‘‘(ii) which does not acquire control of 
any other depository institution after Jan-
uary 28, 2007; 
‘‘(iii) with respect to which there is no 
change in control, directly or indirectly, of 
any depository institution subsidiary after 
January 28, 2007, that requires a registra-
tion under this section or an application 
under section 7(j) or 18(c), section 3 of 
the Bank Holding Company Act of 1956, 
or section 10 of the Home Owners’ Loan 
Act; and 
‘‘(iv) each industrial bank subsidiary 
of which remains in compliance with the 
limitations contained in subparagraph (B). 
‘‘(B) ACTIVITY AND BRANCHING LIMITA-
TIONS.—An industrial bank subsidiary of a 
commercial firm described in clauses (i), (ii) 
and (iii) of subparagraph (A) is in compliance 
with the requirements of this subparagraph for 
purposes of subparagraph (A)(iv) so long as the 
industrial bank— 
‘‘(i) engages only in activities in which 
the industrial bank was engaged on Janu-
ary 28, 2007; and 
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‘‘(ii) does not acquire, establish, or 
operate any branch, deposit production of-
fice, loan production office, automated tell-
er machine, or remote service unit in any 
State other than the home State of the 
bank or any host State in which such bank 
operated branches on January 28, 2007. 
‘‘(C) CORPORATE REORGANIZATIONS PER-
MITTED.—The acquisition of direct or indirect 
control of a depository institution subsidiary re-
ferred to in subparagraph (A)(iii) shall not be 
treated as a ‘change in control’ for purposes of 
such subparagraph if the company acquiring 
control is itself directly or indirectly controlled 
by a company that was an affiliate of such sub-
sidiary on the date referred to in such para-
graph, and remains an affiliate at all times 
after such date. 
‘‘(5) TRANSITION PROVISION.—Any divestiture 
of any industrial bank by an industrial bank holding 
company that is required by operation of this section 
shall be completed as quickly as is reasonably pos-
sible and not later than the end of the 2-year period 
beginning on the earliest of, as appropriate— 
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‘‘(A) the date on which control of the in-
dustrial bank is acquired by a commercial firm; 
‘‘(B) the date on which the industrial bank 
holding company that controls such bank be-
comes a commercial firm; or 
‘‘(C) the date on which an industrial bank 
subsidiary of the industrial bank holding com-
pany ceases to comply with any limitation appli-
cable to such bank under paragraph (4)(B). 
‘‘(d) ADMINISTRATIVE PROVISIONS.— 
‘‘(1) AGENT FOR SERVICE OF PROCESS.—The 
Corporation may require any industrial bank holding 
company, or persons connected with such holding 
company if it is not a corporation, to execute and 
file a prescribed form of irrevocable appointment of 
agent for service of process. 
‘‘(2) RELEASE FROM REGISTRATION.—The Cor-
poration may at any time, upon the Corporation’s 
own motion or upon application, release a registered 
industrial bank holding company from any registra-
tion previously made by such company, if the Cor-
poration determines that such company no longer 
controls any industrial bank.’’. 
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(c) ENFORCEMENT.—Section 8(b) of the Federal De-
posit Insurance Act (12 U.S.C. 1818(b)) is amended by 
adding at the end the following new paragraph: 
‘‘(11) INDUSTRIAL
BANK
HOLDING
COMPA-
NIES.—This subsection and subsections (c) through 
(s) and subsection (u) of this section shall apply to 
any industrial bank holding company, and to any 
subsidiary (other than an industrial bank) of an in-
dustrial bank holding company in the same manner 
as such subsections apply to State nonmember 
banks.’’. 
(d) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 10(e)(2) of the Federal Deposit Insurance Act (12 
U.S.C. 1820(e)(2)) is amended by inserting ‘‘or section 
50(b)(2)’’ after ‘‘subsection (b)(4)’’. 
Æ 
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