Banking Reform and Community Benefits Act of 1988

[AI summary unavailable — showing source text] Banking Reform and Community Benefits Act of 1988 - Title I: Certain Securities Activities Allowed for Bank Holding Companies and Bank Service Corporations - Financial Services Competitive Enhancement Act - Amends the Bank Holding Company Act of 1956 to allow bank holding companies to own shares of certain qualified securities affiliates. Defines a "qualified securities affiliate" to mean any company which: (1) is a broker or dealer under the Securities Exchange Act of 1934; and (2) does not underwrite or deal in securities except to the extent authorized by this Act. Allows any qualified securities affiliate to: (1) buy, sell, or underwrite asset-backed securities, municipal securities, and securities in which a national bank may deal or underwrite; (2) buy, sell, and underwrite commercial paper and long-term corporate debt; and (3) buy, sell, and underwrite shares issued by any investment company. Directs the Board of Governors of the Federal Reserve System (Federal Reserve Board) to disapprove the acquisition of a qualified securities affiliate by a bank holding company if the acquisition would result in the affiliation of a large bank or bank holding company (one having assets …