12 U.S.C. § 3203

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 3203 - Dual service of management official of $2,500,000,000 institution or holding company as management official of unaffiliated $1,500,000,000 institution or holding company prohibited

If a depository institution or a depository holding company has total assets exceeding $2,500,000,000, a management official of such institution or any affiliate thereof may not serve as a management official of any other nonaffiliated depository institution or depository holding company having total assets exceeding $1,500,000,000 or as a management official of any affiliate of such other institution. In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section.

12 U.S.C. § 3203

Pub. L. 95-630, title II, §204, Nov. 10, 1978, 92 Stat. 3673; Pub. L. 104-208, div. A, title II, §2210(a), Sept. 30, 1996, 110 Stat. 3009-409.

EDITORIAL NOTES

AMENDMENTS1996- Pub. L. 104-208 substituted "$2,500,000,000" for "$1,000,000,000" and "$1,500,000,000" for "$500,000,000" and inserted at end "In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section."

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection 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.

affiliate

The term "affiliate" means any person that controls, is controlled by, or is under common control with another person.

depository holding company

the term "depository holding company" means a bank holding company as defined in section 1841(a) of this title, a company which would be a bank holding company as defined in section 1841(a) of this title but for the exemption contained in subsection (a)(5)(F) thereof, or a savings and loan holding company as defined in section 1730a(a)(1)(D) 1 of this title;

depository institution

the term "depository institution" means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union;