Page:United States Statutes at Large Volume 124.djvu/1623

 124 STAT. 1597 PUBLIC LAW 111–203—JULY 21, 2010 in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k))) and, if applicable, from the ownership or control of one or more insured depository institutions, represent less than 15 percent of the consolidated annual gross revenues of the com- pany. SEC. 603. MORATORIUM AND STUDY ON TREATMENT OF CREDIT CARD BANKS, INDUSTRIAL LOAN COMPANIES, AND CERTAIN OTHER COMPANIES UNDER THE BANK HOLDING COMPANY ACT OF 1956. (a) MORATORIUM.— (1) DEFINITIONS.—In this subsection— (A) the term ‘‘credit card bank’’ means an institution described in section 2(c)(2)(F) of the Bank Holding Com- pany Act of 1956 (12 U.S.C. 1841(c)(2)(F)); (B) the term ‘‘industrial bank’’ means an institution described in section 2(c)(2)(H) of the Bank Holding Com- pany Act of 1956 (12 U.S.C. 1841(c)(2)(H)); and (C) the term ‘‘trust bank’’ means an institution described in section 2(c)(2)(D) of the Bank Holding Com- pany Act of 1956 (12 U.S.C. 1841(c)(2)(D)). (2) MORATORIUM ON PROVISION OF DEPOSIT INSURANCE.— The Corporation may not approve an application for deposit insurance under section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815) that is received after November 23, 2009, for an industrial bank, a credit card bank, or a trust bank that is directly or indirectly owned or controlled by a commer- cial firm. (3) CHANGE IN CONTROL.— (A) IN GENERAL.—Except as provided in subparagraph (B), the appropriate Federal banking agency shall dis- approve a change in control, as provided in section 7(j) of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)), of an industrial bank, a credit card bank, or a trust bank if the change in control would result in direct or indirect control of the industrial bank, credit card bank, or trust bank by a commercial firm. (B) EXCEPTIONS.—Subparagraph (A) shall not apply to a change in control of an industrial bank, credit card bank, or trust bank— (i) that— (I) is in danger of default, as determined by the appropriate Federal banking agency; (II) results from the merger or whole acquisi- tion of a commercial firm that directly or indirectly controls the industrial bank, credit card bank, or trust bank in a bona fide merger with or acquisi- tion by another commercial firm, as determined by the appropriate Federal banking agency; or (III) results from an acquisition of voting shares of a publicly traded company that controls an industrial bank, credit card bank, or trust bank, if, after the acquisition, the acquiring shareholder (or group of shareholders acting in concert) holds less than 25 percent of any class of the voting shares of the company; and 12 USC 1815 note.