Financial Reform and Community Protection Act of 1988

[AI summary unavailable — showing source text] Financial Reform and Community Protection Act of 1988 - Title I: Securities Affiliates of Bank Holding Companies - Amends the Banking Act of 1933 to permit a member bank of the Federal Reserve System to be an affiliate of a certified securities affiliate or a bank service corporation which engages in activities permissible for a certified securities affiliate. Repeals the prohibition against an officer, director, or employee of a member bank from serving as an officer, director, or employee of an affiliated securities subsidiary. Amends the Bank Holding Company Act of 1956 to allow bank holding companies to acquire ownership or control of a certified securities affiliate provided such acquisition is approved by the Federal Reserve Board (Board) and other standards are met. Allows a certified securities affiliate to: (1) buy, sell, deal in, or underwrite asset-backed securities, municipal securities, and securities which a national bank may deal in or underwrite; and (2) buy, sell, underwrite, deal in, or distribute, as principal or agent, commercial paper issued by an entity. Defines a "certified securities affiliate" as any nonbank subsidiary of a bank holding company which: (1) i…