Interstate Banking and Branching Act of 1994

Summary

Interstate Banking and Branching Act of 1994 - Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System (the Board) to permit an adequately capitalized and adequately managed bank holding company to acquire existing out-of-State banks whether or not the host State permits such transactions. Permits an adequately capitalized and adequately managed bank holding company to combine into a single bank its subsidiary banks which are located in more than one State. Permits a host State to levy a bank shares tax upon an out-of State bank with branches within the host State. Subjects national or State bank branches to the regulatory scheme of the host State. Grants the States the option of electing to either permit or prohibit interstate combinations of bank holding company subsidiaries within their borders. Amends the Federal Deposit Insurance Act to authorize host State regulatory authorities to enter into cooperative agreements to coordinate their examination of out-of-State bank branches. Authorizes a State to enact laws expressly permitting interstate branching within its borders by adequately capitalized and adequately managed national and State banks. Amends the Federal banking law to authorize the Comptroller of the Currency to approve interstate branching by a national bank if the law of the host State expressly permits such activity. Amends the Community Reinvestment Act of 1977 to include within its purview evaluations of the interstate branches of regulated financial institutions. Amends Federal banking law to provide that a majority (currently, two-thirds) of the directors of a national bank association must have resided for at least one year in the State, Territory, or District in which the association is located.

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Documents

4 official files

• Indefinitely postponed in Senate

  summary · EN · 26 April 1994

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• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 23 March 1994

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 23 March 1994

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• Introduced in Senate

  summary · EN · 23 March 1994

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