This chapter, referred to in text, was in the original “this Act”, meaning act May 9, 1956, ch. 240, 70 Stat. 133, known as the Bank Holding Company Act of 1956, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
The Investment Company Act of 1940, referred to in subsec. (a)(2), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.
Enactment of the Bank Holding Company Act Amendments of 1970, referred to in subsecs. (a)(2) and (c)(12), means enactment of Puspan. L. 91–607 on Dec. 31, 1970. For classification of Puspan. L. 91–607, see Short Title of 1970 Amendment note set out under section 1841 of this title.
Enactment of the Competitive Equality Amendments of 1987, referred to in subsecs. (a)(2), (f)(1)(A), and (g)(1), means enactment of title I of Puspan. L. 100–86, Aug. 10, 1987, 101 Stat. 554. For classification of title I of Puspan. L. 100–86, see Short Title of 1987 Amendment note set out under section 226 of this title and Tables.
Section 25 of the Federal Reserve Act, referred to in subsecs. (c)(14)(E) and (f)(14)(A)(i), is classified to subchapter I (§ 601 et seq.) of chapter 6 of this title. Section 25(a) of the Federal Reserve Act (12 U.S.C. 611–631), referred to in subsec. (c)(14)(E), was renumbered section 25A of the Federal Reserve Act by Puspan. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281 and is classified to subchapter II (§ 611 et seq.) of chapter 6 of this title.
Section 371c of this title, referred to in subsec. (c)(14)(F)(iv), was amended generally by Puspan. L. 97–320, title IV, § 410(span), Oct. 15, 1982, 96 Stat. 1515, and, as so amended, no longer contains undesignated pars. and no longer defines “extension of credit”.
The Federal Deposit Insurance Act, referred to in subsec. (f)(8)(B), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
Section 106 of the Bank Holding Company Act Amendments of 1970, referred to in subsecs. (f)(9)(A), (h) and (n)(5)(B)(i), is Puspan. L. 91–607, title I, § 106, Dec. 31, 1970, 84 Stat. 1766, which is classified generally to chapter 22 (§ 1971 et seq.) of this title.
Section 1730a of this title, referred to in subsec. (f)(10)(A), was repealed by Puspan. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.
The Home Owners’ Loan Act, referred to in subsec. (i)(3)(A), is act June 13, 1933, ch. 64, 48 Stat. 128, which is classified generally to chapter 12 (§ 1461 et seq.) of this title. For complete classification of this Act to the Code, see section 1461 of this title and Tables.
The Gramm-Leach-Bliley Act, referred to in subsecs. (k)(3)(A), (7) and (l)(1)(D)(i), (2)(B), is Puspan. L. 106–102, Nov. 12, 1999, 113 Stat. 1338. Section 122 of the Act is set out as a note below. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of this title and Tables.
The Investment Advisers Act of 1940, referred to in subsec. (k)(4)(H)(ii)(II), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80span–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80span–20 of Title 15 and Tables.
The Community Reinvestment Act of 1977, referred to in subsec. (l)(2), is title VIII of Puspan. L. 95–128, Oct. 12, 1977, 91 Stat. 1147, which is classified generally to chapter 30 (§ 2901 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2901 of this title and Tables.
The Communications Act of 1934, referred to in subsec. (n)(3), is act June 19, 1934, ch. 652, 48 Stat. 1964. Title III of the Act is classified generally to subchapter III (§ 301 et seq.) of chapter 5 of Title 47, Telecommunications. For complete classification of this Act to the Code, see section 609 of Title 47 and Tables.
2010—Subsec. (i)(4)(A). Puspan. L. 111–203, § 354(2)(A)(i)(I), struck out “to Director” at end of heading, substituted “Board shall solicit comments and recommendations from—” for “Board shall solicit comments and recommendations from the Director with respect to such acquisition.”, and added cls. (i) and (ii).
Subsec. (i)(4)(B). Puspan. L. 111–203, § 354(2)(A)(i)(II), substituted “Comptroller of the Currency or the Federal Deposit Insurance Corporation, as applicable,” for “Director” wherever appearing.
Subsec. (i)(5). Puspan. L. 111–203, § 354(2)(A)(ii)(II), substituted “Comptroller of the Currency or the Federal Deposit Insurance Corporation” for “Director” in two places.
Subsec. (i)(5)(B). Puspan. L. 111–203, § 354(2)(A)(ii)(I), substituted “Comptroller of the Currency or the Federal Deposit Insurance Corporation, as applicable, with” for “Director with”.
Subsec. (i)(6). Puspan. L. 111–203, § 354(2)(A)(iii), substituted “Comptroller of the Currency or the Federal Deposit Insurance Corporation, as applicable,” for “Director”.
Subsec. (i)(7). Puspan. L. 111–203, § 354(2)(A)(iv), struck out par. (7). Text read as follows: “For purposes of this section, the term ‘Director’ means the Director of the Office of Thrift Supervision.”
Subsec. (i)(8). Puspan. L. 111–203, § 623(span)(1)(A), added par. (8).
Subsec. (j)(2)(A). Puspan. L. 111–203, § 604(e)(1), substituted “unsound banking practices, or risk to the stability of the United States banking or financial system” for “or unsound banking practices”.
Subsec. (k)(6)(B). Puspan. L. 111–203, § 623(span)(1)(B), substituted “insured depository institution” for “savings association”.
Puspan. L. 111–203, § 604(e)(2), amended subpar. (B) generally. Prior to amendment, text read as follows: “Except as provided in subsection (j) of this section with regard to the acquisition of a [sic] insured depository institution, a financial holding company may commence any activity, or acquire any company, pursuant to paragraph (4) or any regulation prescribed or order issued under paragraph (5), without prior approval of the Board.”
Subsec. (l)(1)(C), (D). Puspan. L. 111–203, § 606(a)(1)–(3), added subpar. (C) and redesignated former subpar. (C) as (D).
Subsec. (l)(1)(D)(ii). Puspan. L. 111–203, § 606(a)(4), substituted “subparagraphs (A), (B), and (C)” for “subparagraphs (A) and (B)”.
2006—Subsec. (h)(1), (2). Puspan. L. 109–351, § 727(span), substituted “(G), or (H) of section 1841(c)(2)” for “(G), (H), (I), or (J) of section 1841(c)(2)”.
Subsec. (n)(5)(B). Puspan. L. 109–351, § 611, substituted “subparagraph (H) or (I) of subsection (k)(4)” for “subsection (k)(4)(I)” in introductory provisions.
1999—Subsec. (c)(8). Puspan. L. 106–102, § 102(a), amended par. (8) generally, substituting present provisions for provisions which exempted from prohibitions of this section shares of any bank holding company the activities of which were determined to be so closely related to banking or managing or controlling banks as to be a proper incident thereto, which further provided that for purposes of this subsection it was not closely related to banking or managing or controlling banks for a bank holding company to provide insurance as a principal, agent, or broker except in certain circumstances, which further provided factors to consider in determining whether a particular activity is a proper incident to banking or managing or controlling banks, and which further provided notice and other procedural requirements in making such determinations.
Subsec. (f)(2). Puspan. L. 106–102, § 107(d)(1), added introductory provisions and struck out former introductory provisions which read as follows: “Paragraph (1) shall cease to apply to any company described in such paragraph if—”.
Subsec. (f)(2)(A)(ii)(XI). Puspan. L. 106–102, § 107(d)(2)(A)–(C), added subcl. (XI).
Subsec. (f)(2)(B), (C). Puspan. L. 106–102, § 107(d)(2)(D), (3), added subpars. (B) and (C) and struck out former subpar. (B) which read as follows: “any bank subsidiary of such company fails to comply with the restrictions contained in paragraph (3)(B).”
Subsec. (f)(3). Puspan. L. 106–102, § 107(a), (span), added par. (3) and struck out heading and text of former par. (3) which related to limitation on banks controlled by paragraph (1) companies.
Subsec. (f)(4). Puspan. L. 106–102, § 107(e), reenacted heading without change and amended text of par. (4) generally. Prior to amendment, text read as follows: “If any company described in paragraph (1) loses the exemption provided under such paragraph by operation of paragraph (2), such company shall divest control of each bank it controls within 180 days after such company becomes a bank holding company due to the loss of such exemption.”
Subsec. (f)(14). Puspan. L. 106–102, § 107(f), added par. (14).
Subsec. (j)(1)(A), (E). Puspan. L. 106–102, § 103(c)(2)(A), inserted “or in any complementary activity under subsection (k)(1)(B)” after “subsection (c)(8) or (a)(2)”.
Subsec. (j)(3). Puspan. L. 106–102, § 103(c)(2)(B), inserted “, other than any complementary activity under subsection (k)(1)(B),” after “to engage in any activity” and “or a company engaged in any complementary activity under subsection (k)(1)(B)” after “insured depository institution”.
Subsecs. (k) to (o). Puspan. L. 106–102, § 103(a), added subsecs. (k) to (o).
1996—Subsec. (c)(2). Puspan. L. 104–208, § 2215, struck out “for not more than one year at a time” before “if, in its judgment,” and substituted “and, in the case of a bank holding company which has not disposed of such shares within 5 years after the date on which such shares were acquired, the Board may, upon the application of such company, grant additional exemptions if, in the judgment of the Board, such extension would not be detrimental to the public interest and, either the bank holding company has made a good faith attempt to dispose of such shares during such 5-year period, or the disposal of such shares during such 5-year period would have been detrimental to the company, except that the aggregate duration of such extensions shall not extend beyond 10 years” for “but no such extensions shall extend beyond a date five years”.
Subsec. (c)(8). Puspan. L. 104–208, § 2612, substituted “(and opportunity for hearing in the case of an acquisition of a savings association)” for “and opportunity for hearing”.
Subsec. (f)(3)(B)(iv). Puspan. L. 104–208, § 2304(a), struck out cl. (iv) which read as follows: “increase its assets at an annual rate of more than 7 percent during any 12-month period beginning after the end of the 1-year period beginning on August 10, 1987.”
Subsec. (i)(4) to (7). Puspan. L. 104–208, § 2203(d), added pars. (4) to (7).
Subsec. (j)(1)(A). Puspan. L. 104–208, § 2208(a)(1), substituted “Except as provided in paragraph (3), no” for “No”.
Subsec. (j)(3) to (7). Puspan. L. 104–208, § 2208(a)(2), added pars. (3) to (7).
1994—Subsec. (c). Puspan. L. 103–325, § 346(2), struck out before last sentence “In the event of the failure of the Board to act on any application for an order under paragraph (8) of this subsection within the ninety-one-day period which begins on the date of submission to the Board of the complete record on that application, the application shall be deemed to have been granted.”
Subsec. (j). Puspan. L. 103–325, § 346(1), added subsec. (j).
1992—Subsec. (i)(3). Puspan. L. 102–550, § 1606(h)(1), amended directory language of Puspan. L. 102–242, § 461. See 1991 Amendment note below.
1991—Subsec. (i)(3). Puspan. L. 102–242, § 461, as amended by Puspan. L. 102–550, § 1606(h)(1), added par. (3).
1989—Subsec. (f)(2)(A)(i). Puspan. L. 101–73, § 604(span)(2), inserted reference to par. (12).
Subsec. (f)(2)(A)(ii). Puspan. L. 101–73, § 603(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “acquires control of more than 5 percent of the shares or assets of an additional bank or an insured institution other than—
“(I) shares acquired in a bona fide fiduciary capacity;
“(II) shares held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business;
“(III) shares held in an account solely for trading purposes;
“(IV) loans or other accounts receivable acquired in the normal course of business; and
“(V) shares or assets of an insured institution described in paragraph (10) of this subsection; or”.
Subsec. (f)(3)(B)(ii). Puspan. L. 101–73, § 1219, added cl. (ii) and struck out former cl. (ii) which read as follows: “offer or market products or services of an affiliate that are not permissible for bank holding companies to provide under subsection (c)(8) of this section, or permit its products or services to be offered or marketed by or through an affiliate (other than an affiliate that engages only in activities permissible for bank holding companies under subsection (c)(8) of this section), unless such products or services were being so offered or marketed as of March 5, 1987, and then only in the same manner in which they were being offered or marketed as of that date;”.
Subsec. (f)(10). Puspan. L. 101–73, § 603(span)(1), substituted “and (ii)(VIII)” for “and (ii)(V)”, and in subpar. (A) inserted reference to section 13(k) of the Federal Deposit Insurance Act.
Subsec. (f)(11). Puspan. L. 101–73, § 603(span)(2), added par. (11).
Subsec. (f)(12), (13). Puspan. L. 101–73, § 604(span)(1), added pars. (12) and (13).
Subsec. (i). Puspan. L. 101–73, § 601(a), added subsec. (i).
1988—Subsec. (c)(14)(A). Puspan. L. 100–418, § 3402(span), added cl. (v) and redesignated former cls. (v) and (vi) as (vi) and (vii), respectively.
Subsec. (c)(14)(G). Puspan. L. 100–418, § 3402(a), added subpar. (G).
Subsec. (c)(14)(H). Puspan. L. 100–418, § 3402(c), added subpar. (H).
1987—Puspan. L. 100–86, § 509(a), repealed Puspan. L. 97–320, § 141. See 1982 Amendment note below.
Subsec. (a)(2). Puspan. L. 100–86, § 101(span), inserted at end “Notwithstanding any other provision of this paragraph, if any company that became a bank holding company as a result of the enactment of the Competitive Equality Amendments of 1987 acquired, between March 5, 1987, and August 10, 1987, an institution that became a bank as a result of the enactment of such Amendments, that company shall, upon the enactment of such Amendments, immediately come into compliance with the requirements of this chapter.”
Subsec. (c)(8). Puspan. L. 100–86, § 502(h)(2), struck out semicolon at end and substituted a period and following sentences: “If an application is filed under this paragraph in connection with an application to make an acquisition pursuant to section 13(f) of the Federal Deposit Insurance Act, the Board may dispense with the notice and hearing requirement of this paragraph and the Board may approve or deny the application under this paragraph without notice or hearing. If an application described in the preceding sentence is approved, the Board shall publish in the Federal Register, not later than 7 days after such approval is granted, the order approving the application and a description of the nonbanking activities involved in the acquisition;”.
Subsecs. (f) to (h). Puspan. L. 100–86, § 101(c), added subsecs. (f) to (h).
1986—Subsec. (c). Puspan. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
1983—Subsec. (c)(8)(F). Puspan. L. 97–457, § 30(1), inserted proviso that such a bank holding company and its subsidiaries may not engage in sale of life insurance or annuities except as provided in subparagraph (A), (B), or (C).
Subsec. (c)(8)(G). Puspan. L. 97–457, § 30(2), struck out proviso that such bank holding company and its subsidiaries may not engage in sale of life insurance or annuities except as provided in subparagraph (A), (B), or (C).
1982—Subsec. (a). Puspan. L. 97–320, § 433(span), substituted “December 31, 1984” for “December 31, 1982”.
Subsec. (c)(8). Puspan. L. 97–320, §§ 118(a), 601, inserted specification that providing insurance is not being closely related to banking or managing or controlling banks for purposes of this subsection, exceptions thereto in cls. (A) through (G), and the subsequent proviso relating to the sale of life insurance or annuities, and inserted provisions relating to dispensation from the notice and hearing requirement in the event of an emergency.
Puspan. L. 97–320, § 141(a)(4), which directed that, effective Oct. 13, 1986, the provisions of law amended by section 118 of Puspan. L. 97–320 shall be amended to read as they would without such amendment, was repealed by Puspan. L. 100–86, § 509(a). See Effective and Termination Dates of 1982 Amendment note and Extension of Emergency Acquisition and Net Worth Guarantee Provisions of Puspan. L. 97–320 note set out under section 1464 of this title.
Subsec. (c)(14). Puspan. L. 97–290 added par. (14).
1980—Subsec. (a). Puspan. L. 96–221 inserted provisions relating to extension of period ending Dec. 31, 1980, to Dec. 31, 1982.
1978—Subsec. (c). Puspan. L. 95–630 substituted “The prohibitions in this section shall not apply to (i) any company that was on January 4, 1977, both a bank holding company and a labor, agricultural, or horticultural organization exempt from taxation under section 501 of title 26, or to any labor, agricultural, or horticultural organization to which all or substantially all of the assets of such company are hereafter transferred” for “The prohibitions in this section shall not apply to any bank holding company which is (i) a labor, agricultural, or horticultural organization and which is exempt from taxation under section 501 of title 26”.
1977—Subsec. (c)(2). Puspan. L. 95–188 substituted “shares acquired by a bank holding company or any of its subsidiaries in satisfaction of a debt previously contracted in good faith, but such shares shall be disposed of within a period of two years” for “shares acquired by a bank in satisfaction of a debt previously contracted in good faith, but such bank shall dispose of such shares within a period of two years”.
1970—Subsec. (a). Puspan. L. 91–607, § 103(1), (2), in par. (2) of first sentence, inserted provision respecting prohibition in the case of a company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on the date of such enactment, after Dec. 31, 1980, substituted “engage in any activities” for “engage in any business”, designated existing provisions as cl. (A), substituting therein “and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries” for “or of furnishing services to or performing services for any bank of which it owns or controls 25 per centum or more of the voting shares”, added cl. (B) and provisions respecting activities of a company covered in 1970, and termination of authority for engaging in the activities, authorization of bank holding company to engage in activities through acquisition of interest in or assets of a going concern engaged in the activities, and retention for period of ten years ownership or control of shares in a company carrying on the activity, where the activity of the company has been terminated; and, in second sentence substituted “two year period” for “period”, respectively.
Subsec. (c). Puspan. L. 91–607, § 103(3), (6), designated existing provisions of text preceding par. (1) as cl. (i) and added cl. (2), and inserted concluding text following par. (13) deeming an application under par. (8) as granted upon failure of Board to act within prescribed period and requiring the Board in the report to Congress to include a description and a statement of reasons for approval of each activity under par. (8), respectively.
Subsec. (c)(8). Puspan. L. 91–607, § 103(4), inserted provisions respecting criteria to be used for determining whether particular activity is proper incident to banking and provision for differentiation by orders and regulations between de novo activities and going concern activities, deleted description of company activities as being of a financial, fiduciary, or insurance nature, specific language respecting determination on basis of record made at the hearing, and provision respecting the close relationship of the activities making it unnecessary for prohibitions of this section to apply in order to carry out the purposes of this chapter, substituted “opportunity for hearing” for “hearing”, and provided for determination by regulation.
Subsec. (c)(9). Puspan. L. 91–607, § 103(5), extended exemption to company activities, substituted provision respecting conduct of greater part of company’s business; outside the United States for prior provision respecting engaging principally in the banking business outside the United States, and conditioned exemption on Board determination by regulation or order that the exemption would not be substantially at variance with the purposes of this chapter and would be in the public interest.
Subsec. (c)(11) to (13). Puspan. L. 91–607, § 103(6), added pars. (11) to (13).
Subsecs. (d), (e). Puspan. L. 91–607, § 103(7), added subsec. (d) and redesignated former subsec. (d) as (e).
1966—Subsec. (a). Puspan. L. 89–485, § 8(a), extended until December 31, 1978, the deadline for divestiture by bank holding companies of their nonbanking interests in the case of any company that has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940, prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act.
Subsec. (c). Puspan. L. 89–485, § 8(span), limited the exception granted companies engaged in liquidating assets acquired by the bank holding company by requiring that, to qualify for the exception, the company be engaged solely in liquidating assets acquired from the holding company and its banks or from another source before it became subject to this chapter and not merely engaged in the general liquidating business with only a part of its operations performed for the holding company system, authorized the grant of one year extensions up to a total of three years to the two year period allowed for the disposal of shares acquired by a bank in satisfaction of a debt previously contracted in good faith, substituted reference, in par. (4), to shares held under a trust that constitutes a company as defined in section 1841(span) and except as provided in pars. (2) and (3) of section 1841(g) of this title for reference to shares held for the benefit of the shareholders of a bank holding company or any of its subsidiaries, and eliminated the requirement that, in order to qualify for the exemption allowing a bank holding company to hold shares in a nonbanking company, the shares do not exceed 5 per centum of the holding company’s assets in value.
Subsec. (d). Puspan. L. 89–485, § 8(c), added subsec. (d).
Amendment by section 354(2)(A) of Puspan. L. 111–203 effective on the transfer date, see section 351 of Puspan. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Amendment by section 604(e) of Puspan. L. 111–203 effective on the transfer date, see section 604(j) of Puspan. L. 111–203, set out as a note under section 1462 of this title.
Amendment by section 606(a) of Puspan. L. 111–203 effective on the transfer date, see section 606(c) of Puspan. L. 111–203, set out as a note under section 1467a of this title.
Amendment by section 623(span)(1) of Puspan. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Puspan. L. 111–203, set out as an Effective Date note under section 5301 of this title.
Amendment by Puspan. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Puspan. L. 106–102, set out as a note under section 24 of this title.
Amendment by Puspan. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Puspan. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Puspan. L. 102–550, set out as a note under section 191 of this title.
Amendment by Puspan. L. 95–630 effective on expiration of 120 days after Nov. 10, 1978, see section 2101 of Puspan. L. 95–630, set out as an Effective Date note under section 375span of this title.
For short title of title II of Puspan. L. 97–290 as the “Bank Export Services Act”, see Short Title of 1982 Amendment note set out under section 1841 of this title.
For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which a report required under subsection (c) (last sentence) of this section is listed on page 171), see section 3003 of Puspan. L. 104–66, set out as a note under section 1113 of Title 31, Money and Finance.
Puspan. L. 111–8, div. D, title VI, § 624, Mar. 11, 2009, 123 Stat. 678, provided that:
Puspan. L. 106–102, title I, § 103(d), Nov. 12, 1999, 113 Stat. 1351, provided that by the end of the 4-year period beginning on Nov. 12, 1999, the Board of Governors of the Federal Reserve System and the Secretary of the Treasury were to submit a joint report to Congress containing a summary of new activities, including grandfathered commercial activities, in which any financial holding company is engaged pursuant to subsection (k)(1) or (n) of this section.
Puspan. L. 106–102, title I, § 122, Nov. 12, 1999, 113 Stat. 1381, provided that:
Puspan. L. 101–73, title VI, § 601(span), Aug. 9, 1989, 103 Stat. 409, provided that:
No amendment made by section 141(a) of Puspan. L. 97–320, set out as a note under section 1464 of this title, as in effect before Aug. 10, 1987, to any other provision of law to be deemed to have taken effect before such date and any such provision of law to be in effect as if no such amendment had been made before such date, see section 509(c) of Puspan. L. 100–86, set out as a note under section 1464 of this title.
No amendment made by section 141(a) of Puspan. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day before Oct. 8, 1986, to any other provision of law to be deemed to have taken effect before such date and any such provision of law to be in effect as if no such amendment had taken effect before such date, see section 1(c) of Puspan. L. 99–452, set out as a note under section 1464 of this title.
Section 141(a) of Puspan. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day after Aug. 27, 1986, applicable as if included in Puspan. L. 97–320 on Oct. 15, 1982, with no amendment made by such section to any other provision of law to be deemed to have taken effect before Aug. 27, 1986, and any such provision of law to be in effect as if no such amendment had taken effect before Aug. 27, 1986, see section 1(c) of Puspan. L. 99–400, set out as a note under section 1464 of this title.
Puspan. L. 97–290, title II, § 202, Oct. 8, 1982, 96 Stat. 1235, provided that:
Puspan. L. 97–290, title II, § 205, Oct. 8, 1982, 96 Stat. 1238, required Federal Reserve Board, within two years after Oct. 8, 1982, to report to Congress its recommendations with respect to implementation of this section, on any changes in United States law to facilitate financing of United States exports, and on effects of ownership of United States banks by foreign banking organizations affiliated with trading companies doing business in United States.