Sec. 928. Exemptive authority
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Section 10 of the Federal Deposit Insurance Act ( 12 U.S.C. 1820 ) is amended by adding at the end the following: Notwithstanding any other provision of law, the Corporation, after considering the factors in paragraph (3), may exempt by rule any depository institution having less than $10,000,000,000 in total assets from— any provision of this Act; any rule promulgated under this Act; or any rule promulgated under any other Act conferring authority to the Corporation. The Corporation may impose conditions on an exemption granted under paragraph (1).
In issuing an exemption under paragraph (1), the Corporation shall consider, as appropriate, the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the depository institution; the provision or rule is unnecessary or unwarranted in order to promote the safety and soundness of the depository institution; and the exemption is necessary, appropriate, or consistent with the public interest. The asset threshold identified in paragraph
(1)shall be adjusted annually by the Corporation 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 5239A of the Revised Statutes is amended— by striking Except and inserting the following: Except .; and by adding at the end the following: In this subsection, the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). Notwithstanding any other provision of law, the Comptroller of the Currency, after considering the factors in paragraph (4), may exempt by rule any national bank having less than $10,000,000,000 in total assets from— any provision of this title; any rule promulgated under this title; or any rule promulgated under any other title or Act that confers authority to the Comptroller. The Comptroller may impose conditions on an exemption granted under paragraph (2). In issuing an exemption under paragraph (2), the Comptroller shall consider, as appropriate, the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the national bank; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the national bank; and the exemption is necessary, appropriate, or consistent with the public interest. The asset threshold identified in paragraph
(2)shall be adjusted annually by the Comptroller 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 4(a) of the Home Owners’ Loan Act ( 12 U.S.C. 1463 ) is amended by adding at the end the following: In this paragraph, the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). Notwithstanding any other provision of law, the Comptroller of the Currency, after considering the factors in subparagraph (D), may exempt by rule any savings association having less than $10,000,000,000 in total assets from— any provision of this title; any rule promulgated under this title; or any rule promulgated under any other title or act conferring authority on the Comptroller. The Comptroller may impose conditions on an exemption granted under subparagraph (B). In issuing an exemption under subparagraph (B), the Comptroller shall consider, as appropriate, the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the savings association; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the savings association; and the exemption is necessary, appropriate, or consistent with the public interest. The asset threshold identified in subparagraph
(B)shall be adjusted annually by the Comptroller 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 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended by adding at the end the following: In this section, the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). Notwithstanding any other provision of law, the Board, after considering the factors in paragraph (4), may exempt by rule any state member bank having less than $10,000,000,000 in total assets from— any provision of this Act; any rule promulgated under this Act; or any rule promulgated under any other act conferring authority on the Board. The Board may impose conditions on an exemption granted under paragraph (2). In issuing an exemption under paragraph (2), the Board shall consider, as appropriate, the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the state member bank; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the state member bank; and the exemption is necessary, appropriate, or consistent with the public interest. The asset threshold identified in paragraph
(2)shall be 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. . The Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 et seq. ) is amended by adding at the end the following: In this section, the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). Notwithstanding any other provision of law, the Board, after considering the factors in subsection (d), may exempt by rule any bank holding company having less than $10,000,000,000 in total assets from— any provision of this Act; any rule promulgated under this Act; or any rule promulgated under any other act conferring authority on the Board. The Board may impose conditions on an exemption granted under subsection (b). In issuing an exemption under subsection (b), the Board shall consider, as appropriate, the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the bank holding company; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the bank holding company; and the exemption is necessary, appropriate, or consistent with the public interest. The asset threshold identified in subsection
(b)shall be 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 10 of the Home Owners’ Loan Act ( 12 U.S.C. 1467a ) is amended by adding at the end the following: In this subsection— the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); and the term mutual holding company has the meaning given the term in subsection (o)(10)(A). Notwithstanding any other provision of law, the Board, after considering the factors in paragraph (4), may exempt by rule any savings and loan holding company or any mutual holding company having less than $10,000,000,000 in total assets from— any provision of this Act; any rule promulgated under this Act; or any rule promulgated under any other Act conferring authority on the Board. The Board may impose conditions on an exemption granted under paragraph (2). In issuing an exemption under paragraph (2), the Board shall consider the extent to which— the provision or rule would impose an unnecessary or undue burden or cost on the savings and loan holding company or the mutual holding company; the provision or rule is unnecessary or unwarranted to promote the safety and soundness of the savings and loan holding company or the mutual holding company; and the exemption is necessary, appropriate, or consistent with the public interest. The authority granted under paragraph
(2)shall not apply with respect to a savings and loan holding company described in subsection (c)(9)(C). The asset threshold identified in paragraph
(2)shall be 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. .
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