(a) The Commissioner may authorize a universal bank to exercise a power that may be exercised by any other state bank, state or federally chartered savings bank, state or federally chartered savings and loan association, or federally charted national bank.
(b)(1) A universal bank shall file with the Commissioner a written request to exercise a power under subsection (a) of this section. Within 60 days after receiving a request under this subsection, the Commissioner shall approve the request if the Commissioner determines that:
(A) The power requested by the universal bank may be exercised by a state bank, state or federally chartered savings bank, a state or federally chartered savings and loan association, or a federally charted national bank; and
(B) The universal bank will exercise the power requested in a safe and sound manner.
(2) The Department and the universal bank may agree to extend the 60-day period under paragraph (1) of this subsection for an additional 60 days.
(c) A universal bank shall exercise a power authorized under this section only through a subsidiary of the universal bank, with the appropriate safeguards to limit the risk exposure of the universal bank and to protect the banking customers of the universal bank.