ELIMINATING EXCEPTIONS FOR TRANSACTIONS WITH FINANCIAL SUBSIDIARIES.

SEC. 609. ELIMINATING EXCEPTIONS FOR TRANSACTIONS WITH FINANCIAL SUBSIDIARIES.(a) Amendment.—Section 23A(e) of the Federal Reserve Act (12 U.S.C. 371c(e)) is amended—(1) by striking paragraph (3); and(2) by redesignating paragraph (4) as paragraph (3).(b) Prospective Application of Amendment.—The amendments made by this section shall apply with respect to any covered transaction between a bank and a subsidiary of the bank, as those terms are defined in section 23A of the Federal Reserve Act (12 U.S.C. 371c), that is entered into on or after the date of enactment of this Act.(c) Effective Date.—The amendments made by this section shall take effect 1 year after the transfer date.