Page:United States Statutes at Large Volume 113 Part 2.djvu/348

 113 STAT. 1368 PUBLIC LAW 106-102—NOV. 12, 1999 12 USC 1831V. "SEC. 45. AUTHORITY OF STATE INSURANCE REGULATOR AND SECU- RITIES AND EXCHANGE COMMISSION. "(a) IN GENERAL.—Notwithstanding any other provision of law, the provisions of— " (1) section 5(c) of the Bank Holding Company Act of 1956 that limit the authority of the Board of Governors of the Federal Reserve System to require reports from, to make examinations of, or to impose capital requirements on holding companies and their functionally regulated subsidiaries or that require deference to other regulators; "(2) section 5(g) of the Bank Holding Company Act of 1956 that limit the authority of the Board to require a functionally regulated subsidiary of a holding company to provide capital or other funds or assets to a depository institution subsidiary of the holding company and to take certain actions including requiring divestiture of the depository institution; and "(3) section IDA of the Bank Holding Company Act of 1956 that limit whatever authority the Board might otherwise have to take direct or indirect action with respect to holding companies and their functionally regulated subsidiaries; shall also limit whatever authority that a Federal banking agency might otherwise have under any statute or regulation to require reports, make examinations, impose capital requirements, or take any other direct or indirect action with respect to any functionally regulated affiliate of a depository institution, subject to the same standards and requirements as are applicable to the Board under those provisions. "(b) CERTAIN EXEMPTION AUTHORIZED.—No provision of this section shall be construed as preventing the Corporation, if the Corporation finds it necessary to determine the condition of a depository institution for insurance purposes, from examining an affiliate of any depository institution, pursuant to section 10(b)(4), as may be necessary to disclose fully the relationship between the depository institution and the affiliate, and the effect of such relationship on the depository institution. "(c) DEFINITIONS.— For purposes of this section, the following definitions shall apply: "(1) FUNCTIONALLY REGULATED SUBSIDIARY. —The term 'functionally regulated subsidiary' has the meaning given the term in section 5(c)(5) of the Bank Holding Company Act of 1956. "(2) FUNCTIONALLY REGULATED AFFILIATE.— The term 'functionally regulated affiliate' means, with respect to any depository institution, any affiliate of such depository institution that is— "(A) not a depository institution holding company; and "(B) a company described in any clause of section 5(c)(5)(B) of the Bank Holding Company Act of 1956. ". SEC. 113. ROLE OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended by inserting after section 10 the following new section:

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