§ 1831w. Safety and soundness firewalls applicable to financial subsidiaries of banks
(a)
In general
An insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank to conduct through a financial subsidiary if—
(1)
the State bank and each insured depository institution affiliate of the State bank are well capitalized (after the capital deduction required by paragraph (2));
(2)
the State bank complies with the capital deduction and financial statement disclosure requirements in section
24a
(c) of this title;
(b)
Preservation of existing subsidiaries
Notwithstanding subsection (a) of this section, an insured State bank may retain control of a subsidiary, or retain an interest in a subsidiary, that the State bank lawfully controlled or acquired before November 12, 1999, and conduct through such subsidiary any activities lawfully conducted in such subsidiary as of such date.
(d)
Preservation of authority
(1)
This chapter
No provision of this section shall be construed as superseding the authority of the Federal Deposit Insurance Corporation to review subsidiary activities under section
1831a of this title.