CLEAR Plus Act of 2015

Bill: 114-s-927
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2015-04-14
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Government information and archives

Securities
Latest action: action_date: 2016-06-23
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-366.

Summaries:
action_date: 2015-04-14
action_desc: Introduced in Senate
text: <p><b>CLEAR Plus Act of 2015</b></p> <p>This bill amends the Securities Exchange Act of 1934 to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons. </p> <p>The Federal Deposit Insurance Act is amended to require the federal banking agencies to issue regulations allowing for a reduced reporting requirement for certain depository institutions when making the first and third report of condition for a year. These reporting requirements apply to any insured depository institution that:</p> <ul> <li>as of the most recent examination has a CAMELS composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) for capital adequacy, assets, management capability, earnings, liquidity or asset liability management, and sensitivity to market risk; and</li> <li>satisfies other appropriate criteria as such agencies determine.</li> </ul>

tv_txt: II 114th CONGRESS 1st Session S. 927 IN THE SENATE OF THE UNITED STATES April 14, 2015 Mr. Moran (for himself and Mr. Tester ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To provide regulatory relief for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the CLEAR Plus Act of 2015 . 2. Shareholder threshold treatment of savings and loan holding companies (a) Amendments to section 12 of the Securities Exchange Act of 1934 Section 12(g) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g) ) is amended— (1) in paragraph (1)(B), by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ) and inserting , a bank holding company, or a savings and loan holding company ; and (2) in paragraph (4), by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ) and inserting , a bank holding company, or a savings and loan holding company . (b) Amendments to section 15 of the Securities Exchange Act of 1934 Section 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(d) ) is amended, in the third sentence, by striking or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ), 1,200 persons persons and inserting , a bank holding company, or a savings and loan holding company of less than 1,200 persons . (c) Definitions Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— (1) by redesignating the second paragraph (80) (relating to funding portals) as paragraph (81); and (2) by adding at the end the following: (82) Bank holding company The term bank holding company has the meaning given such term under section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ). (83) Savings and loan holding company The term savings and loan holding company has the meaning given such term under section 10(a) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(a) ). . 3. Short form call reporting Section 7(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(a) ) is amended by adding at the end the following: (12) Short form reporting (A) In general The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3). (B) Covered depository institution defined For purposes of this paragraph, the term covered depository institution means an insured depository institution that— (i) has a CAMELS composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) as of the most recent examination of such institution; and (ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. .