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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1611

‘‘(1) FEDERAL SAVINGS ASSOCIATIONS.—The Comptroller of
the Currency may, by order, exempt a transaction of a Federal
savings association from the requirements of this section if—
‘‘(A) the Board and the Office of the Comptroller of Notification.
the Currency jointly find the exemption to be in the public
interest and consistent with the purposes of this section
and notify the Federal Deposit Insurance Corporation of
such finding; and
‘‘(B) before the end of the 60-day period beginning Time period.
on the date on which the Federal Deposit Insurance Cor- Notice.
poration receives notice of the finding under subparagraph
(A), the Federal Deposit Insurance Corporation does not
object, in writing, to the finding, based on a determination
that the exemption presents an unacceptable risk to the
Deposit Insurance Fund.
‘‘(2) STATE SAVINGS ASSOCIATION.—The Federal Deposit
Insurance Corporation may, by order, exempt a transaction
of a State savings association from the requirements of this
section if the Board and the Federal Deposit Insurance Corpora-
tion jointly find that—
‘‘(A) the exemption is in the public interest and con-
sistent with the purposes of this section; and
‘‘(B) the exemption does not present an unacceptable
risk to the Deposit Insurance Fund.’’.
(d) EFFECTIVE DATE.—The amendments made by this section 12 USC 371c
shall take effect 1 year after the transfer date. note.

SEC. 609. ELIMINATING EXCEPTIONS FOR TRANSACTIONS WITH FINAN-
CIAL SUBSIDIARIES.
(a) AMENDMENT.—Section 23A(e) of the Federal Reserve Act
(12 U.S.C. 371c(e)) is amended—
(1) by striking paragraph (3); and
(2) by redesignating paragraph (4) as paragraph (3).
(b) PROSPECTIVE APPLICATION OF AMENDMENT.—The amend- 12 USC 371c
ments made by this section shall apply with respect to any covered note.
transaction between a bank and a subsidiary of the bank, as those
terms are defined in section 23A of the Federal Reserve Act (12
U.S.C. 371c), that is entered into on or after the date of enactment
of this Act.
(c) EFFECTIVE DATE.—The amendments made by this section 12 USC 371c
shall take effect 1 year after the transfer date. note.

SEC. 610. LENDING LIMITS APPLICABLE TO CREDIT EXPOSURE ON
DERIVATIVE TRANSACTIONS, REPURCHASE AGREEMENTS,
REVERSE REPURCHASE AGREEMENTS, AND SECURITIES
LENDING AND BORROWING TRANSACTIONS.
(a) NATIONAL BANKS.—Section 5200(b) of the Revised Statutes
of the United States (12 U.S.C. 84(b)) is amended—
(1) in paragraph (1), by striking ‘‘shall include’’ and all
that follows through the end of the paragraph and inserting
the following: ‘‘shall include—
‘‘(A) all direct or indirect advances of funds to a person
made on the basis of any obligation of that person to
repay the funds or repayable from specific property pledged

LAWS by or on behalf of the person; ‘‘(B) to the extent specified by the Comptroller of the Currency, any liability of a national banking associationPUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00237 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203