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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2696 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2696

  To require the Federal Reserve to make certain changes to the small 
 bank holding company policy statement on assessment of financial and 
              managerial factors, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 30, 2014

 Mr. King (for himself and Mr. Warner) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
  To require the Federal Reserve to make certain changes to the small 
 bank holding company policy statement on assessment of financial and 
              managerial factors, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY POLICY 
              STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL 
              FACTORS.

    (a) In General.--Before the end of the 6-month period beginning on 
the date of the enactment of this Act, the Board of Governors of the 
Federal Reserve System (hereafter in this Act referred to as the 
``Board'') shall publish in the Federal Register proposed revisions to 
the Small Bank Holding Company Policy Statement on Assessment of 
Financial and Managerial Factors (12 C.F.R. part 225 appendix C) that 
provide that the policy shall apply to bank holding companies and 
savings and loan holding companies which have pro forma consolidated 
assets of less than $1,000,000,000 and that--
            (1) are not engaged in significant nonbanking activities 
        either directly or through a nonbank subsidiary;
            (2) do not conduct significant off-balance sheet activities 
        (including securitization and asset management or 
        administration) either directly or through a nonbank 
        subsidiary; and
            (3) do not have a material amount of debt or equity 
        securities outstanding (other than trust preferred securities) 
        that are registered with the Securities and Exchange 
        Commission.
    (b) Exclusions.--The Board may exclude any bank holding company or 
savings and loan holding company, regardless of asset size, from the 
policy statement under subsection (a) if the Board determines that such 
action is warranted for supervisory purposes.

SEC. 2. CONFORMING AMENDMENT.

    Section 171(b)(5)(C) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5371(b)(5)(C)) is amended by 
inserting ``or small savings and loan holding company'' after ``any 
small bank holding company''.

SEC. 3. DEFINITIONS.

    For the purposes of this Act:
     (a) Bank Holding Company.--The term ``bank holding company'' has 
the same meaning as in section 2 of the Bank Holding Company Act of 
1956 (12 U.S.C. 1841).
    (b) Savings and Loan Holding.--The term ``savings and loan holding 
company'' has the same meaning as in section 10(a) of the Home Owners' 
Loan Act (12 U.S.C. 1467a(a)).
                                 <all>
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