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8000 - Miscellaneous Statutes and Regulations
TITLE II—REGULATORY IMPROVEMENT
Subtitle A--Regulation of Foreign Banks
SEC. 201. SHORT TITLE.
This subtitle may be cited as the "Foreign Bank Supervision
Enhancement Act of 1991".
[Codified to 12 U.S.C. 3101 note]
[Source: Section 201 of title II of the Act of December
19, 1991 (Pub. L. No. 102--242; 105 Stat. 2286), effective December 19,
1991]
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{{2-28-92 p.8550.02}}
SEC. 215. STUDY AND REPORT ON SUBSIDIARY REQUIREMENTS FOR FOREIGN
BANKS.
(a) IN GENERAL.--The Secretary of the Treasury (hereafter
referred to as the "Secretary"), jointly with the Board of
Governors of the Federal Reserve System and in consultation with the
Comptroller of the Currency, the Federal Deposit Insurance Corporation,
and the Attorney General, shall conduct a study of whether foreign
banks should be required to conduct banking operations in the United
States through subsidiaries rather than branches. In conducting the
study, the Secretary shall take into account--
(1) differences in accounting and regulatory practices abroad and
the difficulty of assuring that the foreign bank meets United States
capital and management standards and is adequately supervised;
(2) implications for the deposit insurance system;
(3) competitive equity considerations;
(4) national treatment of foreign financial institutions;
(5) the need to prohibit money laundering and illegal payments;
(6) safety and soundness considerations;
(7) implications for international negotiations for liberalized
trade in financial services;
(8) the tax liability of foreign banks;
(9) whether the establishment of subsidiaries by foreign banks to
operate in the United States should be required only if United States
Banks are authorized to engage in securities activities and interstate
banking and branching; and
(10) differences in treatment of United States creditors under
the bankruptcy and receivership laws.
[Codified to 12 U.S.C. 3102 note]
[Source: Section 215(a) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2304), effective December 19,
1991]
(b) REPORT REQUIRED.--Not later than 1 year after the date
of enactment of this Act, the Secretary shall transmit to the Committee
on Banking, Housing, and Urban Affairs of the Senate and the Committee
on Banking, Finance and Urban Affairs of the House of Representatives a
report on the results of the study under subsection (a). Any additional
or dissenting views of participating agencies shall be included in the
report.
[Codified to 12 U.S.C. 3102 note]
[Source: Section 215(b) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2304), effective December 19,
1991]
Subtitle B--Customer and Consumer Provisions
SEC. 221. STUDY ON REGULATORY BURDEN.
(a) IN GENERAL.--Not later than 1 year after the date of
enactment of this Act, the Federal Financial Institutions Examination
Council, in consultation with individuals representing insured
depository institutions, consumers, community groups, and other
interested parties, shall--
(1) review the policies and procedures, and recordkeeping and
documentation requirements used to monitor and enforce compliance
with--
(A) all laws under the jurisdiction of the Federal banking
agencies; and
(B) all laws affecting insured depository institutions under the
jurisdiction of the Secretary of the Treasury;
(2) determine whether such policies, procedures, and requirements
impose unnecessary burdens on insured depository institutions;
and
{{6-30-06 p.8550.03}}
(3) identify any revisions of such policies, procedures, and
requirements that could reduce unnecessary burdens on insured
depository institutions without in any respect--
(A) diminishing either compliance with or enforcement of consumer
laws in any respect; or
(B) endangering the safety and soundness of insured depository
institutions.
[Codified to 12 U.S.C. 3305 note]
[Source: Section 221(a) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19,
1991]
(b) REPORT.--Not later than 1 year after the date of
enactment of this Act, the Federal Financial Institutions Examination
Council shall submit to the Congress a report describing the revisions
identified under subsection (a)(3).
[Codified to 12 U.S.C. 3305 note]
[Source: Section 221(b) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19,
1991]
(c) DEFINITIONS.--For purposes of this section, the terms
"insured depository institution" and "Federal banking
agency" have the same meanings as in
section 3 of the Federal
Deposit Insurance Act.
[Codified to 12 U.S.C. 3305 note]
[Source: Section 221(c) of title II of the Act of December 19,
1991 (Pub. L. No. 102--242; 105 Stat. 2305), effective December 19,
1991]
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