#aai? ,,congress #b;d ,session ,h4 ,r4 #fiee ,,an ,,act ,to make improvem5ts to ! ,f$]al bank+ laws1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,ma9 ,/reet ,capital ,access ,act or ! ,ma9 ,/reet ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,new ,bank ,=mation & ,local ,community ,access ,sec4 #aja4 ,promot+ ,new ,bank ,=mation4 ,sec4 #ajb4 ,new ,bank ,application ,numb]s ,k4 ,sec4 #ajc4 ,,cdfi ,fund ,transp>5cy4 ,sec4 #ajd4 ,,cdfi ,bond ,gu>antee ,improvem5t4 ,title ,,ii--,tailor+ ,bank ,regulation ,sec4 #bja4 ,tak+ ,acc\nt ( ,in/itutions ) ,l[ ,op]ation ,risk4 ,sec4 #bjb4 ,small ,bank ,hold+ ,company ,relief4 ,sec4 #bjc4 ,tailor+ & ,index+ ,enhanc$ ,regulations4 ,sec4 #bjd4 ,community ,bank ,regulatory ,tailor+4 ,title ,,iii--,fair & ,transp>5t ,bank ,sup]vision ,sec4 #cja4 ,halt+ ,unc]ta9 ,me?ods & ,practices 9 ,sup]vision4 ,sec4 #cjb4 ,fair ,audits & ,inspections = ,regulators' ,exams4 ,sec4 #cjc4 ,sup]visory ,modifications = ,appropriate ,risk-bas$ ,te/+4 ,sec4 #cjd4 ,f9ancial ,integrity & ,regulation ,managem5t4 ,title ,,iv--,regulatory ,acc\ntability & ,transp>5cy ,sec4 #dja4 ,,fdic ,bo>d ,acc\ntability4 ,sec4 #djb4 ,/op ,ag5cy ,fiat ,en=cem5t ( ,guidance4 ,sec4 #djc4 ,regulatory ,effici5cy1 ,v]ification1 ,itemization1 & ,enhanc$ ,workfl[4 ,title ,v--,/r5g!n+ ,local ,bank ,fund+ ,sec4 #eja4 ,br++ ! ,disc\nt ,w9d[ into ! #ba/ ,c5tury4 ,sec4 #ejb4 ,keep+ ,deposits ,local4 ,title ,,vi--,promot+ ,bank ,competition & ,m]g] ,cl>ity ,sec4 #fja4 ,bank ,competition ,mod]nization4 ,sec4 #fjb4 ,m]g] ,agreem5t ,approvals ,cl>ity & ,pr$ictability4 ,sec4 #fjc4 ,m]g] ,process ,review4 ,sec4 #fjd4 ,bank ,failure ,prev5tion4 ,title ,,vii--,/r5g!n+ ,transp>5cy & ,involvem5t 9 ,bank ,resolutions ,sec4 #gja4 ,lea/ ,co/ ,exception4 ,sec4 #gjb4 ,enhanc+ ,bank ,resolution ,p>ticipation4 ,sec4 #gjc4 ,fail+ ,bank ,acquisition ,fairness4 ,title ,,viii--,facilitat+ ,innovation & ,bank ,p>tn]%ips ,sec4 #hja4 ,m]*ant ,bank+ ,mod]nization4 ,sec4 #hjb4 ,bank-,f9te* ,p>tn]%ip ,enhancem5t4 ,sec4 #hjc4 ,discretion>y surplus fund4 ,i ,new ,bank ,=mation & ,local ,community ,access #aja4 ,promot+ ,new ,bank ,=mation ,section #ijh ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act is am5d$-- 7#a7 9 subsection 7b77#b71 by /rik+ #ahj-;day & ins]t+ #ij-;day2 7#b7 9 subsection 7c7-- 7,a7 9 ! head+1 by ins]t+ & ext5sion aft] /udy2 7,b7 by r$esignat+ p>agraph 7#b7 z p>agraph 7#c72 & 7,c7 by ins]t+ aft] p>agraph 7#a7 ! foll[+3 7#b7 ,safety & s\ndness det]m9ation2 ext5sion ( pilot program 7,a7 ,det]m9ation ,n e>li] ?an ,janu>y #a1 #bjca1 & n lat] ?an ,june #cj1 #bjca1 ! ,f$]al bank+ ag5cies may1 jo9tly1 det]m9e t subsections 7a7 & 7b7 h _h a significant adv]se effect on ! safety & s\ndness ( qualify+ community banks4 7,b7 ,ext5sion ,unless ! ,f$]al bank+ ag5cies make ! det]m9ation describ$ 9 subp>agraph 7,a71 ! au?orities "u subsections 7a7 & 7b7 %all be p]man5t4 7,c7 ,t]m9ation ,if ! ,f$]al bank+ ag5cies make ! det]m9ation describ$ 9 subp>agraph 7,a7-- 7i7 subsections 7a7 & 7b7 %all only apply to a qualify+ community bank t became an insur$ depository in/itution be=e ! date ( su* det]m9ation2 & 7ii7 ! ,f$]al bank+ ag5cies %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & make su* report available to ! public1 conta9+ su* det]m9ation & ! reasons = su* det]m9ation4 2 & 7#c7 9 subsection 7e77#f77;,b71 by /rik+ betwe5 ,janu>y #a1 #bjbf1 & ,decemb] #ca1 #bjbh & ins]t+ on or aft] ,janu>y #a1 #bjbf4 #ajb4 ,new ,bank ,application ,numb]s ,k 7a7 ,annual report on national bank & ,f$]al sav+s association *>t] applications ,! ,comptroll] ( ! ,curr5cy %all publi% an annual report t includes ! foll[+1 or ) respect to any equival5t proc$ure us$ by ! ,(fice ( ! ,comptroll] ( ! ,curr5cy includes ! foll[+3 7#a7 ,! numb] ( applications = a national bank or ,f$]al sav+s association *>t] receiv$1 approv$ on a prelim9>y basis1 approv$ on a f9al basis1 d5i$1 )drawn1 inactive1 expir$1 moot$1 return$1 return$ p5d+ resubmission1 or o!rwise disposition$4 7#b7 ,! mean & m$ian times = prelim9>y approval ( su* applications4 7#c7 ,! mean & m$ian times = f9al approval ( su* applications4 7#d7 ,to ! ext5t practicable1 common reasons lead+ to ! d5ial1 )drawal1 or expiration ( prelim9>y approval ( su* applications4 7b7 ,annual report on ,f$]al cr$it union *>t] applications ,! ,national ,cr$it ,union ,adm9i/ration %all publi% an annual report t includes ! foll[+1 or ) respect to any equival5t proc$ure us$ by ! ag5cy includes ! foll[+3 7#a7 ,! numb] ( ,f$]al cr$it union *>t] applications receiv$1 approv$ on a f9al basis1 d5i$1 )drawn1 inactive1 or return$ p5d+ resubmission4 7#b7 ,! mean & m$ian times = f9al approval ( su* applications4 7#c7 ,to ! ext5t practicable1 common reasons lead+ to application d5ial1 )drawal1 inactivity1 or to applications be+ return$ = resubmission4 7c7 ,annual report on depository in/itution hold+ company applications 7#a7 ,9 g5]al ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all publi% an annual report t includes ! foll[+1 or ) respect to any equival5t proc$ure us$ by ! ,bo>d ( ,gov]nors includes ! foll[+3 7,a7 ,! numb] ( applications to become a top-ti] depository in/itution hold+ company receiv$1 approv$ on a prelim9>y basis1 approv$ on a f9al basis1 d5i$1 )drawn1 inactive1 expir$1 moot$1 return$1 return$ p5d+ resubmission1 or o!rwise disposition$4 7,b7 ,! mean & m$ian times to approve su* applications4 7,c7 ,to ! ext5t practicable1 common reasons lead+ to d5ial or )drawal ( su* applications4 7#b7 ,top-ti] depository in/itution hold+ company def9$ ,9 ?is subsection1 ! t]m top-ti] depository in/itution hold+ company means a depository in/itution hold+ company 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 t is n controll$ by any o!r depository in/itution hold+ company4 7d7 ,annual report on ,f$]al deposit insurance applications ,! ,f$]al ,deposit ,insurance ,corporation %all publi% an annual report t includes ! foll[+1 or ) respect to any equival5t proc$ure us$ by ! ,corporation includes ! foll[+3 7#a7 ,! numb] ( applications = deposit insurance receiv$1 approv$ on a prelim9>y basis1 approv$ on a f9al basis1 d5i$1 )drawn1 inactive1 expir$1 moot$1 return$1 return$ p5d+ resubmission1 or o!rwise disposition$4 7#b7 ,! mean & m$ian times to approve su* applications4 7#c7 ,to ! ext5t practicable1 common reasons lead+ to d5ial or )drawal ( su* applications4 7e7 ,annual report on ,/ate depository in/itution & ,/ate cr$it union *>t] applications 7#a7 ,9 g5]al ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration ,bo>d %all1 jo9tly1 & 9 consultation ) ,/ate bank+ regulators & ,/ate cr$it union regulators1 publi% an annual report t includes ! foll[+1 or ) respect to any equival5t proc$ure us$ by su* ag5cies includes ! foll[+3 7,a7 ,! numb] ( applications = a ,/ate depository in/itution *>t] receiv$1 approv$ on a prelim9>y basis1 approv$ on a f9al basis1 d5i$1 )drawn1 inactive1 expir$1 moot$1 return$1 return$ p5d+ resubmission1 or o!rwise disposition$4 7,b7 ,! mean & m$ian times to approve su* applications1 ) times = ea* ,/ate %[n sep>ately4 7,c7 ,to ! ext5t practicable1 common reasons lead+ to d5ial or )drawal ( su* applications4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,/ate ,! t]m ,/ate means any ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 & any t]ritory ( ! ,unit$ ,/ates4 7,b7 ,/ate depository in/itution ,! t]m ,/ate depository in/itution means-- 7i7 a ,/ate depository in/itution1 z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7ii7 a ,/ate cr$it union1 z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 #ajc4 ,,cdfi ,fund ,transp>5cy ,section #ajd7;b7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;b77 is am5d$ by add+ to ! end ! foll[+3 7#e7 ,annual te/imony ,! ,secret>y ( ! ,treasury 7or a designee ( ! ,secret>y7 %all1 at ! discretion ( ! ,*air ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,*air ( ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 annually te/ify be=e su* committees 7or a subcommittee ( su* committees7 reg>d+-- 7,a7 ! op]ations ( ! ,fund dur+ ! previ\s ye>2 7,b7 /eps ! ,secret>y & ! ,fund are tak+ to support community developm5t f9ancial in/itutions ?r\gh ! f9ancial ag5t m5tor-protg program2 & 7,c7 /eps ! ,secret>y & ! ,fund are tak+ to coord9ate ) regulators to ensure c]tification & report+ requirem5ts are appropriately /reaml9$ = community developm5t f9ancial in/itutions4 4 #ajd4 ,,cdfi ,bond ,gu>antee ,improvem5t 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! au?ority to gu>antee bonds "u section #aad;,a ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a7 7commonly ref]r$ to z ! ,,cdfi ,bond ,gu>antee ,program7 provides community developm5t f9ancial in/itutions ) a su/a9able s\rce ( long-t]m capital & fur!rs ! mission ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund 7e/abli%$ "u section #ajd7;a7 ( su* ,act 7#ab ,u4,s4,c4 #dgjc7;a777 to increase economic opportunity & promote community developm5t inve/m5ts = und]s]v$ populations & di/ress$ communities 9 ! ,unit$ ,/ates4 7b7 ,gu>antees = bonds & notes issu$ = community or economic developm5t purposes 7#a7 ,9 g5]al ,section #aad;,a ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a7 is am5d$-- 7,a7 9 subsection 7c77#b7-- 7i7 by /rik+ 1 multipli$ by an am\nt equal to ! out/&+ pr9cipal balance ( issu$ notes or bonds2 & 7ii7 by ins]t+ out/&+ be=e pr9cipal am\nt2 7,b7 by am5d+ subsection 7e77#b7 to read z foll[s3 7#b7 ,limitation on gu>antee am\nt ,! ,secret>y may n gu>antee any am\nt "u ! ,program equal to an am\nt less ?an #be1jjj1jjj1 b ! total ( all su* gu>antees 9 any fiscal ye> may n exce$ #a1jjj1jjj1jjj4 2 7,c7 9 subsection 7g77#a71 by /rik+ #aj basis po9ts & ins]t+ n few] ?an #aj basis po9ts & n m ?an #ae basis po9ts2 & 7,d7 9 subsection 7k71 by /rik+ ,septemb] #cj1 #bjad & ins]t+ ,decemb] #ca1 #bjbh4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7,public ,law #ajc-cbe2 #ajh ,/at4 #bafj7 is am5d$ by ins]t+ aft] ! item relat+ to section #aad ! foll[+3 ,sec4 #aad;,a4 ,gu>antees = bonds & notes issu$ = community or economic developm5t purposes4 4 7c7 ,report on ! ,,cdfi ,bond ,gu>antee ,program ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! effectiv5ess ( ! ,,cdfi bond gu>antee program e/abli%$ "u section #aad;,a ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a74 ,,ii ,tailor+ ,bank ,regulation #bja4 ,tak+ ,acc\nt ( ,in/itutions ) ,l[ ,op]ation ,risk 7a7 ,tailor+ regulation to bus9ess model & risk 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cy means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7,b7 ! t]m regulatory action-- 7i7 means any propos$1 int]im1 or f9al rule or regulation2 & 7ii7 does n include any action tak5 by a ,f$]al f9ancial in/itutions regulatory ag5cy t is solely applicable to an individual in/itution1 includ+ an en=cem5t action1 adjudication1 or ord]4 7#b7 ,consid]ation & tailor+ ,= any regulatory action occurr+ aft] ! date ( enactm5t ( ?is ,act1 ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all-- 7,a7 take into consid]ation ! risk pr(ile & bus9ess models ( ea* type ( in/itution or class ( in/itutions subject to ! regulatory action2 & 7,b7 tailor ! regulatory action applicable to a class or type ( in/itution 9 a mann] t limits ! regulatory impact1 includ+ co/1 human res\rce allocation1 & o!r burd5s1 on ! in/itution or type ( in/itution z is appropriate = ! risk pr(ile & bus9ess model involv$4 7#c7 ,factors to consid] ,9 c>ry+ out ! requirem5ts ( p>agraph 7#b7 ) respect to a regulatory action1 ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all consid]-- 7,a7 ! aggregate effect ( all applicable regulatory actions promulgat$ by su* ag5cy on ! ability ( in/itutions to flexibly s]ve cu/om]s ( ! in/itutions & local m>kets on & aft] ! date ( enactm5t ( ?is ,act2 7,b7 ! pot5tial t ef=ts to implem5t ! regulatory action & ?ird-p>ty s]vice provid] actions may "w to und]cut ef=ts to tailor ! regulatory action1 z describ$ 9 p>agraph 7#b77;,b72 & 7,c7 ! /atutory provision au?oriz+ ! regulatory action1 ! congressional int5t ) respect to ! /atutory provision1 & ! und]ly+ policy objectives ( ! regulatory action4 7#d7 ,notice ( propos$ & f9al rulemak+ ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all disclose & docum5t 9 e notice ( propos$ rulemak+ & 9 any f9al rulemak+ = a regulatory action h[ ! ag5cy has appli$ p>agraphs 7#b7 & 7#c74 7#e7 ,reports to ,congress 7,a7 ,ag5cy report+ ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act & annually !reaft]1 ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! specific actions tak5 to tailor ! regulatory actions ( ! ,f$]al f9ancial in/itutions regulatory ag5cy pursuant to ! requirem5ts ( ?is section4 7,b7 ,,gao report+ ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report evaluat+ ! effects ( ?is section on ! factors describ$ 9 p>agraph 7#c74 7b7 ,%ort-=m call reports = all banks eligible = ! community bank lev]age ratio ,! appropriate ,f$]al bank+ ag5cies1 z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac71 %all e/abli% a r$uc$ report+ requirem5t = all banks eligible = ! ,community ,bank ,lev]age ,ratio1 z def9$ 9 section #bja7;a7 ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecga note71 :5 mak+ ! fir/ & ?ird report ( condition ( a ye> z requir$ by section #g7;a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a774 7c7 ,report to ,congress on mod]nization ( sup]vision ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! appropriate ,f$]al bank+ ag5cies1 z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac71 9 consultation ) ,/ate bank sup]visors1 %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! mod]nization ( bank sup]vision1 includ+ ! foll[+ factors3 7#a7 ,*ang+ bank bus9ess models4 7#b7 ,exam9] work=ce & tra9+4 7#c7 ,! /ructure ( sup]visory activities )9 bank+ ag5cies4 7#d7 ,improv+ bank-sup]visor communication & collaboration4 7#e7 ,! use ( sup]visory te*nology4 7#f7 ,sup]visory factors uniquely applicable to community banks4 7#g7 ,*anges 9 /atutes necess>y to a*ieve m effective sup]vision4 #bjb4 ,small ,bank ,hold+ ,company ,relief ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all revise app5dix ,c to "p #bbe ( title #ab1 ,code ( ,f$]al ,regulations 7commonly kn[n z ! ,small ,bank ,hold+ ,company & ,sav+s & ,loan ,hold+ ,company ,policy ,/atem5t71 to raise ! consolidat$ asset ?re%old "u t app5dix to #f1jjj1jjj1jjj = any bank hold+ company or sav+s & loan hold+ company4 #bjc4 ,tailor+ & ,index+ ,enhanc$ ,regulations 7a7 ,p]iodic adju/m5ts to ?re%olds ,! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$ by add+ at ! end ! foll[+3 #agg4 ,p]iodic adju/m5ts to ?re%olds 7a7 ,9 g5]al 7#a7 ,adju/m5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 & e #e ye>s !reaft]1 ! ,bo>d ( ,gov]nors %all increase ea* ?re%old describ$ 9 subsection 7b7 by ! ratio1 if great] ?an #a1 ( ! annual value ( ! economic indicator select$ by ! ,bo>d ( ,gov]nors z appropriate = t ?re%old "u p>agraph 7#b77;,b7 = ! cal5d> ye> prec$+ ! ye> 9 :i* ! adju/m5t is calculat$ "u ?is section1 to ! publi%$ annual value ( su* economic indicator = ! cal5d> ye> prec$+ ,april #a1 #bjbf4 7#b7 ,selection ( economic indicators ,n lat] ?an #c mon?s aft] ! date ( enactm5t ( ?is section1 ! ,bo>d ( ,gov]nors %all-- 7,a7 complete a /udy on ! advantages & disadvantages ( ! use ( ei!r nom9al ,unit$ ,/ates gross dome/ic product 7z publi%$ by ! ,dep>tm5t ( ,comm]ce7 or ! ,consum] ,price ,index 7z publi%$ by ! ,dep>tm5t ( ,labor7 to adju/ p]iodically ! quantitative regulatory ?re%olds describ$ 9 subsection 7b72 7,b7 = ea* ?re%old describ$ 9 subsection 7b71 select ei!r nom9al ,unit$ ,/ates gross dome/ic product 7z publi%$ by ! ,dep>tm5t ( ,comm]ce7 or ! ,consum] ,price ,index 7z publi%$ by ! ,dep>tm5t ( ,labor7 z appropriate = adju/+ su* ?re%old2 7,c7 transmit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7i7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subp>agraph 7,a72 & 7ii7 all selections made "u subp>agraph 7,b74 7b7 ,cov]$ ?re%olds ,! ?re%olds describ$ 9 ?is subsection are ! foll[+3 7#a7 ,ea* bank hold+ company or sav+s & loan hold+ company total consolidat$ asset am\nt 9 ! second subsection 7s7 7relat+ to assessm5ts7 ( section #aa ( ! ,f$]al ,res]ve ,act4 7#b7 ,ea* bank hold+ company total consolidat$ asset am\nt 9-- 7,a7 sections #aaf7;a71 #aba7;a71 #afc7;b71 #afd1 #afe7;a77#a71 #afe7;h77#b71 #afe7;j77#a7 ( ?is ,act2 & 7,b7 section #dja7;f7 ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act4 7#c7 ,ea* f9ancial company total consolidat$ asset am\nt 9 section #afe7;i77#b77;,a7 ( ?is ,act4 7c7 ,curr5cy ( in=mation ,! values us$ 9 ! calculation "u subsection 7a7 %all be1 z ( ! date ( ! calculation1 ! values mo/ rec5tly publi%$ by ! ,dep>tm5t ( ,comm]ce or ,dep>tm5t ( ,labor1 z appropriate4 7d7 ,r\nd+ 7#a7 ,if any am\nt equal to or great] ?an #ajj1jjj1jjj1jjj det]m9$ "u subsection 7a7 = any p]iod is n a multiple ( #ej1jjj1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ej1jjj1jjj1jjj4 7#b7 ,if any am\nt less ?an #ajj1jjj1jjj1jjj det]m9$ "u subsection 7a7 = any p]iod is n a multiple ( #e1jjj1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #e1jjj1jjj1jjj4 7e7 ,publication ,n lat] ?an ,april #e ( any cal5d> ye> 9 :i* an adju/m5t is requir$ to be calculat$ "u subsection 7a71 ! ,bo>d ( ,gov]nors %all publi% 9 ! ,f$]al ,regi/] ! am\nts z s calculat$4 7f7 ,implem5tation p]iod ,any increase 9 am\nts det]m9$ "u subsection 7a7 %all take effect on ,janu>y #a ( ! ye> imm$iately succe$+ ! cal5d> ye> 9 :i* ! increase is requir$ to be calculat$ "u subsection 7a74 #agh4 ,p]iodic adju/m5ts to ?re%olds e/abli%$ by rule 7a7 ,ag5cy review ,n lat] ?an ,june #cj1 #bjbf1 & ! #a/ day ( ea* subsequ5t #e-ye> p]iod1 ! ,bo>d ( ,gov]nors1 ! ,comptroll] ( ! ,curr5cy1 & ! ,corporation %all1 to ! ext5t applicable1 review-- 7#a7 any regulation-- 7,a7 implem5t+ section #afe ( ?is ,act2 or 7,b7 mak+ specific cross-ref]5ce to any regulation ( ! ,bo>d ( ,gov]nors implem5t+ section #afe ( ?is ,act2 & 7#b7 any asset ?re%old or o!r quantitative ?re%old 9 su* regulations implem5t+ section #afe ( ?is ,act1 or 9 su* regulations mak+ specific cross-ref]5ce to any regulation ( ! ,bo>d ( ,gov]nors implem5t+ section #afe ( ?is ,act1 ! am\nt ( :i* is n prescrib$ by /atute4 7b7 ,modifications requir$ ,! ,bo>d ( ,gov]nors1 ! ,comptroll] ( ! ,curr5cy1 & ! ,corporation %all modify any su* ?re%olds id5tifi$ by ea* review conduct$ "u subsection 7a7 by ! ratio1 if great] ?an #a1 ( ! annual value ( ! economic indicator select$ by ! ag5cy z appropriate = t ?re%old "u p>agraph 7#a7 = ! cal5d> ye> prec$+ ! ye> 9 :i* ! adju/m5t is calculat$ "u ?is section1 to ! publi%$ annual value ( su* economic indicator = ! cal5d> ye> prec$+ ! effective date ( su* ?re%old1 z ea* respective ag5cy %all det]m9e z appropriate = su* regulations4 ,9 mak+ su* det]m9ation1 ! ,bo>d ( ,gov]nors1 ! ,comptroll] ( ! ,curr5cy1 & ! ,corporation %all-- 7#a7 n lat] ?an #c mon?s aft] ! date ( enactm5t ( ?is subsection1 = ea* ?re%old id5tifi$ by ea* review conduct$ "u subsection 7a71 select ei!r nom9al ,unit$ ,/ates gross dome/ic product 7z publi%$ by ! ,dep>tm5t ( ,comm]ce7 or ! ,consum] ,price ,index 7z publi%$ by ! ,dep>tm5t ( ,labor7 z appropriate = adju/+ su* ?re%old1 & use ! values ( su* select$ economic indicator mo/ rec5tly publi%$ z ( ! date ( comm5cem5t ( ! review to compute ! ratio describ$ 9 ?is subsection2 7#b7 seek to e/abli%1 to ! ext5t feasible1 uni=m ?re%olds = use by ea* su* ag5cy1 tak+ into acc\nt ! entities regulat$ by ea* su* ag5cy & ! purposes = :i* su* ?re%old 0 e/abli%$2 & 7#c7 seek to adju/ su* ?re%olds1 to ! ext5t feasible1 ) r\nd+ consi/5t ) section #agg7;d7 ( ?is ,act4 7c7 ,report ,^u conclusion ( ea* review requir$ "u subsection 7a71 ea* ( ! ,bo>d ( ,gov]nors1 ! ,comptroll] ( ! ,curr5cy1 & ! ,corporation %all transmit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ a description ( any modification ( any regulation su* ag5cy made pursuant to subsection 7b74 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by ins]t+ aft] ! item relat+ to section #agf ! foll[+3 ,sec4 #agg4 ,p]iodic adju/m5ts to ?re%olds4 ,sec4 #agh4 ,p]iodic adju/m5ts to ?re%olds e/abli%$ by rule4 4 #bjd4 ,community ,bank ,regulatory ,tailor+ 7a7 ,p]iodic adju/m5ts to ?re%olds 7#a7 ,9 g5]al 7,a7 ,adju/m5t ,by ,april #a1 #bjca1 & ! #a/ day ( ea* subsequ5t #e-ye> p]iod1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all prescribe ! am\nt by :i* ea* doll> am\nt describ$ 9 subsection 7b7 %all be increas$ by ! ratio1 if great] ?an #a1 ( ! annual value ( ! economic indicator select$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em z appropriate = t doll> am\nt "u subp>agraph 7,b7 = ! cal5d> ye> prec$+ ! ye> 9 :i* ! adju/m5t is calculat$ "u ?is section1 to ! publi%$ annual value ( su* economic indicator = ! cal5d> ye> prec$+ ,april #a1 #bjbf4 7,b7 ,selection ( economic indicators ,n lat] ?an #c mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all-- 7i7 complete a /udy on ! advantages & disadvantages ( ! use ( ei!r nom9al ,unit$ ,/ates gross dome/ic product 7z publi%$ by ! ,dep>tm5t ( ,comm]ce7 or ! ,consum] ,price ,index 7z publi%$ by ! ,dep>tm5t ( ,labor7 to adju/ p]iodically ! doll> am\nts describ$ 9 subsection 7b72 7ii7 = ea* doll> am\nt describ$ 9 subsection 7b71 select ei!r nom9al ,unit$ ,/ates gross dome/ic product 7z publi%$ by ! ,dep>tm5t ( ,comm]ce7 or ! ,consum] ,price ,index 7z publi%$ by ! ,dep>tm5t ( ,labor7 z appropriate = adju/+ su* doll> am\nt2 7iii7 transmit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7,i7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u clause 7i72 & 7,,ii7 all selections made "u clause 7ii74 7#b7 ,curr5cy ( in=mation ,! values us$ 9 ! calculation "u p>agraph 7#a7 %all be1 z ( ! date ( ! calculation1 ! values mo/ rec5tly publi%$ by ! ,dep>tm5t ( ,comm]ce or ,dep>tm5t ( ,labor1 z appropriate4 7#c7 ,r\nd+ 7,a7 ,if any am\nt equal to or great] ?an #ajj1jjj1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ej1jjj1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ej1jjj1jjj1jjj4 7,b7 ,if any am\nt less ?an #ajj1jjj1jjj1jjj b equal to or great] ?an #aj1jjj1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #e1jjj1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #e1jjj1jjj1jjj4 7,c7 ,if any am\nt less ?an #aj1jjj1jjj1jjj b equal to or great] ?an #a1jjj1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ejj1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ejj1jjj1jjj4 7,d7 ,if any am\nt less ?an #a1jjj1jjj1jjj b equal to or great] ?an #ajj1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ej1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ej1jjj1jjj4 7,e7 ,if any am\nt less ?an #ajj1jjj1jjj b equal to or great] ?an #aj1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #e1jjj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #e1jjj1jjj4 7,f7 ,if any am\nt less ?an #aj1jjj1jjj b equal to or great] ?an #a1jjj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ejj1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ejj1jjj4 7,g7 ,if any am\nt less ?an #a1jjj1jjj b equal to or great] ?an #ajj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ej1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ej1jjj4 7,h7 ,if any am\nt less ?an #ajj1jjj b equal to or great] ?an #aj1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #e1jjj1 ! am\nt %all be r\nd$ up to ! ne>e/ #e1jjj4 7,i7 ,if any am\nt less ?an #aj1jjj b equal to or great] ?an #a1jjj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ejj1 ! am\nt %all be r\nd$ up to ! ne>e/ #ejj4 7,j7 ,if any am\nt less ?an #a1jjj b equal to or great] ?an #ajj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #ej1 ! am\nt %all be r\nd$ up to ! ne>e/ #ej4 7,k7 ,if any am\nt less ?an #ajj b equal to or great] ?an #aj det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #e1 ! am\nt %all be r\nd$ up to ! ne>e/ #e4 7,l7 ,if any am\nt less ?an #aj b equal to or great] ?an #a det]m9$ "u p>agraph 7#a7 = any p]iod is n a multiple ( #j4ej1 ! am\nt %all be r\nd$ up to ! ne>e/ #j4ej4 7#d7 ,publication ,n lat] ?an ,april #e ( any cal5d> ye> 9 :i* an adju/m5t is requir$ to be calculat$ "u p>agraph 7#a71 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all publi% 9 ! ,f$]al ,regi/] ! doll> am\nts z s calculat$4 7#e7 ,implem5tation p]iod ,! increase 9 ! doll> am\nts %all take effect on ,janu>y #a ( ! ye> imm$iately succe$+ any cal5d> ye> 9 :i* an adju/m5t is requir$ to be calculat$ "u p>agraph 7#a74 7b7 ,doll> am\nts ,! doll> am\nts describ$ 9 ?is subsection are ! doll> am\nts describ$ 9 ea* ( ! foll[+3 7#a7 ,section #e7;c77#c77;,c77ii7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdd7;c77#c77;,c77ii774 7#b7 ,section #hji7;a7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijh7;a774 7#c7 ,sections #bjb7d71 #bjc7a71 & #bjd ( ! ,depository ,in/itution ,managem5t ,int]locks ,act 7#ab ,u4,s4,c4 #cbja et seq474 7#d7 ,sections #baj7o71 #baj7r77#a77;,a77i71 & section #ief7;f7 ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq474 7#e7 ,sections #bjb7;a77#f71 #bjb7;b77#a77;,a71 #bjb7;c77#a77;,a77iii71 #baf7;b77#b77;,b77iii77,,ii71 #baf7;f77#b71 #baf7;i77#d77;,b71 #baf7;j77#b77;,a71 & #baf7o77#d7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea et seq474 7#f7 ,sections #g7;a77#ab71 #aa7p77#a77;,a77i71 #cf7;i77#a77;,b71 #cf7;j71 #ch7;b77#b77;,a77ii71 & #ch7k77#b77;,b77iii7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq474 7#g7 ,section #b7aj7 ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb7aj774 7#h7 ,sections #g7;a77#a7 & #bb7;h77#e77;,c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq474 7#i7 ,! second p>agraph 7#c7 ( section #cjd7;i7 7relat+ to ,exemption f c]ta9 disclosure requirem5ts7 & section #cji7;a7 ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq474 7#aj7 ,section #e7u77#b77;,a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfd7u77#b77;,a774 7#aa7 ,section #iji7;a77#a7 ( ! ,int]national ,l5d+ ,sup]vision ,act ( #aihc 7#ab ,u4,s4,c4 #cijh7;a77#a774 7#ab7 ,section #c7a77;,b77iv7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjb7a77;,b77iv774 7#ac7 ,section #eacf;,a7a77#b77;,d77ii7 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #bd;a7a77#b77;,d77ii774 7#ad7 ,section #abi;,c7b77#b77;,f77i7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#b77;,f77i774 ,,iii ,fair & ,transp>5t ,bank ,sup]vision #cja4 ,halt+ ,unc]ta9 ,me?ods & ,practices 9 ,sup]vision 7a7 ,f9d+s ,congress f9ds t-- 7#a7 ,,camels rat+s 7,capital adequacy1 ,asset quality1 ,managem5t1 ,e>n+s1 ,liquidity1 & ,s5sitivity to m>ket risk7 are a critical tool = evaluat+ ! safety & s\ndness ( f9ancial in/itutions1 & ! basis = det]m9+ significant regulatory matt]s su* z ! evaluation = m]g]s & acquisitions & a bank's deposit insurance premiums2 7#b7 ! ,,camels rat+ sy/em relies heavily on exam9] judgm5t1 :i* c lead to subjective & inconsi/5t rat+s across simil> in/itutions2 7#c7 e/abli%+ articulable1 cle>1 & reviewable measures = ea* ,,camels compon5t & _! relative weight+ 9 det]m9+ composite rat+s w promote fairness1 consi/5cy1 & acc\ntability 9 sup]visory assessm5ts2 & 7#d7 exam9ation & sup]vision1 z well z ! ,,camels rat+ sy/em1 %\ld focus on a f9ancial in/itution's mat]ial f9ancial condition or solv5cy4 7b7 ,am5dm5ts to ! ,,camels ,rat+ ,sy/em 7#a7 ,9 g5]al ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$ by add+ at ! end ! foll[+3 #ajab4 ,am5dm5ts to ! ,,camels ,rat+ ,sy/em 7a7 ,9 g5]al ,! ,c\ncil %all make recomm5dations to am5d ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em1 & ! ,,camels compon5ts !reund]1 to-- 7#a7 e/abli% articulable1 cle>1 & reviewable crit]ia = assess+ ea* ,,camels compon5t2 7#b7 revise ! factors affect+ ea* ,,camels compon5t to d]ive a composite rat+ t m accurately reflects ! mat]ial f9ancial condition & risk pr(ile ( ! f9ancial in/itutions be+ rat$2 7#c7 revise ! managem5t compon5t ( ! ,,camels compon5ts to limit ! assessm5t "u su* compon5t to articulable1 cle>1 & reviewable measures ( an in/itution's managem5t 9 relation to its risk pr(ile2 7#d7 ensure t composite rat+s consid] ! f9ancial in/itution's compliance )-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 *apt] #b ( title ,i ( ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiea et seq472 7,c7 sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code2 & 7,d7 any o!r applicable requirem5ts & implem5t+ regulations relat+ to ! prev5tion ( money laund]+ & t]rori/ f9anc+2 & 7#e7 ensure t composite rat+s are det]m9$ bas$ on a transp>5t me?odology t is limit$ to ! objective crit]ia e/abli%$ = ea* ,,camels compon5t4 7b7 ,rulemak+ ,n lat] ?an #ab mon?s aft] ! ,c\ncil makes ! recomm5dations requir$ "u subsection 7a71 ! ,f$]al f9ancial in/itutions regulatory ag5cies %all1 jo9tly1 issue rules to c>ry out ! recomm5dations describ$ "u subsection 7a74 7c7 ,public comm5t p]iod ,9 issu+ ! rules requir$ "u subsection 7b71 ! ,f$]al f9ancial in/itutions regulatory ag5cies %all-- 7#a7 publi% a notice ( propos$ rulemak+ ) respect to su* rules2 & 7#b7 provide = a public comm5t p]iod ( n less ?an #ij days4 7d7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to limit ! au?ority ( ! ,f$]al f9ancial in/itutions regulatory ag5cies to take sup]visory1 adjudicatory1 or en=cem5t actions to ensure ! safety & s\ndness ( f9ancial in/itutions4 4 7#b7 ,well manag$ def9ition 7,a7 ,bank ,hold+ ,company ,act ( #aief ,section #b7o77#i77;,a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7o77#i77;,a77 is am5d$-- 7i7 by /rik+ a*ievem5t ( & all t foll[s ?r\gh a ,,camel & ins]t+ a*ievem5t ( a ,,camel2 7ii7 by /rik+ 2 & & ins]t+ 2 or2 & 7iii7 by /rik+ clause 7ii74 7,b7 ,revis$ ,/atutes ( ! ,unit$ ,/ates ,section #eacf;,a7g77#f77;,a7 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #bd;a7g77#f77;,a77 is am5d$-- 7i7 by /rik+ ag5cy-- & all t foll[s ?r\gh ! a*ievem5t & ins]t+ ag5cy1 ! a*ievem5t2 7ii7 by /rik+ 2 & & ins]t+ 2 or2 & 7iii7 by /rik+ clause 7ii74 #cjb4 ,fair ,audits & ,inspections = ,regulators' ,exams 7a7 ,timel9ess ( exam9ations & exam9ation reports ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by section #cja7;b77#a71 is fur!r am5d$ by add+ at ! end ! foll[+3 #ajac4 ,timel9ess ( exam9ations & exam9ation reports 7a7 ,timel9ess ( exam9ations ,a ,f$]al f9ancial in/itutions regulatory ag5cy %all complete any exam9ation ( a f9ancial in/itution1 o!r ?an a f9ancial in/itution subject to a cont9u\s or resid5t exam9ation program1 )9 #bgj days ( comm5c+ ! exam9ation1 except t su* p]iod may be ext5d$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy by provid+ writt5 notice to ! f9ancial in/itution describ+ ) p>ticul>ity ! reasons t a long] p]iod is ne$$4 7b7 ,f9al exam9ation report ,a ,f$]al f9ancial in/itutions regulatory ag5cy %all provide a f9al exam9ation report to a f9ancial in/itution1 o!r ?an a f9ancial in/itution subject to a cont9u\s or resid5t exam9ation program1 n lat] ?an #ij days aft] ! lat] (-- 7#a7 ! exit int]view = an exam9ation ( ! in/itution2 or 7#b7 ! provision ( additional mat]ial in=mation by ! in/itution relat+ to ! exam9ation4 7c7 ,exit int]view requirem5t ,)9 #cj days ( complet+ an exam9ation = a f9ancial in/itution n subject to a cont9u\s or resid5t exam9ation program1 a ,f$]al f9ancial in/itutions regulatory ag5cy %all conduct an exit int]view ) ! f9ancial in/itution's s5ior managem5t or ! bo>d ( directors1 except t su* p]iod may be ext5d$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy by provid+ writt5 notice to ! in/itution describ+ ) p>ticul>ity ! reasons t a long] p]iod is ne$$ to complete ! exit int]view4 7d7 ,exam9ation mat]ials ,^u ! writt5 reque/ ( a f9ancial in/itution1 ! ,f$]al f9ancial in/itutions regulatory ag5cy %all include ) ! f9al report an app5dix li/+ all exam9ation or o!r factual in=mation reli$ ^u by ! ag5cy 9 support ( a mat]ial sup]visory det]m9ation4 4 7b7 ,timel9ess ( requir$ prud5tial private lett] rul+s ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7a71 is fur!r am5d$ by add+ at ! end ! foll[+3 #ajad4 ,timel9ess ( requir$ prud5tial private lett] rul+s 7a7 ,au?ority & regulation 7#a7 ,9 g5]al ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all e/abli% proc$ures provid+ t a cov]$ f9ancial in/itution may1 ^u application by ! cov]$ f9ancial in/itution & ) respect to a cov]$ action1 obta9 writt5 advice reg>d+-- 7,a7 ! ag5cy's non-objection to ! f9ancial in/itution conduct+ a p>ticul> activity2 7,b7 ! ag5cy's int]pretation ( a law or regulation z appli$ to a p>ticul> matt]2 7,c7 ! ag5cy's int]pretation ( h[ g5]ally accept$ acc\nt+ pr9ciples or acc\nt+ objectives1 /&>ds1 & requirem5ts apply to a p>ticul> matt]2 or 7,d7 ! ag5cy's application ( any sup]visory guidance1 /atem5t ( policy1 or int]pretive rule to a p>ticul> matt]4 7#b7 ,cov]$ action def9$ ,9 ?is subsection & ) respect to a cov]$ f9ancial in/itution1 ! t]m cov]$ action means-- 7,a7 any action 9 connection ) a regulat$ activity t ! cov]$ f9ancial in/itution is tak+ or is int5d+ to take1 includ+-- 7i7 ent]+ into a transaction2 7ii7 issu+ a product or s]vice2 or 7iii7 *ang+ ! corporate /ructure ( ! cov]$ f9ancial in/itution2 & 7,b7 a ,f$]al f9ancial in/itutions regulatory ag5cy's objection to ! cov]$ f9ancial in/itution comm5c+ or o!rwise conduct+ an activity 7includ+ an action describ$ 9 subp>agraph 7,a774 7b7 ,cont5ts ( reque/ ,! proc$ures e/abli%$ "u subsection 7a7 %all provide t a reque/ = writt5 advice made "u ! proc$ures %all be 9 writ+ & conta9-- 7#a7 ! nature ( ! reque/2 7#b7 applicable facts relat+ to ! matt]2 7#c7 applicable law1 regulations1 or g5]ally accept$ acc\nt+ pr9ciples relat+ to ! matt]2 & 7#d7 a summ>y ( ! reque/4 7c7 ,response to reque/ ,a ,f$]al f9ancial in/itutions regulatory ag5cy receiv+ a reque/ = writt5 advice "u subsection 7a7 %all1 n lat] ?an #cj days aft] receiv+ ! reque/-- 7#a7 provide ! f9ancial in/itution mak+ ! reque/ ) writt5 notification confirm+ receipt ( ! reque/ & /at+ :e!r ! reque/ conta9s all ( ! in=mation requir$ "u subsection 7b72 & 7#b7 if ! reque/ does n conta9 all ( ! in=mation requir$ "u subsection 7b7-- 7,a7 provide ! f9ancial in/itution ) an explanation ( :at in=mation is miss+2 & 7,b7 notify ! f9ancial in/itution t ! f9ancial in/itution may provide ! miss+ in=mation to ! ag5cy )9 #cj days4 7d7 ,provid+ miss+ in=mation ,if a ,f$]al f9ancial in/itutions regulatory ag5cy in=ms ! f9ancial in/itution "u subsection 7c7 t ! reque/ = writt5 advice does n conta9 all ! in=mation requir$ "u subsection 7b71 ! f9ancial in/itution may provide ! miss+ in=mation to ! ,f$]al f9ancial in/itutions regulatory ag5cy )9 #cj days ( ! date ! f9ancial in/itution receives ! explanation ( ! miss+ in=mation "u subsection 7c74 7e7 ,det]m9ation ,a ,f$]al f9ancial in/itutions regulatory ag5cy receiv+ a reque/ = writt5 advice "u ! proc$ures e/abli%$ "u subsection 7a7 %all provide ! f9ancial in/itution ) a writt5 response 7or1 = purposes ( p>agraph 7#c71 notify ! f9ancial in/itution t a det]m9ation _c be made7-- 7#a7 if ! initial reque/ conta9s ! in=mation requir$ "u subsection 7b71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date ! ,f$]al f9ancial in/itutions regulatory ag5cy notifies ! f9ancial in/itution ( ! receipt ( ! reque/ "u subsection 7c72 7#b7 if ! initial reque/ does n conta9 ! in=mation requir$ "u subsection 7b71 b ! f9ancial in/itution provides ! miss+ in=mation dur+ ! #cj-;day p]iod describ$ "u subsection 7d71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date su* miss+ in=mation is provid$2 or 7#c7 if ! initial reque/ does n conta9 ! in=mation requir$ "u subsection 7b71 & ! f9ancial in/itution does n provide ! miss+ in=mation dur+ ! #cj-;day p]iod describ$ "u subsection 7d71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! end ( su* #cj-;day p]iod4 7f7 ,limit$ b9d+ effect ,writt5 advice issu$ by a ,f$]al f9ancial in/itutions regulatory ag5cy "u ! proc$ures e/abli%$ "u ?is section-- 7#a7 %all be b9d+ on ! ag5cy ) respect to ! f9ancial in/itution reque/+ ! writt5 advice & ! specific facts describ$ 9 ! reque/2 7#b7 may be reli$ ^u by ! f9ancial in/itution reque/+ ! writt5 advice 9 good fai?2 & 7#c7 %all n be b9d+ on ! ag5cy ) respect to any o!r p]son or in/itution & %all n be treat$ z prec$5t4 7g7 ,confid5tiality & privilege 7#a7 ,treatm5t ( writt5 advice ,writt5 advice issu$ "u ?is section1 & any mat]ials submitt$ 9 connection !re)1 & ! fact t a reque/ = writt5 advice 0 made %all be treat$ z confid5tial sup]visory in=mation & exempt f disclosure "u section #eeb7;b7 ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,publi%+ ( anonymiz$ or r$act$ summ>ies ,a ,f$]al f9ancial in/itutions regulatory ag5cy may publi% anonymiz$ or r$act$ summ>ies ( rul+s = in=mational purposes4 7h7 ,modification or revocation ,a ,f$]al f9ancial in/itutions regulatory ag5cy may modify or revoke writt5 advice issu$ "u ?is section only if-- 7#a7 ! reque/+ f9ancial in/itution made a mat]ial mis/atem5t or omission ( fact2 7#b7 !re has be5 a *ange 9 controll+ law2 or 7#c7 ! rul+ is inconsi/5t ) a f9al rule or judicial decision issu$ aft] ! date ! writt5 advice 0 issu$4 7i7 ,reasonable fees ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy may e/abli% & collect a reasonable fee = ! process+ & issuance ( any writt5 advice issu$ "u ?is section1 & su* fee-- 7#a7 %all be bas$ on ! e/imat$ co/ to ! ag5cy ( review+1 analyz+1 & respond+ to ! reque/2 7#b7 may v>y bas$ on ! complexity ( ! reque/ or ! size ( ! reque/+ in/itution2 & 7#c7 %all be prescrib$ by regulation4 7j7 ,f9ality ,writt5 advice issu$ "u ! proc$ures e/abli%$ "u ?is section %all n be con/ru$ z a f9al ag5cy action4 4 7c7 ,(fice ( ,indep5d5t ,exam9ation ,review 7#a7 ,9 g5]al ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7b71 is fur!r am5d$ by add+ at ! end ! foll[+3 #ajae4 ,(fice ( ,indep5d5t ,exam9ation ,review 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,c\ncil an ,(fice ( ,indep5d5t ,exam9ation ,review 7! ,(fice74 7b7 ,bo>d ( ,indep5d5t ,exam9ation ,review 7#a7 ,9 g5]al ,! head ( ! ,(fice %all be ! ,bo>d ( ,indep5d5t ,exam9ation ,review1 :i* %all be compris$ ( #c memb]s1 appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,qualifications ,! ,presid5t %all appo9t #a memb] ( ! ,bo>d f ea* ( ! foll[+ classes ( individuals3 7,a7 ,individuals :o h be5 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy4 7,b7 ,individuals :o are n1 & 7 n dur+ ! previ\s #e-ye> p]iod1 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy or a ,f$]al res]ve bank & :o-- 7i7 are a lic5s$ attorney or a c]tifi$ public acc\ntant au?oriz$ to practice "u ! laws ( a ,/ate1 ! ,di/rict ( ,columbia1 or a t]ritory ( ! ,unit$ ,/ates2 7ii7 h academic or private sector exp]i5ce relat+ to f9ancial s]vices2 or 7iii7 h relevant "w-relat$ exp]i5ce 9 consum] affairs or compliance ) consum] protection laws ) respect to f9ancial in/itutions4 7,c7 ,individuals ) at lea/ #aj ye>s private sector f9ancial s]vices s5ior managem5t-level exp]i5ce4 7#c7 ,prohibition on c]ta9 individuals s]v+ z a ,bo>d memb] ,! ,presid5t may n appo9t an individual z a memb] ( ! ,bo>d if ! individual-- 7,a7 is1 or 0 dur+ ! previ\s #b-ye> p]iod1 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy or a ,f$]al res]ve bank2 or 7,b7 is1 or 0 dur+ ! previ\s #b-ye> p]iod1 employ$ by a f9ancial in/itution4 7#d7 ,consultation ,9 appo9t+ memb]s ( ! ,bo>d1 ! ,presid5t %all consult ) ! ,f$]al f9ancial in/itutions regulatory ag5cies & f9ancial in/itutions4 7#e7 ,t]m 7,a7 ,9 g5]al ,ea* memb] ( ! ,bo>d %all s]ve = a t]m ( #c ye>s4 ,^u ! expiration ( a memb]'s t]ms ( (fice1 ! memb] %all cont9ue to s]ve until ! memb]'s successor has be5 confirm$ by ! ,s5ate4 7,b7 ,t]m limitation ,no individual may s]ve m ?an #b full t]ms on ! ,bo>d4 7#f7 ,political affiliation ,n m ?an #b memb]s ( ! ,bo>d %all be memb]s ( ! same political p>ty4 7#g7 ,quorum 7,a7 ,9 g5]al #c memb]s ( ! ,bo>d %all con/itute a quorum4 7,b7 ,initial quorum ,dur+ ! #f-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is section1 #a memb] ( ! ,bo>d %all con/itute a quorum until ! ,bo>d has #c memb]s4 7#h7 ,rate ( pay ,! annual rate ( basic pay = ! memb]s ( ! ,bo>d %all be ! rate ( basic pay = ,level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code4 7c7 ,/aff+ ,! ,bo>d is au?oriz$ to hire /aff to support ! activities ( ! ,(fice ( ,indep5d5t ,exam9ation ,review1 & set ! sal>ies ( su* /aff4 ,"o-fif? ( ! co/s & exp5ses ( ! ,(fice1 includ+ ! sal>ies ( its employees1 %all be paid by ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies4 ,annual assessm5ts = su* %>e %all be levi$ by ! ,c\ncil bas$ ^u its project$ budget = ! ye>1 & additional assessm5ts may be made dur+ ! ye> if necess>y4 7d7 ,duties ,! ,bo>d %all-- 7#a7 receive &1 at ! discretion ( ! ,bo>d1 inve/igate compla9ts f f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( su* in/itutions1 conc]n+ complet$ exam9ations1 exam9ation practices1 or exam9ation reports2 7#b7 hold meet+s1 at lea/ once e ?ree mon?s & 9 locations design$ to enc\rage p>ticipation f all sections ( ! ,unit$ ,/ates1 ) f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( su* in/itutions1 to discuss exam9ation proc$ures1 exam9ation practices1 or exam9ation policies2 7#c7 review exam9ation proc$ures ( ! ,f$]al f9ancial in/itutions regulatory ag5cies to ensure t ! writt5 exam9ation policies ( ^? ag5cies are be+ foll[$ 9 practice & adh]e to ! /&>ds = consi/5cy2 7#d7 conduct a cont9u+ & regul> program ( exam9ation quality assurance on a sample = all exam9ation types conduct$ by ! ,f$]al f9ancial in/itutions regulatory ag5cies2 7#e7 c>ry out an indep5d5t review ( any sup]visory appeal initiat$ "u section #ajaf2 & 7#f7 report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,c\ncil1 on ! reviews c>ri$ out pursuant to p>agraphs 7#c7 & 7#e71 includ+ compliance ) ! requirem5ts set =? 9 section #ajad reg>d+ timel9ess ( exam9ation reports1 & ! ,bo>d's recomm5dations = improvem5ts 9 exam9ation proc$ures1 practices1 & policies4 7e7 ,confid5tiality 7#a7 ,9 g5]al ,! ,bo>d & ! ,c\ncil %all keep confid5tial-- 7,a7 all meet+s1 discussions1 & in=mation provid$ by f9ancial in/itutions & ,f$]al f9ancial in/itutions regulatory ag5cies t involve confid5tial sup]visory in=mation or privileg$ in=mation2 7,b7 all in=mation & communications ex*ang$ betwe5 a f9ancial in/itution & ! ,(fice ( ,indep5d5t ,exam9ation ,review2 & 7,c7 all in=mation & communications ex*ang$ betwe5 a ,f$]al f9ancial in/itutions regulatory ag5cy & ! ,(fice ( ,indep5d5t ,exam9ation ,review4 7#b7 ,submission ( in=mation does n con/itute a waiv] ,section #ah7x7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7x77 & section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 %all apply to ! submission ( in=mation to ! ,bo>d by a f9ancial in/itution or a ,f$]al f9ancial in/itutions regulatory ag5cy to ! same ext5t z su* sections #ah7x7 & #bje7;j7 apply to ! submission ( in=mation describ$ 9 su* sections #ah7x7 & #bje7;j74 7#c7 ,%>+ ( in=mation )\t waiv+ privilege ,! ,bo>d %all be consid]$ a cov]$ ag5cy = purposes ( section #aa7t7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7t774 4 7#b7 ,def9itions ,section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb7 is am5d$-- 7,a7 9 p>agraph 7#b71 by /rik+ & at ! end2 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ! t]m ,bo>d means ! ,bo>d ( ,indep5d5t ,exam9ation ,review e/abli%$ "u section #ajae7;b72 7#e7 ! t]m mat]ial sup]visory det]m9ation has ! mean+ giv5 su* t]m 9 section #cji7;c7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid2 7#f7 ! t]m insur$ depository in/itution has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act2 & 7#g7 ! t]m insur$ cr$it union has ! mean+ giv5 t t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act4 4 7d7 ,"r to indep5d5t review ( mat]ial sup]visory det]m9ations ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7c71 is fur!r am5d$ by add+ at ! end ! foll[+3 #ajaf4 ,"r to indep5d5t review ( mat]ial sup]visory det]m9ations 7a7 ,9 g5]al ,a f9ancial in/itution %all h ! "r to obta9 an indep5d5t review1 z describ$ 9 ?is section1 ( a mat]ial sup]visory det]m9ation conta9$ 9 a f9al report ( exam9ation4 ,a ,f$]al f9ancial in/itutions regulatory ag5cy & ! ,bo>d may n conduct concurr5t reviews4 7b7 ,notice 7#a7 ,tim+ ,a f9ancial in/itution seek+ review ( a mat]ial sup]visory det]m9ation "u ?is section %all file a writt5 notice ) ! ,bo>d )9 #cj days aft] receiv+ ! f9al report ( exam9ation t is ! subject ( su* review4 7#b7 ,ext5sion ,! in/itution may file a writt5 reque/ ) ! ,bo>d = an ext5sion ( ! #fj-;day "t p]iod describ$ "u p>agraph 7#a71 :i* %all /ate good cause = grant+ ! ext5sion4 ,su* reque/ %all be grant$ 9 ! sole discretion ( ! ,bo>d4 7#c7 ,id5tification ( det]m9ation ,! writt5 notice %all-- 7,a7 id5tify ! mat]ial sup]visory det]m9ation t is ! subject ( ! reque/$ indep5d5t exam9ation review2 7,b7 /ate ! reasons :y ! in/itution believes t ! mat]ial sup]visory det]m9ation is incorrect or %\ld o!rwise be modifi$2 & 7,c7 include-- 7i7 a cle> & complete /atem5t ( all relevant facts & issues2 7ii7 all argum5ts t ! in/itution wi%es to pres5t2 & 7iii7 all relevant & mat]ial docum5ts 9 ! possession ( ! in/itution t ! in/itution wi%es to be consid]$4 7#d7 ,in=mation made available to in/itution ,a f9ancial in/itution seek+ a review ( a mat]ial sup]visory det]m9ation may1 n lat] ?an #g days aft] receiv+ ! f9al exam9ation report1 reque/ t ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation provide ! f9ancial in/itution ) all exam9ation & factual in=mation reli$ ^u by ! ,f$]al f9ancial in/itutions regulatory ag5cy 9 mak+ ! mat]ial sup]visory det]m9ation4 ,! ,f$]al f9ancial in/itutions regulatory ag5cy %all provide su* in=mation to ! f9ancial in/itution n lat] ?an #ad days aft] receiv+ ! reque/4 7#e7 ,submission ( record ,aft] receiv+ a writt5 notice ( review f a f9ancial in/itution "u ?is subsection1 ! ,bo>d %all direct ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation "u review to file ) ! ,bo>d ! sup]visory record ( ! exam9ation result+ 9 ! mat]ial sup]visory det]m9ation "u review4 7c7 ,det]m9ation2 "r to he>+ 7#a7 ,9 g5]al ,! ,bo>d %all-- 7,a7 det]m9e ! m]its on ! record1 includ+ :e!r ! mat]ial sup]visory det]m9ation be+ review$ %\ld be upheld1 cancel$1 or modifi$2 or 7,b7 at ! election ( ! f9ancial in/itution1 conduct a he>+1 :i* %all take place n lat] ?an #fj days aft] ! petition = review is receiv$ by ! ,bo>d1 except t su* #fj-;day p]iod may be ext5d$ if bo? ! f9ancial in/itution & ! ,bo>d agree to su* ext5sion4 7#b7 ,"r to obta9 te/imony ,a f9ancial in/itution elect+ = a he>+ "u p>agraph 7#a77;,b7 %all h ! "r ! obta9 te/imony "u oa? f ag5cy employees & obta9 docum5ts & o!r evid5ce at ! he>+1 or 9 advance ( ! he>+1 accord+ to proc$ures in/itut$ by ! ,bo>d consi/5t ) ^? set =? "u sections #eef & #eeg ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,basis ( decision ,! ,bo>d %all issue a writt5 decision bas$ ^u ! record ( ! exam9ation1 supplem5t$ by ! record e/abli%$ be=e ! ,bo>d & at any he>+4 7#d7 ,/&>d ( review ,! ,bo>d's review ( a mat]ial sup]visory det]m9ation be+ review$ "u ?is subsection %all be de novo1 & ! ,bo>d %all n def] to ! op9ions ( ! exam9]s or ! ,f$]al f9ancial in/itutions regulatory ag5cy1 b %all indep5d5tly det]m9e ! appropriat5ess ( ! mat]ial sup]visory det]m9ation bas$ ^u ! relevant /atutes1 regulations1 o!r appropriate guidance1 & ! evid5ti>y record4 7#e7 ,policy matt]s ,! ,bo>d %all conduct reviews "u ?is section apply+ ! policies1 regulations1 & int]pretations ( ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation "u review 9 effect at ! "t ! mat]ial sup]visory det]m9ation 0 made4 7d7 ,f9al decision ,a decision by ! ,bo>d on an indep5d5t review "u ?is section %all-- 7#a7 be made n lat] ?an #fj days aft] ! record has be5 clos$2 & 7#b7 be deem$ f9al & %all b9d ! ag5cy ^: sup]visory det]m9ation 0 ! subject ( ! review & ! f9ancial in/itution reque/+ ! review4 7e7 ,ref]ral ( violations ,if ! ,bo>d1 9 c>ry+ out ?is section1 det]m9es t a f9ancial in/itution has violat$ a law or regulation1 ! ,bo>d %all ref] su* det]m9ation to ! applicable ,f$]al f9ancial in/itutions regulatory ag5cy4 7f7 ,annual report 7#a7 ,9 g5]al ,! ,bo>d %all report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,c\ncil on actions tak5 "u ?is section1 includ+ ! types ( issues t ! ,bo>d has review$ & ! results ( ^? reviews1 includ+ in=mation on ea* f9al det]m9ation ) respect to a mat]ial sup]visory det]m9ation4 7#b7 ,confid5tiality ,9 report+ "u p>agraph 7#a71 ! ,bo>d %all r$act in=mation ab\t individual f9ancial in/itutions & any confid5tial sup]visory in=mation or privileg$ in=mation %>$ by f9ancial in/itutions1 & %all anonymize any un-r$act$ in=mation t c\ld1 9 ! aggregate1 id5tify a f9ancial in/itution4 7g7 ,retaliation prohibit$ 7#a7 ,9 g5]al ,a ,f$]al f9ancial in/itutions regulatory ag5cy may n-- 7,a7 retaliate aga9/ a f9ancial in/itution1 includ+ s]vice provid]s1 or any in/itution-affiliat$ p>ty1 = ex]cis+ appellate rights "u ?is section2 or 7,b7 delay or d5y any ag5cy action t w\ld b5efit a f9ancial in/itution or any in/itution-affiliat$ p>ty on ! basis t an appeal "u ?is section is p5d+ "u ?is section4 7#b7 ,retaliation ,= purposes ( ?is subsection1 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( a f9ancial in/itution's rights "u ?is section4 7h7 ,rulemak+ ,! ,bo>d %all issue rules1 consi/5t ) sub*apt] ,,ii ( *apt] #e ( title #e1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,adm9i/rative ,proc$ure ,act71 to e/abli% proc$ures = he>+s describ$ "u ?is section1 includ+ t-- 7#a7 a f9ancial in/itution may appe> at ! he>+ p]sonally or ?r\gh c\nsel2 7#b7 a f9ancial in/itution may provide an oral & writt5 pres5tation at ! he>+2 7#c7 ! ,bo>d may ask que/ions ( any p]son p>ticipat+ 9 ! he>+2 7#d7 ! he>+ %all n be gov]n$ by ! ,f$]al ,rules ( ,evid5ce2 & 7#e7 ! ,bo>d %all h a v]batim transcript ( ! he>+ prep>$4 7i7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$-- 7#a7 to affect ! "r ( a ,f$]al f9ancial in/itutions regulatory ag5cy to take en=cem5t or o!r sup]visory actions relat$ to a mat]ial sup]visory det]m9ation "u review "u ?is section2 or 7#b7 to prohibit ! review "u ?is section ( a mat]ial sup]visory det]m9ation ) respect to :i* !re is an ongo+ en=cem5t or o!r sup]visory action4 4 7e7 ,additional am5dm5ts 7#a7 ,regulatory appeals process1 ombudsman1 & alt]native dispute resolution 7,a7 ,9 g5]al ,section #cji ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dhjf7 is am5d$-- 7i7 9 ! head+1 by /rik+ ,,regulatory ,,appeals ,,process1 ,,ombudsman1 & ins]t+ ,,ombudsman 7& by con=m+ ! item relat+ to su* section 9 ! table ( cont5ts accord+ly72 7ii7 by /rik+ subsections 7a71 7b71 & 7c72 7iii7 by r$esignat+ subsections 7d71 7e71 7f71 & 7g7 z subsections 7a71 7b71 7c71 & 7d71 respectively2 7iv7 9 subsection 7b71 z s r$esignat$-- 7,i7 9 p>agraph 7#b7-- 7aa7 9 subp>agraph 7,b71 by /rik+ & at ! end2 7bb7 9 subp>agraph 7,c71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7cc7 by add+ at ! end ! foll[+3 7,d7 ensure t appropriate safegu>ds exi/ = protect+ any p>ty f retaliation by any ag5cy = ex]cis+ rights "u ?is subsection4 2 & 7,,ii7 by add+ at ! end ! foll[+3 7#f7 ,retaliation ,= purposes ( ?is subsection1 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( a f9ancial in/itution's rights "u ?is section4 2 & 7v7 9 p>agraph 7#a77;,a7 ( subsection 7c71 z s r$esignat$-- 7,i7 9 clause 7ii71 by /rik+ 2 & & ins]t+ a semicolon2 7,,ii7 9 clause 7iii71 by /rik+ 2 & & ins]t+ a semicolon2 & 7,,iii7 by add+ at ! end ! foll[+3 7iv7 any issue specifically li/$ 9 an exam report z a matt] requir+ att5tion by ! in/itution's managem5t or bo>d ( directors2 & 7v7 any susp5sion or removal ( an in/itution's /atus z eligible = exp$it$ process+ ( applications1 reque/s1 notices1 or fil+s on ! gr\nds ( a sup]visory or compliance conc]n1 reg>dless ( :e!r t conc]n has be5 cit$ z a basis = a mat]ial sup]visory det]m9ation or matt] requir+ att5tion 9 an exam9ation report1 provid$ t ! conduct at issue did n involve violation ( any crim9al law2 & 4 7,b7 ,effect ,no?+ 9 ?is subsection affects ! au?ority ( a ,f$]al bank+ ag5cy 7z def9$ 9 section #cjd7;b77 to take en=cem5t or o!r sup]visory action4 7#b7 ,f$]al ,cr$it ,union ,act ,section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is am5d$ by ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection1 be=e ! ,adm9i/ration ea* place t t]m appe>s4 7#c7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$-- 7,a7 9 section #ajjc 7#ab ,u4,s4,c4 #ccjb7-- 7i7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cies-- 7,a7 means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration2 & 7,b7 includes ! ,bureau ( ,consum] ,f9ancial ,protection = purposes ( sections #ajab ?r\gh #ajae2 2 & 7ii7 9 p>agraph 7#c71 by /rik+ ! semicolon at ! end & ins]t+ 1 except t = purposes ( sections #ajac ?r\gh #ajaf1 ! t]m f9ancial in/itution does n include a cr$it union t is n an insur$ cr$it union22 7,b7 9 section #ajjd7;a77#d7 7#ab ,u4,s4,c4 #ccjc71 by /rik+ ,consum] ,f9ancial ,protection ,bureau & ins]t+ ,bureau ( ,consum] ,f9ancial ,protection2 & 7,c7 9 section #ajje 7#ab ,u4,s4,c4 #ccjd7-- 7i7 by /rik+ ,"o-fif? & ins]t+ ,"o-f\r?2 & 7ii7 by ins]t+ describ$ "u section #ajjc7a77;,a7 aft] ag5cies4 7f7 ,election ( =um = review ( sup]visory en=cem5t 7#a7 ,f$]al ,deposit ,insurance ,act ,section #h ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah7 is am5d$-- 7,a7 9 subsection 7b71 by add+ at ! end ! foll[+3 7#aa7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u a depository in/itution or in/itution-affiliat$ p>ty "u ?is subsection1 su* depository in/itution or in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! appropriate ,f$]al bank+ ag5cy2 or 7,b7 if su* in/itution or p]son submits a reque/ )9 #bj days aft] ! issuance ( ! notice1 ! appropriate ,unit$ ,/ates di/rict c\rt1 & t c\rt %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,b7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#h7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an in/itution-affiliat$ p>ty "u ?is subsection1 su* in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! appropriate ,f$]al bank+ ag5cy2 or 7,b7 if su* p>ty submits a reque/ = su* he>+ & =um )9 #bj days aft] ! issuance ( ! notice1 ! appropriate ,unit$ ,/ates di/rict c\rt1 & t c\rt %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,c7 9 subsection 7h7-- 7i7 9 p>agraph 7#a71 by /rik+ 7o!r ?an ! he>+ provid$ = 9 subsection 7g77#c7 ( ?is section7 & ins]t+ 7o!r ?an ! he>+ provid$ = 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 7g77#c71 or 7i77#b77;,h77ii772 & 7ii7 by add+ at ! end ! foll[+3 7#d7 ,any he>+ provid$ = 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be subject to ! jurisdiction1 p[]s1 & equitable au?ority ( ! di/rict c\rt & be gov]n$ by ! ,f$]al ,rules ( ,civil ,proc$ure & ! ,f$]al ,rules ( ,evid5ce4 7#e7 ,any f9al decision ( a ,unit$ ,/ates di/rict c\rt made pursuant to a respond5t's election "u subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be reviewable 9 ! appropriate c\rt ( appeals 9 ! same mann] & to ! same ext5t z any o!r civil action to :i* ! ,unit$ ,/ates is a p>ty4 2 7,d7 9 subsection 7i77#b7-- 7i7 by am5d+ subp>agraph 7,e77ii7 to read z foll[s3 7ii7 ,f9ality ( assessm5t ,if1 ) respect to any assessm5t "u clause 7i71 a he>+ is n reque/$ or an election is n made & timely notic$ pursuant to subp>agraph 7,h7 )9 ! p]iod ( "t all[$ "u su* subp>agraph1 ! assessm5t %all con/itute a f9al & unappealable ord]4 2 7ii7 by am5d+ subp>agraph 7,h7 to read z foll[s3 7,h7 ,he>+ ,! insur$ depository in/itution or in/itution-affiliat$ p>ty aga9/ :om any p5alty is assess$ "u ?is p>agraph %all be af=d$ a he>+ be=e-- 7i7 an ag5cy1 if su* in/itution or p]son submits a reque/ = su* he>+ )9 #bj days aft] ! issuance ( ! notice ( assessm5t2 or 7ii7 ! appropriate ,unit$ ,/ates di/rict c\rt1 if su* in/itution or p]son submits a reque/ = su* he>+ & =um )9 #bj days aft] ! issuance ( ! notice ( assessm5t4 2 & 7iii7 by am5d+ subp>agraph 7,i77ii7 to read z foll[s3 7ii7 ,appropriat5ess ( p5alty n reviewable ,9 any civil action "u clause 7i71 except a civil action tri$ 9 a ,unit$ ,/ates di/rict c\rt pursuant to subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii71 ! validity & appropriat5ess ( ! p5alty %all n be subject to review4 2 & 7,e7 by add+ at ! end ! foll[+3 7x7 ,sav+s clause ,no?+ 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be con/ru$ to-- 7#a7 limit ! au?ority ( a ,f$]al bank+ ag5cy to initiate an adm9i/rative en=cem5t action2 or 7#b7 impair ! validity ( any cons5t ord]4 4 7#b7 ,f$]al ,cr$it ,union ,act ,section #bjf ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghf7 is am5d$-- 7,a7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#e7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or an in/itution-affiliat$ p>ty "u ?is subsection1 su* insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! ,adm9i/ration2 or 7,b7 if su* insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or in/itution-affiliat$ p>ty submits a reque/ )9 #bj days aft] ! issuance ( ! notice1 ! appropriate ,unit$ ,/ates di/rict c\rt1 & t c\rt %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,b7 9 subsection 7g71 by add+ at ! end ! foll[+3 7#h7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an in/itution-affiliat$ p>ty "u ?is subsection1 su* in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! ,adm9i/ration2 or 7,b7 if su* in/itution-affiliat$ p>ty submits a reque/ )9 #bj days aft] ! issuance ( ! notice1 ! appropriate ,unit$ ,/ates di/rict c\rt1 & t c\rt %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,c7 9 subsection 7j7-- 7i7 9 p>agraph 7#a71 by /rik+ 7o!r ?an ! he>+ provid$ = 9 subsection 7i77#c7 ( ?is section7 & ins]t+ 7o!r ?an ! he>+ provid$ = 9 subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii772 & 7ii7 by add+ at ! end ! foll[+3 7#d7 ,any he>+ provid$ = 9 subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 %all be subject to ! jurisdiction1 p[]s1 & equitable au?ority ( ! di/rict c\rt & be gov]n$ by ! ,f$]al ,rules ( ,civil ,proc$ure & ! ,f$]al ,rules ( ,evid5ce4 7#e7 ,any f9al decision ( a ,unit$ ,/ates di/rict c\rt made pursuant to a respond5t's election "u subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 %all be reviewable 9 ! appropriate c\rt ( appeals 9 ! same mann] & to ! same ext5t z any o!r civil action to :i* ! ,unit$ ,/ates is a p>ty4 2 7,d7 9 subsection 7k77#b7-- 7i7 by am5d+ subp>agraph 7,e77ii7 to read z foll[s3 7ii7 ,f9ality ( assessm5t ,if1 ) respect to any assessm5t "u clause 7i71 a he>+ is n reque/$ or an election is n made & timely notic$ pursuant to subp>agraph 7,h7 )9 ! p]iod ( "t all[$ "u su* subp>agraph1 ! assessm5t %all con/itute a f9al & unappealable ord]4 2 7ii7 by am5d+ subp>agraph 7,h7 to read z foll[s3 7,h7 ,he>+ ,! insur$ cr$it union or in/itution-affiliat$ p>ty aga9/ :om any p5alty is assess$ "u ?is p>agraph %all be af=d$ a he>+ be=e-- 7i7 ! ,adm9i/ration1 if su* insur$ cr$it union or in/itution-affiliat$ p>ty submits a reque/ = su* he>+ )9 #bj days aft] ! issuance ( ! notice ( assessm5t2 or 7ii7 ! appropriate ,unit$ ,/ates di/rict c\rt1 if su* insur$ cr$it union or in/itution-affiliat$ p>ty submits a reque/ = su* he>+ & =um )9 #bj days aft] ! issuance ( ! notice ( assessm5t4 2 & 7iii7 by am5d+ subp>agraph 7,i77ii7 to read z foll[s3 7ii7 ,appropriat5ess ( p5alty n reviewable ,9 any civil action "u clause 7i71 except a civil action tri$ 9 a ,unit$ ,/ates di/rict c\rt pursuant to subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii71 ! validity & appropriat5ess ( ! p5alty %all n be subject to review4 2 & 7,e7 by add+ at ! end ! foll[+3 7x7 ,sav+s clause ,no?+ 9 subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii7 %all be con/ru$ to-- 7#a7 limit ! au?ority ( ! ,adm9i/ration to initiate an adm9i/rative en=cem5t action2 or 7#b7 impair ! validity ( any cons5t ord]4 4 #cjc4 ,sup]visory ,modifications = ,appropriate ,risk-bas$ ,te/+ 7a7 ,exam9ation relief = c]ta9 well manag$ & well capitaliz$ f9ancial in/itutions 7#a7 ,insur$ depository in/itutions ,section #aj7;d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is am5d$ by add+ at ! end ! foll[+3 7#aa7 ,exam9ation relief = c]ta9 well manag$ & well capitaliz$ insur$ depository in/itutions 7,a7 ,9 g5]al ,not)/&+ p>agraphs 7#a7 & 7#b71 ! foll[+ %all apply to a well manag$ & well capitaliz$ insur$ depository in/itution ) #f1jjj1jjj1jjj or less 9 consolidat$ assets3 7i7 ,alt]nat+ limit$-scope exam9ations ,aft] an insur$ depository in/itution receives a full-scope1 on-site exam9ation f ! appropriate ,f$]al bank+ ag5cy1 ! next exam9ation ( ! insur$ depository in/itution by ! appropriate ,f$]al bank+ ag5cy %all be a limit$-scope exam9ation1 z det]m9$ by ! appropriate ,f$]al bank+ ag5cy4 7ii7 ,comb9$ exam9ations ,if an insur$ depository in/itution is o!rwise subject to sep>ate safety & s\ndness exam9ations1 consum] compliance exam9ations1 & in=mation te*nology & cyb]security exam9ations1 ! appropriate ,f$]al bank+ ag5cy %all1 ^u reque/ ( ! insur$ depository in/itution1 comb9e two or ?ree su* exam9ations1 z specifi$ by ! insur$ depository in/itution1 & c>ry !m out at ! same "t4 7,b7 ,exception ,subp>agraph 7,a7 %all n apply to an insur$ depository in/itution if-- 7i7 ! insur$ depository in/itution is curr5tly subject to a =mal en=cem5t proce$+ or ord] by ! ,corporation or ! appropriate ,f$]al bank+ ag5cy2 or 7ii7 a p]son acquir$ control ( ! insur$ depository in/itution s9ce ! mo/ rec5t full-scope1 on-site exam9ation ( ! insur$ depository in/itution f ! appropriate ,f$]al bank+ ag5cy4 7,c7 ,rulemak+ ,n lat] ?an #ab mon?s aft] ! date ( enactm5t ( ?is p>agraph1 ! ,f$]al bank+ ag5cies %all issue rules to c>ry out subp>agraph 7,a71 includ+1 ) respect to an insur$ depository in/itution describ$ "u subp>agraph 7,a71 to-- 7i7 e/abli% proc$ures = ! limit$-scope exam9ations describ$ 9 subp>agraph 7,a77i72 7ii7 e/abli% proc$ures = review+ insur$ depository in/itutions describ$ "u subp>agraph 7,a71 t-- 7,i7 exp]i5ce mat]ial *anges 9 f9ancial condition or op]ational risk pr(ile betwe5 s*$ul$ exam9ations2 or 7,,ii7 h fail$ to comply ) ,f$]al or ,/ate bank+ laws & regulations2 & 7iii7 balance ! goals ( /reaml9+ ! exam9ation cycle = individual insur$ depository in/itutions & r$uc+ unnecess>y regulatory burd5s :ile ma9ta9+ suffici5t ov]sight to ensure ! cont9u$ safety & s\ndness ( ! insur$ depository in/itutions & compliance ) all applicable laws & regulations4 7,d7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph may be con/ru$ to limit ! au?ority ( a ,f$]al bank+ ag5cy to conduct (f-site monitor+1 t>get$ reviews1 or additional full-scope1 on-site exam9ations ( an insur$ depository in/itution if ! ,f$]al bank+ ag5cy det]m9es su* monitor+1 reviews1 or exam9ations are appropriate to ensure safety & s\ndness or compliance ) applicable laws4 7,e7 ,def9itions ,9 ?is p>agraph3 7i7 ,consum] compliance exam9ation ,! t]m consum] compliance exam9ation means an exam9ation to assess compliance ) ! requirem5ts ( ,f$]al consum] f9ancial law 7z su* t]m is def9$ 9 section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj74 7ii7 ,well capitaliz$ ,! t]m well capitaliz$ has ! mean+ giv5 t t]m 9 section #ch7;b74 7iii7 ,well manag$ ,) respect to an insur$ depository in/itution1 ! t]m well manag$ means t1 :5 ! in/itution 0 mo/ rec5tly exam9$ by ! appropriate ,f$]al bank+ ag5cy1 ! in/itution 0 f\nd to be well manag$1 & ! in/itution's composite condition 0 f\nd to be satisfactory or out/&+4 4 7#b7 ,insur$ cr$it unions ,section #bjd ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghd7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,exam9ation relief = c]ta9 well manag$ & well capitaliz$ insur$ cr$it unions 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section1 ! foll[+ %all apply to a well manag$ & well capitaliz$ insur$ cr$it union ) #f1jjj1jjj1jjj or less 9 consolidat$ assets3 7,a7 ,alt]nat+ limit$-scope exam9ations ,aft] an insur$ cr$it union receives a full-scope1 on-site exam9ation f ! ,national ,cr$it ,union ,adm9i/ration1 ! next exam9ation ( ! insur$ cr$it union by ! ,national ,cr$it ,union ,adm9i/ration %all be a limit$-scope exam9ation1 z det]m9$ by ! ,national ,cr$it ,union ,adm9i/ration4 7,b7 ,comb9$ exam9ations ,if an insur$ cr$it union is o!rwise subject to sep>ate safety & s\ndness exam9ations1 consum] compliance exam9ations1 & in=mation te*nology & cyb]security exam9ations1 ! ,national ,cr$it ,union ,adm9i/ration %all1 ^u reque/ ( ! insur$ cr$it union1 comb9e two or ?ree su* exam9ations1 z specifi$ by ! insur$ cr$it union1 & c>ry !m out at ! same "t4 7#b7 ,exception ,p>agraph 7#a7 %all n apply to an insur$ cr$it union if ! insur$ cr$it union is curr5tly subject to a =mal en=cem5t proce$+ or ord] by ! ,national ,cr$it ,union ,adm9i/ration4 7#c7 ,rulemak+ ,n lat] ?an #ab mon?s aft] ! date ( enactm5t ( ?is subsection1 ! ,national ,cr$it ,union ,adm9i/ration %all issue rules to c>ry out p>agraph 7#a71 includ+1 ) respect to an insur$ cr$it union describ$ "u p>agraph 7#a71 to-- 7,a7 e/abli% proc$ures = ! limit$-scope exam9ations describ$ 9 p>agraph 7#a77;,a72 7,b7 e/abli% proc$ures = review+ insur$ cr$it unions t-- 7i7 exp]i5ce mat]ial *anges 9 f9ancial condition or op]ational risk pr(ile betwe5 s*$ul$ exam9ations2 or 7ii7 h fail$ to comply ) ,f$]al or ,/ate bank+ laws & regulations2 & 7,c7 balance ! goals ( /reaml9+ ! exam9ation cycle = individual insur$ cr$it unions & r$uc+ unnecess>y regulatory burd5s :ile ma9ta9+ suffici5t ov]sight to ensure ! cont9u$ safety & s\ndness ( ! insur$ cr$it unions & compliance ) all applicable laws & regulations4 7#d7 ,rule ( con/ruction ,no?+ 9 ?is subsection may be con/ru$ to limit ! au?ority ( ! ,national ,cr$it ,union ,adm9i/ration to conduct (f-site monitor+1 t>get$ reviews1 or additional full-scope1 on-site exam9ations ( an insur$ cr$it union if ! ,national ,cr$it ,union ,adm9i/ration det]m9es su* monitor+1 reviews1 or exam9ations are appropriate to ensure safety & s\ndness or compliance ) applicable laws4 7#e7 ,def9itions ,9 ?is p>agraph3 7,a7 ,consum] compliance exam9ation ,! t]m consum] compliance exam9ation means an exam9ation to assess compliance ) ! requirem5ts ( ,f$]al consum] f9ancial law 7z su* t]m is def9$ 9 section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj74 7,b7 ,well capitaliz$ ,! t]m well capitaliz$ has ! mean+ giv5 t t]m 9 section #baf7;c74 7,c7 ,well manag$ ,) respect to an insur$ cr$it union1 ! t]m well manag$ means t1 :5 ! cr$it union 0 mo/ rec5tly exam9$ by ! ,national ,cr$it ,union ,adm9i/ration1 ! cr$it union 0 f\nd to be well manag$1 & ! cr$it union's composite condition 0 f\nd to be satisfactory or out/&+4 4 7b7 ,exam9ation practices 7#a7 ,insur$ depository in/itutions ,section #aj7;d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d771 z am5d$ by subsection 7a77#a71 is fur!r am5d$ by add+ at ! end ! foll[+3 7#ab7 ,exam9ation practices ,) respect to on-site exam9ation ( an insur$ depository in/itution ) less ?an #f1jjj1jjj1jjj 9 total assets1 ! appropriate ,f$]al bank+ ag5cy %all-- 7,a7 ensure ! exam9ation is l$ by1 to ! maximum ext5t practicable1 an exam9] ) significant exp]i5ce z an exam9]2 7,b7 make e ef=t1 to ! maximum ext5t practicable1 to m9imize ! numb] ( exam9]s utiliz$ & ! am\nt ( "t sp5t at ! in/itution to c>ry out ! exam9ation2 7,c7 make e ef=t1 to ! maximum ext5t practicable1 to s*$ule ! exam9ation at a "t t is conv5i5t = ! in/itution2 & 7,d7 to ! maximum ext5t practicable1 give ! in/itution advance notice ( issues expect$ to be cov]$ 9 ! exam9ation4 7#ac7 ,report ,9 its annual report to ,congress1 ea* ,f$]al bank+ ag5cy %all include-- 7,a7 in=mation on h[ ! ag5cy is comply+ ) p>agraphs 7#aa7 & 7#ab72 & 7,b7 aggregate data summ>iz+ ! ag5cy's exam9ation practices ) respect to insur$ depository in/itutions ) less ?an #f1jjj1jjj1jjj 9 total assets1 includ+-- 7i7 ! av]age exp]i5ce ( exam9]s1 includ+ ! av]age numb] ( ye>s ( exam9] exp]i5ce ( ^? :o lead on-site exam9ations2 7ii7 ! av]age numb] ( exam9]s utiliz$2 & 7iii7 ! av]age am\nt ( "t ! ag5cy sp5ds visit+ su* in/itutions = on-site exam9ations4 4 7#b7 ,insur$ cr$it unions ,section #bjd ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghd71 z am5d$ by subsection 7a77#b71 is fur!r am5d$ by add+ at ! end ! foll[+3 7i7 ,exam9ation practices ,) respect to on-site exam9ation ( an insur$ cr$it union ) less ?an #f1jjj1jjj1jjj 9 total assets1 ! ,national ,cr$it ,union ,adm9i/ration %all-- 7#a7 ensure ! exam9ation is l$ by1 to ! maximum ext5t practicable1 an exam9] ) significant exp]i5ce z an exam9]2 7#b7 make e ef=t1 to ! maximum ext5t practicable1 to m9imize ! numb] ( exam9]s utiliz$ & ! am\nt ( "t sp5t at ! cr$it union to c>ry out ! exam9ation2 7#c7 make e ef=t1 to ! maximum ext5t practicable1 to s*$ule ! exam9ation at a "t t is conv5i5t = ! cr$it union2 & 7#d7 to ! maximum ext5t practicable1 give ! cr$it union advance notice ( issues expect$ to be cov]$ 9 ! exam9ation4 7j7 ,report ,9 its annual report to ,congress1 ! ,national ,cr$it ,union ,adm9i/ration %all include-- 7#a7 in=mation on h[ ! ,adm9i/ration is comply+ ) subsections 7h7 & 7i72 & 7#b7 aggregate data summ>iz+ ! ,adm9i/ration's exam9ation practices ) respect to insur$ cr$it unions ) less ?an #f1jjj1jjj1jjj 9 total assets1 includ+-- 7,a7 ! av]age exp]i5ce ( exam9]s1 includ+ ! av]age numb] ( ye>s ( exam9] exp]i5ce ( ^? :o lead on-site exam9ations2 7,b7 ! av]age numb] ( exam9]s utiliz$2 & 7,c7 ! av]age am\nt ( "t ! ,adm9i/ration sp5ds visit+ su* cr$it unions = on-site exam9ations4 4 #cjd4 ,f9ancial ,integrity & ,regulation ,managem5t 7a7 ,f9d+s ,congress f9ds t-- 7#a7 ! prim>y objective ( f9ancial regulation & sup]vision by ! ,f$]al bank+ ag5cies is to promote safety & s\ndness ( depository in/itutions2 7#b7 all f$]ally legal bus9esses & law-abid+ citiz5s reg>dless ( political ideology %\ld h equal opportunity to obta9 f9ancial s]vices & %\ld n face unlawful discrim9ation 9 obta9+ su* s]vices2 7#c7 f9ancial s]vice provid]s are private entities entitl$ to provide s]vices to :i*ev] cu/om]s !y s *oose1 provid$ t ^? decisions d n violate ! law2 7#d7 f9ancial s]vice provid]s %\ld /rive to ensure t all bus9ess decisions are bas$ on factors free f unlawful prejudice or political influ5ce2 7#e7 ! use ( reputational risk 9 sup]visory frameworks enc\rages ,f$]al bank+ ag5cies to regulate depository in/itutions bas$ on ! subjective view ( negative publicity & provides cov] = ! ag5cies to implem5t _! own political ag5da unrelat$ to ! safety & s\ndness ( a depository in/itution2 7#f7 ,f$]al bank+ ag5cies h 9 fact us$ reputational risk to limit access ( f$]ally legal bus9esses & law-abid+ citiz5s to f9ancial s]vices 9 #bjah :5 ! ,f$]al ,deposit ,insurance ,corporation ackn[l$g$ t ! ag5cy us$ reputational risk reviews to limit access to f9ancial s]vices by c]ta9 indu/ries1 commonly kn[n z ,op]ation ,*oke ,po9t2 & 7#g7 reputational risk does n appe> 9 any /atute & is an unnecess>y & improp] use ( sup]visory au?ority t does n contribute to ! safety & s\ndness ( ! f9ancial sy/em4 7b7 ,def9itions ,9 ?is section3 7#a7 ,depository in/itution ,! t]m depository in/itution-- 7,a7 has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 7,b7 includes a depository in/itution hold+ company1 z su* t]m is def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,c7 includes an insur$ cr$it union1 z su* t]m is def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,f$]al bank+ ag5cy ,! t]m ,f$]al bank+ ag5cy-- 7,a7 has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 includes-- 7i7 ! ,national ,cr$it ,union ,adm9i/ration2 & 7ii7 ! ,bureau ( ,consum] ,f9ancial ,protection4 7#c7 ,=eign t]rori/ organization ,! t]m =eign t]rori/ organization means a =eign organization t is designat$ by ! ,secret>y ( ,/ate 9 accordance ) section #bai ( ! ,immigration & ,nationality ,act 7#h ,u4,s4,c4 #aahi74 7#d7 ,reputational risk ,! t]m reputational risk means ! pot5tial t negative publicity or negative public op9ion reg>d+ a depository in/itution's bus9ess practices1 :e!r true or n1 w cause a decl9e 9 confid5ce 9 ! in/itution or a decl9e 9 ! cu/om] base1 co/ly litigation1 or rev5ue r$uctions or o!rwise adv]sely impact ! depository in/itution4 ,! previ\s s5t5ce does n apply to negative publicity or negative public op9ion reg>d+ an in/itution's bus9ess practices :]e su* practices involve unlawful transactions 9 connection ) /ate sponsors ( t]rorism or =eign t]rori/ organizations4 7#e7 ,/ate sponsors ( t]rorism ,! t]m /ate sponsors ( t]rorism means a c\ntry1 ! gov]nm5t ( :i* has be5 det]m9$ by ! ,secret>y ( ,/ate to h repeat$ly provid$ support = acts ( int]national t]rorism1 = purposes (-- 7,a7 section #aged7;c77#a77;,a77i7 ( ! ,export ,control ,re=m ,act ( #bjah 7#ej ,u4,s4,c4 #dhac7;c77#a77;,a77i772 7,b7 section #fbj;,a ( ! ,=eign ,assi/ance ,act ( #aifa 7#bb ,u4,s4,c4 #bcga72 7,c7 section #dj7;d7 ( ! ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bghj7;d772 or 7,d7 any o!r provision ( law4 7c7 ,/udy on reputational risk ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ea* ,f$]al bank+ ag5cy %all-- 7#a7 c>ry out a /udy to evaluate ! use ( reputational risk 9 ! sup]vision ( depository in/itutions2 & 7#b7 det]m9e :e!r ! removal ( reputational risk 9 ! sup]vision ( depository in/itutions w\ld ?reat5 ! safety & s\ndness ( ^? depository in/itutions4 7d7 ,removal ( reputational risk z a consid]ation 9 ! sup]vision ( depository in/itutions ,if a ,f$]al bank+ ag5cy det]m9es1 "u subsection 7c71 t ! removal ( reputational risk 9 ! sup]vision ( depository in/itutions w\ld n ?reat5 ! safety & s\ndness ( ^? depository in/itutions1 ! ,f$]al bank+ ag5cy %all remove f any guidance1 rule1 exam9ation manual1 or simil> docum5t e/abli%$ by ! ag5cy any ref]5ce to reputational risk1 or any t]m sub/antially simil>1 reg>d+ ! sup]vision ( depository in/itutions su* t reputational risk1 or any t]m sub/antially simil>1 is no long] tak5 into consid]ation by ! ,f$]al bank+ ag5cy :5 exam9+ & sup]vis+ a depository in/itution4 7e7 ,prohibition ,if a ,f$]al bank+ ag5cy det]m9es1 "u subsection 7c71 t ! removal ( reputational risk 9 ! sup]vision ( depository in/itutions w\ld n ?reat5 ! safety & s\ndness ( ^? depository in/itutions1 ! ag5cy may n engage 9 rulemak+1 ! issuance ( guidance1 sup]vision activities1 or en=cem5t activities relat$ to ! reputational risk ( a depository in/itution or ! manag+ ( reputational risk by a depository in/itution1 includ+-- 7#a7 e/abli%+ any rule1 regulation1 requirem5t1 /&>d1 or sup]visory expectation conc]n+ or relat$ to ! reputational risk ( a depository in/itution1 or ! managem5t !re(1 :e!r b9d+ or n2 7#b7 conduct+ any exam9ation1 assessm5t1 data collection1 or o!r sup]visory ex]cise conc]n+ or relat$ to reputational risk ( a depository in/itution1 or ! managem5t !re(2 7#c7 issu+ any exam9ation f9d+1 sup]visory criticism1 or o!r sup]visory or exam9ation communication conc]n+ or relat$ to reputational risk ( a depository in/itution1 or ! managem5t !re(2 7#d7 mak+ any sup]visory rat+s decision or det]m9ation t is bas$1 9 :ole or 9 "p1 on any matt] conc]n+ or relat$ to reputational risk ( a depository in/itution1 or ! managem5t !re(2 & 7#e7 tak+ any =mal or in=mal en=cem5t action t is bas$1 9 :ole or 9 "p1 on any matt] conc]n+ or relat$ to reputational risk ( a depository in/itution1 or ! managem5t !re(4 7f7 ,reports ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ea* ,f$]al bank+ ag5cy %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t-- 7#a7 confirms implem5tation ( ?is section2 & 7#b7 describes any *anges made to int]nal policies z a result ( ?is section4 ,,iv ,regulatory ,acc\ntability & ,transp>5cy #dja4 ,,fdic ,bo>d ,acc\ntability ,section #b ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is am5d$-- 7#a7 by /rik+ ,consum] ,f9ancial ,protection ,bureau ea* place su* t]m appe>s & ins]t+ ,bureau ( ,consum] ,f9ancial ,protection2 7#b7 by am5d+ subsection 7a77#a77;,c7 to read z foll[s3 7,c7 #c ( :om %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o are citiz5s ( ! ,unit$ ,/ates1 #a ( :om %all h ,/ate bank sup]visory exp]i5ce1 & sep>ately #a ( :om %all h demon/rat$ prim>y exp]i5ce work+ 9 or sup]vis+ depository in/itutions hav+ less ?an #ag1jjj1jjj1jjj 9 total assets4 2 & 7#c7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a71 by add+ at ! end ! foll[+3 ,no individual may be appo9t$ z a memb] = m ?an two t]ms42 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ,maximum l5g? ( s]vice ,not)/&+ any o!r provision ( ?is ,act1 no p]son %all s]ve z a memb] = m ?an twelve ye>s 9 total4 4 #djb4 ,/op ,ag5cy ,fiat ,en=cem5t ( ,guidance 7a7 ,9 g5]al ,ea* f9ancial ag5cy %all include a guidance cl>ity /atem5t z describ$ 9 subsection 7b7 on any guidance issu$ by t f9ancial ag5cy on & aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,guidance cl>ity /atem5t ,a guidance cl>ity /atem5t requir$ "u subsection 7a7 %all be display$ prom95tly on ! fir/ page ( ! docum5t & %all include ! foll[+3 ,?is guidance does n h ! =ce & effect ( law & !re=e does n e/abli% any rights or obligations = any p]son & is n b9d+ on ! ag5cy or ! public4 ,if ?is guidance sugge/s h[ regulat$ entities may comply ) applicable /atutes or regulations1 noncompliance ) ?is guidance does n conclusively e/abli% a violation ( applicable law44 7c7 ,def9itions ,9 ?is section3 7#a7 ,f9ancial ag5cy ,! t]m f9ancial ag5cy means ! foll[+3 7,a7 ,! ,bureau ( ,consum] ,f9ancial ,protection4 7,b7 ,! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7,c7 ,! ,dep>tm5t ( ! ,treasury4 7,d7 ,! ,f$]al ,deposit ,insurance ,corporation4 7,e7 ,! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7,f7 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7,g7 ,! ,national ,cr$it ,union ,adm9i/ration4 7,h7 ,! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 7,i7 ,! ,securities & ,ex*ange ,commission4 7#b7 ,guidance ,! t]m guidance means a f9ancial ag5cy /atem5t ( g5]al applicability1 int5d$ to h a future effect on ! behavior ( regulat$ p>ties1 t sets =? a policy on a /atutory1 regulatory1 or te*nical issue1 or an int]pretation ( a /atute or regulation1 b does n include-- 7,a7 a rule promulgat$ pursuant to notice & comm5t "u section #eec ( title #e1 ,unit$ ,/ates ,code2 7,b7 a rule exempt f rulemak+ requirem5ts "u section #eec7;a7 ( title #e1 ,unit$ ,/ates ,code2 7,c7 a rule ( f9ancial ag5cy organization1 proc$ure1 or practice "u section #eec7;b77,a7 ( title #e1 ,unit$ ,/ates ,code2 7,d7 a decision ( a f9ancial ag5cy adjudication "u section #eed ( title #e1 ,unit$ ,/ates ,code1 or any simil> /atutory provision2 7,e7 int]nal guidance direct$ to ! issu+ f9ancial ag5cy or o!r ag5cy t is n int5d$ to h a sub/antial future effect on ! behavior ( regulat$ p>ties2 or 7,f7 int]nal executive bran* legal advice or legal op9ions address$ to executive bran* (ficials4 #djc4 ,regulatory ,effici5cy1 ,v]ification1 ,itemization1 & ,enhanc$ ,workfl[ ,section #bbbb ( ! ,economic ,gr[? & ,regulatory ,pap]work ,r$uction ,act ( #aiif 7#ab ,u4,s4,c4 #ccaa7 is am5d$-- 7#a7 by /rik+ appropriate ,f$]al bank+ ag5cy ea* place su* t]m appe>s & ins]t+ ,f$]al f9ancial in/itutions regulatory ag5cy2 7#b7 by /rik+ appropriate ,f$]al bank+ ag5cies & ins]t+ ,f$]al f9ancial in/itutions regulatory ag5cies2 7#c7 9 subsection 7a7-- 7,a7 by /rik+ repres5t$ on ! ,c\ncil2 & 7,b7 by /rik+ once e #aj ye>s & ins]t+ once e #h ye>s2 7#d7 9 subsection 7b7-- 7,a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively 7& adju/+ ! m>g9s accord+ly72 7,b7 by /rik+ ,9 conduct+ & ins]t+ ! foll[+3 7#a7 ,solicitation ( public comm5t ,9 conduct+ 2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 ,int]nal review ( cumulative impact ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all conduct an int]nal review ( ! cumulative impact ( regulations issu$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy t-- 7,a7 assesses ! effects ( su* regulations on consum]s' access to f9ancial products & s]vices2 7,b7 assesses ! effects ( su* regulations on ! availability ( f9ancial products & s]vices to f9ancial & nonf9ancial firms2 7,c7 assesses ! impact ( su* regulations on cr$it availability & f9ancial m>ket liquidity 9 ,unit$ ,/ates f9ancial m>kets2 7,d7 assess ! effects ( su* regulations on consum] protection2 7,e7 assesses ! balance ( b5efits & co/s ( su* regulations ) respect to ! safety & s\ndness ( ! ,unit$ ,/ates f9ancial sy/em & ov]all economic activity 9 ! ,unit$ ,/ates2 7,f7 to ! ext5t practicable1 quantifies ! direct & indirect economic co/s impos$ by su* regulations2 & 7,g7 includes recomm5dations to /reaml9e or elim9ate duplicative1 outdat$1 & unnecess>ily burd5some regulations4 2 7#e7 9 subsection 7c7-- 7,a7 by /rik+ subsection 7b77#b7 & ins]t+ subsection 7b77#a77;,b71 & ! int]nal review "u subsection 7b77#b712 & 7,b7 by /rik+ once e #aj ye>s & ins]t+ once e #h ye>s2 7#f7 9 subsection 7e7-- 7,a7 9 p>agraph 7#a71 by /rik+ & at ! end2 7,b7 by r$esignat+ p>agraph 7#b7 z p>agraph 7#c72 7,c7 by ins]t+ aft] p>agraph 7#a7 ! foll[+3 7#b7 a summ>y ( ! f9d+s & det]m9ations ( ea* ,f$]al f9ancial in/itutions regulatory ag5cy ( ! int]nal review conduct$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy "u subsection 7b77#b72 & 2 & 7,d7 9 p>agraph 7#c71 z s r$esignat$1 by /rik+ ! regulatory burd5s associat$ ) su* issues by regulation & ins]t+ ! regulatory burd5s associat$ ) ! issues id5tifi$ by public comm5ts receiv$ by ! ,c\ncil & ! ,f$]al f9ancial in/itutions regulatory ag5cies1 z well z ! regulatory burd5s id5tifi$ by ea* ,f$]al f9ancial in/itutions regulatory ag5cy ?r\gh ! int]nal reviews conduct$ "u subsection 7b77#b71 by regulation2 & 7#g7 by add+ at ! end ! foll[+3 7f7 ,f$]al f9ancial in/itutions regulatory ag5cy def9$ ,! t]m ,f$]al f9ancial in/itutions regulatory ag5cy has ! mean+ giv5 t t]m 9 section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb74 4 ,v ,/r5g!n+ ,local ,bank ,fund+ #eja4 ,br++ ! ,disc\nt ,w9d[ into ! #ba/ ,c5tury ,section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bda et seq47 is am5d$ by ins]t+ aft] p>agraph 7#aj7 ! foll[+3 7#aa7 ,review ( disc\nt w9d[ op]ations 7,a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,bo>d ( ,gov]nors %all comm5ce a review ( ! disc\nt w9d[ l5d+ programs ( ! ,f$]al res]ve banks 7! disc\nt w9d[71 & %all complete su* review n lat] ?an #bdj days aft] ! date ( enactm5t ( ?is p>agraph4 7,b7 ,cont5ts ,! review requir$ by subp>agraph 7,a7 %all include a consid]ation (-- 7i7 ! effectiv5ess ( ! disc\nt w9d[ 9 provid+ liquidity to f9ancial in/itutions1 includ+ 9 times ( f9ancial /ress2 7ii7 :e!r ! te*nology infra/ructure1 includ+ means ( communications1 are suffici5t to support ! timely provision ( liquidity1 includ+ 9 times ( f9ancial /ress2 7iii7 ! effectiv5ess ( cyb]security measures implem5t$ ) respect to disc\nt w9d[ op]ations2 7iv7 ! effectiv5ess ( communications betwe5 ,f$]al res]ve banks1 f9ancial in/itutions1 ! ,bo>d ( ,gov]nors1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,comptroll] ( ! ,curr5cy1 & ! ,secret>y ( ! ,treasury reg>d+ disc\nt w9d[ op]ations2 7v7 ! effectiv5ess ( ! ,bo>d ( ,gov]nors 9 provid+ ov]sight ( ! disc\nt w9d[ & 9 ensur+ consi/5t access to ! disc\nt w9d[ across ! ,f$]al ,res]ve ,sy/em2 7vi7 h[ ! disc\nt w9d[ int]acts ) o!r provid]s ( liquidity1 includ+ ! ,f$]al ,home ,loan ,banks1 dur+ bo? normal op]ations & times ( f9ancial di/ress2 7vii7 ! effectiv5ess ( exi/+ disc\nt w9d[ op]at+ h\rs & :e!r su* h\rs %\ld be exp&$1 tak+ into acc\nt ! int]action betwe5 disc\nt w9d[ op]at+ h\rs & ! op]at+ h\rs ( paym5t sy/ems ( ! ,f$]al res]ve banks1 su* z ! ,f$wire ,funds ,s]vice & ,fed,now ,s]vice2 7viii7 ! impact ( mobile bank+ & in/ant communications te*nology on depositor behavior & liquidity risk pos$ to f9ancial in/itutions1 includ+ h[ ! disc\nt w9d[ c-- 7,i7 help f9ancial in/itutions bett] respond to rapid liquidity %ortfalls2 & 7,,ii7 prev5t broad] f9ancial in/ability2 & 7ix7 ! effectiv5ess ( ! disc\nt w9d[ 9 light ( ! /igma associat$ ) its usage1 ways to r$uce su* /igma1 & ways to improve access1 op]ational effici5cy1 transp>5cy1 & timel9ess ( ! process = f9ancial in/itutions seek+ advances1 includ+ on ! pric+ & o!r t]ms ( su* advances4 7,c7 ,rem$iation plan ,aft] ! ,bo>d ( ,gov]nors completes ! review requir$ by subp>agraph 7,a71 ! ,bo>d ( ,gov]nors1 9 consultation ) ! ,f$]al res]ve banks1 %all-- 7i7 id5tify defici5cies ) ! disc\nt w9d[ & areas = enhanc+ disc\nt w9d[ effectiv5ess2 & 7ii7 develop a writt5 plan to rem$iate ! id5tifi$ defici5cies & implem5t ! id5tifi$ enhancem5ts1 :i* %all include-- 7,i7 an id5tification ( actions t w be tak5 to enhance disc\nt w9d[ effectiv5ess & rem$iate id5tifi$ defici5cies2 7,,ii7 timel9es & mile/ones = implem5t+ ! plan & measures to demon/rate h[ ! implem5t$ improvem5ts w be ma9ta9$ on an ongo+ basis2 & 7,,iii7 measures ( manag+ & controll+ any defici5cies & curr5t op]ations until ! plan is implem5t$ 9 full4 7,d7 ,report to ,congress on review & plan 7i7 ,9 g5]al ,n lat] ?an #cfe days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,bo>d ( ,gov]nors %all submit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7,i7 ! f9d+s ( ! review requir$ by subp>agraph 7,a72 & 7,,ii7 ! rem$iation plan requir$ by subp>agraph 7,c74 7ii7 ,consultation ,be=e submitt+ ! report requir$ by clause 7i71 ! ,bo>d ( ,gov]nors %all-- 7,i7 provide a copy ( ! propos$ report to ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,secret>y ( ! ,treasury2 & 7,,ii7 provide ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,secret>y ( ! ,treasury ) an opportunity to provide fe$back on ! report4 7iii7 ,te/imony ,! ,*airman ( ! ,bo>d ( ,gov]nors %all1 at ! semi-annual he>+ requir$ "u section #b;,b1 te/ify ) respect to ! cont5ts ( ! report requir$ "u ?is subp>agraph4 7,e7 ,annual reports to ,congress 7i7 ,reports by ! ,bo>d ,! ,bo>d ( ,gov]nors %all submit an annual report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ a review ( ! effectiv5ess ( disc\nt w9d[ op]ations & a progress report on ! actions tak5 to implem5t ! id5tifi$ enhancem5ts describ$ 9 subp>agraph 7,c74 7ii7 ,reports by ! ,inspector ,g5]al ,! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all submit an annual report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ a report on ! progress ( ! ,bo>d ( ,gov]nors 9 implem5t+ ! rem$iation plan requir$ by subp>agraph 7,c74 7,f7 ,confid5tial report in=mation ,any report requir$ "u ?is p>agraph may conta9 a confid5tial annex conta9+ in=mation t1 if made public1 c\ld-- 7i7 impact monet>y policy1 f9ancial /ability1 or cyb]security2 or 7ii7 significantly endang] ! safety & s\ndness ( any f9ancial in/itution4 7,g7 ,repeal ,?is p>agraph %all be repeal$ on ! date on :i* ! ,bo>d ( ,gov]nors notifies ! ,congress & publi%es on a public website ( ! ,bo>d ( ,gov]nors t ! rem$iation plan requir$ "u subp>agraph 7,c7 has be5 fully implem5t$4 4 #ejb4 ,keep+ ,deposits ,local 7a7 ,am\nt ( reciprocal deposits t are n consid]$ ,to be funds obta9$ by or ?r\gh a deposit brok] ,section #bi7;i77#a77;,c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77#a77;,c77 is am5d$ by /rik+ #if1ccc1ccc1ccc & ins]t+ #bej1jjj1jjj1jjj4 7b7 ,def9ition ( ,ag5t ,in/itution ,section #bi7;i7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77 is am5d$-- 7#a7 9 p>agraph 7#b77;,a7-- 7,a7 9 clause 7i71 by /rik+ subclause 7,i7 & ins]t+ ! foll[+3 7,i7 :5 mo/ rec5tly exam9$ "u section #aj7;d7 0 assign$ a ,,camels rat+ ( #a1 #b1 or #c "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 & 2 7,b7 by r$esignat+ clauses 7ii7 & 7iii7 z clauses 7iii7 & 7iv71 respectively2 & 7,c7 by ins]t+ aft] clause 7i7 ! foll[+3 7ii7 has n yet be5 exam9$ "u section #aj7;d7 & ! deposits ( :i* fir/ became insur$ "u ?is ,act dur+ ! curr5t cal5d> ye> or dur+ ! imm$iately prec$+ cal5d> ye>2 2 & 7#b7 by add+ at ! end ! foll[+3 7#c7 ,res]vation ( au?ority ,if an insur$ depository in/itution ceases to be an ag5t in/itution because x no long] satisfies any ( ! crit]ia 9 p>agraph 7#b77;,a71 ! ,corporation may1 on a case-by-case basis & ^u application1 provide a waiv] to p]mit ! in/itution to cont9ue to consid] "s or all ( ! deposits previ\sly subject to ! exception "u p>agraph 7#a7 z cont9u+ to be subject to ! exception "u p>agraph 7#a71 = a specific or indef9ite p]iod ( "t1 if ! ,corporation det]m9es t failure to grant su* a waiv] w\ld negatively impact ! safety & s\ndness ( ! insur$ depository in/itution4 4 7c7 ,reciprocal deposits /udy 7#a7 ,9 g5]al ,! ,f$]al ,deposit ,insurance ,corporation1 9 consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 %all c>ry out a /udy on reciprocal deposits4 7#b7 ,cont5ts ,! /udy requir$ "u p>agraph 7#a7 %all include-- 7,a7 an analysis ( h[ reciprocal deposits h p]=m$ s9ce #bjah1 :i* %all include-- 7i7 ! use ( quantitative & qualitative data2 7ii7 a breakd[n ( ! usage ( reciprocal deposits by size ( insur$ depository in/itution2 7iii7 ! usage ( reciprocal deposits dur+ p]iods ( /ress2 & 7iv7 an analysis1 to ! ext5t practicable1 ( end-us] depositors1 su* z municipalities1 bus9esses1 & non-pr(it organizations1 t drive dem& = reciprocal products2 7,b7 an analysis1 to ! ext5t practicable1 ( h[ reciprocal deposits comp>e to o!r deposit arrangem5ts2 & 7,c7 an analysis ( ! b5efits & pot5tial risks ( reciprocal deposits4 7#c7 ,report ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al ,deposit ,insurance ,corporation %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 ,,vi ,promot+ ,bank ,competition & ,m]g] ,cl>ity #fja4 ,bank ,competition ,mod]nization 7a7 ,9 g5]al ,section #ah7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c771 z am5d$ by section #fjd7;c71 is fur!r am5d$-- 7#a7 9 p>agraph 7#d77;,c7-- 7,a7 9 clause 7i71 by /rik+ or at ! end2 7,b7 9 clause 7ii71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7iii7 ! propos$ m]g] transaction w\ld result 9 an entity ) less ?an #aj1jjj1jjj1jjj 9 assets & w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area4 2 & 7#b7 by add+ at ! end ! foll[+3 7#af7 ,= m]g] transactions result+ 9 in/itutions ) less ?an #aj1jjj1jjj1jjj 9 assets & t w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area ,not)/&+ p>agraph 7#e71 if a propos$ m]g] transaction w\ld result 9 an in/itution ) less ?an #aj1jjj1jjj1jjj 9 assets & w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area1 !n ! responsible ag5cy %all n consid] :e!r su* m]g] transaction w\ld-- 7,a7 result 9 a monopoly1 or w\ld be 9 fur!rance ( any comb9ation or conspiracy to monopolize or to attempt to monopolize ! bus9ess ( bank+ 9 any "p ( ! ,unit$ ,/ates2 & 7,b7 h ! effect 9 any section ( ! c\ntry ( sub/antially less5+ competition1 t5d+ to create a monopoly1 or 9 any o!r mann] re/ra9+ trade4 4 7b7 ,= bank hold+ companies ,section #c7;c7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb7;c77 is am5d$ by add+ at ! end ! foll[+3 7#h7 ,= propos$ transactions result+ 9 companies ) less ?an #aj1jjj1jjj1jjj 9 assets & t w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area ,not)/&+ p>agraph 7#a71 if a propos$ acquisition1 m]g]1 or consolidation "u ?is section w\ld result 9 a company ) less ?an #aj1jjj1jjj1jjj 9 assets & w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area1 !n ! ,bo>d %all n consid] :e!r su* acquisition1 m]g]1 or consolidation w\ld-- 7,a7 result 9 a monopoly1 or w\ld be 9 fur!rance ( any comb9ation or conspiracy to monopolize or to attempt to monopolize ! bus9ess ( bank+ 9 any "p ( ! ,unit$ ,/ates2 & 7,b7 h ! effect 9 any section ( ! c\ntry ( sub/antially less5+ competition1 t5d+ to create a monopoly1 or 9 any o!r mann] re/ra9+ trade4 4 7c7 ,= sav+s & loan hold+ companies ,section #aj7;e7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e771 z am5d$ by section #fjd7;b71 is fur!r am5d$ by add+ at ! end ! foll[+3 7#aj7 ,= propos$ transactions result+ 9 companies ) less ?an #aj1jjj1jjj1jjj 9 assets & t w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area ,not)/&+ subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#b71 if a propos$ transaction "u ?is section w\ld result 9 a company ) less ?an #aj1jjj1jjj1jjj 9 assets & w\ld n result 9 !re be+ only "o insur$ depository in/itution ) a physical pres5ce 9 any relevant metropolitan /ati/ical area1 !n ! ,bo>d %all n consid] :e!r ! transaction w\ld-- 7,a7 result 9 a monopoly1 or w\ld be 9 fur!rance ( any comb9ation or conspiracy to monopolize or to attempt to monopolize ! sav+s & loan bus9ess 9 any "p ( ! ,unit$ ,/ates2 & 7,b7 h ! effect 9 any section ( ! c\ntry ( sub/antially less5+ competition1 t5d+ to create a monopoly1 or 9 any o!r mann] re/ra9+ trade4 4 #fjb4 ,m]g] ,agreem5t ,approvals ,cl>ity & ,pr$ictability 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy on ! use ( commitm5ts1 conditions1 & o!r aspects ( m]g] review proc$ures by ,f$]al depository in/itution regulatory ag5cies 9 connection ) insur$ depository in/itution m]g] applications4 ,! /udy %all-- 7#a7 include an evaluation ( relevant quantifiable metrics2 7#b7 review ! ext5t to :i* ! use ( commitm5ts & conditions has align$ ) /atutory requirem5ts1 includ+ a review ( :e!r ! use ( commitm5ts & conditions has be5 influ5c$ by extra/atutory issues or consid]ations2 7#c7 consid] ! b5efits & risks ( utiliz+ diff]5t m]g] review approa*es & proc$ures 9 compliance ) ! law2 & 7#d7 include an evaluation ( ! impact ( su* m]g] review proc$ures & result+ approv$ m]g]s on safety & s\ndness1 f9ancial /ability1 competition1 & ! availability ( f9ancial products & s]vices (f]$ by insur$ depository in/itutions4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a74 7c7 ,def9itions ,9 ?is section3 7#a7 ,application ,! t]m application means an application1 notice1 or o!r simil> reque/ = p]mission submitt$ to a ,f$]al depository in/itution regulatory ag5cy4 7#b7 ,f$]al depository in/itution regulatory ag5cy ,! t]m ,f$]al depository in/itution regulatory ag5cy means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration ,bo>d4 7#c7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution-- 7,a7 has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 means an insur$ cr$it union1 z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,insur$ depository in/itution m]g] application ,! t]m insur$ depository in/itution m]g] application means an application ) respect to ! acquisition ( an insur$ depository in/itution1 its equity int]e/s1 its assets1 or its deposits "u-- 7,a7 section #aj7;e7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e772 7,b7 section #bje7;b7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;b772 7,c7 section #g7;j7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j772 7,d7 section #ah7;c77#b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c77#b772 7,e7 section #c ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb72 & 7,f7 section #d ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc74 #fjc4 ,m]g] ,process ,review 7a7 ,review ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 & e #c ye>s !reaft]1 ! ,inspector ,g5]al ( ea* ,f$]al depository in/itution regulatory ag5cy %all review ! ,f$]al depository in/itution regulatory ag5cy's m]g] review proc$ures1 includ+ record ( timel9ess & effici5cy 9 review+ & act+ ^u insur$ depository in/itution m]g] applications4 ,! review %all-- 7#a7 include an evaluation ( relevant quantifiable metrics1 includ+ mean & m$ian application process+ times2 7#b7 id5tify s\rces ( delay t may h9d] ! timely consummation ( proposals t meet ! relevant /atutory factors2 7#c7 consid] ! b5efits & risks ( utiliz+ diff]5t m]g] review approa*es & proc$ures 9 compliance ) ! law2 7#d7 include an evaluation ( ! impact ( su* m]g] review proc$ures & result+ approv$ m]g]s on safety & s\ndness1 f9ancial /ability1 competition1 & ! availability ( f9ancial products & s]vices (f]$ by insur$ depository in/itutions2 & 7#e7 include specific recomm5dations to improve ! m]g] review process1 includ+ timel9ess & effici5cy ( application process+1 consi/5t ) ! ,f$]al depository in/itution regulatory ag5cy's /atutory responsibilities4 7b7 ,report ,ea* ,inspector ,g5]al describ$ "u subsection 7a7 %all1 at ! conclusion ( ea* review requir$ "u subsection 7a71 issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! review1 & publi% su* report onl9e4 7c7 ,ag5cy response ,9 response to ea* report issu$ "u subsection 7a71 ! appropriate ,f$]al depository in/itution regulatory ag5cy %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & publi% onl9e a writt5 response1 includ+ a plan to implem5t ! recomm5dations 9 ! report1 to ! ext5t su* implem5tation is appropriate4 7d7 ,def9itions ,9 ?is section3 7#a7 ,application ,! t]m application means an application1 notice1 or o!r simil> reque/ = p]mission submitt$ to a ,f$]al depository in/itution regulatory ag5cy4 7#b7 ,f$]al depository in/itution regulatory ag5cy ,! t]m ,f$]al depository in/itution regulatory ag5cy means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7#c7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution-- 7,a7 has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 means an insur$ cr$it union1 z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,insur$ depository in/itution m]g] application ,! t]m insur$ depository in/itution m]g] application means an application ) respect to ! acquisition ( an insur$ depository in/itution1 its equity int]e/s1 its assets1 or its deposits "u-- 7,a7 section #aj7;e7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e772 7,b7 section #bje7;b7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;b772 7,c7 section #g7;j7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j772 7,d7 section #ah7;c77#b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c77#b772 7,e7 section #c ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb72 & 7,f7 section #d ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc74 #fjd4 ,bank ,failure ,prev5tion 7a7 ,bank hold+ companies ,section #c7;b77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb7;b77#a77 is am5d$-- 7#a7 by /rik+ ,^u receiv+ & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,^u receiv+ 2 7#b7 by /rik+ requir$ & ins]t+ acquir$2 7#c7 by /rik+ ,9 ! ev5t ( ! failure ( ! ,bo>d to act on any application = approval "u ?is section )9 ! n9ety-"o-day p]iod :i* beg9s on ! date ( submission to ! ,bo>d ( ! complete record on t application1 ! application %all be deem$ to h be5 grant$42 & 7#d7 by add+ at ! end ! foll[+3 7,b7 ,complete record on an application 7i7 ,notice to applicant ,n lat] ?an #cj days aft] ! date on :i* ! ,bo>d receives an application = approval "u ?is section1 ! ,bo>d %all transmit to ! applicant a lett] t ei!r-- 7,i7 confirms ! record on ! application is complete2 or 7,,ii7 details all additional in=mation t is requir$ = ! record on t application to be complete4 7ii7 ,ext5sion ( notice ,not)/&+ clause 7i71 ! ,bo>d may1 if an application is complex1 ext5d ! #cj-;day p]iod describ$ "u clause 7i7 = an additional p]iod n to exce$ #fj days4 7iii7 ,receipt ( response2 deem+ ( complete record ,^u receipt ( a response f an applicant to a notice reque/+ additional in=mation describ$ "u clause 7i77,,ii71 ! record on ! application %all be deem$ complete unless ! ,bo>d-- 7,i7 det]m9es t ! applicant's response 0 mat]ially defici5t2 & 7,,ii7 n lat] ?an #cj days aft] ! date on :i* ! ,bo>d receiv$ ! response1 provides ! applicant a detail$ notice describ+ ! defici5cies4 7iv7 ,treatm5t ( ?ird-p>ty in=mation ,9 det]m9+ :e!r ! record on an application is complete1 ! ,bo>d may take into acc\nt only in=mation provid$ by ! applicant1 & may n base ! det]m9ation ( complet5ess on any in=mation 7includ+ reports1 views1 or recomm5dations7 provid$ by ?ird p>ties4 7,c7 ,deadl9e = det]m9ation 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! ,bo>d %all grant or d5y an application submitt$ "u ?is section n lat] ?an #abj days aft] ! date on :i* ! application 0 initially submitt$ to ! ,bo>d1 reg>dless ( :e!r ! record on su* initial application 0 complete4 7ii7 ,failure to make a det]m9ation ,if ! ,bo>d does n grant or d5y an application )9 ! "t p]iod describ$ "u clause 7i71 su* application %all be deem$ to h be5 grant$4 7iii7 ,toll+ ( p]iod ,! ,bo>d may at any "t ext5d ! deadl9e describ$ "u clause 7i7 at ! reque/ ( ! applicant1 b may n ext5d ! deadl9e m ?an #cj days pa/ ! deadl9e describ$ "u clause 7i74 4 7b7 ,sav+s & loan hold+ companies ,section #aj7;e7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e77 is am5d$-- 7#a7 9 p>agraph 7#b71 by /rik+ 1 & %all r5d] a decision )9 #ij days aft] submission to ! ,bo>d ( ! complete record on ! application2 7#b7 by r$esignat+ p>agraph 7#g7 z p>agraph 7#i72 & 7#c7 by ins]t+ aft] p>agraph 7#f7 ! foll[+3 7#g7 ,complete record on an application 7,a7 ,notice to applicant ,n lat] ?an #cj days aft] ! date on :i* ! ,bo>d receives an application = approval "u ?is subsection1 ! ,bo>d %all transmit to ! applicant a lett] t ei!r-- 7i7 confirms ! record on ! application is complete2 or 7ii7 details all additional in=mation t is requir$ = ! record on t application to be complete4 7,b7 ,ext5sion ( notice ,not)/&+ subp>agraph 7,a71 ! ,bo>d may1 if an application is complex1 ext5d ! #cj-;day p]iod describ$ "u subp>agraph 7,a7 = a p]iod n to exce$ #fj days4 7,c7 ,receipt ( response2 deem+ ( complete record ,^u receipt ( a response f an applicant to a notice reque/+ additional in=mation describ$ "u subp>agraph 7,a77ii71 ! record on ! application %all be deem$ complete unless ! ,bo>d-- 7i7 det]m9es t ! applicant's response 0 mat]ially defici5t2 & 7ii7 n lat] ?an #cj days aft] ! date on :i* ! ,bo>d receiv$ ! response1 provides ! applicant a detail$ notice describ+ ! defici5cies4 7,d7 ,treatm5t ( ?ird-p>ty in=mation ,9 det]m9+ :e!r ! record on an application is complete1 ! ,bo>d may take into acc\nt only in=mation provid$ by ! applicant1 & may n base ! det]m9ation ( complet5ess on any in=mation 7includ+ reports1 views1 or recomm5dations7 provid$ by ?ird p>ties4 7#h7 ,deadl9e = det]m9ation 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is subsection1 ! ,bo>d %all grant or d5y an application submitt$ "u ?is subsection n lat] ?an #abj days aft] ! date on :i* ! application 0 initially submitt$ to ! ,bo>d1 reg>dless ( :e!r ! record on su* initial application 0 complete4 7,b7 ,failure to make a det]m9ation ,if ! ,bo>d does n grant or d5y an application )9 ! "t p]iod describ$ "u subp>agraph 7,a71 su* application %all be deem$ to h be5 grant$4 7,c7 ,toll+ ( p]iod ,! ,bo>d may at any "t ext5d ! deadl9e describ$ "u subp>agraph 7,a7 at ! reque/ ( ! applicant1 b may n ext5d ! deadl9e m ?an #cj days pa/ ! deadl9e describ$ "u subp>agraph 7,a74 4 7c7 ,insur$ depository in/itutions ,section #ah7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c77 is am5d$ by add+ at ! end ! foll[+3 7#ad7 ,complete record on an application 7,a7 ,notice to applicant ,n lat] ?an #cj days aft] ! date on :i* ! responsible ag5cy receives a m]g] application = approval "u ?is subsection1 ! responsible ag5cy %all transmit to ! applicant a lett] t ei!r-- 7i7 confirms ! record on ! application is complete2 or 7ii7 details all additional in=mation t is requir$ = ! record on t application to be complete4 7,b7 ,ext5sion ( notice ,not)/&+ subp>agraph 7,a71 ! responsible ag5cy may1 if an application is complex1 ext5d ! #cj-;day p]iod describ$ "u subp>agraph 7,a7 = a p]iod n to exce$ #fj days4 7,c7 ,receipt ( response2 deem+ ( complete record ,^u receipt ( a response f an applicant to a notice reque/+ additional in=mation describ$ "u subp>agraph 7,a77ii71 ! record on ! application %all be deem$ complete unless ! responsible ag5cy-- 7i7 det]m9es t ! applicant's response 0 mat]ially defici5t2 & 7ii7 n lat] ?an #cj days aft] ! date on :i* ! responsible ag5cy receiv$ ! response1 provides ! applicant a detail$ notice describ+ ! defici5cies4 7,d7 ,treatm5t ( ?ird-p>ty in=mation ,9 det]m9+ :e!r ! record on an application is complete1 ! responsible ag5cy may take into acc\nt only in=mation provid$ by ! applicant1 & may n base ! det]m9ation ( complet5ess on any in=mation 7includ+ reports1 views1 or recomm5dations7 provid$ by ?ird p>ties4 7#ae7 ,deadl9e = det]m9ation 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is subsection1 ! responsible ag5cy %all grant or d5y a m]g] application submitt$ "u ?is subsection n lat] ?an #abj days aft] ! date on :i* ! application 0 initially submitt$ to ! responsible ag5cy1 reg>dless ( :e!r ! record on su* initial application 0 complete4 7,b7 ,failure to make a det]m9ation ,if ! responsible ag5cy does n grant or d5y an application )9 ! "t p]iod describ$ "u subp>agraph 7,a71 su* application %all be deem$ to h be5 grant$4 7,c7 ,toll+ ( p]iod ,! responsible ag5cy may at any "t ext5d ! deadl9e describ$ "u subp>agraph 7,a7 at ! reque/ ( ! applicant1 b may n ext5d ! deadl9e m ?an #cj days pa/ ! deadl9e describ$ "u subp>agraph 7,a74 4 ,,vii ,/r5g!n+ ,transp>5cy & ,involvem5t 9 ,bank ,resolutions #gja4 ,lea/ ,co/ ,exception 7a7 ,9 g5]al ,section #ac7;c77#d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77 is am5d$-- 7#a7 9 subp>agraph 7,a77ii71 by ins]t+ except z provid$ 9 subp>agraph 7,i71 be=e ! total am\nt2 7#b7 9 subp>agraph 7,e77i71 by ins]t+ & except z provid$ 9 subp>agraph 7,i71 aft] appropriate12 & 7#c7 by add+ at ! end ! foll[+3 7,i7 ,lea/ co/ resolution exception 7i7 ,9 g5]al ,) respect to an ex]cise ( au?ority by ! ,corporation describ$ 9 subp>agraph 7,a71 ! ,corporation may1 at ! discretion ( ! ,corporation1 select an alt]native me?od ( ex]cis+ su* au?ority t is n ! lea/ co/ly to ! ,deposit ,insurance ,fund1 if-- 7,i7 ! ,corporation det]m9es t ! select$ alt]native complies ) ! requirem5ts ( clause 7iii72 & 7,,ii7 ! ,corporation & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 aft] consultation ) ! ,secret>y ( ! ,treasury1 det]m9e t ! pot5tial additional risks to ! ,deposit ,insurance ,fund ( ! select$ alt]native are outweigh$ by ! reasonably expect$ b5efits ( limit+ fur!r conc5tration ( ! ,unit$ ,/ates bank+ sy/em 9 global sy/emically important bank+ organizations4 7ii7 ,maximum co/ to ! ,deposit ,insurance ,fund ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subp>agraph1 ! ,corporation1 by rule1 %all e/abli% crit]ia = det]m9+ on a case-by-case basis ! maximum all[able co/ aga9/ ! net wor? ( ! ,deposit ,insurance ,fund t may be utiliz$ to acc\nt = any det]m9ation "u clause 7i74 7iii7 ,requirem5ts describ$ ,! requirem5ts = ! select$ alt]native describ$ 9 clause 7i7 are z foll[s3 7,i7 ,! select$ alt]native is lea/ co/ly to ! ,deposit ,insurance ,fund ( all alt]natives t d n involve a transaction ) a global sy/emically important bank+ organization & t d n exce$ ! co/ ( liquidat+ ! insur$ depository in/itution4 7,,ii7 ,! diff]5ce betwe5 ! co/ ( ! select$ alt]native & ! co/ ( a cov]$ alt]native is less ?an or equal to ! maximum co/ to ! ,deposit ,insurance ,fund specifi$ pursuant to ! rule adopt$ "u clause 7ii74 7,,iii7 ,9 ! case ( a select$ alt]native t involves ano!r p]son pur*as+ assets ( ! insur$ depository in/itution or assum+ deposit liabilities ( ! insur$ depository in/itution1 su* p]son agrees to pay an assessm5t to ! ,corporation compris$ ( paym5ts-- 7aa7 made ov] a p]iod to be det]m9$ by ! ,corporation1 b :i* may n be less ?an #e ye>s2 & 7bb7 9 an am\nt t takes into acc\nt1 on a case-by-case basis1 crit]ia ! ,corporation1 by rule1 %all e/abli%1 includ+ a reali/ic disc\nt rate1 ! aggregate am\nt equal to ! diff]5ce calculat$ 9 subclause 7,,ii71 & any bid inconsi/5t ) ! purposes ( ?is ,act1 ) su* rule to be e/abli%$ by ! ,corporation n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subp>agraph4 7iv7 ,report to ,congress ,n lat] ?an #cj days aft] select+ an alt]native describ$ 9 clause 7i71 ! ,corporation %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ an analysis ( ! economic diff]5ce betwe5 ! co/ to ! ,deposit ,insurance ,fund ( ! select$ alt]native & ! co/ to ! ,deposit ,insurance ,fund ( ! lea/ co/ly alt]native t w\ld h be5 select$ abs5t ! application ( ?is subp>agraph4 7v7 ,co/ det]m9ations ,all co/ det]m9ations requir$ "u ?is subp>agraph %all be made 9 accordance ) subp>agraphs 7,b7 & 7,c74 7vi7 ,def9itions ,9 ?is subp>agraph3 7,i7 ,cov]$ alt]native ,! t]m cov]$ alt]native means a me?od ( ex]cis+ au?ority describ$ 9 subp>agraph 7,a7 t is ! lea/ co/ly to ! ,deposit ,insurance ,fund ( all su* me?ods t involve a sale ( all or sub/antially all assets ( ! insur$ depository in/itution to1 & assumption ( all or sub/antially all deposit liabilities ( ! insur$ depository in/itution by1 a global sy/emically important bank+ organization4 7,,ii7 ,global sy/emically important bank+ organization ,! t]m global sy/emically important bank+ organization means a global sy/emically important ,,bhc 7z su* t]m is def9$ 9 section #bag4djb ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor !reto7 & any affiliate !re(4 4 7b7 ,rule ( con/ruction ,section #ac7;c77#d77;,h7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,h77 does n apply to ! am5dm5ts made by subsection 7a74 #gjb4 ,enhanc+ ,bank ,resolution ,p>ticipation 7a7 ,/udy ,! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,bo>d ( ! ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 jo9tly1 c>ry out a /udy (-- 7#a7 ! use by ! ,comptroll] ( ! ,curr5cy ( %elf *>t]s1 includ+ all conditional or prelim9>y %elf *>t] approvals grant$ betwe5 ,janu>y #a1 #bjjh1 & ! date ( enactm5t ( ?is ,act2 7#b7 ! use by ! ,f$]al ,deposit ,insurance ,corporation ( ! modifi$ bidd] qualification process2 7#c7 ! application ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda et seq47 & section #aj ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7 to %elf *>t] proposals2 7#d7 :e!r %elf *>t]s & modifi$ bidd] qualification processes 7 consid]$ or us$ 9 connection ) ! receiv]%ip ( any insur$ depository in/itution = :i* ! ,f$]al ,deposit ,insurance ,corporation 0 appo9t$ receiv] 9 #bjbc2 7#e7 ) respect to su* receiv]%ips1 ! ext5t to :i* great] use ( %elf *>t]s & modifi$ bidd] qualification processes c\ld h-- 7,a7 exp&$ ! pool ( p>ticipants 9 ! acquisition ( ! assets or liabilities ( su* fail$ insur$ depository in/itutions2 7,b7 result$ 9 great] competition & div]sity 9 m>ket outcomes2 7,c7 protect$ ! ,deposit ,insurance ,fund2 or 7,d7 /r5g!n$ f9ancial /ability & r$uc$ ! ne$ = any em]g5cy det]m9ation by ! ,secret>y ( ! ,treasury "u section #ac7;c77#d77;,g7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77 ) respect to any su* receiv]%ip2 7#f7 ! impact ( ! use ( %elf *>t]s & modifi$ bidd] qualification processes s9ce ,janu>y #a1 #bjjh1 includ+ on f9ancial /ability1 ! safety & s\ndness ( affect$ insur$ depository in/itutions1 & ! availability ( f9ancial products & s]vices provid$ to consum]s by su* in/itutions2 & 7#g7 any b5efits & risks ( private equity own]%ip ( banks ?r\gh ! use ( %elf *>t]s & modifi$ bidd] qualification processes4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,bo>d ( ! ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 jo9tly1 submit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 an id5tification ( /atutory or regulatory b>ri]s to ! use & effectiv5ess ( %elf *>t]s & modifi$ bidd] qualification processes 9 ! resolution ( fail$ insur$ depository in/itutions1 includ+ recomm5dations = legislative & regulatory *anges4 7c7 ,def9itions ,9 ?is section3 7#a7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,modifi$ bidd] qualification process ,! t]m modifi$ bidd] qualification process has ! mean+ giv5 su* t]m 9 ! press release ( ! ,f$]al ,deposit ,insurance ,corporation titl$ ,,fdic ,exp&s ,bidd] ,li/ = ,tr\bl$ ,in/itutions ,plan ,all[s ,^? ,)\t a ,bank ,*>t] to ,p>ticipate 9 ! ,process publi%$ ,novemb] #bf1 #bjjh4 7#c7 ,%elf *>t] ,! t]m %elf *>t] has ! mean+ giv5 su* t]m 9 ! report issu$ by ! ,comptroll] ( ! ,curr5cy titl$ ,activities ,p]missible = ,national ,banks & ,f$]al ,sav+s ,associations1 ,cumulative publi%$ ,octob] #bjag4 #gjc4 ,fail+ ,bank ,acquisition ,fairness 7a7 ,conc5tration limit exceptions only available to avoid s]i\s adv]se economic or f9ancial effects 7#a7 ,conc5tration limits ) respect to deposits 7,a7 ,f$]al ,deposit ,insurance ,act ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7i7 9 section #ah7;c77#ac7-- 7,i7 by am5d+ subp>agraph 7,b7 to read z foll[s3 7,b7 ,subp>agraph 7,a7 %all n apply to an int]/ate m]g] transaction if-- 7i7 su* int]/ate m]g] transaction involves #a or m insur$ depository in/itutions 9 default or 9 dang] ( default & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f a company t is n subject to ! prohibition 9 subp>agraph 7,a72 or 7ii7 ! ,corporation provides assi/ance "u section #ac to facilitate su* int]/ate m]g] transaction & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f a company t is n subject to ! prohibition 9 subp>agraph 7,a74 2 & 7,,ii7 9 subp>agraph 7,c7-- 7aa7 9 clause 7i71 by /rik+ & at ! end2 7bb7 9 clause 7ii71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7cc7 by add+ at ! end ! foll[+3 7iii7 ! t]m qualifi$ bid means an application1 propos$ application1 or bid f a company :]e-- 7,i7 if applicable1 ! company1 any affiliate insur$ depository in/itution1 & any affiliate depository in/itution hold+ company are well capitaliz$ & well manag$1 z ( ! date ( ! application1 propos$ application1 or bid2 & 7,,ii7 ^u consummation ( ! transaction1 ! result+ insur$ depository in/itution is well capitaliz$2 7iv7 ! t]m well capitaliz$-- 7,i7 ) respect to an insur$ depository in/itution1 has ! mean+ giv5 su* t]m 9 section #ch7;b7 7#ab ,u4,s4,c4 #ahcao7b772 7,,ii7 ) respect to a bank hold+ company1 has ! mean+ giv5 su* t]m 9 section #b7o77#a77;,b7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7o77#a77;,b772 7,,iii7 ) respect to a sav+s & loan hold+ company1 has ! mean+ giv5 su* t]m 9 section #bch4b ( title #ab1 ,code ( ,f$]al ,regulations2 & 7,,iv7 ) respect to a company t is n an insur$ depository in/itution1 bank hold+ company1 or sav+s & loan hold+ company1 means ma9ta9+ equity capital t ! ,corporation det]m9es is comm5surate ) ! capital ma9ta9$ by an insur$ depository in/itution t is well capitaliz$2 & 7v7 ! t]m well manag$ has ! mean+ giv5 su* t]m 9 section #b7o77#i7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7o77#i774 2 & 7ii7 9 section #dd1 by am5d+ subsection 7e7 to read z foll[s3 7e7 ,exception = ,banks 9 ,default or 9 ,dang] ( ,default 7#a7 ,g5]al exception ,! responsible ag5cy may1 )\t reg>d to p>agraph 7#a71 7#c71 7#d71 or 7#e7 ( subsection 7b7 or p>agraph 7#b71 7#d71 or 7#e7 ( subsection 7a71 approve an application "u subsection 7a77#a7 = approval ( a m]g] transaction if-- 7,a7 ! m]g] transaction involves #a or m banks 9 default or 9 dang] ( default2 or 7,b7 ! ,corporation provides assi/ance "u section #ac7;c7 to facilitate su* m]g] transaction4 7#b7 ,conc5tration limit exception ,! responsible ag5cy may1 )\t reg>d to subsection 7b77#b71 approve an application "u subsection 7a77#a7 = approval ( a m]g] transaction if-- 7,a7 ! m]g] transaction involves #a or m banks 9 default or 9 dang] ( default & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b77#b72 or 7,b7 ! ,corporation provides assi/ance "u section #ac7;c7 to facilitate su* m]g] transaction & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b77#b74 7#c7 ,qualifi$ bid def9$ ,9 ?is subsection1 ! t]m qualifi$ bid has ! mean+ giv5 t t]m 9 section #ah7;c77#ac77;,c74 4 7,b7 ,bank ,hold+ ,company ,act ( #aief ,! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda et seq47 is am5d$-- 7i7 9 section #c7;d71 by am5d+ p>agraph 7#e7 to read z foll[s3 7#e7 ,exception = banks 9 default or 9 dang] ( default 7,a7 ,g5]al exception ,! ,bo>d may1 )\t reg>d to subp>agraph 7,b7 or 7,d7 ( p>agraph 7#a7 or p>agraph 7#c71 approve an application pursuant to p>agraph 7#a77;,a7 if-- 7i7 ! application is = an acquisition ( #a or m banks 9 default or 9 dang] ( default2 or 7ii7 ! application is = an acquisition ) respect to :i* assi/ance is provid$ "u section #ac7;c7 ( ! ,f$]al ,deposit ,insurance ,act4 7,b7 ,conc5tration limit exception ,! ,bo>d may1 )\t reg>d to p>agraph 7#b71 approve an application pursuant to p>agraph 7#a77;,a7 if-- 7i7 ! application is = ! acquisition ( #a or m banks 9 default or 9 dang] ( default & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b72 or 7ii7 ! application is = an acquisition ) respect to :i* assi/ance is provid$ "u section #ac7;c7 ( ! ,f$]al ,deposit ,insurance ,act & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b74 7,c7 ,qualifi$ bid def9$ ,9 ?is p>agraph1 ! t]m qualifi$ bid has ! mean+ giv5 t t]m 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act4 2 & 7ii7 9 section #d7;i77#h71 by am5d+ subp>agraph 7,b7 to read z foll[s3 7,b7 ,exception ,subp>agraph 7,a7 %all n apply to an acquisition if-- 7i7 su* acquisition involves an insur$ depository in/itution 9 default or 9 dang] ( default & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b72 or 7ii7 ! ,f$]al ,deposit ,insurance ,corporation provides assi/ance "u section #ac ( ! ,f$]al ,deposit ,insurance ,act to facilitate su* acquisition & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b74 4 7#b7 ,conc5tration limit ) respect to consolidat$ liabilities ,section #ad7;c7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #aheb7;c77 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#a71 7#b71 & 7#c7 z subp>agraphs 7,a71 7,b71 & 7,c71 respectively2 7,b7 by /rik+ ,) ! & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,) ! 2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 ,limitation ,! ,bo>d may provide writt5 cons5t = an acquisition describ$ 9 p>agraph 7#a77;,a7 or 9 p>agraph 7#a77;,b7 only if ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b74 4 7b7 ,congressional notification & ju/ification = waiv]s 7#a7 ,9 g5]al ,:5ev] ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 or ! ,f$]al ,deposit ,insurance ,corporation waives a conc5tration limit "u section #ah7;c77#ac77;,b7 or section #dd7;e7 ( ! ,f$]al ,deposit ,insurance ,act or "u section #c7;d77#e71 section #d7;i77#h77;,b71 or section #ad7;c77#b7 ( ! ,bank ,hold+ ,company ,act ( #aief1 9 connection ) ! acquisition ( a bank or insur$ depository in/itution 9 default or 9 dang] ( default1 or 9 connection ) an acquisition ) respect to :i* ! ,f$]al ,deposit ,insurance ,corporation provides assi/ance "u section #ac ( ! ,f$]al ,deposit ,insurance ,act1 ! waiv+ ag5cy & ! ,f$]al ,deposit ,insurance ,corporation1 jo9tly1 %all1 n lat] ?an #cj days aft] su* waiv]1 submit a writt5 report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs 9 ! ,s5ate conta9+-- 7,a7 a ju/ification = ! waiv]1 includ+ an analysis ( :y x 0 necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability2 7,b7 a description ( alt]native bids or outcomes consid]$1 includ+ ef=ts to solicit & enc\rage bids f entities t w\ld n require a waiv]2 7,c7 an explanation ( :y alt]native bids 7 n select$1 if applicable2 & 7,d7 any recomm5dations = legislative or regulatory *anges to improve competition 9 future insur$ depository in/itution resolutions4 7#b7 ,public disclosure ,! waiv+ ag5cy submitt+ a report "u p>agraph 7#a7 & ! ,f$]al ,deposit ,insurance ,corporation %all make ! report publicly available on _! respective websites1 subject to r$actions = confid5tial sup]visory in=mation & any o!r in=mation describ$ "u section #eeb7;b7 ( title #e1 ,unit$ ,/ates ,code4 7c7 ,limitation on consid]+ bad fai? bids 9 lea/ co/ det]m9ation ,section #ac7;c77#d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d771 z am5d$ by section #gja7;a77#c71 is fur!r am5d$ by add+ at ! end ! foll[+3 7,j7 ,limitation on consid]+ bad fai? bids ,9 mak+ a det]m9ation "u ?is p>agraph ( :e!r an ex]cise ( au?ority is ! lea/ co/ly to ! ,deposit ,insurance ,fund1 any application1 propos$ application1 or bid t w\ld result 9 violation (-- 7i7 section #ah7;c77#ac7 or #dd7;b77#b71 or 7ii7 section #c7;d77#b71 #d7;i77#h71 or #ad ( ! ,bank ,hold+ ,company ,act ( #aief1 %all n be consid]$ a possible me?od = meet+ ! ,corporation's obligation "u ?is section = purposes ( subp>agraph 7,a74 4 ,,viii ,facilitat+ ,innovation & ,bank ,p>tn]%ips #hja4 ,m]*ant ,bank+ ,mod]nization 7a7 ,9 g5]al ,section #d7k77#g77;,a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7k77#g77;,a77 is am5d$ by ins]t+ ,"u su* regulations1 ! p]iod ( "t g5]ally p]mitt$ = hold+ m]*ant bank+ inve/m5ts %all n be less ?an #ae ye>s4 ,= any m]*ant bank+ inve/m5t held on ! date ( enactm5t ( ! ,ma9 ,/reet ,act1 ! hold+ p]iod ( "t p]mitt$ %all n be less ?an #ae ye>s f ! initial date ( ! inve/m5t4 aft] ! p]iod at ! end4 7b7 ,m]*ant bank+ /udy 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all c>ry out a /udy on m]*ant bank+ inve/m5ts to assess-- 7,a7 ! numb]1 inve/m5t size1 hold+ p]iod1 & risk *>act]i/ics ( m]*ant bank+ inve/m5ts by f9ancial hold+ companies1 ) ! assessm5t ( inve/m5t sizes & hold+ p]iods bas$ on ! av]age1 m$ian1 & di/ribution ( ! inve/m5t sizes & hold+ p]iods2 7,b7 ! types ( bus9esses1 projects1 assets1 & activities 9 :i* su* m]*ant bank+ inve/m5ts are made1 includ+ ! ext5t to :i* su* m]*ant bank+ inve/m5ts support infra/ructure projects & h\s+ developm5t & con/ruction2 & 7,c7 any in=mation1 analyses1 or f9d+s relat$ to m]*ant bank+ inve/m5ts t ! ,bo>d det]m9es to be relevant4 7#b7 ,report ,n lat] ?an ! end ( ! #ah-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,bo>d %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u ?is subsection4 #hjb4 ,bank-,f9te* ,p>tn]%ip ,enhancem5t 7a7 ,/udy on bank-,f9te* p>tn]%ips 7#a7 ,/udy ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 & ! ,f$]al ,deposit ,insurance ,corporation %all c>ry out a /udy (-- 7,a7 ! impact ( p>tn]%ips betwe5 bank+ organizations1 on ! "o h&1 & f9ancial te*nology companies1 on ! o!r h&1 on ! bank+ sector1 competition1 innovation1 consum] protection1 & ! availability ( f9ancial products & s]vices1 includ+ ! ext5t to :i* ^! p>tn]%ips support ! =mation ( new bank+ organizations1 r$uce "t to m>ket = products & s]vices1 l[] compliance burd5s1 boo/ cu/om] acquisition1 improve te*nological capabilities1 & provide access to m div]se fund+ s\rces2 & 7,b7 :at *anges to ,f$]al laws gov]n+ bank+ organizations1 or to rules or guidance adopt$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 or ! ,f$]al ,deposit ,insurance ,corporation1 may help promote effective p>tn]%ips betwe5 bank+ organizations1 on ! "o h&1 & f9ancial te*nology companies1 on ! o!r h&4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 & ! ,f$]al ,deposit ,insurance ,corporation %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 7#c7 ,bank+ organization def9$ ,9 ?is subsection1 ! t]m bank+ organization means a depository in/itution hold+ company or an insur$ depository in/itution1 z su* t]ms are def9$1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7b7 ,/udy on cr$it union-,f9te* p>tn]%ips 7#a7 ,/udy ,! ,national ,cr$it ,union ,adm9i/ration %all c>ry out a /udy (-- 7,a7 ! impact ( p>tn]%ips betwe5 cr$it unions1 on ! "o h&1 & f9ancial te*nology companies1 on ! o!r h&1 on ! cr$it union sector1 competition1 innovation1 consum] protection1 & ! availability ( f9ancial products & s]vices1 includ+ ! ext5t to :i* ^! p>tn]%ips support ! =mation ( new cr$it unions1 r$uce "t to m>ket = products & s]vices1 l[] compliance burd5s1 boo/ cu/om] acquisition1 improve te*nological capabilities1 & provide access to m div]se fund+ s\rces2 & 7,b7 :at *anges to ,f$]al laws gov]n+ cr$it unions1 or to rules or guidance adopt$ by ! ,national ,cr$it ,union ,adm9i/ration1 may help promote effective p>tn]%ips betwe5 cr$it unions1 on ! "o h&1 & f9ancial te*nology companies1 on ! o!r h&4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,national ,cr$it ,union ,adm9i/ration %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 #hjc4 ,discretion>y surplus fund 7a7 ,9 g5]al ,! doll> am\nt specifi$ "u section #g7;a77#c77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is r$uc$ by #dbe1jjj1jjj4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all take effect on ,septemb] #a1 #bjcf4 ,pass$ ! ,h\se ( ,repres5tatives ,july #ba1 #bjbf4;,cl]k4