Page:United States Statutes at Large Volume 124.djvu/1627

 124 STAT. 1601 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(i) examination reports made by other Federal or State regulatory agencies relating to a bank holding company and any subsidiary of a bank holding com- pany; and ‘‘(ii) the reports and other information required under paragraph (1). ‘‘(C) COORDINATION WITH OTHER REGULATORS.—The Board shall— ‘‘(i) provide reasonable notice to, and consult with, the appropriate Federal banking agency, the Securities and Exchange Commission, the Commodity Futures Trading Commission, or State regulatory agency, as appropriate, for a subsidiary that is a depository institution or a functionally regulated subsidiary of a bank holding company before commencing an exam- ination of the subsidiary under this section; and ‘‘(ii) to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information.’’. (c) AUTHORITY TO REGULATE FUNCTIONALLY REGULATED SUBSIDIARIES OF BANK HOLDING COMPANIES.—The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended— (1) in section 5(c)(5)(B) (12 U.S.C. 1844(c)(5)(B)), by striking clause (v) and inserting the following: ‘‘(v) an entity that is subject to regulation by, or registration with, the Commodity Futures Trading Commission, with respect to activities conducted as a futures commission merchant, commodity trading adviser, commodity pool, commodity pool operator, swap execution facility, swap data repository, swap dealer, major swap participant, and activities that are incidental to such commodities and swaps activities.’’; and (2) by striking section 10A (12 U.S.C. 1848a). (d) ACQUISITIONS OF BANKS.—Section 3(c) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(c)) is amended by adding at the end the following: ‘‘(7) FINANCIAL STABILITY.—In every case, the Board shall take into consideration the extent to which a proposed acquisi- tion, merger, or consolidation would result in greater or more concentrated risks to the stability of the United States banking or financial system.’’. (e) ACQUISITIONS OF NONBANKS.— (1) NOTICE PROCEDURES.—Section 4(j)(2)(A) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(j)(2)(A)) is amended by striking ‘‘or unsound banking practices’’ and inserting ‘‘unsound banking practices, or risk to the stability of the United States banking or financial system’’. (2) ACTIVITIES THAT ARE FINANCIAL IN NATURE.—Section 4(k)(6)(B) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)(6)(B)) is amended to read as follows: ‘‘(B) APPROVAL NOT REQUIRED FOR CERTAIN FINANCIAL ACTIVITIES.— ‘‘(i) IN GENERAL.—Except as provided in subsection (j) with regard to the acquisition of a savings associa- tion and clause (ii), a financial holding company may Notice. Consultation.