Page:United States Statutes at Large Volume 124.djvu/1655

 124 STAT. 1629 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(4) APPLICATION TO NONBANK FINANCIAL COMPANIES SUPER- VISED BY THE BOARD.—The appropriate Federal banking agen- cies, the Securities and Exchange Commission, and the Com- modity Futures Trading Commission shall adopt rules, as pro- vided in subsection (b)(2), imposing additional capital charges or other restrictions for nonbank financial companies supervised by the Board to address the risks to and conflicts of interest of banking entities described in paragraphs (1), (2), and (3) of this subsection. ‘‘(g) RULES OF CONSTRUCTION.— ‘‘(1) LIMITATION ON CONTRARY AUTHORITY.—Except as pro- vided in this section, notwithstanding any other provision of law, the prohibitions and restrictions under this section shall apply to activities of a banking entity or nonbank financial company supervised by the Board, even if such activities are authorized for a banking entity or nonbank financial company supervised by the Board. ‘‘(2) SALE OR SECURITIZATION OF LOANS.—Nothing in this section shall be construed to limit or restrict the ability of a banking entity or nonbank financial company supervised by the Board to sell or securitize loans in a manner otherwise permitted by law. ‘‘(3) AUTHORITY OF FEDERAL AGENCIES AND STATE REGU- LATORY AUTHORITIES.—Nothing in this section shall be con- strued to limit the inherent authority of any Federal agency or State regulatory authority under otherwise applicable provi- sions of law. ‘‘(h) DEFINITIONS.—In this section, the following definitions shall apply: ‘‘(1) BANKING ENTITY.—The term ‘banking entity’ means any insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), any com- pany that controls an insured depository institution, or that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978, and any affiliate or subsidiary of any such entity. For purposes of this paragraph, the term ‘insured depository institution’ does not include an institution that functions solely in a trust or fiduciary capacity, if— ‘‘(A) all or substantially all of the deposits of such institution are in trust funds and are received in a bona fide fiduciary capacity; ‘‘(B) no deposits of such institution which are insured by the Federal Deposit Insurance Corporation are offered or marketed by or through an affiliate of such institution; ‘‘(C) such institution does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others or make commercial loans; and ‘‘(D) such institution does not— ‘‘(i) obtain payment or payment related services from any Federal Reserve bank, including any service referred to in section 11A of the Federal Reserve Act (12 U.S.C. 248a); or ‘‘(ii) exercise discount or borrowing privileges pursuant to section 19(b)(7) of the Federal Reserve Act (12 U.S.C. 461(b)(7)). Regulations.