PUBLIC LAW 109–351—OCT. 13, 2006
120 STAT. 1991
company and any organization organized and operated under section 25A of the Federal Reserve Act or operating under section 25 of the Federal Reserve Act, as if such bank holding company or organization were an insured depository institution, except that such subsections shall be applied for purposes of this subsection by substituting ‘Board of Governors of the Federal Reserve System’ for ‘Corporation’ each place that term appears in such subsections. ‘‘(2) AUTHORITY OF BOARD.—The Board of Governors of the Federal Reserve System may provide exemptions, by regulation or order, from the application of paragraph (1) if the exemption is consistent with the purposes of this subsection. ‘‘(e) SAVINGS AND LOAN HOLDING COMPANIES.— ‘‘(1) IN GENERAL.—Subsections (a) and (b) shall apply to any savings and loan holding company as if such savings and loan holding company were an insured depository institution, except that such subsections shall be applied for purposes of this subsection by substituting ‘Director of the Office of Thrift Supervision’ for ‘Corporation’ each place that term appears in such subsections. ‘‘(2) AUTHORITY OF DIRECTOR.—The Director of the Office of Thrift Supervision may provide exemptions, by regulation or order, from the application of paragraph (1) if the exemption is consistent with the purposes of this subsection.’’. (b) ENHANCED DISCRETION TO REMOVE CONVICTED INDIVIDUALS.—Section 8(e)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(2)(A)) is amended— (1) by striking ‘‘or’’ at the end of clause (ii); (2) by striking the comma at the end of clause (iii) and inserting ‘‘; or’’; and ‘‘(3) by adding at the end the following new clause: ‘‘(iv) an institution-affiliated party of a subsidiary (other than a bank) of a bank holding company or of a subsidiary (other than a savings association) of a savings and loan holding company has been convicted of any criminal offense involving dishonesty or a breach of trust or a criminal offense under section 1956, 1957, or 1960 of title 18, United States Code, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense,’’.
Applicability.
SEC. 711. COORDINATION OF STATE EXAMINATION AUTHORITY.
Section 10(h) of the Federal Deposit Insurance Act (12 U.S.C. 1820(h)) is amended to read as follows: ‘‘(h) COORDINATION OF EXAMINATION AUTHORITY.— ‘‘(1) STATE BANK SUPERVISORS OF HOME AND HOST STATES.— ‘‘(A) HOME STATE OF BANK.—The appropriate State bank supervisor of the home State of an insured State bank has authority to examine and supervise the bank. ‘‘(B) HOST STATE BRANCHES.—The State bank supervisor of the home State of an insured State bank and any State bank supervisor of an appropriate host State shall exercise its respective authority to supervise and examine the branches of the bank in a host State in accordance with the terms of any applicable cooperative agreement between the home State bank supervisor and the State bank supervisor of the relevant host State.
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