PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1373 (other than an insured depository institution that receives assistance in accordance with the provisions of this Act) of. SEC. 118. REPEAL OF SAVINGS BANK PROVISIONS IN THE BANK HOLDING COMPANY ACT OF 1956. Section 3(f) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(f)) is amended to read as follows: "(f) [Repealed].". SEC. 119. TECHNICAL AMENDMENT. Section 2(o)(l)(A) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(o)(l)(A)) is amended by striking "section 38(b)" and inserting "section 38". Subtitle C—Subsidiaries of National Banks SEC. 121. SUBSIDIARIES OF NATIONAL BANKS. (a) IN GENERAL. —Chapter one of title LXII of the Revised Statutes of the United States (12 U.S.C. 21 et seq.) is amended— (1) by redesignating section 5136A as section 5136B; and l2 USC 25a. (2) by inserting after section 5136 (12 U.S.C. 24) the following new section: "SEC. 5136A. FINANCIAL SUBSIDIARIES OF NATIONAL BANKS. 12 USC 24a. "(a) AUTHORIZATION TO CONDUCT IN SUBSIDIARIES CERTAIN ACTIVITIES THAT ARE FINANCIAL IN NATURE.— "(1) IN GENERAL. —Subject to paragraph (2), a national bank may control a financial subsidiary, or hold an interest in a financial subsidiary. "(2) CONDITIONS AND REQUIREMENTS.—^A national bank may control a financial subsidiary, or hold an interest in a financial subsidiary, only if— "(A) the financial subsidiary engages only in— "(i) activities that are financial in nature or incidental to a financial activity pursuant to subsection (b); and "(ii) activities that are permitted for national banks to engage in directly (subject to the same terms and conditions that govern the conduct of the activities by a national bank); "(B) the activities engaged in by the financial subsidiary as a principal do not include— "(i) insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death (except to the extent permitted under section 302 or 303(c) of the Gramm-Leach-Bliley Act) or providing or issuing annuities the income of which is subject to tax treatment under section 72 of the Internal Revenue Code of 1986; "(ii) real estate development or real estate investment activities, unless otherwise expressly authorized by law; or "(iii) any activity permitted in subparagraph (H) or (I) of section 4(k)(4) of the Bank Holding Company Act of 1956, except activities described in section 4(k)(4)(H) that may be permitted in accordance with section 122 of the Gramm-Leach-Bliley Act; 69-194 -01-12:QL3Part2
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