§ 1831v. — Authority of State insurance regulator and Securities and Exchange Commission.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1831v]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 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 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
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 1820(b)(4) of this title, 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.
(c) Definitions
For purposes of this section, the following definitions shall apply:
(1) Functionally regulated subsidiary
The term ``functionally regulated subsidiary'' has the meaning
given the term in section 1844(c)(5) of this title.
(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, Sec. 2[45], as added Pub. L. 106-102, title I,
Sec. 112(b), Nov. 12, 1999, 113 Stat. 1367.)
Effective Date
Section effective 120 days after Nov. 12, 1999, see section 161 of
Pub. L. 106-102, set out as an Effective Date of 1999 Amendment note
under section 24 of this title.
Section Referred to in Other Sections
This section is referred to in section 1828 of this title.
