Page:United States Statutes at Large Volume 101 Part 1.djvu/599

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 569

"(ii) all of the insured institution subsidiaries of such company are qualified thrift lenders (as determined under subsection (o)). "(4) PRIOR APPROVAL OF CERTAIN NEW ACTIVITIES REQUIRED.—

"(A) IN GENERAL.—No savings and loan holding company and no subsidiary (of such company) which is not an insured institution shall commence, either de novo or by an acquisition (in whole or in part) of a going concern, any activity described in paragraph (2)(F)(i) of this subsection without the prior approval of the Corporation. "(B) FACTORS TO BE CONSIDERED BY CORPORATION.—In

considering any application under subparagraph (A) by any savings and loan holding company or any subsidiary of any such company which is not an insured institution, the Corporation shall consider— "(i) whether the performance of the activity described in such application by the company or the subsidiary can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition, or gains in efficiency) that outweigh possiJ)le adverse effects of such activity (such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound financial practices); "(ii) the mafiagerial resources of the companies involved; and "(iii) the adequacy of the financial resources, including capital, of the companies involved. "(C) CORPORATION MAY DIFFERENTIATE BETWEEN NEW AND ONGOING ACTIVITIES.—In prescribing any regulation or

considering any application under this paragraph, the Corporation may differentiate between activities commenced de novo and activities commenced by the acquisition, in whole or in part, of a going concern. "(D) APPROVAL OR DISAPPROVAL BY ORDER.—The approval

or disapproval of any application under this paragraph by the Corporation shall be made in an order issued by the Corporation containing the reasons for such approval or disapproval. "(5) GRACE PERIOD TO ACHIEVE COMPUANCE.—If any insured

institution referred to in paragraph (3) fails to maintain the status of such institution as a qualified thrift lender, the Corporation may allow, for good cause shown, any company which controls such institution (or any subsidiary of such company which is not an insured institution) up to 3 years to comply with the limitations contained in paragraph (1)(C). "(6) SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES AFFECTED BY 1987 AMENDMENTS.— "(A) EXCEPTION TO 2-YEAR GRACE PERIOD FOR ACHIEVING

COMPLIANCE.—Notwithstanding paragraph (l)(C)(i), any company which received approval under subsection (e) of this section to acquire control of an insured institution between March 5, 1987, and the date of the enactment of the Competitive Equality Amendments of 1987 shall not continue any business activity other than the activities described in paragraph (2) after such date of enactment.

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