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124 STAT. 1604 PUBLIC LAW 111–203—JULY 21, 2010

(i) DEFINITION OF THE TERM ‘‘SAVINGS AND LOAN HOLDING
COMPANY’’.—Section 10(a)(1)(D)(ii) of the Home Owners’ Loan Act
(12 U.S.C. 1467a(a)(1)(D)(ii)) is amended to read as follows:
‘‘(ii) EXCLUSION.—The term ‘savings and loan
holding company’ does not include—
‘‘(I) a bank holding company that is registered
under, and subject to, the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.), or to any
company directly or indirectly controlled by such
company (other than a savings association);
‘‘(II) a company that controls a savings associa-
tion that functions solely in a trust or fiduciary
capacity as described in section 2(c)(2)(D) of the
Bank Holding Company Act of 1956 (12 U.S.C.
1841(c)(2)(D)); or
‘‘(III) a company described in subsection
(c)(9)(C) solely by virtue of such company’s control
of an intermediate holding company established
pursuant to section 10A.’’.
12 USC 1462 (j) EFFECTIVE DATE.—The amendments made by this section
note. shall take effect on the transfer date.

SEC. 605. ASSURING CONSISTENT OVERSIGHT OF PERMISSIBLE
ACTIVITIES OF DEPOSITORY INSTITUTION SUBSIDIARIES
OF HOLDING COMPANIES.
(a) IN GENERAL.—The Federal Deposit Insurance Act (12 U.S.C.
1811 et seq.) is amended by inserting after section 25 the following
new section:

12 USC 1831c. ‘‘SEC. 26. ASSURING CONSISTENT OVERSIGHT OF SUBSIDIARIES OF
HOLDING COMPANIES.
‘‘(a) DEFINITIONS.—For purposes of this section:
‘‘(1) BOARD.—The term ‘Board’ means the Board of Gov-
ernors of the Federal Reserve System.
‘‘(2) FUNCTIONALLY REGULATED SUBSIDIARY.—The term
‘functionally regulated subsidiary’ has the same meaning as
in section 5(c)(5) of the Bank Holding Company Act.
‘‘(3) LEAD INSURED DEPOSITORY INSTITUTION.—The term
‘lead insured depository institution’ has the same meaning as
in section 2(o)(8) of the Bank Holding Company Act.
‘‘(b) EXAMINATION REQUIREMENTS.—Subject to subtitle B of the
Consumer Financial Protection Act of 2010, the Board shall examine
the activities of a nondepository institution subsidiary (other than
a functionally regulated subsidiary or a subsidiary of a depository
institution) of a depository institution holding company that are
permissible for the insured depository institution subsidiaries of
the depository institution holding company in the same manner,
subject to the same standards, and with the same frequency as
would be required if such activities were conducted in the lead
insured depository institution of the depository institution holding
company.
‘‘(c) STATE COORDINATION.—
‘‘(1) CONSULTATION AND COORDINATION.—If a nondepository
institution subsidiary is supervised by a State bank supervisor

LAWS or other State regulatory authority, the Board, in conducting the examinations required in subsection (b), shall consult and coordinate with such State regulator.PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00230 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203