Notwithstanding subsection (a), an insured State bank may retain control of a subsidiary, or retain an interest in a subsidiary, that the State bank lawfully controlled or acquired before November 12, 1999, and conduct through such subsidiary any activities lawfully conducted in such subsidiary as of such date.
12 U.S. Code § 1831w - Safety and soundness firewalls applicable to financial subsidiaries of banks
(a) In generalAn insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank to conduct through a financial subsidiary if—
(b) Preservation of existing subsidiaries
(c) DefinitionsFor purposes of this section, the following definitions shall apply:
(d) Preservation of authority
(1) This chapter
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