Regulation Y, which is administered by the Federal Reserve Board, primarily focuses on evaluating applications related to banking activities, such as mergers, acquisitions, and the establishment of bank holding companies. While the Federal Reserve Board considers various factors when evaluating applications under Regulation Y, the current nonbanking activities of the applicant are typically not among them. Factors such as the financial strength of the applicant, the management strength of the applicant, and the effect of the transaction on competition are commonly considered by the Federal Reserve Board when evaluating applications under Regulation Y. These factors help assess the safety and soundness of the proposed transactions and their potential impact on the banking system and consumers.