Financial Authorities Equity Act

Summary

Financial Authorities Equity Act - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from providing insurance services (other than those permitted under the Garn-St Germain Depository Institutions Act of 1982) through a subsidiary or affiliated company. Allows a State chartered depository institution to conduct activities which are not authorized under Federal laws or regulations for a national bank, a bank holding company, a Federal savings and loan association or savings bank, or a multiple savings and loan holding company, only within such State for residents of such State. Permits such a State institution which was conducting an unauthorized activity on May 24, 1984, to continue conducting such activity for ten years after enactment of this Act. Authorizes the Board of Governors of the Federal Reserve System to issue and seek enforcement of a cease and desist order against such a State institution which violates this Act.

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1 official file

• Introduced in House

  summary · EN · 7 March 1985

  Open at official source

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