12 U.S.C. § 1831v — Authority of State insurance regulator and Securities and Exchange Commission

(a) In general. Limits in section 1844(c) on the Federal Reserve Board’s authority to demand reports, examine, impose capital requirements on holding companies and functionally regulated subsidiaries, or defer to other regulators; limits in section 1844(g) on requiring a functionally regulated subsidiary to provide capital, funds, or assets to a depository-institution subsidiary or taking actions such as requiring divestiture; and limits in section 1848a on taking direct or indirect action against holding companies and functionally regulated subsidiaries also limit a Federal banking agency’s authority to demand reports, examine, impose capital requirements, or take other direct or indirect action against a depository institution’s functionally regulated affiliate^*. The same standards and requirements that apply to the Board under those provisions apply to the Federal banking agency.
(b) Examination exception. This section does not prevent the Corporation from examining a depository institution’s affiliate under section 1820(b)(4) when the Corporation finds the examination necessary to determine the institution’s condition for insurance purposes and to fully show the relationship and its effect on the institution.
(c) Definitions.
(1) “Functionally regulated subsidiary” has the meaning given in section 1844(c)(5). This section does not define that term.
(2) “Functionally regulated affiliate” means, for a depository institution, an affiliate that (A) is not a depository institution holding company and (B) is a company described in any clause of section 1844(c)(5)(B).