Depository Institutions Moratorium Act

Summary

Depository Institutions Moratorium Act - Title I: Moratorium on New Activities - Prohibits any depository institution or depository holding company from commencing after January 1, 1983, either directly or indirectly, any activity not previously and lawfully engaged in by such institution or holding company unless such activity was explicitly authorized by State or Federal law for such type of depository institution on or before January 1, 1983. Prohibits any depository institution or holding company, after January 1, 1983, from providing retail securities brokerage services to customers. Permits brokerage services after such date only pursuant to a State statute or a Federal law authorizing such activity. Title II: Moratorium on Acquisitions - Prohibits, after January 1, 1983, any company which is engaged in any activity not permitted for a bank holding company from acquiring control of any insured bank. Prohibits any company from acquiring control of insured banks in more than one State without receiving prior approval under the Bank Holding Company Act of 1956. Prohibits, after January 1, 1983, any company which is engaged in any activity other than an activity permitted for a multiple savings and loan holding company from acquiring control of any insured institution except as provided by the National Housing Act. Prohibits, after January 1, 1983, any depository institution or depository holding company from acquiring a depository institution or holding company or establishing a branch outside the State in which its principal place of business is located unless such acquisition or establishment is authorized pursuant to the National Housing Act, the Federal Deposit Insurance Act, or comparable State law providing authority relating to emergency situations. Title III: General Provisions - Sets forth definitions for the purposes of this Act.

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1 official file

• Introduced in House

  summary · EN · 30 June 1983

  Open at official source

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