To amend the Bank Holding Company Act of 1956 to provide additional relief for limited purpose banks from certain outdated restrictions imposed by the Competitive Equality Banking Act of 1987 which by the express terms of such Act were intended to be temporary and have now been in place for 10 years, and for other purposes.
Limited Purpose Bank Amendments of 1997 - Amends the Bank Holding Company Act of 1956 to set forth transactions involving demand deposits, commercial loans, and overdrafts by a bank subsidiary which will cause the parent company to lose its statutory exemption from being treated as a bank holding company.
Expands the asset class over which a parent company may exercise more than five percent control without losing such exemption.
Repeals the restrictions placed upon banks under such exempt holding companies' control.
Permits a parent holding company to retain such exemption if it acquires an insured institution that has been found by Federal or State authority to be undercapitalized.
Revises divestiture requirements to cite circumstances under which the parent holding company may regain a lost exemption from treatment as a bank holding company.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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