,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cgcd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #bi1 #bjbf,mr4 
,k5n$y 7= himself & ,mr4 ,kim7 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,bank+1 ,h\s+1
 & ,urban ,affairs  ,a ,,bill  ,to      
address applications = deposit insurance
 submitt$ by indu/rial banks to ! ,f$]al
 ,deposit ,insurance ,corporation1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,close ! ,%ad[ ,bank+  
,loophole ,act4  #b4 ,indu/rial banks   
7a7 ,def9itions ,9 ?is section3 7#a7    
,appropriate ,f$]al bank+ ag5cy ,! t]m  
appropriate ,f$]al bank+ ag5cy has !    
mean+ giv5 ! t]m 9 section #c7q7 ( !    
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac7q774  7#b7 ,corporation 
,! t]m ,corporation means ! ,f$]al      
,deposit ,insurance ,corporation4  7#c7 
,indu/rial bank ,! t]m indu/rial bank   
means an entity describ$ 9 section      
#b7;c77#b77;,h7 ( ! ,bank ,hold+        
,company ,act ( #aief 7#ab ,u4,s4,c4    

#ahda7;c77#b77;,h771 z 9 effect on ! day
 be=e ! date ( enactm5t ( ?is ,act4  7b7
 ,exception f def9ition ( bank ,section 
#b7;c77#b77;,h7 ( ! ,bank ,hold+        
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahda7;c77#b77;,h77 is am5d$1 9 ! matt] 
prec$+ clause 7i71 by ins]t+ aft] simil>
 in/itution ! foll[+3 :i* has be5       
approv$ to receive deposit insurance f !
 ,f$]al ,deposit ,insurance ,corporation
 on or be=e ,septemb] #bc1 #bjba 7or1 ) 
respect to su* an entity to :i* section 
#b7;c7 ( ! ,close ! ,%ad[ ,bank+        
,loophole ,act applies1 :i* is 9        
compliance ) su* section #b7;c771 &4    
7c7 ,treatm5t ( deposit insurance       
applications p5d+ on ,septemb] #bc1     
#bjba  7#a7 ,9 g5]al ,) respect to an   
indu/rial bank t1 on ! date ( enactm5t (
 ?is ,act1 has an application to receive
 deposit insurance p5d+ be=e !          
,corporation t 0 submitt$ on or be=e    
,septemb] #bc1 #bjba1 ! ,corporation--  
7,a7 %all provide = a #ij-;day public   
comm5t p]iod & a public he>+ ) respect  

to t application2 &  7,b7 may only      
approve t application by a #b_/c vote ( 
! memb]s ( ! ,bo>d ( ,directors ( !     
,corporation4  7#b7 ,deadl9e = approv+  
application ,if ! ,corporation does n   
approve an application describ$ 9       
p>agraph 7#a7 be=e ,septemb] #cj1 #bjbf1
 t application %all be deem$ to h be5   
d5i$4  7#c7 ,rule ( con/ruction ,except 
to ! ext5t explicitly provid$ 9 ?is     
subsection1 ?is subsection may n be     
con/ru$ to affect ! au?ority ( !        
,corporation to consid] deposit         
insurance applications "u sections #e & 
#f ( ! ,f$]al ,deposit ,insurance ,act  
7#ab ,u4,s4,c4 #ahae1 #ahaf74  7d7      
,au?ority ) respect ,to deposit         
insurance applications grant$ aft]      
,septemb] #bc1 #bjba  7#a7 ,def9itions  
,9 ?is subsection3  7,a7  ,bank2        
depository in/itution  ,! t]ms bank &   
depository in/itution h ! mean+s giv5 ^?
 t]ms 9 section #b ( ! ,bank ,hold+     
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahda71 z am5d$ by ?is section4  7,b7   

,cov]$ indu/rial loan company  ,! t]m   
cov]$ indu/rial loan company means an   
indu/rial bank t has an application to  
receive deposit insurance f !           
,corporation approv$ aft] ,septemb] #bc1
 #bjba4  7,c7  ,p>5t company  ,! t]m    
p>5t company means an entity t has      
control ov] a cov]$ indu/rial loan      
company4  7,d7  ,prim>y f9ancial        
regulatory ag5cy  ,) respect to a p>5t  
company1 ! t]m prim>y f9ancial          
regulatory ag5cy--  7i7 has ! mean+ giv5
 ! t]m 9 section #b ( ! ,dodd-,frank    
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4 #ecja72 
&  7ii7 ) respect to a p>5t company =   
:i* clause 7i7 does n apply1 means !    
,corporation4  7#b7  ,au?ority  ,!      
prim>y f9ancial regulatory ag5cy )      
respect to a p>5t company may take any (
 ! foll[+ actions ) respect to ! p>5t   
company3  7,a7 ,conduct su* exam9ations 
(1 & obta9 reports f1 ! p>5t company or 
any subsidi>y ( ! p>5t company 7o!r ?an 
a bank7 z ! ag5cy det]m9es necess>y or  

appropriate to assess ea* ( ! foll[+3   
7i7 ,! f9ancial condition ( ! p>5t      
company or subsidi>y4  7ii7 ,! sy/ems ( 
! p>5t company or subsidi>y = ma9ta9+ & 
controll+ f9ancial & op]at+ risks4      
7iii7 ,! transactions ( ! p>5t company  
or subsidi>y ) depository in/itution    
subsidi>ies ( ! p>5t company4  7,b7     
,impose any conditions or re/rictions on
 ! p>5t company or any subsidi>y ( !    
p>5t company 7o!r ?an a bank71 includ+  
re/rict+ or prohibit+ transactions      
betwe5 ! p>5t company or subsidi>y & any
 depository in/itution subsidi>y ( !    
p>5t company1 if ^? conditions or       
re/rictions w\ld promote ! safety &     
s\ndness ( ! p>5t company or any ( its  
depository in/itution subsidi>ies4  7e7 
,*ange ( control  7#a7 ,9 g5]al ,except 
z provid$ 9 p>agraph 7#b71 ! appropriate
 ,f$]al bank+ ag5cy %all disapprove a   
*ange 9 control1 z provid$ 9 section    
#g7;j7 ( ! ,f$]al ,deposit ,insurance   
,act 7#ab ,u4,s4,c4 #ahag7;j771 ( an    
indu/rial bank4  7#b7 ,exceptions       

,p>agraph 7#a7 %all n apply to a *ange 9
 control ( an indu/rial bank-- 7,a7 t-- 
7i7 is 9 dang] ( default1 z det]m9$ by !
 appropriate ,f$]al bank+ ag5cy1 provid$
 t ! entity acquir+ control ( !         
indu/rial bank is an entity describ$ 9  
clause 7iii72  7ii7 results f !         
acquisition ( vot+ %>es ( an issu] t    
controls ! indu/rial bank & ! securities
 ( :i* are li/$ on a national securities
 ex*ange1 if1 aft] ! acquisition1 !     
acquir+ %>ehold] 7or gr\p ( %>ehold]s   
act+ 9 conc]t7 holds less ?an #be p]c5t 
( any class ( ! vot+ %>es (1 & does n   
o!rwise ex]cise control ov]1 t issu]2 or
  7iii7 w be controll$1 directly or     
indirectly1 by an entity subject to     
consolidat$ sup]vision by ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em z   
a-- 7,i7 bank hold+ company2  7,,ii7    
sav+s & loan hold+ company2 or  7,,iii7 
=eign bank t is treat$1 z ( ,july #a1   
#bjbj1 z a bank hold+ company "u !      
,int]national ,bank+ ,act ( #aigh 7#ab  
,u4,s4,c4 #caja et seq472 &  7,b7 t has 

obta9$ all regulatory approvals o!rwise 
requir$ ) respect to ! *ange 9 control  
"u any applicable ,f$]al or ,/ate law1  
includ+ section #g7;j7 ( ! ,f$]al       
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahag7;j774  #c4 ,sup]vision ( p>5t     
companies ( indu/rial loan companies ,! 
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahda et seq47 is am5d$ by    
ins]t+ aft] section #e 7#ab ,u4,s4,c4   
#ahdd7 ! foll[+3  #f4 ,sup]vision ( p>5t
 companies ( indu/rial loan companies   
7a7 ,def9itions ,9 ?is section3 7#a7    
,corporation ,! t]m ,corporation means !
 ,f$]al ,deposit ,insurance             
,corporation4  7#b7 ,p>5t company ( an  
indu/rial loan company ,! t]m p>5t      
company ( an indu/rial loan company     
means a company-- 7,a7 t is n directly  
or indirectly subject to a prim>y       
f9ancial regulatory ag5cy 7z def9$ 9    
section #b ( ! ,dodd-,frank ,wall ,/reet
 ,re=m & ,consum] ,protection ,act 7#ab 
,u4,s4,c4 #ecja772 &  7,b7 t has control
 ov] an entity t-- 7i7 is an indu/rial  

loan company1 indu/rial bank1 or o!r    
simil> in/itution2  7ii7 is n a bank2 & 
7iii7 is n a p]son regulat$ by a ,/ate  
insurance regulator1 z t t]m is def9$ 9 
section #ajjb ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha74  7b7 ,au?ority relat+ to a p>5t 
company ( an indu/rial loan company     
7#a7 ,9 g5]al ,subject to p>agraph 7#b71
 ! ,corporation %all h ! same au?ority  
to require a p>5t company ( an indu/rial
 loan company 7or a subsidi>y ( su* a   
p>5t company7 to make reports & submit  
to exam9ations z ! ,bo>d has ) respect  
to a bank hold+ company or a subsidi>y (
 a bank hold+ company4  7#b7 ,conditions
 ,9 c>ry+ out ! report & exam9ation     
au?ority describ$ 9 p>agraph 7#a7 & )   
respect to ! p>5t company ( an indu/rial
 loan company t has be5 approv$ to      
receive deposit insurance f !           
,corporation on or be=e ,septemb] #bc1  
#bjba1 ! ,corporation %all tailor any   
requirem5ts to ! size1 complexity1 &    
nature ( ! bus9ess ( t p>5t company4    

7#c7 ,en=cem5t ,! ,corporation may1 us+ 
! au?orities "u section #h ( ! ,f$]al   
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahah71 en=ce ! report & exam9ation     
au?ority "u ?is section ) respect to a  
p>5t company ( an indu/rial loan company
 7or a subsidi>y ( su* a p>5t company7  
to ! same ext5t z ! ,bo>d may en=ce !   
report & exam9ation au?ority ( ! ,bo>d )
 respect to a bank hold+ company or a   
subsidi>y ( a bank hold+ company4  7c7  
,rule ( con/ruction ,no?+ 9 ?is section 
may be con/ru$ z a r$uction ( ! au?ority
 ( ! ,corporation1 z 9 effect on ! date 
( enactm5t ( ?is section4  7d7 ,rulemak+
 ,! ,corporation may issue rules to     
implem5t ?is section4  4  #d4           
,application ) respect to contracts &   
o!r agreem5ts  7a7 ,def9ition ,9 ?is    
section1 ! t]m indu/rial loan company   
means an indu/rial loan company1        
indu/rial bank1 or o!r simil>           
in/itution4  7b7 ,application ,?is ,act1
 & ! am5dm5ts made by ?is ,act1 may n be
 con/ru$ to affect or impair-- 7#a7 !   

au?ority ( ! ,f$]al ,deposit ,insurance 
,corporation to ent] into any agreem5t )
 a p>5t company ( an indu/rial loan     
company 7z def9$ 9 section #f ( ! ,bank 
,hold+ ,company ,act ( #aief1 z add$ by 
section #c ( ?is ,act7 or an indu/rial  
loan company1 or to impose any condition
 9 connection ) ! approval by !         
,corporation ( an application2 or  7#b7 
! validity ( any agreem5t describ$ 9    
p>agraph 7#a7 ent]$ into be=e ! date (  
enactm5t ( ?is ,act4