REQUEST FOR COMMENT ON AMENDMENT TO REGULATION H REGARDING INTERSTATE BRANCHING AND DEPOSITS.The Federal Reserve Board announced on April 11, 2001, that it is requesting public comment on a proposal that would amend Regulation H (Membership of State Banking Institutions in the Federal Reserve System) to expand the prohibition against deposit production offices to include any branch of a bank controlled by an out-of-state bank holding company. Comment is requested by June 8, 2001. Section 109 of the Riegle-Neal Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Banking and Branching Efficiency Act of 1994 prohibits banks from engaging in interstate branching primarily for the purpose of deposit production. It was intended to ensure that interstate branching authority would not result in the taking of deposits from a community without banks reasonably helping to meet the credit needs of that community. Section 106 of the Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition of 1999 expanded the coverage of section 109 of the act to include any branch of a bank controlled by an out-of-state bank holding company. The Board's proposal amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an the regulatory prohibition against branches being used as deposit production offices to include any bank or branch of a bank controlled by an out-of-state bank holding company, including a bank consisting only of a main office. The proposed amendment to Regulation H is similar to proposed amendments to regulations of the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion