserve Board (the "FRB") issued a Small Bank Holding Company Policy Statement (the "Policy Statement") which applied to bank holding companies ("BHCs") with pro forma consolidated assets of less than $150 million.
What's new: The central bank is reviewing an application to set up a financial holding company submitted by state-owned Beijing Financial Holdings Group Co. Ltd., according to a Tuesday statement (link in Chinese). The context: This is the third company to have such an application reviewed since the People's Bank of China (PBOC) issued a new set of relevant rules last year.