12 USC 1831v - Authority of State insurance regulator and Securities and Exchange Commission

U.S Code last checked for updates: Nov 26, 2024

§ 1831v.

Authority of State insurance regulator and Securities and Exchange Commission

(a)

In general

Notwithstanding any other provision of law, the provisions of—

(1)

section 1844(c) of this title 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 1844(g) of this title 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 1848a 1

 See References in Text note below.

of this title 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

(c)

Definitions

For purposes of this section, the following definitions shall apply:

(1)

Functionally regulated subsidiary

(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 1844(c)(5)(B) of this title.

(Sept. 21, 1950, ch. 967, § 2[45], as added Pub. L. 106–102, title I, § 112(b), Nov. 12, 1999, 113 Stat. 1367.)

cite as: 12 USC 1831v