12 U.S.C. § 3204 : US Code - Section 3204: Exceptions

Search 12 U.S.C. § 3204 : US Code - Section 3204: Exceptions

The prohibitions contained in sections 3202 and 3203 of this
title shall not apply in the case of any one or more of the
following or subsidiary thereof:
(1) A depository institution or depository holding company
which has been placed formally in liquidation, or which is in the
hands of a receiver, conservator, or other official exercising a
similar function.
(2) A corporation operating under section 25 or 25(a) (!1) of
the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.].
(3) A credit union being served by a management official of
another credit union.
(4) A depository institution or depository holding company
which does not do business within any State of the United States,
the District of Columbia, any territory of the United States,
Puerto Rico, Guam, American Samoa, or the Virgin Islands except
as an incident to its activities outside the United States.
(5) A State-chartered savings and loan guaranty corporation.
(6) A Federal Home Loan Bank or any other bank organized
specifically to serve depository institutions.
(7) A depository institution or a depository holding company
which -
(A) is closed or is in danger of closing, as determined by
the appropriate Federal depository institutions regulatory
agency in accordance with regulations prescribed by such
agency; and
(B) is acquired by another depository institution or
depository holding company,
during the 5-year period beginning on the date of the acquisition
of the depository institution or depository holding company
described in subparagraph (A).
(8)(A) A diversified savings and loan holding company (as
defined in section 1730a(a)(1)(F) (!1) of this title) with
respect to the service of a director of such company who is also
a director of any nonaffiliated depository institution or
depository holding company (including a savings and loan holding
company) if -
(i) notice of the proposed dual service is given by such
diversified savings and loan holding company to -
(I) the appropriate Federal depository institutions
regulatory agency for such company; and
(II) the appropriate Federal depository institutions
regulatory agency for the nonaffiliated depository
institution or depository holding company of which such
person is also a director,
not less than 60 days before such dual service is proposed to
begin; and
(ii) the proposed dual service is not disapproved by any such
appropriate Federal depository institutions regulatory agency
before the end of such 60-day period.
(B) Any appropriate Federal depository institutions regulatory
agency may disapprove, under subparagraph (A)(ii), a notice of
proposed dual service by any individual if such agency finds that
-
(i) the dual service cannot be structured or limited so as to
preclude the dual service's resulting in a monopoly or
substantial lessening of competition in financial services in
any part of the United States;
(ii) the dual service would lead to substantial conflicts of
interest or unsafe or unsound practices; or
(iii) the diversified savings and loan holding company has
neglected, failed, or refused to furnish all the information
required by such agency.
(C) Any appropriate Federal depository institutions regulatory
agency may, at any time after the end of the 60-day period
referred to in subparagraph (A), require that any dual service by
any individual which was not disapproved by such agency during
such period be terminated if a change in circumstances occurs
with respect to any depository institution or depository holding
company of which such individual is a director that would have
provided a basis for disapproval of the dual service during such
period.
(9) Any savings association (as defined in section 10(a)(1)(A)
of the Home Owners' Loan Act [12 U.S.C. 1467a(a)(1)(A)] or any
savings and loan holding company (as defined in section
10(a)(1)(D) of such Act) which has issued stock in connection
with a qualified stock issuance pursuant to section 10(q) of such
Act, except that this paragraph shall apply only with respect to
service as a single management official of such savings
association or holding company, or any subsidiary of such savings
association or holding company, by a single management official
of the savings and loan holding company which purchased the stock
issued in connection with such qualified stock issuance, and
shall apply only when the Director of the Office of Thrift
Supervision has determined that such service is consistent with
the purposes of this chapter and the Home Owners' Loan Act [12
U.S.C. 1461 et seq.].