Sec. 9. Investments in minority depository institutions
198 words·~1 min read·
/bill/116/s/4255/is/section-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7(j)(8)(B) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(j)(8)(B) ) is amended to read as follows: control means the power, directly or indirectly— to direct the management or policies of an insured depository institution; or of a person to vote 25 per centum or more of any class of voting securities of an insured depository institution. . The appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) shall jointly issue rules for de novo minority depository institutions to allow 3 years to meet the capital requirements otherwise applicable to minority depository institutions.
Not later than 1 year after the date of enactment of this Act, the appropriate Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) shall jointly submit to Congress a report on— the principal causes for the low number of de novo minority depository institutions during the 10-year period preceding the date of the report; the main challenges to the creation of de novo minority depository institutions; and regulatory and legislative considerations to promote the establishment of de novo minority depository institutions.
Connectionstraces to 2
Traces to 2 documents
U.S. Code
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources