(1) Notwithstanding any provision of the Bank Act to the contrary, Oregon commercial banks are authorized to:
(a) Engage as principal in those activities in which national banks may engage as principal and acquire and retain those investments that national banks may acquire and retain, subject to conditions and restrictions that apply to national banks; and
(b) Engage as principal in those activities and acquire and retain those investments that are permissible for state chartered banks under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.
(2) Notwithstanding any provision of the Bank Act to the contrary, subsidiaries of Oregon commercial banks are authorized to:
(a) Engage as principal in those activities in which subsidiaries of national banks may engage as principal and acquire and retain those investments that subsidiaries of national banks may acquire and retain, subject to conditions and restrictions that apply to subsidiaries of national banks; and
(b) Engage as principal in those activities and acquire and retain those investments that are permissible for subsidiaries of state chartered bank subsidiaries under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.
(3) Activities and investments referred to in subsections (1) and (2) of this section that require notice to or approval of the Comptroller of the Currency shall not require such notice or approval but shall require notice to or approval of the Director of the Department of Consumer and Business Services. For purposes of this section, references in federal statutes, regulations and other authorities that prescribe the permissible activities and investments of national banks and subsidiaries of national banks shall be deemed whenever practicable to refer to comparable provisions of Oregon law. The director may approve an activity or investment that requires director approval, subject to such conditions as the director deems appropriate.
(4) The purpose of this section is to grant Oregon commercial banks and their subsidiaries all investment and activity power and authority, as principal, permitted state chartered banks under federal law. [1997 c.631 §117]
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