AMENDMENT TO NATIONAL BANK CONSOLIDATION AND MERGER ACT.

SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDATION AND MERGER ACT. The National Bank Consolidation and Merger Act (12 U.S.C. 215 et seq.) is amended by inserting after section 5, as added by this title, the following new section: “SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDIARIES AND NONBANK AFFILIATES. “(a) In general.—Upon the approval of the Comptroller, a national bank may merge with one or more of its nonbank subsidiaries or affiliates. “(b) Scope.—Nothing in this section shall be construed— “(1) to affect the applicability of section 18(c) of the Federal Deposit Insurance Act; or “(2) to grant a national bank any power or authority that is not permissible for a national bank under other applicable provisions of law. “(c) Regulations.—The Comptroller shall promulgate regulations to implement this section.”.