135 
(ii) in subparagraph (D), by striking 
‘‘Office of Thrift Supervision,’’ and insert-
ing ‘‘Comptroller of the Currency,’’. 
(b) 
AMENDMENT
TO
SECTION
1315.—Section 
1315(b) of the Housing and Community Development Act 
of 1992 (12 U.S.C. 4515(b)) is amended by striking ‘‘the 
Federal Deposit Insurance Corporation, and the Office of 
Thrift Supervision.’’ and inserting ‘‘and the Federal De-
posit Insurance Corporation.’’. 
(c) 
AMENDMENT
TO
SECTION
1317.—Section 
1317(c) of the Housing and Community Development Act 
of 1992 (12 U.S.C. 4517(c)) is amended by striking ‘‘the 
Federal Deposit Insurance Corporation, or the Director 
of the Office of Thrift Supervision’’ and inserting ‘‘or the 
Federal Deposit Insurance Corporation.’’ 
SEC. 1241. AMENDMENTS TO THE HOUSING AND URBAN- 
RURAL RECOVERY ACT OF 1983. 
Section 469 of the Housing and Urban-Rural Recov-
ery Act of 1983 (12 U.S.C. 1701p–1) is amended in the 
first sentence by striking ‘‘Federal Home Loan Bank 
Board’’ and inserting ‘‘Federal Housing Finance Agency’’. 
SEC. 1242. AMENDMENTS TO THE NATIONAL HOUSING ACT. 
Section 203(s) of the National Housing Act (12 
U.S.C. 1709(s)) is amended— 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00135
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
136 
(1) in paragraph (5), by revising the paragraph 
to read as follows: 
‘‘if the mortgagee is a national bank, a subsidiary or 
affiliate of such a bank, a Federal savings associa-
tion or a subsidiary or affiliate of a savings associa-
tion, the Comptroller of the Currency;’’ 
(2) in paragraph (7) by inserting ‘‘or State sav-
ings association’’ after ‘‘State bank’’; and 
(3) by striking paragraph (8). 
SEC. 1243. AMENDMENTS TO THE RIGHT TO FINANCIAL 
PRIVACY ACT OF 1978. 
Section 11(7) of the Right to Financial Privacy Act 
of 1978 (12 U.S.C. 3401(7)) is amended— 
(1) by striking subparagraph (B); and 
(2) by redesignating subparagraphs (C) through 
(I) as subparagraphs (B) through (H), respectively. 
SEC. 1244. AMENDMENTS TO THE BALANCED BUDGET AND 
EMERGENCY DEFICIT CONTROL ACT OF 1985. 
(a) 
AMENDMENTS
TO
SECTION
255.—Section 
255(g)(1)(A) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is 
amended by striking ‘‘Director of the Office of Thrift Su-
pervision’’. 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00136
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
137 
(b) 
AMENDMENTS
TO
SECTION
256.—Section 
256(h)(4) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 906(h)(4)) is amended— 
(1) by striking subparagraphs (C) and (G); and 
(2) by redesignating subparagraphs (D), (E), 
(F), and (H) as subparagraphs (C) through (G), re-
spectively. 
SEC. 1245. AMENDMENTS TO THE CRIME CONTROL ACT OF 
1990. 
(a) AMENDMENTS
TO
SECTION
2539.—Section 
2539(c)(2) of the Crime Control Act of 1990 (Public Law 
101–647) is amended by striking subparagraph (F) and 
redesignating subparagraphs (G) and (H) as subpara-
graphs (F) through (G), respectively. 
(b) 
AMENDMENT
TO
SECTION
2554.—Section 
2554(b)(2) of the Crime Control Act of 1990 (Public Law 
101–647) is amended by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Comptroller of the 
Currency’’. 
SEC. 1246. AMENDMENT TO THE FLOOD DISASTER PROTEC-
TION ACT OF 1973. 
Section 3(a)(5) of the Flood Disaster Protection Act 
of 1973, as amended (42 U.S.C. 4003(a)(5)) is amended 
by striking ‘‘the Office of Thrift Supervision’’. 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00137
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
138 
SEC. 1247. AMENDMENTS TO THE INVESTMENT COMPANY 
ACT OF 1940. 
Section 6(a)(3) of the Investment Company Act of 
1940 (15 U.S.C. 80a–6(a)(3)) is amended by striking 
‘‘Federal Savings and Loan Insurance Corporation’’ and 
inserting ‘‘Comptroller of the Currency’’. 
SEC. 1248. AMENDMENTS TO THE NEIGHBORHOOD REIN-
VESTMENT CORPORATION ACT. 
The Neighborhood Reinvestment Corporation Act (42 
U.S.C. 8105(c)(3)) is amended by striking the ‘‘Federal 
Home Loan Bank Board’’ and inserting ‘‘Federal Housing 
Finance Agency’’. 
SEC. 1249. AMENDMENTS TO THE SECURITIES EXCHANGE 
ACT OF 1934. 
(a) AMENDMENTS TO SECTION 3.—Section 3(a)(34) 
of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(34)) is amended— 
(1) in subparagraph (A)— 
(A) in clause (i), by striking ‘‘bank;’’ and 
inserting ‘‘bank, or a savings association (as de-
fined in section 3(b) of the Federal Deposit In-
surance Act (12 U.S.C. 1813(b))), the deposits 
of which are insured by the Federal Deposit In-
surance Corporation, a subsidiary or a depart-
ment or division of any such savings associa-
tion, or a savings and loan holding;’’; 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00138
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
139 
(B) by striking clause (iv); and 
(C) by redesignating clause (v) as clause 
(iv); 
(2) in subparagraph (B)— 
(A) in clause (i), by striking ‘‘bank;’’ and 
inserting ‘‘bank, or a savings association (as de-
fined in section 3(b) of the Federal Deposit In-
surance Act (12 U.S.C. 1813(b))), the deposits 
of which are insured by the Federal Deposit In-
surance Corporation, a subsidiary or a depart-
ment or division of any such savings associa-
tion, or a savings and loan holding;’’; 
(B) by striking clause (iv); and 
(C) by redesignating clause (v) as clause 
(iv); 
(3) in subparagraph (C)— 
(A) in clause (i), by striking ‘‘bank;’’ and 
inserting ‘‘bank, or a savings association (as de-
fined in section 3(b) of the Federal Deposit In-
surance Act (12 U.S.C. 1813(b))), the deposits 
of which are insured by the Federal Deposit In-
surance Corporation, a subsidiary or a depart-
ment or division of any such savings associa-
tion, or a savings and loan holding;’’; 
(B) by striking clause (iv); and 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00139
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
140 
(C) by redesignating clause (v) as clause 
(iv); and 
(4) in subparagraph (F)— 
(A) in clause (i), by striking ‘‘bank;’’ and 
inserting ‘‘or a savings association (as defined 
in section 3(b) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(b))), the deposits of 
which are insured by the Federal Deposit In-
surance Corporation;’’ 
(B) by striking clause (ii); and 
(C) redesignating clauses (iii), (iv), and (v) 
as clauses (ii), (iii) and (iv), respectively. 
(b) AMENDMENTS TO SECTION 15C.—Section 15C of 
the Securities Exchange Act of 1934 (15 U.S.C. 78o–5) 
is amended in subsection (g)(1) by striking ‘‘the Director 
of the Office of Thrift Supervision, the Federal Savings 
and Loan Insurance Corporation,’’. 
SEC. 1250. AMENDMENTS TO TITLE 18, UNITED STATES 
CODE. 
(a) 
AMENDMENT
TO
SECTION
212.—Section 
212(c)(2) of title 18, United States Code, is amended— 
(1) by striking subparagraph (C); and 
(2) 
by 
redesignating 
subparagraphs 
(D) 
through (H) as subparagraphs (C) through (G), re-
spectively. 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00140
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
141 
(b) AMENDMENT TO SECTION 657.—Section 657 of 
title 18, United States Code, is amended by striking ‘‘Of-
fice of Thrift Supervision, the Resolution Trust Corpora-
tion’’. 
(c) 
AMENDMENT
TO
SECTION
981.—Section 
981(a)(1)(D) of title 18, United States Code, is amend-
ed— 
(1) by striking ‘‘Resolution Trust Corporation’’; 
and 
(2) by striking ‘‘or the Office of Thrift Super-
vision’’. 
(d) 
AMENDMENT
TO
SECTION
982.—Section 
982(a)(3) of title 18, United States Code, is amended— 
(1) by striking ‘‘Resolution Trust Corporation’’; 
and 
(2) by striking ‘‘or the Office of Thrift Super-
vision’’. 
(e) AMENDMENT TO SECTION 1006.—Section 1006 
of title 18, United States Code, is amended— 
(1) by striking ‘‘Office of Thrift Supervision’’; 
and 
(2) by striking ‘‘the Resolution Trust Corpora-
tion’’. 
(f) AMENDMENT TO SECTION 1014.—Section 1014 
of title 18, United States Code, is amended— 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00141
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
142 
(1) by striking ‘‘Office of Thrift Supervision’’; 
and 
(2) by striking ‘‘Resolution Trust Corporation’’. 
(g) AMENDMENT TO SECTION 1032.—Section 1032 
of title 18, United States Code, is amended— 
(1) by striking ‘‘or the Director of the Office of 
Thrift Supervision’’; and 
(2) by striking ‘‘the Resolution Trust Corpora-
tion’’. 
SEC. 1251. AMENDMENTS TO TITLE 31, UNITED STATES 
CODE. 
(a) AMENDMENT TO SECTION 309.—Section 309 of 
title 31, United States Code, is amended to read as fol-
lows: 
‘‘§ 309. Division of Thrift Supervision 
‘‘The Division of Thrift Supervision established 
under section 3(a) of the Home Owners’ Loan Act shall 
be a division in the Office of the Comptroller of the Cur-
rency.’’. 
(b) AMENDMENTS TO SECTION 321.—Section 321 of 
title 31, United States Code, is amended— 
(1) by inserting ‘‘and’’ at the end of subsection 
(c)(1); 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00142
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
143 
(2) in subsection (c)(2) by striking ‘‘Comp-
troller of the Currency; and’’ and inserting ‘‘Comp-
troller of the Currency.’’; and 
(3) by striking subsection (e). 
(c) AMENDMENTS TO SECTION 714.—Section 714 of 
title 31, United States Code, is amended in subsection (a) 
by striking ‘‘the Office of the Comptroller of the Currency, 
and the Office of Thrift Supervision.’’ and inserting ‘‘and 
the Office of the Comptroller of the Currency.’’. 
Subtitle D—Further Improvements 
to the Regulation of Bank Hold-
ing Companies and Depository 
Institutions 
SEC. 1301. TREATMENT OF CREDIT CARD BANKS, INDUS-
TRIAL 
LOAN 
COMPANIES, 
AND 
CERTAIN 
OTHER COMPANIES UNDER THE BANK HOLD-
ING COMPANY ACT. 
(a) DEFINITIONS.—Section 2 of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1841), is amended— 
(1) in subsection (a)(5), by adding at the end 
the following new subparagraph: 
‘‘(G) No company is a bank holding com-
pany by virtue of its ownership or control of a 
section six holding company or any subsidiary 
of a section six holding company, so long as the 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00143
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
144 
requirements of sections 4(p) and 6 of this Act 
are met, as applicable, by the section six hold-
ing company;’’ 
(2) in subsection (c)(1)(A), by striking ‘‘insured 
bank’’ and inserting ‘‘insured depository institu-
tion’’, and by striking ‘‘section 3(h) of the Federal 
Deposit Insurance Act’’ and inserting ‘‘section 
3(c)(2) of the Federal Deposit Insurance Act.’’; 
(3) in subsection (c)(2)— 
(A) by striking subparagraph (B); 
(B) by striking subparagraphs (F) and 
(H); and 
(C) by redesignating existing subpara-
graphs (C), (D), (E), and (G) as subparagraphs 
(B), (C), (D), and (E), respectively; and 
(4) at the end of section 2, adding the following 
new subsection: 
‘‘(r) SECTION SIX HOLDING COMPANIES.—A ‘section 
six holding company’ means a company that is required 
to be established as an intermediate holding company 
under section 6 of this Act.’’. 
(b) NONBANKING ACTIVITIES EXCEPTIONS.—Section 
4 of the Bank Holding Company Act of 1956 (12 U.S.C. 
1843) is amended— 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00144
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
145 
(1) in subsection (f)(1)(B) by striking ‘‘for pur-
poses of this Act’’ and inserting ‘‘for purposes of 
section 4(a)’’; and 
(2) by adding after subsection (f)(2)(C) the fol-
lowing: 
‘‘(D) such company fails to— 
‘‘(i) establish and register a section 
six holding company pursuant to section 6 
of this Act within 90 days after the date 
of enactment of the Financial Stability Im-
provement Act of 2009, unless the Board 
grants an extension of such period for 
compliance which shall not exceed 180 ad-
ditional days; and 
‘‘(ii) conduct all its activities which 
are financial in nature or incidental thereto 
as determined under section 4(k) through 
such section six holding company, in ac-
cordance with regulations prescribed by or 
orders issued by the Board, pursuant to 
section 6 of this Act.’’; and 
(3) by inserting at the end the following new 
subsection: 
‘‘(p) CERTAIN COMPANIES NOT SUBJECT TO THIS 
ACT.— 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00145
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
146 
‘‘(1) IN GENERAL.—Except as provided in para-
graphs (6) and (7), any company which— 
‘‘(A)(i) was— 
‘‘(I) a unitary savings and loan 
holding company on May 4 1999, or 
became a unitary savings and loan 
holding company pursuant to an ap-
plication pending before the Office of 
Thrift Supervision on of before that 
date, and that— 
‘‘(aa) on June 30, 2009, 
continued to control not fewer 
than one savings association that 
it controlled on May 4, 1999, 
which became a bank for pur-
poses of the Bank Holding Com-
pany Act as a result of the enact-
ment of section 1301(a)(2)(A); 
and 
‘‘(bb) on June 30, 2009, 
and the date of enactment of the 
Financial Stability Improvement 
Act of 2009, such savings asso-
ciation subsidiary was and re-
mains a qualified thrift lender 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00146
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
147 
(as determined by section 10 of 
the Home Owners’ Loan Act); or 
‘‘(ii) on June 30, 2009, controlled— 
‘‘(I) an institution which became a 
bank as a result of the enactment of sec-
tion 1301(a)(2)(B) of the Financial Sta-
bility Improvement Act of 2009, or 
‘‘(II) an institution it has continu-
ously controlled since March 5, 1987, 
which became a bank as a result of the en-
actment of the Competitive Equality Bank-
ing Act of 1987, pursuant to subsection 
(f); 
‘‘(B) was not on June 30, 2009— 
‘‘(aa) a bank holding company; 
or 
‘‘(bb) subject to the Bank Hold-
ing Company Act by reason of section 
8(a) of the International Banking Act 
of 1978 (12 U.S.C. 3106(a)); and 
‘‘(C) on June 30, 2009, directly or indi-
rectly controlled shares or engaged in activities 
that did not, on the day before the date of en-
actment of the Financial Stability Act of 2009 
comply with the activity or investment restric-
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00147
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
148 
tions on financial holding companies in section 
4 in accordance with regulations prescribed by 
the Board, that did not, on the day before the 
date of enactment of the Financial Stability Act 
of 2009 comply with the activity or investment 
restrictions on financial holding companies in 
section 4 in accordance with regulations pre-
scribed by the Board, shall not be treated as a 
bank holding company for purposes of this Act 
solely by virtue of such company’s control of 
such institution and control of a section six 
holding company established pursuant to sec-
tion 6. 
‘‘(2) LOSS
OF
EXEMPTION.—A company de-
scribed in paragraph (1) shall no longer qualify for 
the exemption provided under that paragraph if— 
‘‘(A) such company fails to— 
‘‘(i) establish and register a section 
six holding company pursuant to section 6 
of this Act within 90 days after the date 
of enactment of the Financial Stability Im-
provement Act of 2009, unless the Board 
grants an extension of such period for 
compliance which shall not exceed 180 ad-
ditional days; and 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00148
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
149 
‘‘(ii) maintain a section six holding 
company in compliance with all the re-
quirements for a section six holding com-
pany under section 6 of this Act; 
‘‘(B) such company directly or indirectly 
(including through the section six holding com-
pany it must form pursuant to this subsection 
and section 6 of this Act) acquires ownership or 
control of more than 5 percent of the shares or 
assets of an additional bank or insured deposi-
tory institution after June 30, 2009, other 
than— 
‘‘(i) shares held as a bona fide fidu-
ciary (whether with or without the sole dis-
cretion to vote such shares); 
‘‘(ii) shares held by any person as a 
bona fide fiduciary solely for the benefit of 
employees of either the company described 
in paragraph (1) or any subsidiary of that 
company and the beneficiaries of those em-
ployees; 
‘‘(iii) shares held temporarily pursu-
ant to an underwriting commitment in the 
normal course of an underwriting business; 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00149
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
150 
‘‘(iv) shares held in an account solely 
for trading purposes; 
‘‘(v) shares over which no control is 
held other than control of voting rights ac-
quired in the normal course of a proxy so-
licitation; 
‘‘(vi) loans or other accounts receiv-
able acquired from an insured depository 
institution in the normal course of busi-
ness; and 
‘‘(vii) shares or assets acquired in se-
curing or collecting a debt previously con-
tracted in good faith, during the 2-year pe-
riod beginning on the date of such acquisi-
tion or for such additional time (not ex-
ceeding 3 years) as the Board may permit 
if the Board determines that such an ex-
tension will not be detrimental to the pub-
lic interest; 
‘‘(C)(i) the section six holding company re-
quired to be established by such company, or 
any subsidiary bank of such company undergoes 
a change in control after the date of enactment 
of the Financial Stability Improvement Act of 
2009, other than— 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00150
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
151 
‘‘(I) the merger or whole acquisition 
of such parent company in a bona fide 
merger or acquisition (as shall be deter-
mined by the Board, which is authorized to 
find that a transaction is not a bona fide 
merger or acquisition and thus results in 
the loss of exemption), with a company 
that is predominantly engaged in activities 
not permissible for a financial holding com-
pany pursuant to section 4(k), or 
‘‘(II) the acquisition of additional 
shares by a company that owned or con-
trolled 7.5 percent or more of any class of 
such parent company’s outstanding voting 
stock on or before June 30, 2009, and con-
tinuously owned or controlled at least such 
7.5 percent since June 30, 2009; 
‘‘(ii) nothing in this subparagraph shall be 
construed as preventing the Board from requir-
ing compliance with this subsection, section 6 
or the requirements of the Change in Bank 
Control Act (12 U.S.C. 1817(j)), as applicable 
to a company that is permitted to acquire con-
trol without loss of the exemption in this sub-
section 4(p)(2); or 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00151
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS
152 
‘‘(D) any subsidiary bank of such company 
engages in any activity after the date of enact-
ment of the Financial Stability Improvement 
Act of 2009 which would have caused such in-
stitution to be a bank (as defined in section 
2(c) of this Act, as in effect before such date) 
if such activities had been engaged in before 
such date. 
‘‘(3) DIVESTITURE IN CASE OF LOSS OF EX-
EMPTION.—If any company described in paragraph 
(1) fails to qualify for the exemption provided under 
paragraph (1) by operation of paragraph (2), such 
exemption shall cease to apply to such company and 
such company shall divest control of each bank it 
controls before the end of the 180-day period begin-
ning on the date on which the company receives no-
tice from the Board that the company has failed to 
continue to qualify for such exemption, unless, be-
fore the end of such 180-day period, the company 
has— 
‘‘(A) either— 
‘‘(i) corrected the condition or ceased 
the activity that caused the company to 
fail to continue to qualify for the exemp-
tion; or 
VerDate Nov 24 2008 
00:06 Nov 20, 2009
Jkt 089200
PO 00000
Frm 00152
Fmt 6652
Sfmt 6201
E:\BILLS\H3996.IH
H3996
wwoods2 on DSK1DXX6B1PROD with BILLS