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H.R. 3329 (113th): To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

The text of the bill below is as of Oct 23, 2013 (Introduced).


I

113th CONGRESS

1st Session

H. R. 3329

IN THE HOUSE OF REPRESENTATIVES

October 23, 2013

(for himself, Mr. Cotton, Mr. Murphy of Florida, Mr. Quigley, and Ms. Kuster) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

1.

Changes required to small bank holding company policy statement on assessment of financial and managerial factors

(a)

In general

Before the end of the 6-month period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors (12 C.F.R. part 225–appendix C) that provide that the policy shall apply to bank holding companies and savings and loan holding companies which have pro forma consolidated assets of less than $1,000,000,000 and that—

(1)

are not engaged in any nonbanking activities involving significant leverage; and

(2)

do not have a significant amount of outstanding debt that is held by the general public.

(b)

Conforming amendment

Section 171(b)(5)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5371(b)(5)(C) ) is amended by inserting or small savings and loan holding company after any small bank holding company.

(c)

Rule of construction

Nothing in this Act or the amendments made by this Act may be construed as limiting the authority of the Board of Governors of the Federal Reserve System to exclude a bank holding company or a savings and loan holding company from the policy statement described under subsection (a), if such action is warranted for supervisory purposes.

(d)

Definitions

For purposes of this section:

(1)

Bank holding company

The term bank holding company has the meaning given that term under section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ).

(2)

Savings and loan holding company

The term savings and loan holding company has the meaning given that term under section 10(a) of the Home Owners' Loan Act ( 12 U.S.C. 1467a(a) ).