Page:United States Statutes at Large Volume 124.djvu/1630

 124 STAT. 1604 PUBLIC LAW 111–203—JULY 21, 2010 (i) DEFINITION OF THE TERM ‘‘SAVINGS AND LOAN HOLDING COMPANY’’.—Section 10(a)(1)(D)(ii) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)(1)(D)(ii)) is amended to read as follows: ‘‘(ii) EXCLUSION.—The term ‘savings and loan holding company’ does not include— ‘‘(I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), or to any company directly or indirectly controlled by such company (other than a savings association); ‘‘(II) a company that controls a savings associa- tion that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)(D)); or ‘‘(III) a company described in subsection (c)(9)(C) solely by virtue of such company’s control of an intermediate holding company established pursuant to section 10A.’’. (j) EFFECTIVE DATE.—The amendments made by this section shall take effect on the transfer date. SEC. 605. ASSURING CONSISTENT OVERSIGHT OF PERMISSIBLE ACTIVITIES OF DEPOSITORY INSTITUTION SUBSIDIARIES OF HOLDING COMPANIES. (a) IN GENERAL.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by inserting after section 25 the following new section: ‘‘SEC. 26. ASSURING CONSISTENT OVERSIGHT OF SUBSIDIARIES OF HOLDING COMPANIES. ‘‘(a) DEFINITIONS.—For purposes of this section: ‘‘(1) BOARD.—The term ‘Board’ means the Board of Gov- ernors of the Federal Reserve System. ‘‘(2) FUNCTIONALLY REGULATED SUBSIDIARY.—The term ‘functionally regulated subsidiary’ has the same meaning as in section 5(c)(5) of the Bank Holding Company Act. ‘‘(3) LEAD INSURED DEPOSITORY INSTITUTION.—The term ‘lead insured depository institution’ has the same meaning as in section 2(o)(8) of the Bank Holding Company Act. ‘‘(b) EXAMINATION REQUIREMENTS.—Subject to subtitle B of the Consumer Financial Protection Act of 2010, the Board shall examine the activities of a nondepository institution subsidiary (other than a functionally regulated subsidiary or a subsidiary of a depository institution) of a depository institution holding company that are permissible for the insured depository institution subsidiaries of the depository institution holding company in the same manner, subject to the same standards, and with the same frequency as would be required if such activities were conducted in the lead insured depository institution of the depository institution holding company. ‘‘(c) STATE COORDINATION.— ‘‘(1) CONSULTATION AND COORDINATION.—If a nondepository institution subsidiary is supervised by a State bank supervisor or other State regulatory authority, the Board, in conducting the examinations required in subsection (b), shall consult and coordinate with such State regulator. 12 USC 1831c. 12 USC 1462 note.