ST. LOUIS, July 21 /PRNewswire/ -- The Federal Reserve Bank of St. Louis has launched a new web site feature designed to help the public keep track of major regulatory developments that occur as the U.S.

GMAC Financial Services said Thursday it had applied to the U.S. Federal Reserve for bank holding company status, a step toward securing federal aid. The auto and home financing company said it had also submitted an application to the U.S.

By Kathy Chu and John Waggoner The conversion of the last big investment banks, Morgan Stanley and Goldman Sachs, into bank holding companies will usher in sweeping changes to the nation's financial system.

By MARK McLAUGHLIN WALL Street's last two remaining major investment banks have switched their status to bank holding companies in a bid to survive the current financial crisis that has decimated banking institutions on both sides of the Atlantic.