,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #eiab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #i1 #bjba,mr4
 ,g>ca ( ,ill9ois introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to re=m 
! regulation ( indu/rial loan companies 
& _! p>5t companies1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,close ! ,,ilc ,loophole ,act4  #b4   
,new indu/rial loan companies n eligible
 = ! exemption f ! def9ition ( a bank   
7a7 ,9 g5]al ,section #b7;c77#b77;,h7 ( 
! ,bank ,hold+ ,company ,act ( #aief    
7#ab ,u4,s4,c4 #ahda7;c77#b77;,h77 is   
am5d$ by ins]t+ aft] simil> in/itution !
 foll[+3 :i* has be5 approv$ to receive 
deposit insurance f ! ,f$]al ,deposit   
,insurance ,corporation on or be=e      
,septemb] #bc1 #bjba 7or has an         
application to receive deposit insurance
 p5d+ be=e ! ,f$]al ,deposit ,insurance 
,corporation :]e su* application 0 made 
on or be=e ,septemb] #bc1 #bjba1 or has 
_h su* an application approv$71 &4  7b7 

,treatm5t ( deposit insurance           
applications p5d+ on ,septemb] #bc1     
#bjba  7#a7 ,9 g5]al ,) respect to an   
indu/rial loan company1 indu/rial bank1 
or o!r simil> in/itution t1 on ! date ( 
enactm5t ( ?is ,act1 has an application 
to receive deposit insurance p5d+ be=e !
 ,f$]al ,deposit ,insurance ,corporation
 t 0 submitt$ on or be=e ,septemb] #bc1 
#bjba1 ! ,f$]al ,deposit ,insurance     
,corporation-- 7,a7 %all provide = a    
#ij-;day public comm5t p]iod & a public 
he>+ ) respect to su* application2 &    
7,b7 may only approve su* application by
 a #b_/c vote ( ! memb]s ( ! ,bo>d (    
,directors ( ! ,f$]al ,deposit          
,insurance ,corporation4  7#b7 #b-ye>   
deadl9e = approv+ application ,if !     
,f$]al ,deposit ,insurance ,corporation 
does n approve an application describ$  
"u p>agraph 7#a7 be=e ,septemb] #bc1    
#bjbc1 su* application %all be deem$ to 
h be5 d5i$4  7c7 ,au?ority ) respect to 
deposit insurance applications grant$   
aft] ,septemb] #bc1 #bjba  7#a7 ,9 g5]al

 ,) respect to a company t has control  
ov] a cov]$ indu/rial loan company :i*  
has be5 approv$ to receive deposit      
insurance f ! ,f$]al ,deposit ,insurance
 ,corporation aft] ,septemb] #bc1 #bjba 
7! p>5t company71 ! prim>y f9ancial     
regulatory ag5cy ( su* p>5t company     
may-- 7,a7 conduct su* exam9ations (1 & 
obta9 reports f1 ! p>5t company or any  
subsidi>y ( ! p>5t company 7o!r ?an a   
bank7 z ! ag5cy det]m9es necess>y or    
appropriate to assess ! p>5t company's  
or subsidi>ies'-- 7i7 f9ancial          
condition2  7ii7 sy/ems = ma9ta9+ &     
controll+ f9ancial & op]at+ risks2 &    
7iii7 transactions ) depository         
in/itution subsidi>ies ( ! p>5t company2
 &  7,b7 impose any conditions or       
re/rictions on ! p>5t company or any    
subsidi>y ( ! p>5t company 7o!r ?an a   
bank71 includ+ re/rict+ or prohibit+    
transactions betwe5 ! p>5t company or   
subsidi>y & any depository in/itution   
subsidi>y ( ! p>5t company1 if su*      
conditions or re/rictions w\ld promote !

 safety & s\ndness ( ! p>5t company or  
any ( its depository in/itution         
subsidi>ies4  7#b7 ,def9itions ,9 ?is   
subsection3 7,a7 ,cov]$ indu/rial loan  
company ,! t]m cov]$ indu/rial loan     
company means an indu/rial loan company1
 indu/rial bank1 or o!r simil>          
in/itution t-- 7i7 on ! date ( !        
enactm5t ( ?is ,act1 is describ$ "u     
section #b7;c77#b77;,h7 ( ! ,bank ,hold+
 ,company ,act ( #aief2 &  7ii7 has an  
application to receive deposit insurance
 f ! ,f$]al ,deposit ,insurance         
,corporation approv$ aft] ,septemb] #bc1
 #bjba1 & be=e ! date ( enactm5t ( ?is  
,act4  7,b7 ,prim>y f9ancial regulatory 
ag5cy ,) respect to a company1 ! t]m    
prim>y f9ancial regulatory ag5cy-- 7i7  
has ! mean+ giv5 t t]m "u section #b ( !
 ,dodd-,frank ,wall ,/reet ,re=m &      
,consum] ,protection ,act2 &  7ii7 )    
respect to a company t does n h a prim>y
 f9ancial regulatory ag5cy "u clause    
7i71 means ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em4  7,c7 ,o!r       

def9itions ,! t]ms bank & depository    
in/itution h ! mean+ giv5 ^? t]ms1      
respectively1 "u section #b ( ! ,bank   
,hold+ ,company ,act ( #aief4  #c4      
,sup]vision ( p>5t companies ( indu/rial
 loan companies ,! ,bank ,hold+ ,company
 ,act ( #aief 7#ab ,u4,s4,c4 #ahda et   
seq47 is am5d$ by ins]t+ aft] section #e
 ! foll[+3  #f4 ,sup]vision ( p>5t      
companies ( indu/rial loan companies    
7a7 ,9 g5]al ,! ,bo>d %all h ! same     
au?ority to require a p>5t company ( an 
indu/rial loan company to make reports &
 submit to exam9ations z ! ,bo>d has )  
respect to a bank hold+ company4  7b7   
,p>5t company ( an indu/rial loan       
company def9$ ,9 ?is section1 ! t]m p>5t
 company ( an indu/rial loan company    
means a company t has control ov] an    
entity t-- 7#a7 is an indu/rial loan    
company1 indu/rial bank1 or o!r simil>  
in/itution2 &  7#b7 is n a bank4  4  #d4
 ,*ange ( control  7a7 ,9 g5]al ,except 
z provid$ 9 subsection 7b71 !           
appropriate ,f$]al bank+ ag5cy %all     

disapprove a *ange 9 control1 z provid$ 
9 section #g7;j7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahag7;j771 ( an indu/rial loan company4
  7b7 ,exceptions ,subsection 7a7 %all n
 apply to a *ange 9 control ( an        
indu/rial loan company-- 7#a7 t-- 7,a7  
is 9 dang] ( default1 z det]m9$ by !    
appropriate ,f$]al bank+ ag5cy2  7,b7 is
 ! result ( ! acquisition ( control ( ! 
indu/rial loan company by a company t 0 
an affiliate ( ! indu/rial loan company 
on ,septemb] #bc1 #bjba1 ?r\gh an       
int]nal corporate reorganization ( a    
company t directly or indirectly        
controll$ ! indu/rial loan company on t 
date2  7,c7 results f an acquisition (  
vot+ %>es ( a publicly trad$ company t  
controls an indu/rial loan company if1  
aft] ! acquisition1 ! acquir+ %>ehold]  
7or gr\p ( %>ehold]s act+ 9 conc]t7     
holds less ?an #be p]c5t ( any class ( !
 vot+ %>es ( ! company2 or  7,d7 w be   
controll$1 directly or indirectly1 by a 
firm subject to consolidat$ sup]vision  

by ! ,bo>d ( ,gov]nors ( ! ,f$]al       
,res]ve ,sy/em z a-- 7i7 bank hold+     
company2  7ii7 sav+s & loan hold+       
company2 or  7iii7 =eign bank treat$ z (
 ,july #a1 #bjbj1 z a bank hold+ company
 "u ! ,int]national ,bank+ ,act ( #aigh 
7#ab ,u4,s4,c4 #caja et seq472 &  7#b7 t
 has obta9$ all regulatory approvals    
o!rwise requir$ = su* *ange ( control "u
 any applicable ,f$]al or ,/ate law1    
includ+ section #g7;j7 ( ! ,f$]al       
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahag7;j774  7c7 ,def9itions ,9 ?is     
section3 7#a7 ,appropriate ,f$]al bank+ 
ag5cy ,! t]m appropriate ,f$]al bank+   
ag5cy has ! mean+ giv5 t t]m "u section 
#c ( ! ,f$]al ,deposit ,insurance ,act  
7#ab ,u4,s4,c4 #ahac74  7#b7 ,indu/rial 
loan company ,! t]m indu/rial loan      
company means an indu/rial loan company1
 indu/rial bank1 or o!r simil>          
in/itution4  #e4 ,,gao /udy  7a7 ,/udy  
,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all c>ry out a /udy on ! effects (     
indu/rial loan companies1 indu/rial     

banks1 & o!r simil> in/itutions on !    
,u4,s4 economy1 includ+ ! effect on     
competitiv5ess1 m>ket /ructure1 &       
diff]5t indu/ries4  7b7 ,report ,n lat] 
?an ! end ( ! #a-ye> p]iod beg9n+ on !  
date ( enactm5t ( ?is ,act1 !           
,comptroll] ,g5]al %all issue a report  
to ! ,congress conta9+ all f9d+s &      
det]m9ations made 9 c>ry+ out ! /udy "u 
subsection 7a74