Page:United States Statutes at Large Volume 110 Part 4.djvu/573

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009-410 (3) by adding at the end the following: "In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section.". (b) EXTENSION OF GRANDFATHER EXEMPTION. — Section 206 of the Depository Institution Management Interlocks Act (12 U.S.C. 3205) is amended— (1) in subsection (a), by striking "for a period of, subject to the requirements of subsection (c), 20 years after the date of enactment of this title"; (2) in subsection (b), by striking the second sentence; and (3) by striking subsection (c). (c) REGULATIONS. —Section 209 of the Depository Institution Management Interlocks Act (12 U.S.C. 3207) is amended— (1) in subsection (a)— (A) by striking "(a) IN GENERAL.— Rules and regulations" and inserting "Regulations"; (B) by inserting ", including regulations that permit service by a management official that would otherwise be prohibited by section 203 or section 204, if such service would not result in a monopoly or substantial lessening of competition," after "title"; (C) in paragraph (4)— (i) by striking "Federal Home Loan Bank Board" and inserting "Director of the Office of Thrift Supervision"; and (ii) by striking "Savings and Loan" and inserting "Deposit"; and (2) by striking subsections (b) and (c). SEC. 2211. ELIMINATION OF RECORDKEEPING AND REPORTING REQUIREMENTS FOR OFFICERS. (a) EMPLOYEE BENEFIT PLANS. —Section 22(h)(2) of the Federal Reserve Act (12 U.S.C. 375b(2)) is amended— (1) by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), respectively, and indenting appropriately; (2) by striking "(2) PREFERENTIAL TERMS PROHIBITED. — " and inserting the following: " (2) PREFERENTIAL TERMS PROHIBITED.— "(A) IN GENERAL.—"; and (3) by adding at the end the following new subparagraph: "(B) EXCEPTION. —Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program— "(i) that is widely available to employees of the member bank; and "(ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank.". (b) EXCEPTION FOR EXTENSIONS OF CREDIT TO EXECUTIVE OFFI- CERS AND DIRECTORS OF AFFILIATES. — Section 22(h)(8)(B) of the Federal Reserve Act (12 U.S.C. 375b(8)(B)) is amended to read as follows:

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