Page:United States Statutes at Large Volume 113 Part 2.djvu/331

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1351 "(B) BOARD. —The term 'Board' means the Board of Governors of the Federal Reserve System. "(C) INSURED DEPOSITORY INSTITUTION.—The term 'insured depository institution' has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act.". (c) TECHNICAL AND CONFORMING AMENDMENTS.— (1) DEFINITIONS.— Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841) is amended— (A) in subsection (n), by inserting "'depository institution'," after "the terms"; and (B) by adding at the end the following new subsections: "(p) FINANCIAL HOLDING COMPANY. —For purposes of this Act, the term 'financial holding company means a bank holding company that meets the requirements of section 4(1)(1). "(q) INSURANCE COMPANY.— For purposes of sections 4 and 5, the term 'insurance company' includes any person engaged in the business of insurance to the extent of such activities.". (2) NOTICE PROCEDURES.— Section 4(j) of the Bank Holding Company Act of 1956 (12 U.S.C. 18430')) is amended— (A) in each of subparagraphs (A) and (E) of paragraph (1), by inserting "or in any complementary activity under subsection (k)(l)(B)" after "subsection (c)(8) or (a)(2)"; and (B) in paragraph (3)— (i) by inserting ", other than any complementary activity under subsection (k)(l)(B)," after "to engage in any activity"; and (ii) by inserting "or a company engaged in any ' complementary activity under subsection (k)(l)(B)" after "insured depository institution"., (d) REPORT. — 12 USC 1843 (1) IN GENERAL.—By the end of the 4-year period beginning note. on the date of the enactment of this Act, the Board of Governors ' of the Federal Reserve System and the Secretary of the ] Treasury shall submit a joint report to the Congress containing a summary of new activities, including grandfathered commer- I cial activities, in which any financial holding company is J engaged pursuant to subsection (k)(l) or (n) of section 4 of the Bank Holding Company Act of 1956 (as added by subsection . • (a)). (2) OTHER CONTENTS.— The report submitted to the Congress pursuant to paragraph (1) shall also contain the following: (A) A discussion of actions by the Board of Governors ! of the Federal Reserve System and the Secretary of the Treasury, whether by regulation, order, interpretation, or guideline or by approval or disapproval of an application, f with regard to activities of financial holding companies that are incidental to activities that are financial in nature or complementary to such financial activities. (B) An analysis and discussion of the risks posed by commercial activities of financial holding companies to the safety and soundness of affiliate depository institutions. (C) An analysis and discussion of the effect of mergers and acquisitions under section 4(k) of the Bank Holding Company Act of 1956 on market concentration in the financial services industry.

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