Page:United States Statutes at Large Volume 110 Part 4.djvu/574

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110 STAT. 3009-411 PUBLIC LAW 104-208—SEPT. 30, 1996 "(B) EXCEPTION.— The Board may, by regulation, make exceptions to subparagraph (A) for any executive officer or director of a subsidiary of a company that controls the member bank if— "(i) the executive officer or director does not have authority to participate, and does not participate, in major policymaking functions of the member bank; and "(ii) the assets of such subsidiary do not exceed 10 percent of the consolidated assets of a company that controls the member bank and such subsidiary (and is not controlled by any other company).". SEC. 2212. REPAYMENT OF TREASURY LOAN. Section 1108 of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3337) is amended by adding at the end the following new subsection. — "(c) REPAYMENT OF TREASURY LOAN.— Not later than September 30, 1998, the Appraisal Subcommittee shall repay to the Secretary of the Treasury the unpaid portion of the $5,000,000 paid to the Appraisal Subcommittee pursuant to this section.". SEC. 2213. BRANCH CLOSURES. Section 42 of the Federal Deposit Insurance Act (12 U.S.C. 1831r-l) is amended by adding at the end the following new subsection: "(e) SCOPE OF APPLICATION. — This section shall not apply with respect to— "(1) an automated teller machine; "(2) the relocation of a branch or consolidation of one or more branches into another branch, if the relocation or consolidation— "(A) occurs within the immediate neighborhood; and "(B) does not substantially affect the nature of the business or customers served; or "(3) a branch that is closed in connection with— "(A) an emergency acquisition under— "(i) section ll(n); or "(ii) subsection (f) or (k) of section 13; or "(B) any assistance provided by the Corporation under section 13(c).". SEC. 2214. FOREIGN BANKS. (a) EXAMINATION OF BRANCHES AND AGENCIES BY BOARD. — Section 7(c) of the International Banking Act of 1978 (12 U.S.C. 3105(c)) is amended— (1) by striking "(c)" and inserting the following: "(c) FOREIGN BANK EXAMINATIONS AND REPORTING. —"; (2) in paragraph (1)(B), by adding at the end the following new clause: "(iii) AVOIDANCE OF DUPLICATION.— In exercising its authority under this paragraph, the Board shall take all reasonable measures to reduce burden and avoid unnecessary duplication of examinations."; (3) by striking subparagraph (C) of paragraph (1) and inserting the following: "(C) ON-SITE EXAMINATION.— Each Federal branch or agency, and each State branch or agency, of a foreign