Foreign Ownership of United States Banks Limitation Act

Foreign Ownership of United States Banks Limitation Act - Amends the Federal Deposit Insurance Act to require the appropriate Federal banking agency to disapprove any proposed acquisition of an insured bank by a prohibited foreign national. States that such foreign national may be: (1) any country that appears on the list of controlled countries (which includes communist countries) of the Export Administration Act of 1979; (2) any national, agency, or instrumentality of such a country; or (3) any person who such Federal banking agency has reason to believe is an agent of such country, national, agency, or instrumentality. Requires a proposed acquirer of an insured bank to notify such Federal banking agency of the acquirer's nationality. Imposes a criminal penalty for willful failure to provide such information. Extends from 60 to 90 days the period for issuing a notice of disapproval if such Federal banking agency has reason to believe that the proposed acquisition may result in the ownership or control of an insured bank by a prohibited foreign national.

Prohibits the responsible Federal banking agency from approving a proposed merger or consolidation of an insured bank if the responsible agency has reason to believe that the resulting bank would be owned or controlled by such a prohibited foreign national.

Amends the Bank Holding Company Act of 1956 to prohibit the Federal Reserve Board from approving any acquisition, merger, or consolidation which the Federal Reserve Board has reason to believe would result in the ownership or control of a bank by a prohibited foreign national. Extends for 90 days the period for issuing notice of disapproval if the agency has reason to believe that the proposed acquisition may result in the ownership or control of an insured bank by such a prohibited foreign national.

Prohibits the Comptroller of the Currency from issuing a certificate of banking authority to any national banking association which the Comptroller has reason to believe is owned or controlled by a prohibited foreign national.

Prohibits the Comptroller from approving the conversion of any bank if the Comptroller has reason to believe that the bank is owned or controlled by any such prohibited foreign national.

Amends the Federal Reserve Act to prohibit the Federal Reserve Board from approving an application to become a member of the Federal Reserve System by a bank which the Board has reason to believe is owned or controlled by any such prohibited foreign national.

Amends the Federal Deposit Insurance Act to prohibit approval by the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) of an application for insurance by any bank if such bank is owned or controlled by a prohibited foreign national.

Requires the appropriate Federal banking agency to require each insured bank to include in the first report of condition filed by such bank after enactment of this Act the nationality of any person who controls such bank.

Amends the National Housing Act to require the Federal Savings and Loan Insurance Corporation (FSLIC) to disapprove any proposed acquisition if the FSLIC has reason to believe that the proposed acquisition would result in ownership or control of an institution by a prohibited foreign national. Requires a proposed acquirer of a depository institution to notify the FSLIC of the acquirer's nationality. Imposes a criminal penalty for willful failure to provide such information. Extends from 60 to 90 days the period for issuing a notice of disapproval if the FSLIC has reason to believe that the proposed acquisition may result in the ownership or control of an insured institution by such a prohibited foreign national.

Prohibits the FSLIC from approving any acquisition that would result in the ownership or control of any savings and loan holding company, insured institution, or uninsured institution by a prohibited foreign national.

Amends the Home Owners' Loan Act of 1933 to prohibit the Federal Home Loan Bank Board from granting a charter if the grant of such charter would result in the control of an institution by a prohibited foreign national.

Prohibits the conversion of any association that is a member of the Federal Home Loan Bank, any Federal savings and loan association, any Federal savings bank, or any State-chartered savings bank into certain types of institutions if, after such conversion, such resulting institution would be controlled by a prohibited foreign national.

Prohibits the FDIC from approving certain mergers and consolidations if the FDIC has reason to believe that the resulting bank, association, or institution would be owned or controlled by a prohibited foreign national.

Amends the Federal Home Loan Bank Act to prohibit any building and loan association, savings and loan association, cooperative bank, homestead association, insurance company, or savings bank from becoming a member of, or a non-member borrower of, a Federal Home Loan Bank if such institution is controlled by a prohibited foreign national.

Requires the Federal Home Loan Bank Board and the FSLIC to require each institution that is required to file reports of conditions with such Board or FSLIC to include in the first such report filed after enactment of this Act the nationality of any person who controls such institution.