A bill to limit the acquisition of depository institutions by non-banks.

Summary

Amends the Bank Holding Company Act of 1956 to redefine the term "bank" to mean: (1) an "insured bank" as defined in the Federal Deposit Insurance Act or any institution eligible to become an insured bank under such Act; or (2) any institution organized under Federal, State, or territorial law that accepts deposits that may be withdrawn by check or similar means for payment to third parties and is engaged in the business of making commercial loans. Excludes from the term "bank": (1) any foreign bank having an insured branch; (2) an "insured institution" as defined in the National Housing Act; (3) national banking associations with foreign branches or corporations organized to engage in international banking which are operating pursuant to Federal Reserve Act provisions; or (4) any organization not doing business in the United States except as an incident to its activities outside the United States. Permits any company which acquired control of, or received approval to organize, an insured bank on or before November 9, 1983, to retain control of the bank, notwithstanding the fact that it engages in activities not permitted by the provision of the Bank Holding Company Act of 1956 regarding interests in nonbanking organizations.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 9 November 1983

  Open at official source

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