108 STAT. 2358 PUBLIC LAW 103-328—SEPT. 29, 1994 "(i) submits a written request relating to the closing of such branch to the appropriate Federal banking agency; and "(ii) includes a statement of specific reasons for the request, including a discussion of the adverse effect of such closing on the availability of banking services in the area affected by the closing of the branch; and "(B) the agency concludes that the request is not frivolous, the agency shall consult with community leaders in the affected area and convene a meeting of representatives of the agency and other interested depository institution regulatory agencies with community leaders in the affected area and such other individuals, organizations, and depository institutions (as defined in section 19(b)(1)(A) of the Federal Reserve Act) as the agency may determine, in the discretion of the agency, to be appropriate, to explore the feasibility of obtaining adequate alternative facilities and services for the affected area, including the establishment of a new branch by another depository institution, the chartering of a new depository institution, or the establishment of a community development credit union, following the closing of the branch. "(3) No EFFECT ON CLOSING. —'No action by the appropriate Federal banking agency under paragraph (2) shall affect the authority of an interstate bank to close a branch (including the timing of such closing) if the requirements of subsections (a) and (b) have been met by such bank with respect to the branch being closed. "(4) DEFINITIONS. —For purposes of this subsection, the following definitions shall apply: "(A) INTERSTATE BANK DEFINED.— The term 'interstate bank' means a bank which maintains branches in more than 1 State. "(B) Low- OR MODERATE-INCOME AREA. —The term 'lowor moderate-income area' means a census tract for which the median family income is— "(i) less than 80 percent of the median family income for the metropolitan statistical area (as designated by the Director of the Office of Management and Budget) in which the census tract is located; or "(ii) in the case of a census tract which is not located in a metropolitan statistical area, less than 80 percent of the median family income for the State in which the census tract is located, as determined without taking into account family income in metropolitan statistical areas in such State.". SEC. 107. EQUAUZING COMPETITIVE OPPORTUNITIES FOR UNITED ^ STATES AND FOREIGN BANKS. (a) REGULATORY OBJECTIVES. —Section 6 of the International Banking Act of 1978 (12 U.S.C. 3104) is amended— (1) by redesignating subsections (a) through (c) as sub- ^ sections (b) through (d), respectively; and (2) by inserting after "SEC. 6" the following new subsection: "(a) OBJECTIVE.— In implementing this section, the Comptroller and the Federal Deposit Insurance Corporation shall each, by affording equal competitive opportunities to foreign and United States
�
