Transcription of Regulation Section Riegle–Neal Interstate Banking ...
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Regulation Section Riegle–Neal Interstate Banking ...
Regulation H Section 109 of the Riegle Neal Interstate Banking and Branching Efficiency Act Background The Riegle Neal Interstate Banking and Branching Efficiency Act of 1994 ( Interstate Act) allows banks to branch across state lines. Section 109 of the act, however, prohibits a bank from establishing or acquiring a branch or branches outside its home state, pursuant to the act, primarily for the purpose of deposit production. Congress enacted sec tion 109 to ensure that Interstate branches would not take deposits from a community without the bank s reasonably helping to meet the credit needs of that community. Interagency regulations imple menting Section 109 became effective in October 1997. The Board s rules implementing the provision for state member banks are located in sec tion of Regulation H, Membership of State Banking Institutions in the Federal Reserve System. Section 106 of the Gramm Leach Bliley Act of 1999 (GLBA) expanded the coverage of sec tion 109 by changing the definition of an Interstate branch.
1. A special-purpose bank that does not provide commercial or retail banking services by granting credit to the public in the ordinary course …
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