H.R. 3841 (103rd): Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

Introduced:
Feb 10, 1994 (103rd Congress, 1993–1994)
Sponsor:
Rep. Stephen Neal [D-NC5]
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 103-328.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was enacted after being signed by the President on September 29, 1994.

Progress
Introduced Feb 10, 1994
Referred to Committee Feb 10, 1994
Reported by Committee Mar 09, 1994
Passed House Mar 22, 1994
Passed Senate with Changes Apr 26, 1994
Passed Senate Sep 13, 1994
Signed by the President Sep 29, 1994
Votes

On the Motion to Proceed H.R. 3841
Sep 13, 1994 2:32 p.m.
Motion to Proceed Agreed to 97/1

Senate Vote on Passage
Sep 13, 1994 5:26 p.m.
Conference Report Agreed to 94/4

Cosponsors
21 cosponsors (12D, 8R, 1D) (show)
Committees

House Financial Services

House Judiciary

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Bank Holding Company Act of 1956, the Revised Statutes of the United States, and the Federal Deposit Insurance Act to provide for interstate banking and branching.

Summary

No summaries available.

Text

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Last updated Jan 01, 1994.
44 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/1994--Conference report filed in House. TABLE OF CONTENTS:
Title I - Interstate Banking and Branching Title II: General Provisions Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
Title I - Interstate Banking and Branching
Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System (the Board) to permit an adequately capitalized and adequately managed bank holding company to acquire existing out-of-State banks, subject to State age law. Cites circumstances under which State law shall still apply if it makes bank acquisition contingent upon retaining a portion of the bank's assets for call by a State-sponsored housing entity.
Section 101 -
Prescribes interstate acquisition guidelines, including:
(1) certain nationwide and statewide concentration limits upon the control of insured depository institution deposits;
(2) community reinvestment compliance; and
(3) retention of State taxation authority.
Amends the Federal Deposit Insurance Act (FDIA) to prescribe guidelines under which subsidiary depository institutions and affiliated insured savings associations may act as agents for their respective affiliates, consistent with safe and sound banking practices.
Section 102 -
Authorizes the responsible Federal regulatory agency to approve interstate bank mergers as of June 1, 1997.
Prescribes guidelines under which:
(1) States may elect to prohibit interstate merger transactions or permit early ones;
(2) interstate mergers may involve acquisitions of bank branches without acquisition of the bank itself;
(3) State age laws on bank acquisitions are preserved;
(4) shell banks are deemed to have been in existence for the same period of time as the bank or branch acquired;
(5) certain State laws apply to interstate banking operations;
(6) operations of a bank resulting from an interstate merger may continue.
Makes technical and conforming amendments to affected statutes.
Section 103 -
Amends the Revised Statutes and the FDIA to cite circumstances under which the Comptroller of the Currency may permit a national bank to establish de novo interstate branches if the law of the host State expressly permits such activity.
Section 104 -
Amends the International Banking Act of 1978 (IBA) to prescribe guidelines under which foreign banks may: (1) establish interstate branching and agency operations; and (2) continue operation of branches, agencies or commercial lending company subsidiaries that were in existence prior to enactment of this Act.
Section 105 -
Amends the FDIA to authorize host State regulatory authorities to: (1) examine an out-of-State bank branch to determine compliance with its laws; and (2) enter into cooperative agreements to coordinate their examinations of such branches.
Section 106 -
Sets forth additional notification requirements for bank closures in low- or moderate-income areas.
Section 107 -
Amends the IBA to prescribe guidelines under which each Federal banking agency is directed to review its regulations to ensure that:
(1) they afford equal competitive opportunities to foreign and domestic banking organizations in their U.S. operations; and
(2) foreign banking organizations do not receive an unfair competitive advantage over U.S. banking organizations.
Subjects foreign banks to the same consumer protection laws that apply to their U.S. counterparts.
Provides that:
(1) insured banks in U.S. territories will not be treated as foreign banks for purposes of retail deposit-taking rules;
(2) a U.S. branch or agency of a foreign bank may not manage activities of offshore shell branches that are forbidden to U.S. banks; and
(3) the requirements of the Community Reinvestment Act of 1977 continue to apply to branches under its purview which have been acquired by a foreign bank.
Section 108 -
Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to modify the annual survey of bank fees and services submitted by the Board of Governors of the Federal Reserve System to the Congress and to modify the deadline for such report.
Section 109 -
Requires Federal banking regulatory agencies to prescribe regulations which: (1) prohibit any person from engaging in interstate branching primarily for the purpose of deposit production; (2) include guidelines to ensure that each interstate branch meets the credit needs of its local community and market area; and (3) restrict the ratio of out-of-State loans by interstate branches.
Section 110 -
Amends the Community Reinvestment Act of 1977 to include within its purview evaluations of the interstate branches of regulated financial institutions.
Section 111 -
States that the authority of any State or its political subdivision to tax a banking entity is not affected by this Act. Directs the Comptroller General to report to the Congress on:
(1) statutory and regulatory requirements for insured depository institutions to collect and report deposit and lending data; and
(2) any needed modifications to such requirements to ensure that this Act does not result in a material loss of information important to regulatory or congressional oversight of insured depository institutions.
Section 113 -
Amends the Consolidated Farm and Rural Development Act to provide that notwithstanding State laws limiting loan interest rates, the rates on Federal loans for water and waste disposal and essential community facilities made to public bodies for non-profit organizations, or guaranteed loans under the Rural Industrialization Assistance program, shall be determined by the Secretary of Agriculture.
Section 114 -
Amends the Revised Statutes to set forth notice and publication requirements before banking agency determinations preempting State law regarding community reinvestment, consumer protection, fair lending, or the establishment of intrastate branches.
Section 115 -
Declares a three-year moratorium upon certain examination fees under the International Banking Act of 1978.
Title II - General Provisions
Amends the FDIA and the Federal Home Loan Bank Act to enable the Federal Deposit Insurance Corporation and the Resolution Trust Corporation, respectively, in their capacity as receiver or conservator, to revive certain tort claims if the statute of limitations under State law has not expired more than five years before their respective appointments.
Section 202 -
Expresses the sense of the Senate that the President should: (1) work to achieve a clearly defined and enforceable agreement with U.S. allies establishing a multilateral export control system for the proliferation of products and technologies to rogue regimes that would jeopardize U.S. national security; and (2) persuade such allies to promote mutual security interests by preventing rogue regimes from obtaining militarily critical products and technologies.
Section 203 -
Amends Federal law regarding silver medals for Persian Gulf veterans to instruct the Secretary of the Treasury (the Secretary) to: (1) begin minting and issuing such medals whenever funds are available from the amounts received from sales of duplicate bronze medals and private donations to cover the costs of issuing and minting; and (2) to continue minting and issuing such medals subject to the availability of funds to cover costs, until all of the medals authorized have been issued.
Section 204 -
Directs the Secretary to issue one-dollar silver coins emblematic of the 1995 Special Olympics World Games. Mandates that the surcharges collected from the sale of such coins be paid to the 1995 Special Olympics World Games Organizing Committee, Inc.
Section 205 -
Directs the Secretary to issue one-dollar silver coins to commemorate students who volunteer to perform community service. Mandates that all surcharges received from such coin sales be paid to the National Community Service Trust to fund innovative community service programs at American universities, including the service, research, and teaching activities of the faculty and students involved.
Section 206 -
Instructs the Secretary to mint and issue one-dollar silver coins: (1) commemorating the life and work of Robert F. Kennedy; (2) emblematic of the United States Military Academy and its motto "Duty, Honor, Country." Mandates that the surcharges from coin sales be paid to the Robert F. Kennedy Memorial and the Association of Graduates, United States Military Academy, respectively.
Section 208 -
Directs the Secretary to: (1) issue one-dollar silver coins to commemorate the United States Botanic Garden; and (2) pay all surcharges received from such coin sales to the National Fund for the United States Botanic Garden. Authorizes the Comptroller General to audit such surcharge expenditures. Prohibits any coins from being issued unless the Secretary has received adequate security for payment.
Section 209 -
Amends the Mount Rushmore Commemorative Coin Act to instruct the Secretary to: (1) distribute a specified amount from surcharges to the Mount Rushmore National Memorial Society of Black Hills; (2) return the remainder to the Treasury; and (3) distribute such sum retroactively, where appropriate.
Section 210 -
Directs the Secretary to study and report to the Congress on the strengths and weaknesses of the U.S. financial services system in meeting user needs. Establishes the Advisory Commission on Financial Services to advise the Secretary on such study.
Section 211 -
Amends Federal banking law to provide that a majority (currently, two-thirds) of the directors of a national bank association must have resided for at least one year in the State, Territory, or District in which the association is located.

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 104 Stat. 314

Other Citations

  • 5 U.S.C. Chapter 57