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amount not to exceed $1,000,000 for each day 
during which the violation occurs or continues.’’. 
(c) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 18(a)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1828(a)) is amended— 
(A) in the 1st sentence by striking ‘‘of this 
subsection’’ and inserting ‘‘of paragraphs (1) 
and (2)’’; 
(B) by striking the 2nd sentence; and 
(C) in the 3rd sentence, by striking ‘‘of this 
subsection’’ and inserting ‘‘of paragraphs (1) 
and (2)’’. 
(2) The heading for subsection (a) of section 18 
of the Federal Deposit Insurance Act (12 U.S.C. 
1828(a)) is amended by striking ‘‘INSURANCE 
LOGO.—’’ and inserting ‘‘REPRESENTATIONS OF DE-
POSIT INSURANCE.—’’. 
SEC. 616. CHANGES REQUIRED TO SMALL BANK HOLDING 
COMPANY POLICY STATEMENT ON ASSESS-
MENT OF FINANCIAL AND MANAGERIAL FAC-
TORS. 
(a) SMALL BANK HOLDING COMPANY POLICY STATE-
MENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL 
FACTORS.—
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(1) 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 shall publish in the Federal Register proposed 
revisions to the Small Bank Holding Company Policy 
Statement on Assessment of Financial and Manage-
rial Factors (12 C.F.R. part 225—appendix C) that 
provide that the policy shall apply to a bank holding 
company which has pro forma consolidated assets of 
less than $1,000,000,000 and that— 
(A) is not engaged in any nonbanking ac-
tivities involving significant leverage; and 
(B) does not have a significant amount of 
outstanding debt that is held by the general pub-
lic. 
(2) ADJUSTMENT
OF
AMOUNT.—The Board of 
Governors of the Federal Reserve System shall annu-
ally adjust the dollar amount referred to in para-
graph (1) in the Small Bank Holding Company Pol-
icy Statement on Assessment of Financial and Mana-
gerial Factors by an amount equal to the percentage 
increase, for the most recent year, in total assets held 
by all insured depository institutions, as determined 
by the Board.
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(b) INCREASE IN DEBT-TO-EQUITY RATIO OF SMALL 
BANK HOLDING COMPANY.—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 shall 
publish in the Federal Register proposed revisions to the 
Small Bank Holding Company Policy Statement on Assess-
ment of Financial and Managerial Factors (12 C.F.R. part 
225—appendix C) such that the debt-to-equity ratio allow-
able for a small bank holding company in order to remain 
eligible to pay a corporate dividend and to remain eligible 
for expedited processing procedures under Regulation Y of 
the Board of Governors of the Federal Reserve System would 
increase from 1:1 to 3:1. 
SEC. 617. EXCEPTION TO ANNUAL PRIVACY NOTICE RE-
QUIREMENT UNDER THE GRAMM-LEACH-BLI-
LEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 
6803) is amended by adding the following new subsections: 
‘‘(c) EXCEPTION
TO
ANNUAL
NOTICE
REQUIRE-
MENT.—A financial institution that— 
‘‘(1) provides nonpublic personal information 
only in accordance with the provisions of subsection 
(b)(2) or (e) of section 502 or regulations prescribed 
under section 504(b);
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‘‘(2) does not share information with affiliates 
under section 603(d)(2)(A) of the Fair Credit Report-
ing Act; and 
‘‘(3) has not changed its policies and practices 
with regard to disclosing nonpublic personal informa-
tion from the policies and practices that were dis-
closed in the most recent disclosure sent to consumers 
in accordance with this subsection, 
shall not be required to provide an annual disclosure under 
this subsection until such time as the financial institution 
fails to comply with any criteria described in paragraph 
(1), (2), or (3). 
‘‘(d) EXCEPTION TO NOTICE REQUIREMENT.—A fi-
nancial institution shall not be required to provide any dis-
closure under this section if— 
‘‘(1) the financial institution is licensed by a 
State and is subject to existing regulation of consumer 
confidentiality that prohibits disclosure of nonpublic 
personal information without knowing and expressed 
consent of the consumer in the form of laws, rules, or 
regulation of professional conduct or ethics promul-
gated either by the court of highest appellate author-
ity or by the principal legislative body or regulatory 
agency or body of any State of the United States, the 
District of Columbia, any territory of the United
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States, Puerto Rico, Guam, American Samoa, the 
Trust Territory of the Pacific Islands, the Virgin Is-
lands, or the Northern Mariana Islands; or 
‘‘(2) the financial institution is licensed by a 
State and becomes subject to future regulation of con-
sumer confidentiality that prohibits disclosure of non-
public personal information without knowing and ex-
pressed consent of the consumer in the form of laws, 
rules, or regulation of professional conduct or ethics 
promulgated either by the court of highest appellate 
authority or by the principal legislative body or regu-
latory agency or body of any State of the United 
States, the District of Columbia, any territory of the 
United States, Puerto Rico, Guam, American Samoa, 
the Trust Territory of the Pacific Islands, the Virgin 
Islands, or the Northern Mariana Islands.’’. 
SEC. 618. BIENNIAL REPORTS ON THE STATUS OF AGENCY 
EMPLOYMENT OF MINORITIES AND WOMEN. 
(a) IN GENERAL.—Before December 31, 2005, and the 
end of each 2-year period beginning after such date, each 
Federal banking agency shall submit a report to the Con-
gress on the status of the employment by the agency of mi-
nority individuals and women. 
(b) FACTORS TO BE INCLUDED.—The report shall in-
clude a detailed assessment of each of the following: