PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -476
"(v) a commitment to be subject, to the same extent
as if the qualified family partnership were a bank
holding company—
"(I) to examination by the Board to assure
compliance with this paragraph; and
"(II) to section 8 of the Federal Deposit Insurance Act.".
SEC. 2611. COOPERATIVE EFFORTS BETWEEN DEPOSITORY INSTITU-
TIONS AND FARMERS AND RANCHERS IN DROUGHT-
STRICKEN AREAS.
(a) FINDINGS. — The Congress hereby finds the following:
(1) Severe drought is being experienced in the Plains and
the Southwest portions of our country.
(2) Soil erosion is becoming a critical issue as the dry
season approaches and summer winds may rob these fields
of nutrient-rich topsoil.
(3) Without immediate assistance, ranchers and farmers
would be forced to cull their herds bringing tremendous volatility in the beef market.
(4) The American people will feel the impact of this drought
in their pocketbooks through higher prices for grain products.
(5) The communities in drought-stricken areas are suffering
and borrowers may have difficulty meeting their obligations
to financial institutions.
(6) Congress has already passed the Depository Institutions
Disaster Relief Act of 1992 which allows financial institutions
to make emergency exceptions to the appraisal requirement
in times of national disasters.
(b) SENSE OF THE CONGRESS.—I t is the sense of the Congress
that financial institutions and Federal bank regulators should work
cooperatively with farmers and ranchers in communities affected
by drought conditions to allow financial obligations to be met without imposing undue burdens.
SEC. 2612. STREAMLINING PROCESS FOR DETERMINING NEW NON-
BANKING ACTIVITIES.
Section 4(c)(8) of the Bank Holding Company Act of 1956 (12
U.S.C. 1843(c)(8)) is amended by striking "and opportunity for hearing" and inserting the following: "(and opportunity for hearing
in the case of an acquisition of a savings association)".
SEC. 2613. AUTHORIZING BANK SERVICE COMPANIES TO ORGANIZE
AS LIMITED LIABILITY COMPANIES.
(a) AMENDMENT TO SHORT TITLE.— Section 1 of the Bank Service
Corporation Act (12 U.S.C. 1861(a)) is amended by striking subsection (a) and inserting the following new subsection:
"(a) SHORT TITLE. — This Act may be cited as the 'Bank Service
Company Act'.";
(b) AMENDMENTS TO DEFINITIONS.— Section Kb) of the Bank
Service Corporation Act (12 U.S.C. 1861(b)) is amended—
(1) by striking paragraph (2) and inserting the following
new paragraph:
"(2) the term 'bank service company' means—
"(A) any corporation—
"(i) which is organized to perform services authorized by this Act; and
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