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Can you summarize NERS 8-916?
BANKS AND BANKING > Bank subsidiary; powers; depository institution; limitations; agency relationship; limitations.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the powers and limitations of bank subsidiaries of bank holding companies and their agency relationships with depository institutions. According to the document, bank subsidiaries are authorized to receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as agents for depository institutions, regardless of the location of the depository institution. It clarifies that a bank acting as an agent for another depository institution under this section is not considered a branch of the other depository institution. The document also imposes limitations on depository institutions, prohibiting them from conducting any activity as an agent that they are prohibited from conducting as a principal under applicable law. It further states that the document does not affect the authority of depository institutions to act as agents for other depository institutions under other provisions of law. The agency relationship between depository institutions must be consistent with safe and sound banking practices and applicable rules and regulations. Additionally, the document allows savings associations insured by the Federal Deposit Insurance Corporation to act as agents for banks under certain conditions. The definitions of key terms such as bank, savings institution, depository institution, affiliate, and control are also provided in the document.
Whom does it apply to?
Bank subsidiaries of bank holding companies, depository institutions
What does it govern?
Bank subsidiary powers, limitations, and agency relationships
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska