[113th Congress Public Law 250]
[From the U.S. Government Publishing Office]



[[Page 128 STAT. 2886]]

Public Law 113-250
113th Congress

                                 An Act


 
  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. <<NOTE: Dec. 18, 
                         2014 -  [H.R. 3329]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. <<NOTE: 12 USC 5371 note.>>  CHANGES REQUIRED TO SMALL 
                              BANK HOLDING COMPANY POLICY 
                              STATEMENT ON ASSESSMENT OF FINANCIAL 
                              AND MANAGERIAL FACTORS.

    (a) <<NOTE: Deadline. Time period. Federal Register, 
publication. Applicability.>>  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 CFR 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) <<NOTE: Determination.>>  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 CFR part 225 appendix C), as the 
                requirements of such Policy Statement are amended 
                pursuant to section 1 of an Act entitled `To enhance the

[[Page 128 STAT. 2887]]

                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)).

    Approved December 18, 2014.

LEGISLATIVE HISTORY--H.R. 3329:
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CONGRESSIONAL RECORD, Vol. 160 (2014):
            May 6, considered and passed House.
            Dec. 11, considered and passed Senate, amended. House 
                concurred in Senate 
                amendment.

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