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and to the same extent as if the company described in paragraph (1)(A) were a savings and loan holding company. ‘‘(B) APPLICATION OF OTHER ACT.—Any violation of this subsection by a grandfathered unitary savings and loan holding company that controls an intermediate holding company may also be treated as a violation of the Federal Deposit Insurance Act for purposes of subparagraph (A). ‘‘(C) NO EFFECT ON OTHER AUTHORITY.—No provision of this paragraph shall be construed as limiting any authority of the Board or any other Federal agency under any other provision of law. ‘‘(c) REGULATIONS.—The Board— ‘‘(1) shall promulgate regulations to establish the criteria for determining whether to require a grandfathered unitary savings and loan holding company to establish an intermediate holding company under subsection (b); and ‘‘(2) may promulgate regulations to establish any restric- tions or limitations on transactions between an intermediate holding company or a parent of such company and its affiliates, as necessary to prevent unsafe and unsound practices in connec- tion with transactions between the intermediate holding com- pany, or any subsidiary thereof, and its parent company or affiliates that are not subsidiaries of the intermediate holding company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisi- tion or lease by an unaffiliated person of assets, goods, or services. ‘‘(d) RULES OF CONSTRUCTION.— ‘‘(1) ACTIVITIES.—Nothing in this section shall be construed to require a grandfathered unitary savings and loan holding company to conform its activities to permissible activities. ‘‘(2) PERMISSIBLE CORPORATE REORGANIZATION.—The forma- tion of an intermediate holding company as required in sub- section (b) shall be presumed to be a permissible corporate reorganization as described in section 10(c)(9)(D).’’.

SEC. 627. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.
(a) REPEAL OF PROHIBITION ON PAYMENT OF INTEREST ON
DEMAND DEPOSITS.—
(1) FEDERAL RESERVE ACT.—Section 19(i) of the Federal
Reserve Act (12 U.S.C. 371a) is amended to read as follows:
‘‘(i) [Repealed]’’.
(2) HOME OWNERS’ LOAN ACT.—The first sentence of section
5(b)(1)(B) of the Home Owners’ Loan Act (12 U.S.C.
1464(b)(1)(B)) is amended by striking ‘‘savings association may
not—’’ and all that follows through ‘‘(ii) permit any’’ and
inserting ‘‘savings association may not permit any’’.
(3) FEDERAL DEPOSIT INSURANCE ACT.—Section 18(g) of the
Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended
to read as follows:
‘‘(g) [Repealed]’’.
12 USC 371a (b) EFFECTIVE DATE.—The amendments made by subsection
note. (a) shall take effect 1 year after the date of the enactment of
this Act.

SEC. 628. CREDIT CARD BANK SMALL BUSINESS LENDING.

LAWS Section 2(c)(2)(F)(v) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)(F)(v)) is amended by inserting before thePUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00266 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203