Critical Bank Review Act

Bill: 118-hr-1663
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2023-03-17
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-03-17
action_desc: Introduced in House
text: <p><b>Critical Bank Review Act </b></p> <p>This bill directs the Department of the Treasury to create a new designation (<i>sectorially critical</i>) for certain banks and credit unions that are systemically important to a critical sector of the U.S. economy. The appropriate federal banking agency must apply a higher level of regulatory supervision to institutions designated as <i>sectorially critical</i>. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1663 IN THE HOUSE OF REPRESENTATIVES March 17, 2023 Mr. Torres of New York introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to designate sectorially critical banking institutions, to require a higher level of regulatory supervision of such institutions, and for other purposes.

1. Short title This Act may be cited as the Critical Bank Review Act . 2. Designation of sectorially critical banking institutions (a) Designation The Secretary of the Treasury, in consultation with the banking regulators, shall designate a banking institution as sectorially critical if the banking institution is systemically important to a critical sector of the economy of the United States. (b) Supervision of sectorially critical banking institutions The appropriate Federal banking agency shall apply a higher level of regulatory supervision with respect to a sectorially critical banking institution, as determined appropriate by the appropriate Federal banking agency. (c) Definitions In this section: (1) Appropriate Federal banking agency The term appropriate Federal banking agency — (A) has the meaning given that term under section 3 of the Federal Deposit Insurance Act; and (B) means the National Credit Union Administration, in the case of a credit union. (2) Banking institution The term banking institution means— (A) a depository institution (as defined under section 3 of the Federal Deposit Insurance Act); and (B) a credit union. (3) Credit union The term credit union means a Federal credit union or a State credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act. (4) Federal banking agencies The term Federal banking agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.