    [United States Statutes at Large, Volume 128, 113th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    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. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled,
    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 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) <>  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 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.