(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 10A 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.
1-401.71
(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.
1-401.72
(c) Definitions. For purposes of this section, the following definitions shall
apply:
(1) 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) 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.
[12 USC 1831v. As added by act of Nov. 12, 1999 (113 Stat.
1367).]
