Page:United States Statutes at Large Volume 101 Part 1.djvu/584

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 554

PUBLIC LAW 100-86—AUG. 10, 1987

TITLE XI—INTEREST TO CERTAIN DEPOSITORS Sec. 1101. Interest to certain depositors. Sec. Sec. Sec. Sec. Sec.

Competitive KiLnts o f

TITLE XII—MISCELLANEOUS PROVISIONS 1201. High yield bond study. 1202. Study of competitive issues in the pa}mients mechanism. 1203. Study and reports concerning direct investments. 1204. Adjustable rate mortgage caps. 1205. Separability of provisions.

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TITLE I—FINANCIAL INSTITUTIONS COMPETITIVE EQUALITY

1987. ' K«?«f,.-, 12 USC 226 note. SEC. 100. SHORT TITLE.

.;^V.'

This title may be cited as the "Competitive Equality Amendments of 1987". SEC. 101. AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956. (a) DEFINITIONS.— (1) AMENDMENT TO DEFINITION OF BANK.—Section 2(c) of the

12 USC 1813.

Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)) is amended to read as follows: "(c) BANK DEFINED.—For purposes of this Act— "(1) IN GENERAL.—Except as provided in paragraph (2), the term 'bank* means any of the following: "(A) An insured bank as defined in section 3(h) of the Federal Deposit Insurance Act. "(B) An institution organized under the laws of the United States, any State of the United States, the District of (]!olumbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands which both— "(i) accepts demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; and (ii) is engaged in the business of making commercied loans. "(2) EXCEPTIONS.—The term 'bank' does not include any of the following: "(A) A foreign bank which would be a bank within the meaning of paragraph (1) solely because such bank has an insured or uninsured branch in the United States. "(B) An insured institution (as defined in subsection (j))"(C) An organization that does not do business in the United States except as an incident to its activities outside the United States. "(D) An institution that functions solely in a trust or fiduciary capacity, if— "(i) all or substantially all of the deposits of such institution are in trust funds and are received in a bona fide fiduciary capacity; "(ii) no deposits of such institution which are insured by the Federal Deposit Insurance Corporation are offered or marketed by or through an affiliate of such institution;