[Congressional Record (Bound Edition), Volume 160 (2014), Part 13]
[Senate]
[Page 17682]
[From the U.S. Government Publishing Office, www.gpo.gov]




  ENHANCING THE ABILITY OF COMMUNITY FINANCIAL INSTITUTIONS TO FOSTER 
              ECONOMIC GROWTH AND SERVE THEIR COMMUNITIES

  Mr. DURBIN. Mr. President, I ask unanimous consent that the Banking, 
Housing, and Urban Affairs Committee be discharged from further 
consideration of H.R. 3329 and the Senate proceed to its immediate 
consideration.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The clerk will report the bill by title.
  The assistant legislative clerk read as follows:

       A bill (H.R. 3329) 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.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. DURBIN. I further ask unanimous consent that the King substitute 
amendment, which is at the desk, be agreed to; the bill, as amended, be 
read a third time and passed; and the motion to reconsider be 
considered made and laid upon the table with no intervening action or 
debate.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 4093) in the nature of a substitute was agreed to, 
as follows:

                (Purpose: In the nature of a substitute)

       Strike all after the enacting clause and insert the 
     following:

     SECTION 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 (hereafter in this 
     Act referred to as the ``Board'') 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 significant nonbanking activities 
     either directly or through a nonbank subsidiary;
       (2) do not conduct significant off-balance sheet activities 
     (including securitization and asset management or 
     administration) either directly or through a nonbank 
     subsidiary; and
       (3) do not have a material amount of debt or equity 
     securities outstanding (other than trust preferred 
     securities) that are registered with the Securities and 
     Exchange Commission.
       (b) Exclusions.--The Board may exclude any bank holding 
     company or savings and loan holding company, regardless of 
     asset size, from the policy statement under subsection (a) if 
     the Board determines that such action is warranted for 
     supervisory purposes.

     SEC. 2. CONFORMING AMENDMENT.

       (a) In General.--Subparagraph (C) of section 171(b)(5) of 
     the Dodd-Frank Wall Street Reform and Consumer Protection Act 
     (12 U.S.C. 5371(b)(5)) is amended to read as follows:
       ``(C) any bank holding company or savings and loan holding 
     company having less than $1,000,000,000 in total consolidated 
     assets that complies with the requirements of the Small Bank 
     Holding Company Policy Statement on Assessment of Financial 
     and Managerial Factors of the Board of Governors (12 C.F.R. 
     part 225 appendix C), as the requirements of such Policy 
     Statement are amended pursuant to section 1 of an Act 
     entitled `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'.''.
       (b) Transition Period.--Any small bank holding company that 
     was excepted from the provisions of section 171 of the Dodd-
     Frank Wall Street Reform and Consumer Protection Act pursuant 
     to subparagraph (C) of section 171(b)(5) (as such 
     subparagraph was in effect on the day before the date of 
     enactment of this Act), and any small savings and loan 
     holding company that would have been excepted from the 
     provisions of section 171 pursuant to subparagraph (C) (as 
     such subparagraph was in effect on the day before the date of 
     enactment of this Act) if it had been a small bank holding 
     company, shall be excepted from the provisions of section 171 
     until the effective date of the Small Bank Holding Company 
     Policy Statement issued by the Board as required by section 1 
     of this Act.

     SEC. 3. DEFINITIONS.

       For the purposes of this Act:
        (a) Bank Holding Company.--The term ``bank holding 
     company'' has the same meaning as in section 2 of the Bank 
     Holding Company Act of 1956 (12 U.S.C. 1841).
       (b) Savings and Loan Holding Company.--The term ``savings 
     and loan holding company'' has the same meaning as in section 
     10(a) of the Home Owners' Loan Act (12 U.S.C. 1467a(a)).

  The amendment was ordered to be engrossed, and the bill to be read a 
third time.
  The bill was read the third time.
  The bill (H.R. 3329), as amended, was passed.

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