118 HR 1663 IH: Critical Bank Review Act U.S. House of Representatives 2023-03-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 1663IN THE HOUSE OF REPRESENTATIVESMarch 17, 2023Mr. Torres of New York introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo 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.