Financial Services Clarification Act

[AI summary unavailable — showing source text] Financial Services Clarification Act - Title I: Financial Institutions Clarification - Amends the Banking Act of 1933 to authorize: (1) a bank that is a member of the Federal Reserve System (member bank) to be affiliated with a depository institution securities affiliate; and (2) an officer, director, or employee of any member bank to serve simultaneously in such a position with such an affiliate. Amends the Securities Exchange Act to: (1) exclude such affiliates from the authority of certain regulatory agencies for municipal securities dealers; and (2) provide for affiliate representation on the Municipal Securities Rulemaking Board. Amends the Bank Holding Company Act of 1956 to redefine the term "bank" to: (1) include any bank insured by the Federal Deposit Insurance Corporation; and (2) exclude foreign banks having an insured or uninsured branch in the United States, insured institutions, trust companies, credit unions that are insured, or eligible for insurance by the National Credit Union Administration Board, specified industrial loan companies, and institutions acquired by bank holding companies before enactment of this Act which engage solely in credit card operations and …