Page:United States Statutes at Large Volume 110 Part 4.djvu/639

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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