Sec. 916. Clarifying the applicability of section 13(h)(1) of the Bank Holding Company Act of 1956
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Section 13(h)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(h)(1) ) is amended— in subparagraph (D), by redesignating clauses
(i)and
(ii)as subclauses
(I)and (II), respectively, and adjusting the margins accordingly; by redesignating subparagraphs (A), (B), (C), and
(D)as clauses (i), (ii), (iii), and (iv), respectively, and adjusting the margins accordingly; by striking institution that functions solely in a trust or fiduciary capacity, if— and inserting the following: “institution— that functions solely in a trust or fiduciary capacity, if— ; and by striking the period at the end and inserting the following: “; or with total consolidated assets of $10,000,000,000 or less if such institution is not controlled by a company with total consolidated assets of more than $10,000,000,000 (as such amounts are adjusted annually by the Board to reflect the percentage change for the previous calendar year in the gross domestic product of the United States, as calculated by the Bureau of Economic Analysis of the Department of Commerce). . Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended by adding at the end the following: Notwithstanding subsection (h)(1)(B), the appropriate Federal banking agency for an insured depository institution with total consolidated assets of $10,000,000,000 or less may apply the prohibitions and restrictions of this section to the activities of the insured depository institution that, but for subsection (h)(1)(B), would be subject to the prohibitions and restrictions of this section if the appropriate Federal banking agency determines that those activities— are inconsistent with traditional banking activities; or due to their nature or volume, pose a risk to the safety and soundness of the insured depository institution. Each of the appropriate Federal banking agencies shall establish a procedure for providing notice to an insured depository institution of a determination under paragraph
(1)and an opportunity for response. .
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Sec. 916
Clarifying the applicability of section 13(h)(1) of the Bank Holding Company Act of 1956
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