The Bank Holding Company Act requires all bank holding companies to seek prior regulatory approval before engaging in nonbanking activities. The exception is for those activities so closely related to banking or managing or controlling banks as to be a proper incident thereto. Citicorp applied for authority to engage, through its subsidiary Citishare, in the processing and transmission of banking, financial, and economic related data through timesharing, electronic funds transfer, home banking, and other techniques. It also sought permission to sell its excess computing capacity and some computer hardware. Citicorp's application was protested by P. Citicorp also requested an amendment of Regulation Y to permit the activities it had specified. The Board published an Amended Order for Hearing and invited public comments and participation. The ALJ decided that the activities proposed by Citicorp were closely related to banking and would produce benefits to the public which would outweigh their costs. The ALJ also recommended amendments to Regulation Y that would permit those activities contained in the Citicorp application. The Board adopted both recommendations and P filed this appeal.