113 STAT. 1350 PUBLIC LAW 106-102—NOV. 12, 1999 "(2) the attributed aggregate consolidated assets of the company held by the holding company pursuant to this subsection, and not otherwise permitted to be held by a financial holding company, are equal to not more than 5 percent of the total consolidated assets of the bank holding company, except that the Board may increase that percentage by such amounts and under such circumstances as the Board considers appropriate, consistent with the purposes of this Act; and "(3) the holding company does not permit— "(A) any company, the shares of which it owns or controls pursuant to this subsection, to offer or market any product or service of an affiliated depository institution; or "(B) any affiliated depository institution to offer or market any product or service of any company, the shares of which are owned or controlled by such holding company pursuant to this subsection.", (b) COMMUNITY REINVESTMENT REQUIREMENT.— Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following new subsection: "(c) FINANCIAL HOLDING COMPANY REQUIREMENT. — "(1) IN GENERAL.—An election by a bank holding company to become a financial holding company under section 4 of the Bank Holding Company Act of 1956 shall not be effective if— "(A) the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 4(1)(1)(C) of the Bank Holding Comj tt pany Act of 1956, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of 'satisfactory record of meeting community credit needs', or better, at the most recent examination of each such institution; and "(B) the Board notifies the company of such finding before the end of the 30-day period beginning on such date. "(2) LIMITED EXCLUSIONS FOR NEWLY ACQUIRED INSURED • DEPOSITORY INSTITUTIONS.—Any insured depository institution acquired by a bank holding company during the 12-month period preceding the date of the submission to the Board of the declaration and certification under section 4(1)(1)(C) of the Bank Holding Company Act of 1956 may be excluded for purposes of paragraph (1) during the 12-month period beginning on the date of such acquisition if— "(A) the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of 'satisfactory record of meeting community credit needs', or better, at the next examination of the institution; and "(B) the plan has been accepted by such agency. "(3) DEFINITIONS.— For purposes of this subsection, the following definitions shall apply: "(A) BANK HOLDING COMPANY; FINANCIAL HOLDING COM- PANY.— The terms 'bank holding company' and 'financial holding company' have the meanings given those terms in section 2 of the Bank Holding Company Act of 1956.