§ 3207. Rules and regulations

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.

1. 1978

   Depository Institution Management Interlocks Act

   Pub. L. 95–630 title II § 209 · 92 Stat. 3641

   Enacted · 12 U.S.C. § 3207

   Pub. L. 95–630, title II, § 209, Nov. 10, 1978, 92 Stat. 3675

   Source evidence

   Code source credit
   Pub. L. 95–630, title II, § 209, Nov. 10, 1978, 92 Stat. 3675

   Enacted provision · exact public law section
   Sec. 209. Rules and regulations to carry out this title, including rules Rules and regulations. 12 USC 3207. or regulations which permit service by a management official which would otherwise be prohibited by section 203 or section 204, may be prescribed by— (1) the Comptroller of the Currency with respect to national banks and banks located in the District of Columbia, (2) the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, and bank holding companies, (3) the Board of Directors of the Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation, (4) the Federal Home Loan Bank Board with respect to institutions the accounts of which are insured by the Federal Savings and Loan Insurance Corporation, and savings and loan holding companies, and (5) the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.

2. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 title III § 338(b) · 108 Stat. 2160

   1. Amended · 12 U.S.C. § 3207

      Pub. L. 103–325 designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 3207

      Pub. L. 103–325 inserted heading

   3. Struck · 12 U.S.C. § 3207

      Pub. L. 103–325 struck out “, including rules or regulations which permit service by a management official which would otherwise be prohibited by section 3202 or section 3203 of this title,” after “Rules and regulations to carry out this chapter” in introductory provisions

   4. Added · 12 U.S.C. § 3207

      Pub. L. 103–325 added subsecs. (b) and (c)

   Source evidence

   Code amendment note
   Pub. L. 103–325 designated existing provisions as subsec. (a), inserted heading, struck out “, including rules or regulations which permit service by a management official which would otherwise be prohibited by section 3202 or section 3203 of this title,” after “Rules and regulations to carry out this chapter” in introductory provisions, and added subsecs. (b) and (c).

   Enacted provision · exact public law section
   (b) Amendments to Section 209.— Section 209 of the Depository Institution Management Interlocks Act (12 U.S.C. 3207) is amended— (1) by striking “Rules” and inserting “(a) In General.—Rules”; (2) by striking “, including rules or regulations which permit service by a management official which would otherwise be prohibited by section 203 or section 204,”; and (3) by adding at the end the following new subsections: “(b) Regulatory Standards.— An appropriate Federal depository institution regulatory agency may permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 203 or 204 only if— “(1) the board of directors of the affected depository institution, depository institution holding company, or company described in section 206(b), provides a resolution to the appropriate Federal depository institutions regulatory agency certifying that there is no other candidate from the community described in paragraph (1) or (2) of section 203 who— “(A) possesses the level of expertise necessary for such service with respect to the affected depository institution, depository institution holding company, or company described in section 206(b) and is not prohibited from service under section 203 or 204; and “(B) is willing to serve as a management official at the affected depository institution, depository institution holding company, or company described in section 206(b); and “(2) the appropriate Federal depository institutions regulatory agency determines that— “(A) the management official is critical to the safe and sound operations of the affected depository institution, depository institution holding company, or company described in section 206(b); “(B) continuation of service by the management official does not produce an anticompetitive effect with respect to the affected depository institution, depository institution holding company, or company described in section 206(b); and “(C) the management official meets such additional requirements as the agency may impose. “(c) Limited Exception for Management Official Consignment Program.— “(1) In general.— Notwithstanding the requirements of subsection (b), an appropriate Federal depository institutions regulatory agency may establish a program to permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 203 or 204, for a period of not more than 2 years, if the agency determines that such service would— “(A) improve the provision of credit to low- and moderate-income areas; “(B) increase the competitive position of minority- and woman-owned institutions; or “(C) strengthen the management of newly chartered institutions that are in an unsafe or unsound condition. “(2) Extension of service period —The appropriate Federal depository institutions regulatory agency may extend the 2-year period referred to in paragraph (1) for one additional period of not more than 2 years, subject to making a new determination described in subparagraphs (A) through (C) of paragraph (1).”.

3. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2210(c) · 110 Stat. 3009

   1. Redesignated · 12 U.S.C. § 3207

      Pub. L. 104–208 redesignated subsec. (a) as entire section, in introductory provisions

   2. Substituted · 12 U.S.C. § 3207

      Pub. L. 104–208 substituted “Regulations” for “Rules and regulations”

   3. Inserted · 12 U.S.C. § 3207

      Pub. L. 104–208 inserted “, including regulations that permit service by a management official that would otherwise be prohibited by section 3202 of this title or section 3203 of this title, if such service would not result in a monopoly or substantial lessening of competition,” after “chapter”, in par. (4)

   4. Substituted · 12 U.S.C. § 3207

      Pub. L. 104–208 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”

   5. Substituted · 12 U.S.C. § 3207

      Pub. L. 104–208 substituted “Federal Deposit Insurance Corporation” for “Federal Savings and Loan Insurance Corporation”

   6. Struck · 12 U.S.C. § 3207

      Pub. L. 104–208 struck out subsecs. (b) and (c), which related to regulatory standards, and to limited exception for management official consignment program, respectively

   Source evidence

   Code amendment note
   Pub. L. 104–208 redesignated subsec. (a) as entire section, in introductory provisions, substituted “Regulations” for “Rules and regulations” and inserted “, including regulations that permit service by a management official that would otherwise be prohibited by section 3202 of this title or section 3203 of this title, if such service would not result in a monopoly or substantial lessening of competition,” after “chapter”, in par. (4), substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board” and “Federal Deposit Insurance Corporation” for “Federal Savings and Loan Insurance Corporation”, and struck out subsecs. (b) and (c), which related to regulatory standards, and to limited exception for management official consignment program, respectively.

   Enacted provision · exact public law section
   (c) Regulations.— Section 209 of the Depository Institution Management Interlocks Act (12 U.S.C. 3207) is amended— (1) in subsection (a)— (A) by striking “(a) In General.—Rules and regulations” and inserting “Regulations”; (B) by inserting “, including regulations that permit service by a management official that would otherwise be prohibited by section 203 or section 204, if such service would not result in a monopoly or substantial lessening of competition,” after “title”; (C) in paragraph (4)— (i) by striking “Federal Home Loan Bank Board” and inserting “Director of the Office of Thrift Supervision”; and (ii) by striking “Savings and Loan” and inserting “Deposit”; and (2) by striking subsections (b) and (c).

4. 2004

   2004 District of Columbia Omnibus Authorization Act

   Pub. L. 108–386 § 8(e)(2) · 118 Stat. 2228

   Struck · 12 U.S.C. § 3207(1)

   Pub. L. 108–386 struck out “and banks located in the District of Columbia” after “national banks”

   Source evidence

   Code amendment note
   Par. (1). Pub. L. 108–386 struck out “and banks located in the District of Columbia” after “national banks”.

   Enacted provision · exact public law section
   (2) in section 209(1), 12 USC 3207. by striking “and banks located in the District of Columbia”.

5. 2010

   Enhancing Financial Institution Safety and Soundness Act of 2010

   Pub. L. 111–203 § 360(2)(A) · 124 Stat. 1376

   Inserted · 12 U.S.C. § 3207(1)

   Pub. L. 111–203, § 360(2)(A), inserted “and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)” before the comma

   Source evidence

   Code amendment note
   Par. (1). Pub. L. 111–203, § 360(2)(A), inserted “and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)” before the comma.

   Enacted provision · exact public law section
   (A) in paragraph (1), by inserting before the comma at the end the following: “and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

6. 2010

   Enhancing Financial Institution Safety and Soundness Act of 2010

   Pub. L. 111–203 § 360(2)(B) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 3207(2)

   Pub. L. 111–203, § 360(2)(B), substituted “, bank holding companies, and savings and loan holding companies” for “, and bank holding companies”

   Source evidence

   Code amendment note
   Par. (2). Pub. L. 111–203, § 360(2)(B), substituted “, bank holding companies, and savings and loan holding companies” for “, and bank holding companies”.

   Enacted provision · exact public law section
   (B) in paragraph (2), by striking “, and bank holding companies” and inserting “, bank holding companies, and savings and loan holding companies”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

7. 2010

   Enhancing Financial Institution Safety and Soundness Act of 2010

   Pub. L. 111–203 § 360(2)(C) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 3207(3)

   Pub. L. 111–203, § 360(2)(C), substituted “Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),” for “Corporation,”

   Source evidence

   Code amendment note
   Par. (3). Pub. L. 111–203, § 360(2)(C), substituted “Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),” for “Corporation,”.

   Enacted provision · exact public law section
   (C) in paragraph (3), by striking “Corporation,” and inserting “Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

8. 2010

   Enhancing Financial Institution Safety and Soundness Act of 2010

   Pub. L. 111–203 § 360(2)(D) · 124 Stat. 1376

   1. Redesignated · 12 U.S.C. § 3207(4); 12 U.S.C. § 3207(5)

      Pub. L. 111–203, § 360(2)(D), (E), redesignated par. (5) as (4)

   2. Struck · 12 U.S.C. § 3207(4); 12 U.S.C. § 3207(5)

      Pub. L. 111–203, § 360(2)(D), (E), struck out former par. (4) which read as follows: “the Director of the Office of Thrift Supervision with respect to institutions the accounts of which are insured by the Federal Deposit Insurance Corporation, and savings and loan holding companies, and”

   Source evidence

   Code amendment note
   Pars. (4), (5). Pub. L. 111–203, § 360(2)(D), (E), redesignated par. (5) as (4) and struck out former par. (4) which read as follows: “the Director of the Office of Thrift Supervision with respect to institutions the accounts of which are insured by the Federal Deposit Insurance Corporation, and savings and loan holding companies, and”.

   Enacted provision · exact public law section
   (D) by striking paragraph (4); and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

17 of 17 references resolved to an enrolled provision