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1 AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF

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1956

3 SEC. 4. Section 5 of the Bank Holding Company Act of

4 1956, as amended (12 U.S.C. 1844), is amended by adding

5 at the end thereof the following new subsection:

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"(e) (1) Notwithstanding any other provision of this 7 Act, the Board may, whenever it has reasonable cause to 8 believe that the continuation by a bank holding company of 9 any activity or of ownership or control of any of its sub10 sidiaries constitutes a serious risk to the financial safety, 11 soundness, or stability of a bank holding company's subsid12 iary bank (s) and is inconsistent with sound banking prin13 ciples or with the purposes of this Act or with the Financial 14 Institutions Supervisory Act, order the bank holding company or any of its subsidiaries, after due notice and oppor16 tunity for hearing, to terminate such activities or to terminate (within one hundred and twenty days) its ownership or 18 control of any such subsidiary either by sale or by distribu19 tion of the shares of the subsidiary to the shareholders of

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20 the bank holding company. Such distribution shall be pro

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rata with respect to all of the shareholders of the distributing

22 bank holding company, and the holding company shall not

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make any charge to its shareholders arising out of such a 2 distribution.

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"(2) The Board may in its discretion apply to the United 4 States district court within the jurisdiction of which the prin5 cipal office of the holding company is located, for the enforce6 ment of any effective and outstanding order issued under this 7 section, and such court shall have jurisdiction and power to 8 order and require compliance therewith, but except as pro9 vided in section 9 of this Act, no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, 12 modify, suspend, terminate, or set aside any such notice or order.".

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14 SEC. 5. Section 8 of the Bank Holding Company Act of 15 1956, as amended (12 U.S.C. 1847), is amended by re16 designating "SEC. 8" as "SEC. 8. (a)" and by adding a new 17 subsection (b) to read as follows:

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"(b) Any company which violates or any individual

19 who participates in a violation of any provision of this Act,

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or any regulation or order issued pursuant thereto, shall for21 feit and pay a civil penalty of not more than $1,000 per day 22 for each day during which such violation continues. The

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Board shall have authority to assess such a civil penalty,

giving due consideration to the appropriateness of the pen

25 alty with respect to the size or financial resources and good

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1 faith of the company or individual charged, the gravity of 2 the violation, and the history of previous violations. When 3 assessed, such a civil penalty may be collected, by suit or 4 otherwise, by the Board or the Federal Reserve Bank of the 5 district in which such company is located.".

6 AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT 7 SEC. 6. (a) Section 8 (b) (1) of the Federal Deposit 8 Insurance Act (12 U.S.C. 1818 (b) (1)) is amended to 9 read as follows:

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"(b) (1) If, in the opinion of the appropriate Federal 11 bank agency, any insured bank, bank which has insured 12 deposits or any director, officer, employee, agent, or other 13 person participating in the conduct of the affairs of such 14 bank is engaging or has engaged, or the agency has reason15 able cause to believe that the bank or any director, officer, 16 employee, agent, or other person participating in the con17 duct of the affairs of such bank is about to engage, in an 18 unsafe or unsound practice in conducting the business of 19 such bank, or is violating or has violated, or the agency 20 has reasonable cause to believe that the bank or any director, 21 officer, employee, agent, or other person participating in 22 the conduct of the affairs of such bank is about to violate, 23 a law, rule, or regulation, or any condition imposed in writ24 ing by the agency in connection with the granting of any 25 application or other request by the bank or any written

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1 agreement entered into with the agency, the agency may 2 issue and serve upon the bank and/or such director, officer, 3 employee, agent, or other person a notice of charges in 4 respect thereof. The notice shall contain a statement of the 5 facts constituting the alleged violation or violations or the 6 unsafe or unsound practice or practices, and shall fix a time 7 and place at which a hearing will be held to determine 8 whether an order to cease and desist therefrom should issue 9 against the bank and/or the director, officer, employee, 10 agent, or other person participating in the conduct of the 11 affairs of such bank. Such hearing shall be fixed for date 12 not earlier than thirty days nor later than sixty days after 13 service of such notice unless an earlier or a later date is set 14 by the agency at the request of any party so served. Unless 15 the party or parties so served shall appear at the hearing 16 by a duly authorized representative, they shall be deemed to 17 have consented to the issuance of the cease-and-desist order. 18 In the event of such consent, or if upon the record made at any such hearing, the agency shall find that any violation 20 or unsafe or unsound practice specified in the notice of 21 charges has been established, the agency may issue and serve

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upon the bank and/or the director, officer, employee, agent 23 or other person participating in the conduct of the affairs 24 of such bank an order to cease and desist from any such 25 violation or practice. Such order may, by provisions which

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1 may be mandatory or otherwise, require the bank and/or 2 its directors, officers, employees, agents and other persons 3 participating in the conduct of the affairs of such bank to 4 cease and desist from the same, and, further, to take affirma5 tive action to correct the conditions resulting from any such 6 violation or practice.".

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7 (b) Section 8 (b) (3) of the Federal Deposit Insurance 8 Act, as amended (12 U.S.C. 1818 (b) (3)), is amended: 9 (1) by inserting after "Bank Holding Company Act of 10 1956" a comma and the following: "and to any organization organized and operated under section 25A of the Fed12 eral Reserve Act or operating under section 25 of the Fed13 eral Reserve Act,"; and (2) by adding at the end thereof 14 the following new sentence: "Nothing in this subsection or 15 in subsection (c) of this section shall authorize any Federal 16 banking agency, other than the Board of Governors of the 17 Federal Reserve System, to issue a notice of charges or 18 cease-and-desist order against a bank holding company or 19 any subsidiary thereof (other than a bank or subsidiary of 20 that bank).".

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(c) Section 8 (c) (1) and (2) of the Federal Deposit 22 Insurance Act (12 U.S.C. 1818 (c) (1) and (2)) are 23 amended to read as follows:

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"(c) (1) Whenever the appropriate Federal banking

agency shall determine that the violation or threatened vio

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