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8000 - Miscellaneous Statutes and Regulations


TITLE II—REGULATORY IMPROVEMENT


Subtitle A--Regulation of Foreign Banks

SEC. 201. SHORT TITLE.

This subtitle may be cited as the "Foreign Bank Supervision Enhancement Act of 1991".

[Codified to 12 U.S.C. 3101 note]

[Source:  Section 201 of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2286), effective December 19, 1991]

SEC. 215. STUDY AND REPORT ON SUBSIDIARY REQUIREMENTS FOR FOREIGN BANKS.

(a)  IN GENERAL.--The Secretary of the Treasury (hereafter referred to as the "Secretary"), jointly with the Board of Governors of the Federal Reserve System and in consultation with the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Attorney General, shall conduct a study of whether foreign banks should be required to conduct banking operations in the United States through subsidiaries rather than branches. In conducting the study, the Secretary shall take into account--

(1)  differences in accounting and regulatory practices abroad and the difficulty of assuring that the foreign bank meets United States capital and management standards and is adequately supervised;

(2)  implications for the deposit insurance system;

(3)  competitive equity considerations;

(4)  national treatment of foreign financial institutions;

(5)  the need to prohibit money laundering and illegal payments;

(6)  safety and soundness considerations;

(7)  implications for international negotiations for liberalized trade in financial services;

(8)  the tax liability of foreign banks;

(9)  whether the establishment of subsidiaries by foreign banks to operate in the United States should be required only if United States Banks are authorized to engage in securities activities and interstate banking and branching; and

(10)  differences in treatment of United States creditors under the bankruptcy and receivership laws.

[Codified to 12 U.S.C. 3102 note]

[Source:  Section 215(a) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2304), effective December 19, 1991]

(b)  REPORT REQUIRED.--Not later than 1 year after the date of enactment of this Act, the Secretary shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report on the results of the study under subsection (a). Any additional or dissenting views of participating agencies shall be included in the report.

[Codified to 12 U.S.C. 3102 note]

[Source:  Section 215(b) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2304), effective December 19, 1991]


Subtitle B--Customer and Consumer Provisions

SEC. 221. STUDY ON REGULATORY BURDEN.

(a)  IN GENERAL.--Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council, in consultation with individuals representing insured depository institutions, consumers, community groups, and other interested parties, shall--

(1)  review the policies and procedures, and recordkeeping and documentation requirements used to monitor and enforce compliance with--

(A)  all laws under the jurisdiction of the Federal banking agencies; and

(B)  all laws affecting insured depository institutions under the jurisdiction of the Secretary of the Treasury;

(2)  determine whether such policies, procedures, and requirements impose unnecessary burdens on insured depository institutions; and

(3)  identify any revisions of such policies, procedures, and requirements that could reduce unnecessary burdens on insured depository institutions without in any respect--

(A)  diminishing either compliance with or enforcement of consumer laws in any respect; or

(B)  endangering the safety and soundness of insured depository institutions.

[Codified to 12 U.S.C. 3305 note]

[Source:  Section 221(a) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19, 1991]

(b)  REPORT.--Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council shall submit to the Congress a report describing the revisions identified under subsection (a)(3).

[Codified to 12 U.S.C. 3305 note]

[Source:  Section 221(b) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19, 1991]

(c)  DEFINITIONS.--For purposes of this section, the terms "insured depository institution" and "Federal banking agency" have the same meanings as in section 3 of the Federal Deposit Insurance Act.

[Codified to 12 U.S.C. 3305 note]

[Source:  Section 221(c) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19, 1991]


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