Page:United States Statutes at Large Volume 120.djvu/2014

 PUBLIC LAW 109–351—OCT. 13, 2006

120 STAT. 1983

Administration, any State credit union supervisor, or foreign banking authority, but for this subsection.’’. SEC. 608. CLARIFICATION OF APPLICATION REQUIREMENTS FOR OPTIONAL CONVERSION FOR FEDERAL SAVINGS ASSOCIATIONS.

(a) HOME OWNERS’ LOAN ACT.—Section 5(i)(5) of the Home Owners’ Loan Act (12 U.S.C. 1464(i)(5)) is amended to read as follows: ‘‘(5) CONVERSION TO NATIONAL OR STATE BANK.— ‘‘(A) IN GENERAL.—Any Federal savings association chartered and in operation before the date of enactment of the Gramm-Leach-Bliley Act, with branches in operation before such date of enactment in 1 or more States, may convert, at its option, with the approval of the Comptroller of the Currency for each national bank, and with the approval of the appropriate State bank supervisor and the appropriate Federal banking agency for each State bank, into 1 or more national or State banks, each of which may encompass 1 or more of the branches of the Federal savings association in operation before such date of enactment in 1 or more States subject to subparagraph (B). ‘‘(B) CONDITIONS OF CONVERSION.—The authority in subparagraph (A) shall apply only if each resulting national or State bank— ‘‘(i) will meet all financial, management, and capital requirements applicable to the resulting national or State bank; and ‘‘(ii) if more than 1 national or State bank results from a conversion under this subparagraph, has received approval from the Federal Deposit Insurance Corporation under section 5(a) of the Federal Deposit Insurance Act. ‘‘(C) NO MERGER APPLICATION UNDER FDIA REQUIRED.— No application under section 18(c) of the Federal Deposit Insurance Act shall be required for a conversion under this paragraph. ‘‘(D) DEFINITIONS.—For purposes of this paragraph, the terms ‘State bank’ and ‘State bank supervisor’ have the same meanings as in section 3 of the Federal Deposit Insurance Act.’’. (b) FEDERAL DEPOSIT INSURANCE ACT.—Section 4(c) of the Federal Deposit Insurance Act (12 U.S.C. 1814(c)) is amended— (1) by inserting ‘‘of this Act and section 5(i)(5) of the Home Owners’ Loan Act’’ after ‘‘Subject to section 5(d)’’; and (2) in paragraph (2), after ‘‘insured State,’’ by inserting ‘‘or Federal’’. SEC. 609. EXEMPTION FROM DISCLOSURE OF PRIVACY POLICY FOR ACCOUNTANTS.

(a) IN GENERAL.—Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is amended by adding at the end the following: ‘‘(d) EXEMPTION FOR CERTIFIED PUBLIC ACCOUNTANTS.— ‘‘(1) IN GENERAL.—The disclosure requirements of subsection (a) do not apply to any person, to the extent that the person is— ‘‘(A) a certified public accountant;

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