Page:United States Statutes at Large Volume 113 Part 2.djvu/327

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1347 of its insured depository institution affiliates, has received in its most recent examination under the Community Reinvestment Act of 1977, a rating of less than 'satisfactory record of meeting community credit needs'. "(3) FOREIGN BANKS.—For purposes of paragraph (1), the Board shall apply comparable capital and management standards to a foreign bank that operates a branch or agency or owns or controls a commercial lending company in the United States, giving due regard to the principle of national treatment and equality of competitive opportunity, "(m) PROVISIONS APPLICABLE TO FINANCIAL HOLDING COMPA- NIES THAT FAIL TO MEET CERTAIN REQUIREMENTS.— "(1) IN GENERAL.— If the Board finds that— "(A) a financial holding company is engaged, directly or indirectly, in any activity under subsection (k), (n), or (o), other than activities that are permissible for a bank holding company under subsection (c)(8); and "(B) such financial holding company is not in compliance with the requirements of subsection (1)(1); the Board shall give notice to the financial holding company to that effiBct, describing the conditions giving rise to the notice. "(2) AGREEMENT TO CORRECT CONDITIONS REQUIRED. —Not Deadline, later than 45 days after the date of receipt by a financial holding company of a notice given under paragraph (1) (or such additional period as the Board may permit), the financial holding company shall execute an agreement with the Board to comply with the requirements applicable to a financial holding company under subsection (1)(1). "(3) BOARD MAY IMPOSE LIMITATIONS. —Until the conditions described in a notice to a financial holding company under paragraph (1) are corrected, the Board may impose such limitations on the conduct or activities of that financial holding company or any affiliate of that company as the Board determines to be appropriate under the circumstances and consistent with the purposes of this Act. "(4) FAILURE TO CORRECT. — I f the conditions described in a notice to a financial holding company under paragraph (1) are not corrected within 180 days after the date of receipt by the financial holding company of a notice under paragraph (1), the Board may require such financial holding company, under such terms and conditions as may be imposed by the Board and subject to such extension of time as may be granted in the discretion of the Board, either— "(A) to divest control of any subsidiary depository institution; or "(B) at the election of the financial holding company instead to cease to engage in any activity conducted by such financial holding company or its subsidiaries (other than a depository institution or a subsidiary of a depository institution) that is not an activity that is permissible for a bank holding company under subsection (c)(8). "(5) CONSULTATION.— In taking any action under this subsection, the Board shall consult with all relevant Federal and State regulatory agencies and authorities, "(n) AUTHORITY TO RETAIN LIMITED NONFINANCIAL ACTIVITIES AND AFFILIATIONS.—

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