§ 3106a. Compliance with State and Federal laws

Statutory text

Every branch or agency of a foreign bank and every commercial lending company controlled by one or more foreign banks or by one or more foreign companies that control a foreign bank shall conduct its operations in the United States in full compliance with provisions of any law of the United States or any State thereof which—

impose requirements that protect the rights of consumers in financial transactions, to the extent that the branch, agency, or commercial lending company engages in activities that are subject to such laws;

prohibit discrimination against any individual or other person on the basis of the race, color, religion, sex, marital status, age, or national origin of (i) such individual or other person or (ii) any officer, director, employee, or creditor of, or any owner of any interest in, such individual or other person; and

apply to national banks or State-chartered banks doing business in the State in which such branch or agency or commercial lending company, as the case may be, is doing business.

No application for a branch or agency shall be approved by the Comptroller or by a State bank supervisory authority, as the case may be, unless the entity making the application has agreed to conduct all of its operations in the United States in full compliance with provisions of any law of the United States or any State thereof which—

prohibit discrimination against individuals or other persons on the basis of the race, color, religion, sex, marital status, age, or national origin of (i) such individual or other person or (ii) any officer, director, employee, or creditor of, or any owner of any interest in, such individual or other person; and

apply to national banks or State-chartered banks doing business in the State in which the entity to be established is to do business.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1978
International Banking Act of 1978
Pub. L. 95–369 § 9(b) · 92 Stat. 607
Enacted · 12 U.S.C. § 3106a
Pub. L. 95–369, § 9(b), as added Pub. L. 95–630, title III, § 311, Nov. 10, 1978, 92 Stat. 3678
Source evidence
Code source credit
Pub. L. 95–369, § 9(b), as added Pub. L. 95–630, title III, § 311, Nov. 10, 1978, 92 Stat. 3678
Enacted provision · exact public law section
Sec. 9. study of foreign treatment of united states banks The Secretary of the Treasury, in conjunction with the Secretary 12 USC 601 note. of State, the Board, the Comptroller, and the Federal Deposit Insurance Corporation shall within 90 days after enactment of this bill commence a study of the extent to which banks organized under the laws of the United States or any State thereof are denied, whether by law or practice, national treatment in conducting banking operations in foreign countries, and the effects, if any, of such discrimination on United States exports to those countries. On or before one Report to Congress. year after enactment of this section, the Secretary of the Treasury shall be required to report his findings, conclusions, and recommendations from such study to the Congress and describe the efforts undertaken by the United States to eliminate any foreign laws or practices that discriminate against banks organized under the laws of the United States or any State thereof, or that serve as a barrier to the financing of United States exports to any foreign country.
1994
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
Pub. L. 103–328 § 107(c)(1) · 108 Stat. 2338
1. Added · 12 U.S.C. § 3106a(1)
  Pub. L. 103–328, § 107(c)(1), added subpar. (A)
2. Redesignated · 12 U.S.C. § 3106a(1)
  Pub. L. 103–328, § 107(c)(1), redesignated former subpars. (A) and (B) as (B) and (C), respectively
Source evidence
Code amendment note
Par. (1). Pub. L. 103–328, § 107(c)(1), added subpar. (A) and redesignated former subpars. (A) and (B) as (B) and (C), respectively.
Enacted provision · exact public law section
(1) in paragraph (1)— (A) by redesignating subparagraphs (A) and (B) as subparagraphs (B)and (C), respectively; and (B) by inserting after “which—” the following new subparagraph: “(A) impose requirements that protect the rights of consumers in financial transactions, to the extent that the branch, agency, or commercial lending company engages in activities that are subject to such laws;”; and
1994
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
Pub. L. 103–328 § 107(c)(2) · 108 Stat. 2338
1. Added · 12 U.S.C. § 3106a(2)
  Pub. L. 103–328, § 107(c)(2), added subpar. (A)
2. Redesignated · 12 U.S.C. § 3106a(2)
  Pub. L. 103–328, § 107(c)(2), redesignated former subpars. (A) and (B) as (B) and (C), respectively
Source evidence
Code amendment note
Par. (2). Pub. L. 103–328, § 107(c)(2), added subpar. (A) and redesignated former subpars. (A) and (B) as (B) and (C), respectively.
Enacted provision · exact public law section
(2) in paragraph (2)— (A) by redesignating subparagraphs (A) and (B) as subparagraphs (B) and (C), respectively; and (B) by inserting after “which—” the following new subparagraph: “(A) impose requirements that protect the rights of consumers in financial transactions, to the extent that the branch, agency, or commercial lending company engages in activities that are subject to such laws;”.

5 of 5 references resolved to an enrolled provision

Editorial Notes

Amendments

1994—Par. (1). Pub. L. 103–328, § 107(c)(1), added subpar. (A) and redesignated former subpars. (A) and (B) as (B) and (C), respectively.

Par. (2). Pub. L. 103–328, § 107(c)(2), added subpar. (A) and redesignated former subpars. (A) and (B) as (B) and (C), respectively.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.

Credits

1978–1994 · 2 acts

1978Pub. L. 95–369, § 9(b), as added Pub. L. 95–630, title III, § 311, Nov. 10, 1978, 92 Stat. 3678
1994amended Pub. L. 103–328, title I, § 107(c), Sept. 29, 1994, 108 Stat. 2360.

Show as published

(Pub. L. 95–369, § 9(b), as added Pub. L. 95–630, title III, § 311, Nov. 10, 1978, 92 Stat. 3678; amended Pub. L. 103–328, title I, § 107(c), Sept. 29, 1994, 108 Stat. 2360.)