,,ii #aafth ,,congress #ast ,session ,s4 #bhci ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #ab1 #bjai,mr4 ,kennedy introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,bank ,holding ,company ,act of #aief to regulate industrial bank holding companies1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,eliminating ,corporate ,shadow ,banking ,act of #bjai4 #b4 ,industrial bank holding company regulation 7a7 ,definitions ,section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7 is amended-- 7#a7 in subsection 7c77#b71 by redesignating subparagraph 7,h7 as subsection 7r71 moving that subsection to appear after subsection 7q71 and adjusting the margins accordingly2 7#b7 in subsection 7r71 as so redesignated-- 7,a7 by striking 7r7 ,an industrial and inserting the following3 7r7 ,industrial bank ,the term industrial bank means an industrial 2 and 7,b7 in the flush text following subparagraph 7,b71 by striking subparagraph and inserting subsection2 and 7#c7 by adding at the end the following3 7s7 ,covered industrial bank holding company ,the term covered industrial bank holding company means any company-- 7#a7 that1 before ,october #a1 #bjai1 controlled 7as determined by the ,board pursuant to subsection 7a771 directly or indirectly1 an industrial bank2 7#b7 that did not acquire control of any other depository institution after ,october #a1 #bjai2 7#c7 with respect to which there is no change in control1 directly or indirectly1 of any depository institution subsidiary after ,october #a1 #bjai1 that requires a registration under this section or an application under section #g7;j7 or #ah7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j71 #ahbh7;c771 section #c of this ,act1 or section #aj of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a72 and 7#d7 that was not-- 7,a7 a bank holding company2 7,b7 a savings and loan holding company2 7,c7 a company that is subject to this ,act pursuant to section #h7;a7 of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf7;a772 7,d7 a holding company regulated by the ,securities and ,exchange ,commission pursuant to section #bdj4ae;c#c-a7;a77#g7 of title #ag1 ,code of ,federal ,regulations1 as in effect on ,august #a1 #bjai2 or 7,e7 controlled by a company described in subparagraph 7,a71 7,b71 7,c71 or 7,d74 7t7 ,capital terms relating to covered industrial bank holding companies 7#a7 ,adequately capitalized ,with respect to a covered industrial bank holding company1 the term adequately capitalized means a level of capitalization which meets or exceeds all applicable ,federal regulatory capital standards4 7#b7 ,well capitalized ,with respect to a covered industrial bank holding company1 the term well capitalized means a level of capitalization which meets or exceeds the required capital levels for well capitalized covered industrial bank holding companies established by the ,board4 4 7b7 ,covered industrial bank holding company registration and ownership ,the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 is amended by adding at the end the following3 #ae4 ,industrial bank holding company regulation 7a7 ,acquisition of industrial bank shares or assets ,section #c of this ,act 7other than section #c7;c77#c77;,b77 shall apply to any covered industrial bank holding company in the same manner as that section applies to a company that is or would become a bank holding company1 except that for purposes of applying this subsection-- 7#a7 any reference to a bank holding company in such section #c shall be deemed to be a reference to a covered industrial bank holding company2 7#b7 any reference to a bank in such section #c shall be deemed to be a reference to an industrial bank2 7#c7 any reference to the ,bank ,holding ,company ,act ,amendments of #aigj in such section #c shall be deemed to be a reference to the ,industrial ,bank ,holding ,company ,act of #bjai2 7#d7 any reference to a home ,state in such section #c shall be deemed to be a reference to-- 7,a7 with respect to a covered industrial bank holding company1 the ,state in which the total deposits of all banking subsidiaries of such company were the largest on the later of-- 7i7 ,october #a1 #bjai2 or 7ii7 the date on which the company becomes a covered industrial bank holding company under this section2 and 7,b7 with respect to an industrial bank1 the home ,state of the bank as determined under section #dd7;g7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcau7g772 7#e7 any reference to a host ,state in such section #c shall be deemed to be a reference to-- 7,a7 with respect to a covered industrial bank holding company1 a ,state1 other than the home ,state of the company1 in which the company controls1 or seeks to control1 an industrial bank subsidiary2 and 7,b7 with respect to an industrial bank1 the host ,state of the bank as determined under section #dd7;g7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcau7g772 7#f7 any reference to an out-of-,state bank holding company in such section #c shall be deemed to be a reference to1 with respect to any ,state1 a covered industrial bank holding company whose home ,state is another ,state2 and 7#g7 any reference to an out-of-,state bank in such section #c shall be deemed to be a reference to1 with respect to any ,state1 an industrial bank whose home ,state is another ,state4 7b7 ,application process ,an application filed under subsection 7a7 to acquire control of an industrial bank shall be treated as an application for a deposit facility for purposes of this ,act and any other ,federal law4 7c7 ,registration 7#a7 ,in general ,each covered industrial bank holding company shall register with the ,board on forms prescribed by the ,board before the end of the #ahj-;day period beginning on the later of-- 7,a7 the date the company becomes a covered industrial bank holding company2 or 7,b7 the date of enactment of this section4 7#b7 ,information to be included ,each registration submitted under paragraph 7#a7 shall include such information1 under oath1 with respect to the financial condition1 ownership1 operations1 management1 and intercompany relationships of the covered industrial bank holding company and subsidiaries of the covered industrial bank holding company1 and other factors 7including information described in subsection 7d77#a77;,c771 as the ,board may determine to be appropriate to carry out the purposes of this section4 7#c7 ,extension of time for submitting complete information ,upon application by a covered industrial bank holding company and subject to such requirements1 factors1 and evidence as the ,board may require1 the ,board may extend the period described in paragraph 7#a7 within which the covered industrial bank company shall register and file the requisite information4 7d7 ,reports and examinations 7#a7 ,reports 7,a7 ,reports required ,each covered industrial bank holding company and each subsidiary of a covered industrial bank holding company1 other than an industrial bank1 shall file with the ,board such reports as may be required by the ,board4 7,b7 ,form and manner ,reports filed under subparagraph 7,a7 shall be made under oath and shall be in such form and for such periods as the ,board may prescribe4 7,c7 ,information ,each report filed under subparagraph 7,a7 shall contain such information as the ,board may require concerning-- 7i7 the operations of the covered industrial bank holding company and the subsidiaries of the covered industrial bank holding company2 7ii7 the financial condition of the covered industrial bank holding company and the subsidiaries of the covered industrial bank holding company1 together with information on systems maintained within the covered industrial bank holding company or within any subsidiary of the covered industrial bank holding company for monitoring and controlling financial and operating risks1 and transactions with insured depository institution subsidiaries of the covered industrial bank holding company2 7iii7 compliance by the covered industrial bank holding company and the subsidiaries of the covered industrial bank holding company with all applicable ,federal and ,state laws2 and 7iv7 such other information as the ,board may require4 7,d7 ,acceptance of existing reports ,for purposes of this paragraph1 the ,board may accept reports that a covered industrial bank holding company or any subsidiary of a covered industrial bank holding company has provided or has been required to provide to any other ,federal or ,state supervisor or to any appropriate self-regulatory organization4 7#b7 ,examinations 7,a7 ,in general ,each covered industrial bank holding company and each subsidiary of each covered industrial bank holding company 7other than an industrial bank7 shall be subject to such examinations by the ,board as the ,board may prescribe for purposes of this section4 7,b7 ,furnishing reports to other agencies ,examination and other reports made or received under this section may be furnished by the ,board to any other appropriate ,federal agency or any appropriate ,state bank supervisor or other ,state financial supervisory agency4 7,c7 ,use of reports from other agencies ,the ,board may use1 for purposes of this subsection1 reports of examination made by any other appropriate ,federal agency1 any appropriate ,state bank supervisor1 or any other ,state financial supervisory authority with respect to any covered industrial bank holding company or subsidiary of the covered industrial bank holding company1 to the extent the ,board may determine such use to be feasible for such purposes4 7#c7 ,capital 7,a7 ,in general ,the ,board may not1 by regulation1 guideline1 order1 or otherwise1 prescribe or impose any capital or capital adequacy rules1 guidelines1 standards1 or requirements on any functionally regulated affiliate 7as defined in section #de of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcav77 of any depository institution that is controlled by a covered industrial bank holding company that-- 7i7 is not a depository institution2 and 7ii7 is-- 7,i7 in compliance with the applicable capital requirements of the appropriate ,federal or ,state supervisory agency of the affiliate 7including the ,securities and ,exchange ,commission or ,state insurance authority72 7,,ii7 properly registered as an investment adviser-- 7aa7 under the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq472 or 7bb7 with any ,state2 or 7,,iii7 is licensed as an insurance agent with the appropriate ,state insurance authority4 7,b7 ,rule of construction ,subparagraph 7,a7 shall not be construed as preventing the ,board from imposing capital or capital adequacy rules1 guidelines1 standards1 or requirements with respect to-- 7i7 activities of a registered investment adviser other than with respect to investment advisory activities or activities incidental to investment advisory activities2 or 7ii7 activities of a licensed insurance agent other than insurance agency activities or activities incidental to insurance agency activities4 7e7 ,access to information 7#a7 ,information provided by board ,any confidential supervisory information1 including examination or other reports1 pertaining to a covered industrial bank holding company furnished by the ,board to any other ,federal agency or any appropriate ,state supervisory agency shall remain confidential unless the ,board1 in writing1 otherwise consents4 7#b7 ,deference to depository institution examinations ,any appropriate ,federal supervisory agency of a covered industrial bank holding company shall1 to the fullest extent possible1 rely on examination reports made by the appropriate ,federal banking agency and the appropriate ,state bank supervisor relating to any depository institution subsidiary of the covered industrial bank holding company in lieu of a direct examination4 7#c7 ,information to be provided to board 7,a7 ,request to agency ,upon request by the ,board1 an appropriate ,federal supervisory agency may provide to the ,board information regarding the condition of an industrial bank1 any covered industrial bank holding company of the industrial bank1 or any other affiliate of any such covered industrial bank holding company that is necessary to assess risk to the industrial bank4 7,b7 ,availability from holding company directly ,notwithstanding section #de of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbe71 section #aae of the ,gramm-,leach-,bliley ,act 7#ab ,u4,s4,c4 #ahbj;a71 or any other provision of law 7including any regulation71 if the information requested under subparagraph 7,a7 is not provided to the ,board1 and the information is necessary to assess risk to the industrial bank1 the ,board may require the covered industrial bank holding company or affiliate thereof referred to in such subparagraph with respect to such industrial bank to provide such information to the ,board4 7#d7 ,examinations by board 7,a7 ,in general ,subject to subparagraph 7,b7 and notwithstanding section #de of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcav71 section #aae of the ,gramm-,leach-,bliley ,act 7#ab ,u4,s4,c4 #ahbj;a71 or any other provision of law 7including any regulation71 no law shall be construed as preventing the ,board from examining an affiliate of an industrial bank as may be necessary to disclose fully the relationship between the industrial bank and the affiliate1 and the effect of such relationship on the industrial bank1 if the ,board finds such examination necessary to determine the condition of an industrial bank4 7,b7 ,functionally regulated affiliates ,before the ,board may examine any affiliate of an industrial bank that is a broker1 a dealer1 an investment company1 an investment advisor1 or an entity that is subject to consolidated supervision by the ,securities and ,exchange ,commission1 other than a depository institution1 the ,board-- 7i7 shall request the ,commission to provide the information that the ,board is seeking to obtain through examination2 and 7ii7 may proceed with the examination only if the requested information is not provided by the ,commission in a timely manner4 7f7 ,limitation on control 7#a7 ,in general ,except as provided in paragraph 7#c7 or 7#d71 no industrial bank may be controlled1 directly or indirectly1 by a commercial firm4 7#b7 ,commercial firm defined ,for purposes of this section1 the term commercial firm means any entity that derives any amount of revenue from activities that are not financial in nature1 or incidental to a financial activity as defined in section #d7k74 7#c7 ,pre-#bjai exclusions for certain industrial banks 7,a7 ,grandfathered institutions ,paragraph 7#a7 shall not apply with respect to any industrial bank-- 7i7 that became an insured depository institution before ,october #a1 #bjai1 or pursuant to an application for deposit insurance that was approved by the ,federal ,deposit ,insurance ,corporation before such date2 and 7ii7 with respect to which there is no change in control1 directly or indirectly1 of the bank after ,september #cj1 #bjai1 that requires a registration under this section or an application under section #g7;j7 or #ah7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j71 #ahbh7;c771 section #c of this ,act1 or section #aj of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a71 except a direct or indirect change of control in which-- 7,i7 immediately prior to such change in control the acquiring company is a bank holding company1 a financial holding company1 a savings and loan holding company1 or a holding company regulated by the ,securities and ,exchange ,commission pursuant to section #bdj4ae;c#c-a7;a77#g7 of title #ag1 ,code of ,federal ,regulations1 as in effect on ,august #a1 #bjai2 7,,ii7 the resulting holding company is a bank holding company1 a financial holding company1 a savings and loan holding company1 or a holding company regulated by the ,securities and ,exchange ,commission pursuant to section #bdj4ae;c#c-a7;a77#g7 of title #ag1 ,code of ,federal ,regulations1 as in effect on ,october #a1 #bjai2 and 7,,iii7 the resulting ultimate holding company is subject to consolidated supervision by the ,board or a holding company regulated by the ,securities and ,exchange ,commission pursuant to section #bdj4ae;c#c-a7;a77#g7 of title #ag1 ,code of ,federal ,regulations1 as in effect on ,october #a1 #bjai4 7,b7 ,corporate reorganizations permitted ,the acquisition of direct or indirect control of an industrial bank referred to in subparagraph 7,a77ii7 shall not be treated as a change in control for purposes of that subparagraph if-- 7i7 the company acquiring control is itself directly or indirectly controlled by a company that was an affiliate of the industrial bank on the date referred to in that subparagraph1 and remains an affiliate at all times after that date2 and 7ii7 the transaction through which the company acquired control of the industrial bank constituted solely a corporate reorganization of a company that controlled the industrial bank on the date referred to in that subparagraph4 7#d7 ,pre-#bjai exclusions for commercial firms 7,a7 ,grandfathered commercial firms ,paragraph 7#a7 shall not apply to any commercial firm-- 7i7 that became a covered industrial bank holding company by virtue of acquiring control of an industrial bank before ,october #a1 #bjai2 7ii7 that did not acquire control of any other depository institution after ,october #a1 #bjai2 7iii7 with respect to which there is no change in control1 directly or indirectly1 of any depository institution subsidiary after ,october #a1 #bjai1 that requires a registration under this section or an application under section #g7;j7 or #ah7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j71 #ahbh7;c771 section #c of this ,act1 or section #aj of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a72 and 7iv7 each industrial bank subsidiary of which remains in compliance with the limitations contained in subparagraph 7,b74 7,b7 ,activity and branching limitations ,an industrial bank subsidiary of a commercial firm described in clauses 7i71 7ii71 and 7iii7 of subparagraph 7,a7 is in compliance with the requirements of this subparagraph for purposes of subparagraph 7,a77iv7 if the industrial bank-- 7i7 engages only in activities in which the industrial bank was engaged on ,october #a1 #bjai2 and 7ii7 does not acquire1 establish1 or operate any branch1 deposit production office1 loan production office1 automated teller machine1 or remote service unit in any ,state other than the home ,state of the bank or any host ,state in which such bank operated branches on ,october #a1 #bjai4 7,c7 ,corporate reorganizations permitted ,the acquisition of direct or indirect control of a depository institution subsidiary referred to in subparagraph 7,a77iii7 shall not be treated as a change in control for purposes of that subparagraph if-- 7i7 the company acquiring control is itself directly or indirectly controlled by a company that was an affiliate of such subsidiary on the date referred to in that subparagraph1 and remains an affiliate at all times after that date2 and 7ii7 the transaction through which the company acquired control of the depository institution constituted solely a corporate reorganization of a company that controlled the depository institution on the date referred to in that subparagraph4 7g7 ,procedures and timing for termination of activities or divestiture 7#a7 ,transition provision 7,a7 ,in general ,any covered industrial bank holding company that fails to comply with the provisions of subsection 7f7 shall divest its ownership or control of each industrial bank subsidiary of the covered industrial bank holding company not later than the end of the #b-year period beginning on the first date that the covered industrial bank holding company ceased to comply with subsection 7f74 7,b7 ,extension of time period 7i7 ,in general ,upon application by a covered industrial bank holding company1 the appropriate ,federal supervisory agency of the covered industrial bank holding company may extend the #b-year period referred to in subparagraph 7,a7 with respect to the covered industrial bank holding company for not more than #a year if1 in the judgment of the ,federal supervisory agency1 the extension would not be detrimental to the public interest4 7ii7 ,factors ,in making any decision to grant an extension under clause 7i7 to a covered industrial bank holding company1 the appropriate ,federal supervisory agency of the covered industrial bank holding company shall consider whether-- 7,i7 the covered industrial bank holding company has made a good faith effort to divest those interests2 and 7,,ii7 such extension is necessary to avert substantial loss to the covered industrial bank holding company4 7#b7 ,conditions before divestiture ,during the #b-year period referred to in paragraph 7#a77;,a7 with respect to any covered industrial bank holding company and any extension of that period1 the appropriate ,federal supervisory agency may impose any conditions or restrictions on the covered industrial bank holding company or any subsidiary of the covered industrial bank holding company 7other than a bank71 including restricting or prohibiting transactions between the covered industrial bank holding company or subsidiary and any depository institution subsidiary of the covered industrial bank holding company1 as are appropriate under the circumstances4 7#c7 ,termination of activities or divestiture of nonbank subsidiaries constituting serious risk 7,a7 ,in general ,notwithstanding any other provision of this section1 the appropriate ,federal supervisory agency may1 whenever such agency has reasonable cause to believe that the continuation by a covered industrial bank holding company of any activity or of ownership or control of any nonbank subsidiary of the covered industrial bank holding company1 other than a nonbank subsidiary of a depository institution1 constitutes a serious risk to the financial safety1 soundness1 or stability of a depository institution subsidiary of the covered industrial bank holding company and is inconsistent with sound banking principles or with the purposes of this section1 at the election of the covered industrial bank holding company-- 7i7 order the covered industrial bank holding company or any nonbank subsidiary of the covered industrial bank holding company1 after due notice and opportunity for hearing1 and after considering the views of the appropriate ,federal banking agency and1 if applicable1 appropriate ,state bank supervisor1 to terminate those activities or to terminate 7within #abj days or such longer period as the appropriate ,federal supervisory agency may direct in unusual circumstances7 the ownership or control by the covered industrial bank holding company or nonbank subsidiary of the depository institution subsidiary either by sale or by distribution of the shares of the depository institution subsidiary1 in accordance with subparagraph 7,b71 to the shareholders of the covered industrial bank holding company2 or 7ii7 order the covered industrial bank holding company1 after due notice and opportunity for hearing1 and after consultation with the appropriate ,state bank supervisor for the industrial bank controlled by the covered industrial bank holding company1 to terminate 7within #abj days or such longer period as the appropriate ,federal supervisory agency may direct7 the ownership or control of any such industrial bank by the covered industrial bank holding company4 7,b7 ,pro rata distribution ,any distribution to shareholders referred to in clause 7i7 shall be pro rata with respect to all of the shareholders of the distributing covered industrial bank holding company1 and the distributing covered industrial bank holding company shall not make any charge to any shareholder in connection with that distribution4 7#d7 ,holding company responsibility 7,a7 ,source of strength ,notwithstanding section #de of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcav71 a covered industrial bank holding company-- 7i7 shall serve as a source of financial and managerial strength to the subsidiary banks of the covered industrial bank holding company in the same manner as required under section #ch;,a of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao-#a72 and 7ii7 shall not conduct the operations of the covered industrial bank holding company in an unsafe or unsound manner4 7,b7 ,implementation ,the appropriate ,federal supervisory agency of a covered industrial bank holding company shall implement the requirements under subparagraph 7,a7 with respect to that industrial bank holding company4 7h7 ,foreign bank ownership ,after ,october #a1 #bjai1 no foreign bank may acquire1 directly or indirectly1 control of an industrial bank4 7i7 ,administrative provisions 7#a7 ,agent for service of process ,the ,board may require any covered industrial bank holding company1 or persons connected with the covered industrial bank holding company if it is not a corporation1 to execute and file a prescribed form of irrevocable appointment of agent for service of process4 7#b7 ,release from registration ,the ,board may at any time1 upon a motion by the ,board or upon application1 release a registered covered industrial bank holding company from any registration previously made by the covered industrial bank holding company1 if the ,board determines that the covered industrial bank holding company no longer controls any industrial bank4 7j7 ,definition ,in this section3 7#a7 ,appropriate federal supervisory agency ,the term appropriate ,federal supervisory agency means1 with respect to a company that controls an industrial bank-- 7,a7 the ,board1 in the case of a company that is a bank holding company1 a company that is a covered industrial bank holding company1 a company that is a savings and loan holding company1 or a company that is subject to this ,act pursuant to section #h7;a7 of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf7;a772 or 7,b7 the ,securities and ,exchange ,commission1 in the case of a company that is regulated by the ,commission pursuant to section #bdj4ae;c#c-a7;a77#g7 of title #ag1 ,code of ,federal ,regulations1 as in effect on ,august #a1 #bjai4 7#b7 ,rule of construction ,under the definition of the term appropriate ,federal supervisory agency in paragraph 7#a71 more than #a agency may be an appropriate ,federal supervisory agency with respect to any given company that controls an industrial bank4 4 7c7 ,enforcement ,section #h of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah7 is amended-- 7#a7 in subsection 7b71 by adding at the end the following3 7#aa7 ,industrial bank holding companies ,this subsection and subsections 7c7 through 7s7 and subsection 7u7 of this section shall apply to any covered industrial bank holding company and to any subsidiary 7other than a depository institution7 of a covered industrial bank holding company in the same manner as those subsections apply to ,state nonmember insured banks4 2 7#b7 in subsection 7h77#b71 by striking ,any party to and inserting ,any party aggrieved by an order of any appropriate ,federal supervisory agency under section #ae of the ,bank ,holding ,company ,act of #aief or any party to2 and 7#c7 in subsection 7i71 by striking or #ci each place that term appears and inserting 1 #ci1 or section #ae of the ,bank ,holding ,company ,act of #aief4 7d7 ,prompt corrective action ,section #ch7;f77#b77;,h7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7f77#b77;,h77 is amended-- 7#a7 in the subparagraph heading1 by inserting or industrial bank holding company after company2 7#b7 by striking ,prohibiting any bank and inserting the following3 7i7 ,bank holding company ,prohibiting any bank 2 and 7#c7 by adding at the end the following3 7ii7 ,industrial bank holding company ,prohibiting any covered industrial bank holding company having control of the insured depository institution from making any capital distribution without the prior approval of the ,board4 4 7e7 ,technical and conforming amendments 7#a7 ,bank ,holding ,company ,act of #aief ,section #ad7;a77#b7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #aheb7;a77#b77 is amended-- 7,a7 in subparagraph 7,e71 by striking and at the end2 and 7,b7 by inserting after subparagraph 7,f7 the following3 7,g7 a covered industrial bank holding company2 and 4 7#b7 ,federal ,deposit ,insurance ,act ,section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7 is amended-- 7,a7 in subsection 7a71 by adding at the end the following3 7#d7 ,industrial bank ,the term industrial bank has the meaning given the term in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda74 2 7,b7 in subsection 7q77#c7-- 7i7 in subparagraph 7,f71 by striking and at the end2 7ii7 in subparagraph 7,g71 by striking the period and inserting 2 and2 and 7iii7 by inserting after subparagraph 7,g7 the following3 7,h7 any covered industrial bank holding company1 and any subsidiary of an industrial bank holding company 7other than a depository institution74 2 and 7,c7 in subsection 7w7-- 7i7 in paragraph 7#a71 by striking or a savings and loan holding company and inserting 1 a savings and loan holding company1 or a covered industrial bank holding company2 and 7ii7 by adding at the end the following3 7#h7 ,covered industrial bank holding company ,the term covered industrial bank holding company has the meaning given the term in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda74 4 7#c7 ,gramm-,leach ,bliley ,act ,section #aae of the ,gramm-,leach-,bliley ,act 7#ab ,u4,s4,c4 #ahbj;a7 is amended-- 7,a7 in subsection 7a71 by striking or after bank holding company and inserting 1 covered industrial bank holding company1 or2 and 7,b7 in subsection 7d7-- 7i7 by redesignating paragraphs 7#e71 7#f71 and 7#g7 as paragraphs 7#f71 7#g71 and 7#h71 respectively2 and 7ii7 by inserting after paragraph 7#d7 the following3 7#e7 ,covered industrial bank holding company ,the term covered industrial bank holding company has the meaning given the term in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda74 4 7#d7 ,home ,mortgage ,disclosure ,act of #aige ,section #cjd7;g77#a7 of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjc7;g77#a77 is amended by inserting 1 covered industrial bank holding company 7as defined in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda71 after bank holding company4 7#e7 ,right to ,financial ,privacy ,act of #aigh ,section #aaja7f7 of the ,right to ,financial ,privacy ,act of #aigh 7#ab ,u4,s4,c4 #cdja7f77 is amended-- 7,a7 in subparagraph 7,a71 by striking and at the end2 and 7,b7 by adding at the end the following3 7,c7 any covered industrial bank holding company 7as defined in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda772 and 4 #c4 ,regulations ,the ,board of ,governors of the ,federal ,reserve ,system shall prescribe such regulations as the ,board determines to be appropriate to carry out the amendments made by this ,act4