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124 STAT. 1610 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(I) the Board and the Federal Deposit Insur- ance Corporation jointly find that the exemption is in the public interest and consistent with the purposes of this section; and ‘‘(II) the Federal Deposit Insurance Corpora- tion finds that the exemption does not present an unacceptable risk to the Deposit Insurance Fund.’’; and (B) by adding at the end the following: ‘‘(4) AMOUNTS OF COVERED TRANSACTIONS.—The Board may issue such regulations or interpretations as the Board deter- mines are necessary or appropriate with respect to the manner in which a netting agreement may be taken into account in determining the amount of a covered transaction between a member bank or a subsidiary and an affiliate, including the extent to which netting agreements between a member bank or a subsidiary and an affiliate may be taken into account in determining whether a covered transaction is fully secured for purposes of subsection (d)(4). An interpretation under this paragraph with respect to a specific member bank, subsidiary, or affiliate shall be issued jointly with the appropriate Federal banking agency for such member bank, subsidiary, or affiliate.’’. (b) TRANSACTIONS WITH AFFILIATES.—Section 23B(e) of the Fed- eral Reserve Act (12 U.S.C. 371c–1(e)) is amended— (1) by striking the undesignated matter following subpara- graph (B); (2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the clause margins accordingly; (3) by redesignating paragraphs (1) and (2) as subpara- graphs (A) and (B), respectively, and adjusting the subpara- graph margins accordingly; (4) by striking ‘‘The Board’’ and inserting the following: ‘‘(1) IN GENERAL.—The Board’’; (5) in paragraph (1)(B), as so redesignated— (A) in the matter preceding clause (i), by inserting before ‘‘regulations’’ the following: ‘‘subject to paragraph Notification. (2), if the Board finds that an exemption or exclusion is in the public interest and is consistent with the purposes of this section, and notifies the Federal Deposit Insurance Corporation of such finding,’’; and (B) in clause (ii), by striking the comma at the end and inserting a period; and (6) by adding at the end the following: Time period. ‘‘(2) EXCEPTION.—The Board may grant an exemption or Notice. exclusion under this subsection only if, during the 60-day period beginning on the date of receipt of notice of the finding from the Board under paragraph (1)(B), the Federal Deposit Insur- ance Corporation does not object, in writing, to such exemption or exclusion, based on a determination that the exemption presents an unacceptable risk to the Deposit Insurance Fund.’’. (c) HOME OWNERS’ LOAN ACT.—Section 11 of the Home Owners’ LAWS Loan Act (12 U.S.C. 1468) is amended by adding at the end the following: ‘‘(d) EXEMPTIONS.—PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00236 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203