H.R. 1306 (ih) To amend the Federal Deposit Insurance Act to clarify the applicability of host State laws to any branch in such State of an out-of-State bank. ...

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        H.R.1306

                       One Hundred Fifth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
 the seventh day of January, one thousand nine hundred and ninety-seven


                                 An Act


 
To amend Federal law to clarify the applicability of host State laws to 
    any branch in such State of an out-of-State bank, and for other 
                                purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Riegle-Neal Amendments Act of 
1997''.

SEC. 2. INTERSTATE BRANCHING.

    (a) Activities of Branches of Out-of-State Banks.--Subsection 24(j) 
of the Federal Deposit Insurance Act (12 U.S.C. 1831a(j)) is amended to 
read as follows:
    ``(j) Activities of Branches of Out-of-State Banks.--
        ``(1) Application of host state law.--The laws of a host State, 
    including laws regarding community reinvestment, consumer 
    protection, fair lending, and establishment of intrastate branches, 
    shall apply to any branch in the host State of an out-of-State 
    State bank to the same extent as such State laws apply to a branch 
    in the host State of an out-of-State national bank. To the extent 
    host State law is inapplicable to a branch of an out-of-State State 
    bank in such host State pursuant to the preceding sentence, home 
    State law shall apply to such branch.
        ``(2) Activities of branches.--An insured State bank that 
    establishes a branch in a host State may conduct any activity at 
    such branch that is permissible under the laws of the home State of 
    such bank, to the extent such activity is permissible either for a 
    bank chartered by the host State (subject to the restrictions in 
    this section) or for a branch in the host State of an out-of-State 
    national bank.
        ``(3) Savings provision.--No provision of this subsection shall 
    be construed as affecting the applicability of--
            ``(A) any State law of any home State under subsection (b), 
        (c), or (d) of section 44; or
            ``(B) Federal law to State banks and State bank branches in 
        the home State or the host State.
        ``(4) Definitions.--The terms `host State', `home State', and 
    `out-of-State bank' have the same meanings as in section 44(f).''.
    (b) Law Applicable to Interstate Branching Operations.--Section 
5155(f)(1) of the Revised Statutes (12 U.S.C. 36(f)(1)) is amended by 
adding at the end the following:
            ``(C) Review and report on actions by comptroller.--The 
        Comptroller of the Currency shall conduct an annual review of 
        the actions it has taken with regard to the applicability of 
        State law to national banks (or their branches) during the 
        preceding year, and shall include in its annual report required 
        under section 333 of the Revised Statutes (12 U.S.C. 14) the 
        results of the review and the reasons for each such action. The 
        first such review and report after the date of enactment of 
        this subparagraph shall encompass all such actions taken on or 
        after January 1, 1992.''.

SEC. 3. RIGHT OF STATE TO OPT OUT

    Nothing in this Act alters the right of States under section 525 of 
Public Law 96-221.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

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