STATEMENT TO

ASSEMBLY, No. 2351

with Assembly Floor Amendments

(Proposed by Assemblyman ZECKER)

ADOPTED: NOVEMBER 14, 1996

      Unamended, this bill permits a State chartered bank or savings bank to engage in securities activities to the extent that national banks are permitted to engage in securities activities by federal law or regulation, or to the extent that state banks or national banks are permitted to engage in securities activities by regulation or rule of the Board of Governors of the Federal Reserve System or by rule or regulation of the Federal Deposit Insurance Corporation, or as the Commissioner of Banking and Insurance allows by regulation or rule, or which activities have been fully described in an application to the commissioner, which application the commissioner has approved, provided however, that such securities activities are on parity with regulations or orders allowing such securities activities for national banks or other state chartered banks.

      The amendments to this bill permit State chartered savings and loan associations to engage in securities activities to the extent that federal savings banks are permitted to engage in securities activities by federal law or regulation, or to the extent that state chartered savings and loan associations or federal savings banks are permitted to engage in securities activities by regulation or rule of the Office of Thrift Supervision or by rule or regulation of the Federal Deposit Insurance Corporation, or as the Commissioner of Banking and Insurance allows by regulation or rule, or which activities have been fully described in an application to the commissioner, which application the commissioner has approved provided, however, that such securities activities are on parity with regulations or orders allowing such securities activities for federal savings banks or other state chartered savings and loan associations.