Page:United States Statutes at Large Volume 112 Part 1.djvu/61

 PUBLIC LAW 105-164—MAR. 20, 1998 112 STAT. 35 "(11) all of the members of which are 1 or more insured savings associations; "(B) the term 'limited liability company' means any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 3 of the Federal Deposit Insurance Act) that provides that a member or manager of such company is not personally liable for a debt, obligation, or liability of the company solely by reason of being, or acting as, a member or manager of such company; and "(C) the terms 'State savings association' and 'subsidiary' have the same meanings as in section 3 of the Federal Deposit Insurance Act.". (2) CONFORMING AMENDMENTS TO SECTION 8 OF THE FEDERAL DEPOSIT INSURANCE ACT. —Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is amended— (A) in subsection (b)(9), by striking "to any service corporation of a savings association and to any subsidiary of such service corporation"; (B) in subsection (e)(7)(A)(ii), by striking "(b)(8)" and inserting "(b)(9)"; and (C) in subsection (j)(2), by striking "(b)(8)" and inserting " (b)(9)". (b) REGULATION AND EXAMINATION OF SERVICE PROVIDERS FOR CREDIT UNIONS. —Title II of the Federal Credit Union Act (12 U.S.C. 1781 et seq.) is amended by inserting after section 206 the following new section: "SEC. 206A. REGULATION AND EXAMINATION OF CREDIT UNION 12 USC 1786A. ORGANIZATIONS AND SERVICE PROVIDERS. " (a) REGULATION AND EXAMINATION OF CREDIT UNION ORGANIZATIONS. — " (1) GENERAL EXAMINATION AND REGULATORY AUTHORITY.— A credit union organization shall be subject to examination and regulation by the Board to the same extent as that insured credit union. " (2) EXAMINATION BY OTHER BANKING AGENCIES.— The Board may authorize to make an examination of a credit union organization in accordance with paragraph (1)— "(A) any Federal regulator agency that supervises any activity of a credit union organization; or "(B) any Federal banking agency that supervises any other person who maintains an ownership interest in a credit union organization. "(b) APPLICABILITY OF SECTION 206.— A credit union organization shall be subject to the provisions of section 206 as if the credit union organization were an insured credit union. " (c) SERVICE PERFORMED BY CONTRACT OR OTHERWISE.— Notwithstanding subsection (a), if an insured credit union or a credit union organization that is regularly examined or subject to examination by the Board, causes to be performed for itself, by contract or otherwise, any service authorized under this Act, or in the case of a State credit union, any applicable State law, whether on or off its premises— "(1) such performance shall be subject to regulation and examination by the Board to the same extent as if such services

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