Sec. 211. Repeal and modification of provisions of the Financial Stability Act of 2010
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The following provisions of the Financial Stability Act of 2010 are repealed, and the provisions of law amended or repealed by such provisions are restored or revived as if such provisions had not been enacted: Subtitle B. Section 113. Section 114. Section 115. Section 116. Section 117. Section 119. Section 120. Section 121. Section 161. Section 162. Section 164. Section 166. Section 167. Section 168. Section 170. Section 172. Section 174. Section 175. The Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq. ) is amended— in section 102(a), by striking paragraph (5); in section 111— in subsection (b)— in paragraph (1)— by striking who shall each and inserting who shall, except as provided below, each ; and by amending subparagraphs
(B)through
(I)to read as follows: each member of the Board of Governors, who shall collectively have 1 vote on the Council; each member of the Board of Directors of the Office of the Comptroller of the Currency, who shall collectively have 1 vote on the Council; each member of the Consumer Financial Opportunity Commission, who shall collectively have 1 vote on the Council; each member of the Commission, who shall collectively have 1 vote on the Council; each member of the Corporation, who shall collectively have 1 vote on the Council; each member of the Commodity Futures Trading Commission, who shall collectively have 1 vote on the Council; each member of the Board of Directors of the Federal Housing Finance Agency, who shall collectively have 1 vote on the Council; each member of the National Credit Union Administration Board, who shall collectively have 1 vote on the Council; and ; in paragraph (2)— by striking subparagraph (A); and by redesignating subparagraphs (B), (C), (D), and
(E)as subparagraphs (A), (B), (C), and (D), respectively; and by adding at the end the following: An entity described under subparagraph
(B)through
(I)of paragraph
(1)shall determine the entity’s Council vote by using the voting process normally applicable to votes by the entity’s members. The 1 collective Council vote of an entity described under subparagraph
(A)shall be cast by the head of such agency or, in the event such head is unable to cast such vote, the next most senior member of the entity available. ; in subsection (c), by striking subparagraphs (C), (D), and
(E)and inserting subparagraphs (B), (C), and
(D); in subsection (e), by adding at the end the following: Any member of the Council may select to have one or more individuals on the member’s staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves. All meetings of the Council, whether or not open to the public, shall be open to the attendance by members of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. Any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by staff of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. ; by striking subsection
(g)(relating to the nonapplicability of FACA); by inserting after subsection
(f)the following: The Council shall be an agency for purposes of section 552b of title 5, United States Code (commonly referred to as the Government in the Sunshine Act ). At the request of the Chairman of the Committee on Financial Services of the House of Representatives or the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Senate, the Chairperson shall appear before Congress to provide a confidential briefing. ; and by redesignating subsections
(h)through
(j)as subsections
(i)through (k), respectively; in section 112— in subsection (a)(2)— in subparagraph (A), by striking direct the Office of Financial Research to ; by striking subparagraphs (B), (H), (I), and (J); by redesignating subparagraphs (C), (D), (E), (F), (G), (K), (L), (M), and
(N)as subparagraphs (B), (C), (D), (E), (F), (G), (H), (I), and (J), respectively; in subparagraph (J), as so redesignated— in clause (iii), by adding and at the end; by striking clauses
(iv)and (v); and by redesignating clause
(vi)as clause (iv); and in subsection (d)— in paragraph (1), by striking the Office of Financial Research, member agencies, and and inserting member agencies and ; in paragraph (2), by striking the Office of Financial Research, any member agency, and and inserting any member agency and ; in paragraph (3)— by striking , acting through the Office of Financial Research, each place it appears; and in subparagraph (B), by striking the Office of Financial Research or ; and in paragraph (5)(A), by striking , the Office of Financial Research, ; by amending section 118 to read as follows: There is authorized to be appropriated to the Council $4,000,000 for fiscal year 2017 and each fiscal year thereafter to carry out the duties of the Council. ; in section 163(b)(4)— by striking In addition and inserting the following: In addition ; and by adding at the end the following: Subparagraph
(A)shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 105 of the Financial CHOICE Act of 2016. ; and in section 165— by striking nonbank financial companies supervised by the Board of Governors and each place such term appears; by striking nonbank financial company supervised by the Board of Governors and each place such term appears; in subsection (a), by amending paragraph
(2)to read as follows: In prescribing more stringent prudential standards under this section, the Board of Governors may differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including the financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate. ; in subsection (b)— in paragraph (1)(B)(iv), by striking , on its own or pursuant to a recommendation made by the Council in accordance with section 115, ; in paragraph (2)— by striking foreign nonbank financial company supervised by the Board of Governors or ; by striking shall— and all that follows through give due and inserting shall give due ; in subparagraph (A), by striking ; and and inserting a period; and by striking subparagraph (B); in paragraph (3)— in subparagraph (A)— by striking clause (i); by redesignating clauses (ii), (iii), and
(iv)as clauses (i), (ii), and (iii), respectively; and in clause (iii), as so redesignated, by adding and at the end; by striking subparagraphs
(B)and (C); and by redesignating subparagraph
(D)as subparagraph (B); and in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; in subsection (c)— in paragraph (1), by striking under section 115(c) ; and in paragraph (2)— by amending subparagraph
(A)to read as follows: any recommendations of the Council; ; and in subparagraph (D), by striking nonbank financial company supervised by the Board of Governors or ; in subsection (d)— by striking a nonbank financial company supervised by the Board of Governors or each place such term appears; in paragraph (1), by striking periodically and inserting not more often than every 2 years ; in paragraph (3)— by striking The Board and inserting the following: The Board ; by striking shall review and inserting the following: shall— review ; by striking the period and inserting ; and ; and by adding at the end the following: not later than the end of the 6-month period beginning on the date the bank holding company submits the resolution plan, provide feedback to the bank holding company on such plan. The Board of Governors and the Corporation shall each publicly disclose the assessment framework that is used to review information under this paragraph and shall provide the public with a notice and comment period before finalizing such assessment framework. . in paragraph (6), by striking nonbank financial company supervised by the Board, any bank holding company, and inserting bank holding company ; in subsection (e)— in paragraph (1), by striking a nonbank financial company supervised by the Board of Governors or ; in paragraph (3), by striking the nonbank financial company supervised by the Board of Governors or each place such term appears; and in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; in subsection (g)(1), by striking and any nonbank financial company supervised by the Board of Governors ; in subsection (h)— by striking paragraph (1); by redesignating paragraphs (2), (3), and
(4)as paragraphs (1), (2), and (3), respectively; in paragraph (1), as so redesignated, by striking paragraph
(3)each place such term appears and inserting paragraph
(2); and in paragraph (2), as so redesignated— in subparagraph (A), by striking the nonbank financial company supervised by the Board of Governors or bank holding company described in subsection (a), as applicable and inserting a bank holding company described in subsection
(a); and in subparagraph (B), by striking the nonbank financial company supervised by the Board of Governors or a bank holding company described in subsection (a), as applicable and inserting a bank holding company described in subsection
(a); in subsection (i)— in paragraph (1)— in subparagraph (B)— by amending clause
(i)to read as follows: shall— issue regulations, after providing for public notice and comment, that provide for at least 3 different sets of conditions under which the evaluation required by this subsection shall be conducted, including baseline, adverse, and severely adverse, and methodologies, including models used to estimate losses on certain assets; and provide copies of such regulations to the Comptroller General of the United States and the Panel of Economic Advisors of the Congressional Budget Office before publishing such regulations; ; in clause (ii), by striking and nonbank financial companies ; and in clause (v), by inserting before the period the following: , including any results of a resubmitted test ; and by adding at the end the following: The requirements of subparagraph
(B)shall apply to all stress tests performed under the Comprehensive Capital Analysis and Review exercise established by the Board of Governors. ; and in paragraph (2)(A)— by striking a bank holding company and inserting bank holding company ; and by striking All other financial companies and inserting All other bank holding companies ; in subsection (j)— in paragraph (1), by striking or a nonbank financial company supervised by the Board of Governors ; and in paragraph (2), by striking the factors described in subsections
(a)and
(b)of section 113 and any other and inserting any ; in subsection (k)(1), by striking or nonbank financial company supervised by the Board of Governors ; and by adding at the end the following: This section shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 105 of the Financial CHOICE Act of 2016. . Section 3(b)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1842(b)(1) ) is amended— by striking Upon receiving and inserting the following: Upon receiving ; by striking Notwithstanding any other provision and inserting the following: Notwithstanding any other provision ; and by adding at the end the following: The Board may not take any action pursuant to clause
(i)on an application that would cause any company to become a bank holding company unless such application involves the company acquiring a bank that is critically undercapitalized (as such term is defined under section 38(b) of the Federal Deposit Insurance Act). . Section 14 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1852 ) is amended— by striking financial company each place such term appears and inserting banking organization ; in subsection (a)— by amending paragraph
(2)to read as follows: the term banking organization means— an insured depository institution; a bank holding company; a savings and loan holding company; a company that controls an insured depository institution; and a foreign bank or company that is treated as a bank holding company for purposes of this Act; and ; in paragraph (3)— in subparagraph (A)(ii), by adding and at the end; in subparagraph (B)(ii), by striking ; and and inserting a period; and by striking subparagraph (C); and in subsection (b), by striking financial companies and inserting banking organizations . Section 3502(5) of title 44, United States Code, is amended by striking the Office of Financial Research, . The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to subtitle B of title I and 113, 114, 115, 116, 117, 119, 120, 121, 161, 162, 164, 166, 167, 168, 170, 172, 174, and 175.
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Sec. 211
Repeal and modification of provisions of the Financial Stability Act of 2010
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