Sec. 5. Repeal of Gramm-Leach-Bliley Act provisions
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/bill/115/hr/2585/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843 ) is amended by striking subsections (k), (l), (m), (n), and (o). In the case of a bank holding company which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with any entity that was permissible for a financial holding company on the day before the date of enactment of this Act, any affiliation, ownership or control, or activity by the bank holding company that is not permitted for a bank holding company shall be terminated as soon as is practicable, and in no event later than the end of the 5-year period beginning on the date of enactment of this Act.
At any time, the Board of Governors of the Federal Reserve System (in this section referred to as the Board ), after opportunity for hearing, may terminate an affiliation prohibited by subparagraph
(A)before the end of the 5-year period described in subparagraph
(A)if the Board determines that such action— is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices; and is in the public interest. The Board may extend the 5-year period described in subparagraph
(A)upon the request of a bank holding company described in subparagraph
(A)for a period of not more than 6 months for each request received if— the Board certifies that an extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the United States; and any extensions granted under this subparagraph, in the aggregate, do not exceed 1 year for any particular bank holding company. Upon receipt of each extension under subparagraph (C), a bank holding company shall notify the shareholders of the bank holding company and the general public that the bank holding company has failed to comply with the requirements of subparagraph (A). Section 5136A of the Revised Statutes ( 12 U.S.C. 24a ) is repealed. In the case of a national bank which, pursuant to the amendment made by paragraph (1), is no longer authorized to control or be affiliated with a financial subsidiary as of the date of enactment of this Act, such affiliation, ownership or control, or activity shall be terminated as soon as is practicable, and in no event later than the end of the 5-year period beginning on the date of enactment of this Act. At any time, the Comptroller of the Currency (in this section referred to as the Comptroller ), after opportunity for hearing, may terminate an affiliation prohibited by subparagraph
(A)before the end of the 5-year period described in subparagraph
(A)if the Comptroller determines that such action— is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices; and is in the public interest. The Comptroller may extend the 5-year period described in subparagraph
(A)upon the request of a national bank described in subparagraph
(A)for a period of not more than 6 months for each request received if— the Comptroller certifies that an extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the United States; and any extensions granted under this subparagraph, in the aggregate, do not exceed 1 year for any particular national bank. Upon receipt of each extension under subparagraph (C), a national bank shall notify the shareholders of the national bank and the general public that the national bank has failed to comply with the requirements described in subparagraph (A). The table of sections for chapter one of title LXII of the Revised Statutes is amended by striking the item relating to section 5136A. Section 8(c) of the International Banking Act of 1978 ( 12 U.S.C. 3106(c) ) is amended by striking paragraph (3).
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