Banks Back Fed's Plan for 'Finders' Role
American Banker (09/15/00) Vol. 104, No. 37 p.20; Daigle, Lisa

A Federal Reserve plan to allow financial holding companies to be "finders" linking buyers and sellers has mostly won the support of banks and banking trade associations. If the Fed enacts the proposal, financial companies would be able to establish online marketplaces bringing together third-party buyers and sellers. However, a Dallas bank executive has expressed his opinion that this would violate the spirit of the Gramm-Leach-Bliley Act because it is unrelated to financial activities.


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