Page:United States Statutes at Large Volume 102 Part 4.djvu/850

 102 STAT. 3820

PUBLIC LAW 100-650—NOV. 10, 1988 respect to the service of a director of such company who is also a director of any nonaffiliated depository institution or depository holding company (including a savings and loan holding company) if— "(i) notice of the proposed dual service is given by such diversified savings and loan holding company to— "(I) the appropriate Federal depository institutions regulatory agency for such company; and "(II) the appropriate Federal depository institutions regulatory agency for the nonaffiliated depository institution or depository holding company of which such person is also a director, not less than 60 days before such dual service is proposed to begin; and "(ii) the proposed dual service is not disapproved by any such appropriate Federal depository institutions regulatory agency before the end of such 60-day period. "(B) Any appropriate Federal depository institutions regulatory agency may disapprove, under subparagraph (A)(ii), a notice of proposed dual service by any individual if such agency finds that— "(i) the dual service cannot be structured or limited so as to preclude the dual service's resulting in a monopoly or substantial lessening of competition in financial services in any part of the United States; "(ii) the dual service would lead to substantial conflicts of interest or unsafe or unsound practices; or "(iii) the diversified savings and loan holding company has neglected, failed, or refused to furnish all the information required by such agency. "(C) Any appropriate Federal depository institutions regulatory agency may, at any time after the end of the 60-day period referred to in subparagraph (A), require that any dual service by any individual which was not disapproved by such agency during such period be terminated if a change in circumstances occurs with respect to any depository institution or depository holding company of which such individual is a director that would have provided a basis for disapproval of the dual service during such period.",

(b) APPROPRIATE FEDERAL DEPOSITORY INSTITUTIONS REGULATORY AGENCY DEFINED.—

12 USC 3201.

(1) IN GENERAL.—Section 202 of the Depository Institution Management Interlocks Act (12 U.S.C. 3202) is amended— (A) by adding at the end thereof the following new paragraph: "(6) the term 'appropriate Federal depository institutions regulatory agency' means, with respect to any depository institution or depository holding company, the agency referred to in section 209 in connection with such institution or company."; (B) by striking out "and" at the end of paragraph (4); and (C) by striking out the period at the end of paragraph (5) and inserting in lieu thereof "; and". (2) CONFORMING AMENDMENT.—Section 206(a) of the Deposi-

tory Institution Management Interlocks Act (12 U.S.C. 3205(a)) is amended by striking out "banking agency (as set forth in

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