In July 2000, the company was officially converted into a financial holding company under the Bank Holding Company Act, which allowed it to engage in all financial related activities, including those with stricter regulatory standards than banking such as insurance and market securities.
The transformation of the company into a financial holding company under the Bank Holding Company Act in July 2000 granted it the ability to engage in all financial activities, including those with stricter regulatory standards than traditional banking, such as insurance and securities trading.