12 U.S.C. § 1831v

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 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 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.

¹ See References in Text note below.

12 U.S.C. § 1831v

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

EDITORIAL NOTES

REFERENCES IN TEXTSection 1848a of this title, referred to in subsec. (a)(3), was repealed by Pub. L. 111-203 §604(c)(2), July 21, 2010, 124 Stat. 1601.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection 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.

affiliate

The term "affiliate" means any person that controls, is controlled by, or is under common control with another person.