Page:United States Statutes at Large Volume 113 Part 2.djvu/322

 113 STAT. 1342 PUBLIC LAW 106-102—NOV. 12, 1999 Notification. Deadline. Deadline. Notification. (2) AMENDMENT TO THE BANK SERVICE COMPANY ACT.— Section 4(f) of the Bank Service Company Act (12 U.S.C. 1864(f)) is amended by inserting before the period at the end the following: "as of the day before the date of the enactment of the Gramm-Leach-Bliley Act". SEC. 103. FINANCIAL ACTIVITIES. (a) IN GENERAL.—Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843) is amended by adding at the end the following new subsections: "(k) ENGAGING IN ACTIVITIES THAT ARE FINANCIAL IN NATURE. — "(1) IN GENERAL.— Notwithstanding subsection (a), a financial holding company may engage in any activity, and may acquire and retain the shares of any company engaged in any activity, that the Board, in accordance with paragraph (2), determines (by regulation or order)— "(A) to be financial in nature or incidental to such financial activity; or "(B) is complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally. " (2) COORDINATION BETWEEN THE BOARD AND THE SEC- RETARY OF THE TREASURY. — "(A) PROPOSALS RAISED BEFORE THE BOARD. — "(i) CONSULTATION.—The Board shall notify the ' Secretary of the Treasury of, and consult with the Secretary of the Treasury concerning, any request, proposal, or application under this subsection for a determination of whether an activity is financial in nature or incidental to a financial activity. "(ii) TREASURY VIEW.— The Board shall not determine that any activity is financial in nature or incidental to a financial activity under this subsection if the Secretary of the Treasury notifies the Board in writing, not later than 30 days after the date of receipt of the notice described in clause (i) (or such longer period as the Board determines to be appropriate under the circumstances) that the Secretary of the Treasury believes that the activity is not financial in nature or incidental to a financial activity or is not otherwise permissible under this section. " (B) PROPOSALS RAISED BY THE TREASURY. — "(i) TREASURY RECOMMENDATION. — The Secretary of the Treasury may, at any time, recommend in writing that the Board find an activity to be financial in nature or incidental to a financial activity. "(ii) TIME PERIOD FOR BOARD ACTION.—Not later than 30 days after the date of receipt of a written recommendation from the Secretary of the Treasury under clause (i) (or such longer period as the Secretary of the Treasury and the Board determine to be appropriate under the circumstances), the Board shall determine whether to initiate a public rulemaking proposing that the recommended activity be found to be financial in nature or incidental to a financial activity under this subsection, and shall notify the Secretary of the

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