Depository Institutions Holding Company Act Amendments of 1983

Summary

Depository Institutions Holding Company Act Amendments of 1983 - Amends the Bank Holding Company Act of 1956 to change the procedure for forming a bank holding company where the transaction is a reorganization of existing individual ownership into corporate form. Creates an exemption for certain companies that become bank holding companies as a result of enactment of this Act. Revises procedures and requirements for bank holding companies to engage in activities determined to be closely related banking activities. Authorizes such companies to engage in certain securities activities through securities affiliates. Allows nonbanking subsidiaries of bank holding companies to satisfy reporting requirements by submitting the same information that is submitted to the Securities and Exchange Commission by reporting companies engaged in similar businesses. Directs the Federal Reserve Board to minimize the scope and frequency of examinations of nonbank subsidiaries. Declares that no State shall prohibit an affiliation between a national banking association and a company engaged solely in certain securities or closely related banking activities. Authorizes the Board, with the consent of the Attorney General, to shorten or eliminate the 30-day period following approval of a bank acquisition during which a bank holding company must wait before consummating the acquisition. Amends the Bank Merger Act of 1966 to authorize the responsible agency, with the consent of the Attorney General, to shorten or eliminate the 30-day period following approval of a bank merger during which the merger may not be consummated. Amends the Banking Act of 1933 to permit a member bank to be affiliated with certain securities affiliates. Provides a two-year exemption from the provisions of this Act for securities activities of a depository institution that become unlawful after its enactment. Allows interlocking relationships between member banks and their securities affiliates. Amends the Federal Deposit Insurance Act to extend affiliation and interlocking relationship prohibitions to nonmember insured banks. Imposes limitations on nonbanking activities (including nationwide insurance) of State chartered depository institutions. Amends the Securities Act of 1933 to exempt from the registration requirements the issuance of shares of a bank holding company in a simple reorganization. Amends the Securities Exchange Act of 1934 to make conforming amendments. Amends the Federal Reserve Act to set forth restrictions on transactions between member banks and affiliates. Amends the Investment Company Act of 1940 to permit an investment company affiliated with a bank holding company securities affiliate to enter into specified arrangements with certain banks. Amends the Bank Holding Company Act Amendments of 1970 to make technical and conforming amendments. Amends the National Housing Act with respect to insured institutions owned by unitary savings and loan holding companies.

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1 official file

• Introduced in Senate

  summary · EN · 18 November 1983

  Open at official source

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