Page:United States Statutes at Large Volume 110 Part 4.djvu/576

 110 STAT. 3009 -413 PUBLIC LAW 104-208—SEPT. 30, 1996 180 days after receipt of the application, except that the Board may extend for an additional 180 days the period within which to take final action on such application after providing notice of, and the reasons for, the extension to the applicant foreign bank and any appropriate State bank supervisor or the Comptroller of the Currency, as appropriate. "(B) FAILURE TO SUBMIT INFORMATION.—The Board may deny any application if it does not receive information requested from the applicant foreign bank or appropriate authorities in the home country of the foreign bank in sufficient time to permit the Board to evaluate such information adequately within the time periods for final action set forth in subparagraph (A). "(C) WAIVER. —^A foreign bank may waive the applicability of this paragraph with respect to any application under paragraph (1).". (c) TERMINATION OF FOREIGN BANK OFFICES IN THE UNITED STATES.— Section 7(e)(1)(A) of the International Banking Act of 1978 (12 U.S.C. 3105(e)(1)(A)) is amended— (1) by inserting "(i)" after "(A)"; (2) by striking "or" at the end and inserting "and"; and (3) by adding at the end the following new clause: "(ii) the appropriate authorities in the home country of the foreign bank are not making demonstrable progress in establishing arrangements for the comprehensive supervision or regulation of such foreign bank on a consolidated basis; or". SEC. 2215. DISPOSITION OF FORECLOSED ASSETS. Section 4(c)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(c)(2)) is amended— (1) by striking "for not more than one year at a time"; and (2) by striking "but no such extensions shall extend beyond a date five years" and inserting "and, in the case of a bank holding company which has not disposed of such shares within 5 years after the date on which such shares were acquired, the Board may, upon the application of such company, grant additional exemptions if, in the judgment of the Board, such extension would not be detrimental to the public interest and, either the bank holding company has made a good faith attempt to dispose of such shares during such 5-year period, or the disposal of such shares during such 5-year period would have been detrimental to the company, except that the aggregate duration of such extensions shall not extend beyond 10 years". SEC. 2216. EXEMPTION AUTHORITY FOR ANTITYING PROVISION. (a) FEDERAL RESERVE BOARD AUTHORITY.— Section 106(b)(1) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1972(1)) is amended in the last sentence, by inserting "and the prohibitions of section 4(f)(9) and 4(h)(2) of the Bank Holding Company Act of 1956" after "prohibition". (b) OTS AUTHORITY.— Section 5(q) of the Home Owners' Loan Act (12 U.S.C. 1464(q)) is amended by adding at the end the following new paragraph:

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