Interstate Banking and Branching Act of 1994

TABLE OF CONTENTS:

Title I: Interstate Banking and Branching

Title II: Bank and Thrift Statute of Limitations

Title III: Financial Services

Title IV: General Provisions

Title I: Interstate Banking and Branching - Interstate Banking and Branching Act of 1994 - 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 whether or not the host State permits such transactions.

(Sec. 102) Declares that State law in effect on the date of enactment of this Act which permits bank holding companies from only a limited number of States to acquire specified banks shall be interpreted as permitting bank holding companies from any State to acquire a bank in that State under the terms of such State law.

Authorizes the Board to approve a holding company's application to acquire out-of-State banks notwithstanding the statutory proscription against certain concentration limitations, if the application involves acquisition of either a failing bank or one with respect to which the Federal Deposit Insurance Corporation provides specified assistance.

States that the authority of any State or its political subdivision to tax a banking entity is not affected by this Act.

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.

(Sec. 103) Permits an adequately capitalized and adequately managed bank holding company to combine into a single bank its subsidiary banks located in more than one State. Permits a host State to levy a bank shares tax upon an out-of-State bank with branches within the host State. Subjects national or State bank branches to the regulatory scheme of the host State.

Grants the States the option of electing to either permit or prohibit interstate combinations of bank holding company subsidiaries within their borders.

(Sec. 104) Amends the Federal Deposit Insurance Act to authorize host State regulatory authorities to enter into cooperative agreements to coordinate their examinations of out-of-State bank branches.

(Sec. 105) Authorizes a State to enact laws expressly permitting interstate branching within its borders by adequately capitalized and adequately managed national and State banks.

Amends Federal banking law to authorize the Comptroller of the Currency to approve interstate branching by a national bank if the law of the host State expressly permits such activity.

(Sec. 106) Amends the Community Reinvestment Act of 1977 to include within its purview evaluations of the interstate branches of regulated financial institutions.

(Sec. 107) 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.

(Sec. 108) Requires 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.

Amends the Consolidated Farm and Rural Development Act regarding loan repayments 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.

Title II: Bank and Thrift Statute of Limitations - Bank and Thrift Statute of Limitations Clarification Act of 1994 - Amends the Federal Deposit Insurance Act to provide that the statute of limitations regarding an action brought by the Federal Deposit Insurance Corporation as conservator or receiver begins to run with the date of its appointment in that capacity, regardless of whether the claim was barred by State law at the date of such appointment, unless it was barred more than five years before that appointment.

Title III: Financial Services - National Commission on Financial Services Act - Establishes the National Commission on Financial Services to study and report to the President and the Congress on the strengths and weakness of the U.S. financial services system in meeting user needs.

(Sec. 307) Authorizes appropriations.

Title IV: General Provisions - Amends the Mt. Rushmore Commemorative Coin Act to instruct the Secretary of the Treasury to allot for FY 1994 specified amounts from surcharges from coin sales to the Mt. Rushmore National Memorial Society.

(Sec. 402) 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.