A bill to amend the Banking Holding Company Act of 1956, as amended, to provide special procedures for the acquisition of falling banks or bank holding companies and for the acquisition of banks or bank holding companies in emergencies and to provide for the acquisition by bank holding companies of banks outside their State of principal banking operations in emergency situations and situations involving a failing bank or bank holding company.

Summary

States that if the Board of Governors of the Federal Reserve System determines that it must act immediately on any application for approval of a merger transaction under the Bank Holding Company Act in order to prevent the probable failure of a bank or bank holding company involved in proposed acquisition or consolidation proceedings, the Board may dispense with the requirement that notice be given to the Comptroller of the Currency or the State supervisory authority, as the case may be. Provides that if notice is given, the Board may request that the views and recommendations of the Comptroller or the State supervisory authority be submitted immediately in any form or by any means acceptable to the Board. Permits the Board to approve applications which would allow bank holding companies to acquire the assets of banks located outside of the State in which the applicant does business if the Board determines that: (1) an emergency requiring expeditious action exists or the danger of bank failure exists with respect to a bank having assets in excess of $500,000,000 or a bank holding company controlling a bank having assets in excess of $500,000,000; and (2) the public interest would be best served by approval of the application.

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1 official file

• Introduced in Senate

  summary · EN · 28 February 1975

  Open at official source

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