Page:United States Statutes at Large Volume 103 Part 1.djvu/350

 103 STAT. 322 PUBLIC LAW 101-73 —AUG. 9, 1989 ' section 13(i) of the Federal Deposit Insurance Act; and "(ii) all of the savings association subsidiaries of such company are qualified thrift lenders (as determined under subsection (m)). "(4) PRIOR APPROVAL OF CERTAIN NEW ACTIVITIES REQUIRED. — ^ ''' "(A) IN GENERAL. —No savings and loan holding company and no subsidiary which is not a savings association shall commence, either de novo or by an acquisition (in whole or in part) of a going concern, any activity described in para- graph (2)(F)(i) of this subsection without the prior approval of the Director. "(B) FACTORS TO BE CONSIDERED BY DIRECTOR.— In consider- . '•'''• ing any application under subparagraph (A) by any savings and loan holding company or any subsidiary of any such company which is not a savings association, the Director shall consider— "(i) whether the performance of the activity de- scribed in such application by the company or the •'-^. subsidiary can reasonably be expected to produce bene- fits to the public (such as greater convenience, increased competition, or gains in efficiency) that out- weigh possible adverse effects of such activity (such as undue concentration of resources, decreased or unfair /' competition, conflicts of interest, or unsound financial practices); "(ii) the managerial resources of the companies in- volved; and "(iii) the adequacy of the financial resources, includ- ing capital, of the companies involved. • " (C) DIRECTOR MAY DIFFERENTIATE BETWEEN NEW AND ONGOING ACTIVITIES. — In prescribing any regulation or considering any application under this paragraph, the Director 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 Director shall be made in an order issued by the Director containing the reasons for such approval or dis- approval. "(5) GRACE PERIOD TO ACHIEVE COMPLIANCE. —If any savings association referred to in paragraph (3) fails to maintain the status of such association as a qualified thrift lender, the Direc- tor may allow, for good cause shown, any company that controls such association (or any subsidiary of such company which is not a savings association) 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 (1)(C), any com- pany which received approval under subsection (e) of this section to acquire control of a savings association between March 5, 1987, and August 10, 1987, shall not continue any business activity other than an activity described in para- ''- • graph (2) after August 10, 1987.

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