119
ards prescribed by the appropriate Federal
banking agency.
‘‘(2) EXTENSION OF PERIOD.—The Corporation
may extend the 60-day period referred to in para-
graph (1) for issuing a notice of disapproval with re-
spect to any activity for an additional 30 days.
‘‘(3) CONTENTS OF NOTICE.—Any notice sub-
mitted by a State bank under paragraph (1)(A) shall
contain such information as the Corporation may re-
quire.
‘‘(4) BASIS FOR DISAPPROVAL.—The Corpora-
tion may disapprove an activity for a State bank
under this subsection unless the Corporation deter-
mines that the activity would pose no significant risk
to the appropriate insurance fund.’’.
(b) SUBSIDIARIES OF INSURED STATE BANKS.—Sec-
tion 24(d)(1) of the Federal Deposit Insurance Act (12
U.S.C. 1831a(d)(1)) is amended to read as follows:
‘‘(1) ACTIVITIES GENERALLY.—
‘‘(A) IN GENERAL.—A subsidiary of an in-
sured State bank may not engage as principal
in any type of activity that is not permissible
for a subsidiary of a national bank unless—
‘‘(i) the subsidiary has given the Cor-
poration written notice of the subsidiary’s
120
intention to engage in such activity at least
60 days before commencing to engage in
the activity and within such 60-day period
(or within the extended period provided
under paragraph (2)) the Corporation has
not disapproved the activity; and
‘‘(ii) the bank is, and continues to be,
in compliance with applicable capital
standards prescribed by the appropriate
Federal banking agency.
‘‘(B) EXTENSION OF PERIOD.—The Cor-
poration may extend the 60-day period referred
to in subparagraph (A) for issuing a notice of
disapproval with respect to any activity for an
additional 30 days.
‘‘(C) CONTENTS OF NOTICE.—Any notice
submitted by a subsidiary of an insured State
bank under subparagraph (A)(i) shall contain
such information as the Corporation may re-
quire.
‘‘(D) BASIS FOR DISAPPROVAL.—The Cor-
poration may disapprove an activity for a sub-
sidiary of an insured State bank under this
paragraph unless the Corporation determines
121
that the activity would pose no significant risk
to the appropriate insurance fund.’’.
SEC. 239. REPEAL OF CALL REPORT ATTESTATION RE-
QUIREMENT.
Section 5211(a) of the Revised Statutes (12 U.S.C.
161(a)) is amended by striking the 4th sentence.
SEC. 240. AUTHORIZING BANK SERVICE COMPANIES TO OR-
GANIZE AS LIMITED LIABILITY PARTNER-
SHIPS.
(a) AMENDMENT TO SHORT TITLE.—Section 1 of the
Bank Service Corporation Act (12 U.S.C. 1861(a)) is
amended by striking subsection (a) and inserting the fol-
lowing new subsection:
‘‘(a) SHORT TITLE.—This Act may be cited as the
‘Bank Service Company Act’.’’;
(b) AMENDMENTS TO DEFINITIONS.—Section 1(b) of
the Bank Service Corporation Act (12 U.S.C. 1861(b)) is
amended—
(1) by striking paragraph (2) and inserting the
following new paragraph:
‘‘(2) the term ‘bank service company’ means—
‘‘(A) any corporation—
‘‘(i) which is organized to perform
services authorized by this Act; and
122
‘‘(ii) all of the capital stock of which
is owned by 1 or more insured banks; and
‘‘(B) any limited liability company—
‘‘(i) which is organized to perform
services authorized by this Act; and
‘‘(ii) all of the members of which are
1 or more insured banks.’’;
(2) in paragraph (6)—
(A) by striking ‘‘corporation’’ and inserting
‘‘company’’; and
(B) by striking ‘‘and’’ after the semicolon;
(3) by redesignating paragraph (7) as para-
graph (8) and inserting after paragraph (6) the fol-
lowing new paragraph:
‘‘(7) the term ‘limited liability company’ means
any company organized under the law of a State (as
defined in section 3 of the Federal Deposit Insur-
ance Act) which provides that a member or manager
of such company is not personally liable for a debt,
obligation, or liability of the company solely by rea-
son of being, or acting as, a member or manager of
such company; and’’; and
(4) in paragraph (8) (as so redesignated)—
123
(A) by striking ‘‘corporation’’ each place
such term appears and inserting ‘‘company’’;
and
(B) by striking ‘‘capital stock’’ and insert-
ing ‘‘equity’’.
(c) AMENDMENTS TO SECTION 2.—Section 2 of the
Bank Service Corporation Act (12 U.S.C. 1862) is amend-
ed—
(1) by striking ‘‘corporation’’ and inserting
‘‘company’’;
(2) by striking ‘‘corporations’’ and inserting
‘‘companies’’; and
(3) in the heading for such section, by striking
‘‘CORPORATION’’ and inserting ‘‘COMPANY’’.
(d) AMENDMENTS TO SECTION 3.—Section 3 of the
Bank Service Corporation Act (12 U.S.C. 1863) is amend-
ed—
(1) by striking ‘‘corporation’’ each place such
term appears and inserting ‘‘company’’; and
(2) in the heading for such section, by striking
‘‘CORPORATION’’ and inserting ‘‘COMPANY’’.
(e) AMENDMENTS TO SECTION 4.—Section 4 of the
Bank Service Corporation Act (12 U.S.C. 1864) is amend-
ed—
124
(1) by striking ‘‘corporation’’ each place such
term appears and inserting ‘‘company’’;
(2) in subsection (b), by inserting ‘‘or mem-
bers’’ after ‘‘shareholders’’ each place such term ap-
pears;
(3) in subsections (c) and (d), by inserting ‘‘or
member’’ after ‘‘shareholder’’ each place such term
appears;
(4) in subsection (e)—
(A) by inserting ‘‘or members’’ after ‘‘na-
tional bank and State bank shareholders’’;
(B) by striking ‘‘its national bank share-
holder or shareholders’’ and inserting ‘‘any
shareholder or member of the company which is
a national bank’’;
(C) by striking ‘‘its State bank shareholder
or shareholders’’ and inserting ‘‘any share-
holder or member of the company which is a
State bank’’;
(D) by striking ‘‘such State bank or
banks’’ and inserting ‘‘any such State bank’’;
and
(E) by inserting ‘‘or members’’ after
‘‘State bank and national bank shareholders’’;
125
(5) in subsection (f), by inserting ‘‘or providing
insurance as principal, agent, or broker (except to
the extent permitted under subparagraph (A) or (E)
of section 4(c)(8) of the Bank Holding Company Act
of 1956)’’ after ‘‘or deposit taking’’; and
(6) in the heading for such section, by striking
‘‘CORPORATION’’ and inserting ‘‘COMPANY’’.
(f) AMENDMENTS TO SECTION 5.—Section 5 of the
Bank Service Corporation Act (12 U.S.C. 1865) is amend-
ed—
(1) by striking ‘‘corporation’’ each place such
term appears and inserting ‘‘company’’; and
(2) in the heading for such section, by striking
‘‘CORPORATIONS’’ and inserting ‘‘COMPANIES’’.
(g) AMENDMENTS TO SECTION 6.—Section 6 of the
Bank Service Corporation Act (12 U.S.C. 1866) is amend-
ed—
(1) by striking ‘‘corporation’’ each place such
term appears and inserting ‘‘company’’;
(2) by inserting ‘‘or is not a member of’’ after
‘‘does not own stock in’’;
(3) by striking ‘‘the nonstockholding institu-
tion’’ and inserting ‘‘such depository institution’’;
(4) by inserting ‘‘or is a member of’’ after ‘‘that
owns stock in’’;
126
(5) in paragraphs (1) and (2), by inserting ‘‘or
nonmember’’ after ‘‘nonstockholding’’; and
(6) in the heading for such section by inserting
‘‘OR NONMEMBERS’’ after ‘‘NONSTOCKHOLDERS’’.
(h) AMENDMENTS TO SECTION 7.—Section 7 of the
Bank Service Corporation Act (12 U.S.C. 1867) is amend-
ed—
(1) by striking ‘‘corporation’’ each place such
term appears and inserting ‘‘company’’;
(2) in subsection (a)—
(A) by inserting ‘‘or principal member’’
after ‘‘principal shareholder’’; and
(B) by inserting ‘‘or member’’ after ‘‘other
shareholder’’; and
(3) in the heading for such section, by striking
‘‘CORPORATIONS’’ and inserting ‘‘COMPANIES’’.
SEC. 241. BANK INVESTMENTS IN EDGE ACT AND AGREE-
MENT CORPORATIONS.
The 10th undesignated paragraph of section 25A of
the Federal Reserve Act (12 U.S.C. 618) is amended by
striking the last sentence and inserting the following:
‘‘Any national bank may invest in the stock of any cor-
poration organized under this section. The aggregate
amount of stock held by any national bank in all corpora-
tions engaged in business of the kind described in this sec-
127
tion or section 25 shall not exceed an amount equal to
10 percent of the capital and surplus of such bank unless
the Board determines that the investment of an additional
amount by the bank would not be unsafe or unsound and,
in any case, shall not exceed an amount equal to 25 per-
cent of the capital and surplus of such bank.’’.
SEC. 242. REPORT ON THE RECONCILIATION OF DIF-
FERENCES 
BETWEEN 
REGULATORY 
AC-
COUNTING PRINCIPLES AND GENERALLY AC-
CEPTED ACCOUNTING PRINCIPLES.
Before the end of the 180-day period beginning on
the date of the enactment of this Act, each appropriate
Federal banking agency (as defined in section 3 of the
Federal Deposit Insurance Act) shall submit to the Com-
mittee on Banking and Financial Services of the House
of Representatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate a report on the ac-
tions taken and to be taken by the agency to eliminate
or conform inconsistent or duplicative accounting and re-
porting requirements applicable to reports or statements
filed with any such agency by insured depository institu-
tions, as required by section 121 of the Federal Deposit
Insurance Corporation Improvement Act of 1991.
128
SEC. 243. WAIVERS AUTHORIZED FOR RESIDENCY RE-
QUIREMENT FOR NATIONAL BANK DIREC-
TORS.
The first sentence of section 5146 of the Revised
Statutes of the United States (12 U.S.C. 72) is amended
by inserting ‘‘(1) the Comptroller of the Currency may,
in the Comptroller’s discretion, waive the residency re-
quirement in the case of any director of a national bank
to whom the requirement would otherwise apply, and (2)’’
after ‘‘except that’’.
SEC. 244. CONSULTATION AMONG EXAMINERS.
(a) IN GENERAL.—Section 10 of the Federal Deposit
Insurance Act (12 U.S.C. 1820) is amended by adding at
the end the following new subsection:
‘‘(j) CONSULTATION AMONG EXAMINERS.—
‘‘(1) IN GENERAL.—Each appropriate Federal
banking agency shall take such action as may be
necessary to ensure that examiners employed by the
agency—
‘‘(A) consult on examination activities with
respect to any depository institution; and
‘‘(B) achieve an agreement and resolve any
inconsistencies on the recommendations to be
given to such institution as a consequence of
any examinations.
129
‘‘(2) 
EXAMINER-IN-CHARGE.—Each 
agency
shall consider appointing an examiner-in-charge with
respect to a depository institution to ensure con-
sultation on examination activities among all of the
agency’s examiners involved in examinations of such
institution.’’.
(b) COORDINATED
AND
UNIFIED
EXAMINATION
FLEXIBILITY.—Section 10(d)(6)(B) of the Federal De-
posit Insurance Act (12 U.S.C. 1820(d)(6)(B)) is amend-
ed by inserting ‘‘or State bank supervisors’’ after ‘‘one of
the Federal agencies’’.
SEC. 245. ANTITYING EXEMPTIVE AUTHORITY.
Section 5(q) of the Home Owners’ Loan Act (12
U.S.C. 1464(q)) is amended by adding at the end the fol-
lowing new paragraph:
‘‘(6) EXCEPTIONS.—The Director may, by reg-
ulation or order, permit such exceptions to the pro-
hibitions of this subsection as the Director considers
will not be contrary to the purposes of this sub-
section and which conform to exceptions granted by
the Board of Governors of the Federal Reserve Sys-
tem pursuant to section 106(b) of the Bank Holding
Company Act Amendments of 1970.’’.
130
TITLE III—LENDER LIABILITY
SEC. 301. LENDER LIABILITY.
(a) PARTICIPATION IN MANAGEMENT.—
(1) IN GENERAL.—It is the sense of Congress
that a person who holds indicia of ownership pri-
marily to protect the person’s security interest in a
vessel or facility should not be considered to have
participated in management, as that term is used in
section 101(20) of the Comprehensive Environ-
mental Response, Compensation, and Liability Act
of 1980 (42 U.S.C. 9601(20)), unless the person—
(A) exercises decisionmaking control over
the borrower’s environmental compliance such
that the person has undertaken responsibility
for the hazardous substance handling or dis-
posal practices of the vessel or facility; or
(B) exercises control at a level comparable
to that of a manager of the borrower’s vessel or
facility such that the person has assumed or
manifested responsibility for the overall man-
agement of the vessel or facility encompassing
day-to-day decisionmaking over either environ-
mental compliance or over the operational, as
opposed to financial and administrative, aspects
of the vessel or facility.
131
(2) 
OPERATIONAL
ASPECTS
DEFINED.—In
paragraph (1)(B), the term ‘‘operational aspects’’
includes functions such as those of a facility or plant
manager, operations manager, chief operating offi-
cer, or chief executive officer.
(b) EXCLUSIONS.—It is further the sense of Congress
that the term ‘‘participation in management’’ as used in
such section 101(20) should not include any of the follow-
ing:
(1) The mere capacity to influence, or ability to
influence, or the unexercised right to control vessel
or facility operations.
(2) Any act of a security interest holder to re-
quire another person to comply with applicable laws
or to respond lawfully to disposal of any hazardous
substance.
(3) Conducting an act or failing to act prior to
the time that a security interest is created in a ves-
sel or facility.
(4) Holding a security interest in a vessel or fa-
cility or abandoning or releasing such a security in-
terest.
(5) Including in the terms of an extension of
credit, or in a contract or security agreement relat-
ing to such an extension, covenants, warranties, or
132
other terms and conditions that relate to environ-
mental compliance.
(6) Monitoring or enforcing the terms and con-
ditions of the extension of credit or security interest.
(7) Monitoring or undertaking 1 or more in-
spections of the vessel or facility.
(8) Under section 107(d) of the Comprehensive
Environmental Response, Compensation, and Liabil-
ity Act of 1980, or under the direction of an on-
scene coordinator, conducting a response action or
other lawful means of addressing the release or
threatened release of a hazardous substance in con-
nection with the vessel or facility prior to, during, or
upon the expiration of the term of the extension of
credit.
(9) Providing financial or other advice or coun-
seling in an effort to mitigate, prevent, or cure de-
fault or diminution in the value of the vessel or facil-
ity.
(10) Restructuring, renegotiating, or otherwise
agreeing to alter the terms and conditions of the ex-
tension of credit or security interest or exercising
forbearance.
(11) Exercising other remedies that may be
available under applicable law for the breach of any
133
term or condition of the extension of credit or secu-
rity agreement.
(12) Holding legal or equitable title acquired by
a security interest holder through foreclosure or its
equivalent primarily to protect a security interest
provided that the holder undertakes to sell, re-lease,
or otherwise divest the property in a reasonably ex-
peditious manner on commercially reasonable terms,
taking into account market conditions and legal and
regulatory requirements.
(c) SECURITY INTEREST.—It is further the sense of
Congress that the term ‘‘security interest’’ as used in such
section 101(20) should include rights under a mortgage,
deed of trust, assignment, judgment, lien, pledge, security
agreement, factoring agreement, lease, or any other right
accruing to person to secure the repayment of money, the
performance of a duty, or some other obligation.
(d) MISCELLANEOUS.—It is further the sense of the
Congress that the potential Superfund liability of fidu-
ciaries and the potential Resource Conservation and Re-
covery Act liability of lenders and fiduciaries should be
addressed by the Congress.
134
TITLE IV—ANNUAL STUDY AND
REPORT 
ON 
IMPACT 
ON
LENDING 
TO 
SMALL 
BUSI-
NESS
SEC. 401. ANNUAL STUDY AND REPORT.
Not later than 12 months after the date of the en-
actment of this Act, and annually thereafter, the Board
of Governors of the Federal Reserve System, the Director
of the Office of Thrift Supervision, the Comptroller of the
Currency, and the Board of Directors of the Federal De-
posit Insurance Corporation shall jointly conduct a study
and submit to the Congress a report on the extent to
which this Act and the amendments made by this Act
have, through reductions in regulatory burdens, resulted
in increased lending to small businesses.
TITLE V—FINANCIAL SERVICE
REFORM
Subtitle A—Reform of Holding
Company Procedures
SEC. 501. STREAMLINED EXAMINATION AND REPORTING
REQUIREMENTS FOR ALL FINANCIAL SERV-
ICES HOLDING COMPANIES.
Section 5(c) of the Bank Holding Company Act of
1956 (12 U.S.C. 1844(c)) is amended to read as follows—
‘‘(c) REPORTS AND EXAMINATIONS.—
135
‘‘(1) PURPOSES.—
‘‘(A) IN GENERAL.—The purpose of this
subsection is to authorize the Board, through
reports and examinations, to gather information
from a financial services holding company and
the subsidiaries of any such holding company
regarding the structure, activities, and financial
condition of the financial services holding com-
pany and such subsidiaries so that the Board
can monitor risks within the holding company
system that could adversely affect any deposi-
tory institution subsidiary of the holding com-
pany and may monitor and enforce compliance
with this Act.
‘‘(B) PURPOSE
NOT
TO
IMPOSE
ADDI-
TIONAL BURDENS ON HOLDING COMPANIES.—It
is the intended purpose of this subsection that
the Board shall—
‘‘(i) exercise the Board’s authority to
collect information under this section in a
manner that is the least burdensome to fi-
nancial services holding companies and the
subsidiaries of such companies; and
‘‘(ii) rely, to the fullest extent pos-
sible, on reports prepared for and examina-
136
tions conducted by or for other Federal
and State supervisors.
‘‘(C) PURPOSE
TO
REQUIRE
CAREFULLY
TAILORED EXAMINATIONS.—It is the intended
purpose of this subsection that the Board shall
tailor the focus and scope of any examination
under this section to a financial services holding
company or to any subsidiary of such company
which, because of financial conditions, activities,
operations of such subsidiary, the transactions
between such subsidiary and other affiliates, or
the size of any such subsidiary poses a potential
material risk to a depository institution subsidi-
ary of such holding company.
‘‘(2) REPORTS.—
‘‘(A) IN GENERAL.—The Board from time
to time may require any financial services hold-
ing company and any subsidiary of such com-
pany to submit reports under oath to keep the
Board informed as to—
‘‘(i) the company’s or the subsidiary’s
activities, financial condition, policies, sys-
tems for monitoring and controlling finan-
cial and operational risks, and transactions
137
with depository institution subsidiaries of
the holding company; and
‘‘(ii) the extent to which the company
or subsidiary has complied with the provi-
sions of this Act and regulations prescribed
and orders issued under this Act.
‘‘(B) USE OF EXISTING REPORTS.—
‘‘(i) IN GENERAL.—The Board shall,
to the fullest extent possible, accept re-
ports in fulfillment of the Board’s report-
ing requirements under this paragraph
that a financial services holding company
or any subsidiary of such company has
been required to provide to other Federal
and State supervisors or to appropriate
self-regulatory organizations.
‘‘(ii) AVAILABILITY.—A financial serv-
ices holding company or a subsidiary of
such company shall provide to the Board,
at the request of the Board, a report re-
ferred to in clause (i).
‘‘(3) EXAMINATIONS.—
‘‘(A) LIMITED USE OF EXAMINATION AU-
THORITY.—The Board may make examinations
138
of each financial services holding company and
each subsidiary of such company in order to—
‘‘(i) inform the Board of the nature of
the operations and financial condition of
the financial services holding company and
such subsidiaries;
‘‘(ii) inform the Board of the—
‘‘(I) financial and operational
risks within the financial services
holding company system that may af-
fect any depository institution owned
by such holding company; and
‘‘(II) the systems of the holding
company and such subsidiaries for
monitoring 
and 
controlling 
those
risks; and
‘‘(iii) monitor compliance with the
provisions of this Act and those governing
transactions and relationships between any
depository institution controlled by a finan-
cial services holding company and any of
the company’s other subsidiaries.
‘‘(B) RESTRICTED
FOCUS
OF
EXAMINA-
TIONS.—The Board shall, to the fullest extent
possible, limit the focus and scope of any exam-
139
ination of a financial services holding company
to—
‘‘(i) the holding company; and
‘‘(ii) to any subsidiary (other than a
depository institution subsidiary) of the
holding company which, because of the
size, condition, or activities of the subsidi-
ary, the nature or size of transactions be-
tween such subsidiary and any depository
institution affiliate, or the centralization of
functions within the holding company sys-
tem, could have a materially adverse effect
on the safety and soundness of any deposi-
tory institution affiliate of the subsidiary
or of the holding company.
‘‘(C) DEFERENCE
TO
BANK
EXAMINA-
TIONS.—The Board shall, to the fullest extent
possible, use the report of examinations of de-
pository institutions made by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, the Office of Thrift Supervision or
the appropriate State depository institution su-
pervisory authority for the purposes of this sec-
tion.
140
‘‘(D) DEFERENCE
TO
OTHER
EXAMINA-
TIONS.—The Board shall, to the fullest extent
possible, use the reports of examination made
of—
‘‘(i) any registered broker or dealer by
or on behalf of the Securities Exchange
Commission, and
‘‘(ii) any other subsidiary that the
Board finds to be comprehensively super-
vised under relevant Federal or State law
by a Federal or state agency or authority.
‘‘(E) CONFIDENTIALITY OF REPORTED IN-
FORMATION.—
‘‘(i) IN
GENERAL.—Notwithstanding
any other provision of law, the Board shall
not be compelled to disclose any informa-
tion required to be reported under this
paragraph, or any information supplied to
the Board by any domestic or foreign regu-
latory agency, that relates to the financial
or operational condition of any financial
services holding company or any subsidiary
of such company.
‘‘(ii) COMPLIANCE
WITH
REQUESTS
FOR INFORMATION.—No provision of this
141
subparagraph shall be construed as author-
izing the Board to withhold information
from Congress, or preventing the Board
from complying with a request for informa-
tion from any other Federal department or
agency for purposes within the scope of
such department’s or agency’s jurisdiction,
or from complying with an order of a court
of competent jurisdiction in an action
brought by the United States or the
Board.
‘‘(iii) COORDINATION
WITH
OTHER
LAW.—For purposes of section 552 of title
5, United States Code, this subparagraph
shall be considered to be a statute de-
scribed in subsection (b)(3)(B) of such sec-
tion.
‘‘(iv) DESIGNATION OF CONFIDENTIAL
INFORMATION.—In prescribing regulations
to carry out the requirements of this sub-
section, the Board shall designate informa-
tion described in or obtained pursuant to
this paragraph as confidential information.
‘‘(F) COSTS.—The cost of any examination
conducted by the Board under this section may
142
be assessed against, and made payable by, such
holding company.’’.
SEC. 502. HOLDING COMPANY SUPERVISION FOR FINAN-
CIAL SERVICES HOLDING COMPANIES EN-
GAGED PRIMARILY IN NONBANKING ACTIVI-
TIES.
Section 5 of the Bank Holding Company Act of 1956
(12 U.S.C. 1844) is amended by adding at the end the
following new subsection:
‘‘(g) REDUCED SUPERVISION OF COMPANIES CON-
TROLLING
PRINCIPALLY
NONDEPOSITORY
INSTITU-
TIONS.—
‘‘(1) ELECTION.—
‘‘(A) IN GENERAL.—Any financial services
holding company that qualifies under paragraph
(2) may make an election to be governed by the
approval, capital, reporting and examination re-
quirements of paragraphs (3), (4), (5) and (6)
by—
‘‘(i) filing an application for such elec-
tion with the Board; and
‘‘(ii) if applicable, providing a written
guarantee to the Federal Deposit Insur-
ance Corporation pursuant to paragraph
(2).
143
‘‘(B) EFFECTIVE PERIOD OF ELECTION.—
An election under subparagraph (A) shall re-
main in effect—
‘‘(i) so long as the financial services
holding company continues to qualify
under paragraph (2); or
‘‘(ii) until the financial services hold-
ing company revokes the election.
‘‘(2) CRITERIA
FOR
ELECTION.—A financial
services holding company may make an election
under paragraph (1) if the company meets all of the
following criteria:
‘‘(A) COMPANY
PRINCIPALLY
CONTROLS
NONDEPOSITORY COMPANIES.—
‘‘(i) FINANCIAL
SERVICES
HOLDING
COMPANIES
WITH
DEPOSITORY
INSTITU-
TIONS.—In the case of a financial services
holding company, the consolidated total
risk-weighted assets of all depository insti-
tutions and foreign banks (as defined in
section 1(b)(7) of the International Bank-
ing Act of 1978) controlled by the financial
services holding company—
144
‘‘(I) constitute less than 10 per-
cent of the consolidated total risk-
weighted assets of such company; and
‘‘(II) 
are 
less 
than
$5,000,000,000.
‘‘(ii) INFLATION
ADJUSTMENT.—The
dollar limitation contained in clause (i)(II)
shall be adjusted annually after December
31, 1996, by the annual percentage in-
crease in the Consumer Price Index for
Urban Wage Earners and Clerical Workers
published by the Bureau of Labor Statis-
tics.
‘‘(iv) AUTHORITY TO INCREASE LIM-
ITS.—The Board may increase the percent-
age referred to in clause (i)(I) and the dol-
lar amount described in clause (i)(II) as
the Board may determine to be appro-
priate.
‘‘(B) WELL CAPITALIZED INSTITUTIONS.—
Each depository institution controlled by the fi-
nancial services holding company is well capital-
ized.
‘‘(C) WELL MANAGED INSTITUTIONS.—
145
‘‘(i) IN
GENERAL.—Each depository
institution controlled by the financial serv-
ices holding company received a CAMEL
composite rating of 1 or 2 (or an equiva-
lent rating under an equivalent rating sys-
tem) in the most recent examination of
such institution.
‘‘(ii) EXCLUSION
FOR
NEWLY
AC-
QUIRED INSTITUTIONS.—A depository in-
stitution acquired by a financial services
holding company during the 12-month pe-
riod ending on the date of the election by
such company under paragraph (1) may be
excluded for purposes of clause (i) if the fi-
nancial services holding company has de-
veloped a plan acceptable to the appro-
priate Federal banking agency (for such
institution) to restore the capital and man-
agement of the institution.
‘‘(D) HOLDING COMPANY GUARANTEE.—
‘‘(i) 
IN
GENERAL.—The 
financial
services holding company provides a writ-
ten guarantee acceptable to the Federal
Deposit Insurance Corporation to maintain
the capital levels of each insured deposi-
146
tory institution controlled by the financial
services holding company at not less than
the levels required for such institution to
remain well capitalized.
‘‘(ii) LIMITATION ON LIABILITY.—The
liability of a financial services holding com-
pany under a guarantee provided under
this subparagraph shall not exceed an
amount equal to 10 percent of the total
risk-weighted assets of the insured deposi-
tory institution, measured as of the date
that the institution becomes undercapital-
ized.
‘‘(iii) DURATION
OF
GUARANTEE.—
Notwithstanding paragraph (1), a financial
services holding company that has elected
treatment under this subsection shall con-
tinue to be bound by the guarantee made
under this subsection until released in ac-
cordance with this subparagraph.
‘‘(iv) RELEASE
FROM
LIABILITY.—
The Board shall release a financial services
holding company from the guarantee appli-
cable with respect to any depository insti-
tution subsidiary of such company—
147
‘‘(I) upon the written request of
the financial services holding company
to revoke the company’s election
under paragraph (1) if the Board de-
termines that each depository institu-
tion controlled by the financial serv-
ices holding company is well capital-
ized and well managed at the time of
such revocation;
‘‘(II) in the case of a financial
services holding company which no
longer meets the requirements of sub-
paragraph (A), upon a determination
by the Board that each depository in-
stitution controlled by the financial
services holding company is well cap-
italized and well managed;
‘‘(III) upon the written request
of the financial services holding com-
pany following the divestiture of con-
trol of the depository institution in a
transaction that does not require Fed-
eral assistance if the Board deter-
mines that, immediately following the
148
divestiture, the depository institution
is or will be well capitalized; or
‘‘(IV) upon a determination by
the Board, after consultation with the
Federal Deposit Insurance Corpora-
tion, that, subject to the limit on li-
ability provided in clause (ii), the fi-
nancial services holding company has
fully performed under the guarantee.
‘‘(E) RESPONSIVENESS
TO
COMMUNITY
NEEDS.—The lead insured depository institu-
tion subsidiary of the financial services holding
company and insured depository institutions
controlling at least 80 percent of the aggregate
total risk-weighted assets of insured depository
institutions controlled by the financial services
holding company have achieved a ‘satisfactory
record of meeting community credit needs’, or
better, during the most recent examination of
such insured depository institutions.
‘‘(3) NO NOTICE OR APPROVAL REQUIRED FOR
CERTAIN PURPOSES UNDER PARAGRAPHS (8), (13),
OR (15) OF SECTION 4(c).—
‘‘(A) 
IN
GENERAL.—Notwithstanding
paragraphs (8) and (13) of section 4(c), a fi-
149
nancial services holding company that has in ef-
fect an election under paragraph (1), and any
subsidiary of such holding company, may, with-
out prior notice to, or the approval of, the
Board under paragraph (8) or (13) of section
4(c), engage de novo in any activity, or acquire
shares of any company engaged in any activity,
if—
‘‘(i) the Board has determined, by
order or regulation in effect at the time
the company or subsidiary commences to
engage in such activity or acquire such
shares, that the activity is permissible for
a financial services holding company or a
subsidiary of such company to engage in
under paragraph (8) or (13) of section 4(c)
(and regulations prescribed under such
paragraphs); and
‘‘(ii) the activity is conducted in com-
pliance with all conditions and limitations
applicable to such activity under any regu-
lation, order, or advisory opinion pre-
scribed or issued by the Board.
‘‘(B) SUBSEQUENT
NOTICE.—A financial
services holding company that commences to
150
engage in an activity, or makes an acquisition,
in accordance with subparagraph (A) shall in-
form the Board of such fact, in writing, not
later than 10 days after commencing the activ-
ity or consummating the acquisition.
‘‘(4) CAPITAL.—
‘‘(A) IN GENERAL.—The Board shall not
(by regulation or order), directly or indirectly,
establish or apply minimum capital require-
ments to a financial services holding company
which has in effect an election under paragraph
(1) unless the Board concludes, on the basis of
all information available to the Board, that the
financial services holding company is not main-
taining sufficient financial resources to meet
fully any guarantee required under paragraph
(2).
‘‘(B) CRITERIA FOR CONSIDERATION.—For
purposes of making a determination under sub-
paragraph (A), the Board shall consider, in ad-
dition to any other relevant considerations, the
financial condition and the adequacy of the cap-
ital of each of the depository institutions con-
trolled by the financial services holding com-
pany.
151
‘‘(5) REPORTS.—
‘‘(A) IN GENERAL.—The reporting require-
ments contained in subsection (c)(2) shall apply
to a financial services holding company which
qualifies under this subsection, to the extent
provided by the Board.
‘‘(B) EXEMPTIONS FROM REPORTING RE-
QUIREMENTS.—
‘‘(i) IN GENERAL.—The Board may,
by regulation or order, exempt any com-
pany or class of companies, under such
terms and conditions and for such periods
as the Board shall provide in such regula-
tion or order, from the provisions of this
paragraph and any regulations prescribed
under this paragraph.
‘‘(ii) 
CRITERIA
FOR
CONSIDER-
ATION.—In granting any exemption under
clause (i), the Board shall consider, among
other factors—
‘‘(I) whether information of the
type required under this paragraph is
available from a supervisory agency
(as defined in section 1101(7) of the
Right to Financial Privacy Act of
152
1978), the Commodity Futures Trad-
ing Commission, or a foreign regu-
latory body of a similar type;
‘‘(II) the primary business of the
company; and
‘‘(III) the nature and extent of
domestic or foreign regulations of the
company’s activities.
‘‘(6) EXAMINATIONS.—
‘‘(A) LIMITED USE OF EXAMINATION AU-
THORITY
FOR
FINANCIAL
SERVICES
HOLDING
COMPANIES.—The Board shall not examine,
under this section, any financial services hold-
ing company described in paragraph (2)(A)(i)
for which an election is in effect under para-
graph (1) or any subsidiary (other than a de-
pository institution) of such holding company
unless—
‘‘(i) the Board determines, on the
basis of all information available to the
Board, that—
‘‘(I) the operations or activities
of the financial services holding com-
pany or any subsidiary of such com-
pany, or any transaction involving
153
such company or subsidiary and an
affiliated depository institution, may
pose a material risk to the safety and
soundness of any depository institu-
tion owned by such holding company;
or
‘‘(II) the financial services hold-
ing company does not appear to have
sufficient resources to meet the guar-
antee required under paragraph (2);
or
‘‘(ii) the Board is unable to accom-
plish the purposes described in subsection
(c)(3)(A) without such examinations.
‘‘(B) RESTRICTED FOCUS AND DEFERENCE
IN EXAMINATIONS.—The Board shall limit the
focus and scope of any examination, under this
section, of a financial services holding company
for which an election is in effect under para-
graph (1) or of any subsidiary (other than a de-
pository institution) of such holding company
and shall defer to examinations conducted by
the Securities Exchange Commission or other
supervisors in accordance with subparagraphs
(B), (C), and (D) of subsection (c)(3).’’.
154
SEC. 503. CONVERSION OF UNITARY SAVINGS AND LOAN
HOLDING COMPANIES TO FINANCIAL SERV-
ICES HOLDING COMPANIES.
(a) IN GENERAL.—The Bank Holding Company Act
of 1956 (12 U.S.C. 1841 et seq.) is amended by inserting
after section 5 the following new section:
‘‘SEC. 6. CONVERSION OF UNITARY SAVINGS AND LOAN
HOLDING COMPANIES TO FINANCIAL SERV-
ICES HOLDING COMPANIES.
‘‘(a) STREAMLINED
PROCEDURE
FOR
CONVER-
SION.—
‘‘(1) IN GENERAL.—During the 18-month pe-
riod beginning on the date of the enactment of the
Financial Institutions Regulatory Relief Act of
1996, no approval shall be required under section
3(a) or paragraph (8) or (13) of section 4(c) for any
qualified savings and loan holding company to be-
come a financial services holding company if the re-
quirements of paragraph (2) are met.
‘‘(2) ELIGIBILITY REQUIREMENTS.—A qualified
savings and loan holding company shall be eligible to
become a financial services holding company pursu-
ant to paragraph (1) if—
‘‘(A) the company becomes a financial
services holding company as the result of the
conversion of a savings association controlled by
155
such company as of the date of enactment of
the Financial Institutions Regulatory Relief Act
of 1996 into a bank;
‘‘(B) the company is adequately capitalized
before and immediately after the conversion re-
ferred to in subparagraph (A);
‘‘(C) all depository institutions controlled
by such company are well capitalized before and
immediately after such conversion;
‘‘(D) all depository institutions controlled
by such company are well managed before the
conversion;
‘‘(E) the Board would not be prohibited
under any provision of section 3(d) from ap-
proving the transaction;
‘‘(F) the activities of the company and of
each subsidiary of the company comply with
this Act (and regulations prescribed under this
Act); and
‘‘(G) the company provides the Board with
at least 30 days written notice of the proposed
conversion, and, before the expiration of such
30-day period, the Board has not objected to
the company becoming a financial services hold-
156
ing company based on the criteria contained in
this subsection.
‘‘(3) QUALIFIED SAVINGS AND LOAN HOLDING
COMPANY
DEFINED.—For purposes of this sub-
section, the term ‘qualified savings and loan holding
company’ means any company which became a sav-
ings and loan holding company before January 1,
1995, and is a savings and loan holding company as
of the date of the enactment of the Financial Insti-
tutions Regulatory Relief Act of 1996.
‘‘(b) LIMITED RETENTION
OF EXISTING INVEST-
MENTS.—Any holding company which converts to a finan-
cial services holding company in accordance with sub-
section (a) may retain direct or indirect ownership or con-
trol of voting shares of any company as provided in, and
subject to, section 4(k) if—
‘‘(1) the holding company controlled 1 or more
savings associations in accordance with section
10(c)(3) of the Home Owners Loan Act before Jan-
uary 1, 1995, and as of the date of the enactment
of the Financial Institutions Regulatory Relief Act
of 1996;
‘‘(2) the investment in voting shares and the fi-
nancial services holding company meet the require-
ments of section 4(k); and
157
‘‘(3) more than 75 percent of the revenues of
the financial services holding company for each of
the 2 calendar years before the date such company
became a financial services holding company involved
activities that the Board has determined to be per-
missible under section 4(c)(8).’’.
(b) OWNERSHIP OF SHARES OF CERTAIN COMPA-
NIES.—Section 4 of the Bank Holding Company Act of
1956 (12 U.S.C. 1843) is amended by adding at the end
the following new subsection:
‘‘(k) OWNERSHIP OF SHARES OF CERTAIN COMPA-
NIES.—
‘‘(1) 
NONCONFORMING
FINANCIAL
COMPA-
NIES.—Notwithstanding subsection (a), a financial
services holding company may retain direct or indi-
rect ownership or control of voting shares of any
company that—
‘‘(A) engages solely in activities that the
Board finds to be financial but which the Board
has not authorized under subsection (c)(8) (and
such other financial activities that the Board
has authorized) if—
‘‘(i) the financial services holding
company acquired the shares of a company
engaged in such activities or of each com-
158
pany to which the company engaged in
such activities is a successor more than 2
years before the date that such financial
services holding company becomes a finan-
cial services holding company;
‘‘(ii) the aggregate investment by the
financial services holding company in
shares of all such companies does not ex-
ceed 10 percent of the total consolidated
capital and surplus of the financial services
holding company as of the date that the
holding company becomes a financial serv-
ices holding company or as of the date of
any additional investment by the financial
services holding company in such shares;
‘‘(iii) the company engaged in such
activities continues to engage only in ac-
tivities that such company conducted as of
the date that such financial services hold-
ing company becomes a financial services
holding company (or other activities per-
mitted under subsection (c)(8)); and
‘‘(iv) the company was a qualified sav-
ings and loan holding company (as defined
in section 6(a)(3)) which became a finan-
159
cial services holding company in accord-
ance with section 6; or
‘‘(B) engages in activities not authorized
under this section if—
‘‘(i) the financial services holding
company held the shares of any company
engaged in such activities as of the date of
the enactment of the Financial Services
Competitiveness and Regulatory Relief Act
of 1996 and the financial services holding
company was then exempt from the provi-
sions of this section pursuant to subsection
(d) as of such date;
‘‘(ii) the company engaged in such ac-
tivities continues to engage only in the
same general lines of business and related
activities that such company conducted as
of the date of the enactment of the Finan-
cial Institutions Regulatory Relief Act of
1996 (or other activities permitted under
subsection (c)); and
‘‘(iii) 80 percent of the aggregate
gross revenues of the financial services
holding company and the subsidiaries of
such holding company as of the date of the
160
enactment of the Financial Institutions
Regulatory Relief Act of 1996 was attrib-
utable to—
‘‘(I) ownership and operation of
depository institutions;
‘‘(II) activities that are financial
in nature as determined by the Board
pursuant to subsection (c)(8); and
‘‘(III) such other activities that
would be permissible generally for the
holding company as a financial serv-
ices holding company.
‘‘(2) NONFINANCIAL COMPANIES.—
‘‘(A) IN GENERAL.—Notwithstanding sub-
section (a), a financial services holding company
may, during the 5-year period beginning on the
date that the company becomes a financial serv-
ices holding company, retain direct or indirect
ownership or control of voting shares of any
company which—
‘‘(i) the financial services holding
company owns or controls on the date such
holding company becomes a financial serv-
ices holding company; and
161
‘‘(ii) a financial services holding com-
pany is not authorized to own or control,
directly or indirectly, under section 3 or
subsections (a) or (c) of this section.
‘‘(B) EXTENSION
OF
DIVESTITURE
PE-
RIOD.—The Board may extend the period de-
scribed in subparagraph (A) for an additional
period not to exceed 5 years if the Board—
‘‘(i) determines that such extension is
necessary to avert substantial loss to the
financial services holding company; and
‘‘(ii) finds that the financial services
holding company has made good faith ef-
forts to divest such shares.
‘‘(C) NO
EXPANSION
OF
NONFINANCIAL
COMPANIES
PRIOR
TO
DIVESTITURE.—Unless
an acquisition or activity is permitted in accord-
ance with subsection (c) or section 3—
‘‘(i) no financial services holding com-
pany, and no company whose shares are
owned or controlled by a financial services
holding company in accordance with this
paragraph, may acquire any interest in or
assets of any other company, and
162
‘‘(ii) no company whose shares are
owned or controlled by a financial services
holding company pursuant to this para-
graph may engage directly or indirectly in
any activity that the company did not con-
duct on the day before the financial serv-
ices holding company registered as a finan-
cial services holding company.
‘‘(3) RESTRICTIONS ON JOINT MARKETING.—
No depository institution (and no subsidiary of such
institution) shall—
‘‘(A) offer or market, directly or indirectly
through any arrangement, any product or serv-
ice of any affiliate whose shares are owned or
controlled by the financial services holding com-
pany pursuant to this subsection; or
‘‘(B) permit any of such depository institu-
tion’s or subsidiary’s products or services to be
offered or marketed, directly or indirectly
through any arrangement, by or through any
affiliate whose shares are owned or controlled
by the financial services holding company pur-
suant to this subsection,
unless, in a case involving an affiliate held under
this subsection, the product or service is permissible
163
or authorized for financial services holding compa-
nies to provide under subsection (c)(8).
‘‘(4) DEPOSITORY INSTITUTION DEFINED.—For
purposes of paragraph (3), the term ‘depository in-
stitution’ includes a foreign bank.’’.
SEC. 504. COORDINATION WITH STATE LAW.
No provision of this title, and no amendment made
by this title to any other provision of law, may be con-
strued as superseding any provision of the law of any
State which imposes additional requirements or estab-
lishes higher standards for the safe and sound operation
and condition of depository institutions (as defined in sec-
tion 3 of the Federal Deposit Insurance Act) and the pro-
tection of consumers than the requirements imposed or the
standards established under this title and the amendments
made by this title to other provisions of law (including cap-
ital standards and other safeguards placed on affiliates).
SEC. 505. CONFORMING AMENDMENTS TO THE BANK HOLD-
ING COMPANY ACT OF 1956.
(a) SHORT TITLE; TABLE OF CONTENTS.—The first
section of the Bank Holding Company Act of 1956 (12
U.S.C. 1841 note) is amended to read as follows:
‘‘SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
‘‘(a) SHORT TITLE.—This Act may be cited as the
‘Financial Services Holding Company Act of 1996’.
164
‘‘(b) TABLE OF CONTENTS.—The table of contents
for this Act is as follows:
‘‘Sec. 1.
Short title; table of contents.
‘‘Sec. 2.
Definitions.
‘‘Sec. 3.
Acquisition of bank shares or assets.
‘‘Sec. 4.
Interests in nonbanking organizations.
‘‘Sec. 5.
Administration.
‘‘Sec. 6.
Conversion of unitary savings and loan holding companies to financial
services holding companies.
‘‘Sec. 7.
Reservation of rights to States.
‘‘Sec. 8.
Penalties.
‘‘Sec. 9.
Judicial review.
‘‘Sec. 11. Saving provision.
‘‘Sec. 12. Separability of provisions.
‘‘(c) REFERENCES IN OTHER LAWS.—Any reference
in any Federal or State law to a provision of the Bank
Holding Company Act of 1956 shall be deemed to be a
reference to the corresponding provision of this Act.’’.
(b) DEFINITIONS.—
(1) Subsection (n) of section 2 of the Bank
Holding Company Act of 1956 (12 U.S.C. 1841(n))
is amended by inserting ‘‘ ‘depository institution’, ’’
before ‘‘ ‘insured depository institution’ ’’.
(2) Subsection (o) of section 2 of the Bank
Holding Company Act of 1956 (12 U.S.C. 1841(o))
is amended—
(A) by striking paragraph (1) and insert-
ing the following new paragraph:
‘‘(1) LEAD
DEPOSITORY
INSTITUTION.—The
term ‘lead depository institution’ means the largest
depository institution controlled by the financial
services holding company, based on a comparison of
165
the average total assets controlled by each deposi-
tory institution during the previous 12-month pe-
riod.’’; and
(B) by adding at the end the following new
paragraphs:
‘‘(8) DEPOSITORY INSTITUTION FOR CERTAIN
SECTIONS.—Notwithstanding subsection (n), the
term ‘depository institution’ includes, for purposes of
paragraph (1), any branch, agency, or commercial
lending company operated in the United States by a
foreign bank.
‘‘(9) WELL MANAGED.—The term ‘well man-
aged’ means—
‘‘(A) in the case of any company or deposi-
tory institution which receives examinations, the
achievement of—
‘‘(i) a CAMEL composite rating of 1
or 2 (or an equivalent rating under an
equivalent rating system) in connection
with the most recent examination or subse-
quent review of such company or institu-
tion; and
‘‘(ii) at least a satisfactory rating for
management, if such rating is given; or
166
‘‘(B) in the case of a company or deposi-
tory institution that has not received an exam-
ination rating, the existence and use of manage-
rial resources which the Board determines are
satisfactory.’’.
(3) Section 2 of the Bank Holding Company
Act of 1956 (12 U.S.C. 1841) is amended by adding
at the end the following new subsections:
‘‘(p) CAPITAL TERMS.—
‘‘(1) DEPOSITORY INSTITUTIONS.—With respect
to depository institutions, the terms ‘well capital-
ized,’ ‘adequately capitalized’ and ‘undercapitalized’
have the meanings given to such terms in accord-
ance with section 38(b) of the Federal Deposit In-
surance Act.
‘‘(2) FINANCIAL
SERVICES
HOLDING
COM-
PANY.—The following definitions shall apply with re-
spect to financial services holding companies:
‘‘(A) 
ADEQUATELY
CAPITALIZED.—The
term ‘adequately capitalized’ means a level of
capitalization which meets or exceeds the re-
quired minimum level established by the Board
for each relevant capital measure for financial
services holding companies.
167
‘‘(B) WELL CAPITALIZED.—The term ‘well
capitalized’ means a level of capitalization
which meets or exceeds the required capital lev-
els established by the Board for well capitalized
financial services holding companies.
‘‘(3) OTHER CAPITAL TERMS.—The terms ‘tier
1’ and ‘risk-weighted assets’ have the meaning given
those terms in the capital guidelines or regulations
established by the Board for financial services hold-
ing companies.
‘‘(q) FOREIGN BANK TERMS.—For purposes of sub-
section (o)—
‘‘(1) the terms ‘agency’, ‘branch’, and ‘commer-
cial lending company’ have the same meaning as in
section 1(b) of the International Banking Act of
1978; and
‘‘(2) the term ‘foreign bank’ means a foreign
bank (as defined in section 1(b) of the International
Banking Act of 1978) which operates a branch,
agency or commercial lending company, or owns or
controls a bank, in the United States.’’.
(c) AMENDMENT
REGARDING
CONDITIONAL
AP-
PROVAL OF NOTICES.—Section 4(a)(2) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(a)(2)) is
amended by striking ‘‘paragraph (8)’’ and all that follows
168
through ‘‘issued by the Board under such paragraph’’ and
inserting ‘‘subsection (c)(8), subject to all the conditions
specified in such subsection or in any order or regulation
issued by the Board under such subsection’’.
(d) AMENDMENT TO NOTICE PROCEDURES.—Section
4(j) of the Bank Holding Company Act of 1956 (12
U.S.C. 1843(j)) (as amended by section 201 of this title)
is amended—
(1) in paragraph (1)(A), by striking ‘‘subsection
(c)(8) or (a)(2)’’ and inserting ‘‘subsection (a)(2) or
(c)(8)’’; and
(2) in paragraph (1)(E)—
(A) by striking ‘‘subsection (c)(8) or
(a)(2)’’ and inserting ‘‘subsection (a)(2) or
(c)(8)’’; and
(B) by striking the last sentence and in-
serting the following: ‘‘In no event may the
Board, without the agreement of the financial
services holding company submitting the notice,
extend the notice period under this subpara-
graph beyond the period that ends 180 days
after the date that a notice is filed with the
Board or the relevant Federal reserve bank in
accordance with the regulations of the Board.’’.
169
(e) ELIMINATION OF OBSOLETE PROVISIONS.—The
Bank Holding Company Act of 1956 (12 U.S.C. 1841
through 1849) is amended—
(1) in section 4(a)(2)—
(A) by striking ‘‘or in the case of a com-
pany’’ and ending ‘‘after December 31, 1980,’’;
and
(B) by striking the sentence beginning
‘‘Notwithstanding any other provision of this
paragraph’’;
(2) in section 4(b), by striking ‘‘After two years
from the date of enactment of this Act, no’’ and in-
serting ‘‘No’’; and
(3) in section 5(a)—
(A) by striking ‘‘Within one hundred and
eighty days after the date of enactment of this
Act, or within’’ and inserting ‘‘Within’’; and
(B) by striking ‘‘whichever is later,’’.
(f) CONFORMING AMENDMENTS.—The Bank Holding
Company Act of 1956 (12 U.S.C. 1841 et seq.) is amend-
ed as follows:
(1) In section 3(c)(4), by striking ‘‘one-bank
holding company’’ each place such term appears and
inserting ‘‘1-bank financial services holding com-
pany’’.