Financial Services Holding Company Act of 1988

[AI summary unavailable — showing source text] Financial Services Holding Company Act of 1988 - Defines a certified financial services holding company (CFSHC) as any company that: (1) has been certified in accordance with the provisions of this Act; (2) owns a bank holding company; (3) engages, through subsidiaries that are separate from its bank holding subsidiaries, in specified "financially-related" activities; (4) does not engage in activities other than managing, controlling, or providing services to its subsidiary bank holding companies or its subsidiaries engaged in "financially-related" activities; (5) insulates its banks in accordance with the provisions of the Federal Reserve Act; and (6) is not controlled by another company (unless that company is primarily engaged in financial services outside of the United States or engaged solely in managing, controlling, or providing services for a certified financial holding company within the United States). Establishes procedures for the certification of financial services holding companies. Requires any company seeking such certification to submit a notice to the Federal Reserve Board. States that certification shall become effective within 30 days following the receipt of th…