12 U.S.C. § 5371 — Leverage and risk-based capital require-

Page 1865 TITLE 12—BANKS AND BANKING § 5371 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1811 of this title and Tables. § 5368. Regulations The Board of Governors shall have authority to issue regulations to implement parts A and C and the amendments made thereunder. Except as otherwise specified in part A or C, not later than 18 months after the effective date of this Act, the Board of Governors shall issue final regulations to implement parts A and C, and the amendments made thereunder. (Pub. L. 111–203, title I, § 168, July 21, 2010, 124 Stat. 1434.) Editorial Notes REFERENCES IN TEXT Part C, referred to in text, was in the original ‘‘sub- title C’’, meaning subtitle C (§§ 161–176) of title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1420, which is classi- fied principally to this part. For complete classifica- tion of subtitle C to the Code, see Tables. The effective date of this Act, referred to in text, is 1 day after July 21, 2010, except as otherwise specifi- cally provided in Pub. L. 111–203, see section 4 of Pub. L. 111–203, set out as an Effective Date note under sec- tion 5301 of this title. § 5369. Avoiding duplication The Board of Governors shall take any action that the Board of Governors deems appropriate to avoid imposing requirements under this part that are duplicative of requirements applicable to bank holding companies and nonbank finan- cial companies under other provisions of law. (Pub. L. 111–203, title I, § 169, July 21, 2010, 124 Stat. 1434.) Editorial Notes REFERENCES IN TEXT This part, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle C (§§ 161–176) of title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1420, which is classified principally to this part. For complete classi- fication of subtitle C to the Code, see Tables. § 5370. Safe harbor (a) Regulations The Board of Governors shall promulgate reg- ulations on behalf of, and in consultation with, the Council setting forth the criteria for ex- empting certain types or classes of U.S. nonbank financial companies or foreign nonbank financial companies from supervision by the Board of Governors. (b) Considerations In developing the criteria under subsection (a), the Board of Governors shall take into account the factors for consideration described in sub- sections (a) and (b) of section 5323 of this title in determining whether a U.S. nonbank financial company or foreign nonbank financial company shall be supervised by the Board of Governors. (c) Rule of construction Nothing in this section shall be construed to require supervision by the Board of Governors of a U.S. nonbank financial company or foreign nonbank financial company, if such company does not meet the criteria for exemption estab- lished under subsection (a). (d) Revisions (1) In general The Board of Governors shall, in consulta- tion with the Council, review the regulations promulgated under subsection (a), not less fre- quently than every 5 years, and based upon the review, the Board of Governors may revise such regulations on behalf of, and in consulta- tion with, the Council to update as necessary the criteria set forth in such regulations. (2) Transition period No revisions under paragraph (1) shall take effect before the end of the 2-year period after the date of publication of such revisions in final form. (e) Report The Chairman of the Board of Governors and the Chairperson of the Council shall submit a joint report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives not later than 30 days after the date of the issuance in final form of regulations under subsection (a), or any subse- quent revision to such regulations under sub- section (d), as applicable. Such report shall in- clude, at a minimum, the rationale for exemp- tion and empirical evidence to support the cri- teria for exemption. (Pub. L. 111–203, title I, § 170, July 21, 2010, 124 Stat. 1435.) § 5371. Leverage and risk-based capital require- ments (a) Definitions For purposes of this section, the following definitions shall apply: (1) Generally applicable leverage capital re- quirements The term ‘‘generally applicable leverage capital requirements’’ means— (A) the minimum ratios of tier 1 capital to average total assets, as established by the appropriate Federal banking agencies to apply to insured depository institutions under the prompt corrective action regula- tions implementing section 1831o of this title, regardless of total consolidated asset size or foreign financial exposure; and (B) includes the regulatory capital compo- nents in the numerator of that capital re- quirement, average total assets in the de- nominator of that capital requirement, and the required ratio of the numerator to the denominator. (2) Generally applicable risk-based capital re- quirements The term ‘‘generally applicable risk-based capital requirements’’ means— (A) the risk-based capital requirements, as established by the appropriate Federal bank- ing agencies to apply to insured depository Page 1866 TITLE 12—BANKS AND BANKING § 5371 institutions under the prompt corrective ac- tion regulations implementing section 1831o of this title, regardless of total consolidated asset size or foreign financial exposure; and (B) includes the regulatory capital compo- nents in the numerator of those capital re- quirements, the risk-weighted assets in the denominator of those capital requirements, and the required ratio of the numerator to the denominator. (3) Definition of depository institution holding company The term ‘‘depository institution holding company’’ means a bank holding company or a savings and loan holding company (as those terms are defined in section 1813 of this title) that is organized in the United States, includ- ing any bank or savings and loan holding com- pany that is owned or controlled by a foreign organization, but does not include the foreign organization. (4) Business of insurance The term ‘‘business of insurance’’ has the same meaning as in section 5481(3) of this title. (5) Person regulated by a State insurance regu- lator The term ‘‘person regulated by a State in- surance regulator’’ has the same meaning as in section 5481(22) of this title. (6) Regulated foreign subsidiary and regulated foreign affiliate The terms ‘‘regulated foreign subsidiary’’ and ‘‘regulated foreign affiliate’’ mean a per- son engaged in the business of insurance in a foreign country that is regulated by a foreign insurance regulatory authority that is a mem- ber of the International Association of Insur- ance Supervisors or other comparable foreign insurance regulatory authority as determined by the Board of Governors following consulta- tion with the State insurance regulators, in- cluding the lead State insurance commissioner (or similar State official) of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Associa- tion of Insurance Commissioners, where the person, or its principal United States insur- ance affiliate, has its principal place of busi- ness or is domiciled, but only to the extent that— (A) such person acts in its capacity as a regulated insurance entity; and (B) the Board of Governors does not deter- mine that the capital requirements in a spe- cific foreign jurisdiction are inadequate. (7) Capacity as a regulated insurance entity The term ‘‘capacity as a regulated insurance entity’’— (A) includes any action or activity under- taken by a person regulated by a State in- surance regulator or a regulated foreign sub- sidiary or regulated foreign affiliate of such person, as those actions relate to the provi- sion of insurance, or other activities nec- essary to engage in the business of insur- ance; and (B) does not include any action or activity, including any financial activity, that is not regulated by a State insurance regulator or a foreign agency or authority and subject to State insurance capital requirements or, in the case of a regulated foreign subsidiary or regulated foreign affiliate, capital require- ments imposed by a foreign insurance regu- latory authority. (b) Minimum capital requirements (1) Minimum leverage capital requirements The appropriate Federal banking agencies shall establish minimum leverage capital re- quirements on a consolidated basis for insured depository institutions, depository institution holding companies, and nonbank financial companies supervised by the Board of Gov- ernors. The minimum leverage capital require- ments established under this paragraph shall not be less than the generally applicable lever- age capital requirements, which shall serve as a floor for any capital requirements that the agency may require, nor quantitatively lower than the generally applicable leverage capital requirements that were in effect for insured depository institutions as of July 21, 2010. (2) Minimum risk-based capital requirements The appropriate Federal banking agencies shall establish minimum risk-based capital re- quirements on a consolidated basis for insured depository institutions, depository institution holding companies, and nonbank financial companies supervised by the Board of Gov- ernors. The minimum risk-based capital re- quirements established under this paragraph shall not be less than the generally applicable risk-based capital requirements, which shall serve as a floor for any capital requirements that the agency may require, nor quan- titatively lower than the generally applicable risk-based capital requirements that were in effect for insured depository institutions as of July 21, 2010. (3) Investments in financial subsidiaries For purposes of this section, investments in financial subsidiaries that insured depository institutions are required to deduct from regu- latory capital under section 24a of this title or section 1831w(a)(2) of this title need not be de- ducted from regulatory capital by depository institution holding companies or nonbank fi- nancial companies supervised by the Board of Governors, unless such capital deduction is re- quired by the Board of Governors or the pri- mary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Governors. (4) Effective dates and phase-in periods (A) Debt or equity instruments on or after May 19, 2010 For debt or equity instruments issued on or after May 19, 2010, by depository institu- tion holding companies or by nonbank finan- cial companies supervised by the Board of Governors, this section shall be deemed to have become effective as of May 19, 2010. Page 1867 TITLE 12—BANKS AND BANKING § 5371 1 So in original. Probably should be followed by a period. (B) Debt or equity instruments issued before May 19, 2010 For debt or equity instruments issued be- fore May 19, 2010, by depository institution holding companies or by nonbank financial companies supervised by the Board of Gov- ernors, any regulatory capital deductions re- quired under this section shall be phased in incrementally over a period of 3 years, with the phase-in period to begin on January 1, 2013, except as set forth in subparagraph (C). (C) Debt or equity instruments of smaller in- stitutions For debt or equity instruments issued be- fore May 19, 2010, by depository institution holding companies with total consolidated assets of less than $15,000,000,000 as of De- cember 31, 2009, or March 31, 2010, and by or- ganizations that were mutual holding com- panies on May 19, 2010, the capital deduc- tions that would be required for other insti- tutions under this section are not required as a result of this section. (D) Depository institution holding companies not previously supervised by the Board of Governors For any depository institution holding company that was not supervised by the Board of Governors as of May 19, 2010, the re- quirements of this section, except as set forth in subparagraphs (A) and (B), shall be effective 5 years after July 21, 2010 1 (E) Certain bank holding company subsidi- aries of foreign banking organizations For bank holding company subsidiaries of foreign banking organizations that have re- lied on Supervision and Regulation Letter SR-01-1 issued by the Board of Governors (as in effect on May 19, 2010), the requirements of this section, except as set forth in sub- paragraph (A), shall be effective 5 years after July 21, 2010. (5) Exceptions This section shall not apply to— (A) debt or equity instruments issued to the United States or any agency or instru- mentality thereof pursuant to the Emer- gency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.], and prior to October 4, 2010; (B) any Federal home loan bank; or (C) any bank holding company or savings and loan holding company that is subject to the application of appendix C to part 225 of title 12, Code of Federal Regulations (com- monly known as the ‘‘Small Bank Holding Company and Savings and Loan Holding Company Policy Statement’’). (6) Study and report on small institution ac- cess to capital (A) Study required The Comptroller General of the United States, after consultation with the Federal banking agencies, shall conduct a study of access to capital by smaller insured deposi- tory institutions. (B) Scope For purposes of this study required by sub- paragraph (A), the term ‘‘smaller insured de- pository institution’’ means an insured de- pository institution with total consolidated assets of $5,000,000,000 or less. (C) Report to Congress Not later than 18 months after July 21, 2010, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report summarizing the results of the study conducted under subparagraph (A), together with any recommendations for legislative or regulatory action that would enhance the access to capital of smaller insured deposi- tory institutions, in a manner that is con- sistent with safe and sound banking oper- ations. (7) Capital requirements to address activities that pose risks to the financial system (A) In general Subject to the recommendations of the Council, in accordance with section 5330 of this title, the Federal banking agencies shall develop capital requirements applicable to insured depository institutions, depository institution holding companies, and nonbank financial companies supervised by the Board of Governors that address the risks that the activities of such institutions pose, not only to the institution engaging in the activity, but to other public and private stakeholders in the event of adverse performance, disrup- tion, or failure of the institution or the ac- tivity. (B) Content Such rules shall address, at a minimum, the risks arising from— (i) significant volumes of activity in de- rivatives, securitized products purchased and sold, financial guarantees purchased and sold, securities borrowing and lending, and repurchase agreements and reverse re- purchase agreements; (ii) concentrations in assets for which the values presented in financial reports are based on models rather than historical cost or prices deriving from deep and liq- uid 2-way markets; and (iii) concentrations in market share for any activity that would substantially dis- rupt financial markets if the institution is forced to unexpectedly cease the activity. (c) Clarification (1) In general In establishing the minimum leverage cap- ital requirements and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors as required under para- graphs (1) and (2) of subsection (b), the appro- priate Federal banking agencies shall not be required to include, for any purpose of this Page 1868 TITLE 12—BANKS AND BANKING § 5371 section (including in any determination of consolidation), a person regulated by a State insurance regulator or a regulated foreign sub- sidiary or a regulated foreign affiliate of such person engaged in the business of insurance, to the extent that such person acts in its capac- ity as a regulated insurance entity. (2) Rule of construction on Board’s authority This subsection shall not be construed to prohibit, modify, limit, or otherwise supersede any other provision of Federal law that pro- vides the Board of Governors authority to issue regulations and orders relating to cap- ital requirements for depository institution holding companies or nonbank financial com- panies supervised by the Board of Governors. (3) Rule of construction on accounting prin- ciples (A) In general A depository institution holding company or nonbank financial company supervised by the Board of Governors of the Federal Re- serve that is also a person regulated by a State insurance regulator that is engaged in the business of insurance that files financial statements with a State insurance regulator or the National Association of Insurance Commissioners utilizing only Statutory Ac- counting Principles in accordance with State law, shall not be required by the Board under the authority of this section or the authority of the Home Owners’ Loan Act [12 U.S.C. 1461 et seq.] to prepare such financial statements in accordance with Generally Accepted Accounting Principles. (B) Preservation of authority Nothing in subparagraph (A) shall limit the authority of the Board under any other applicable provision of law to conduct any regulatory or supervisory activity of a de- pository institution holding company or non-bank financial company supervised by the Board of Governors, including the collec- tion or reporting of any information on an entity or group-wide basis. Nothing in this paragraph shall excuse the Board from its obligations to comply with section 5361(a) of this title and section 10(b)(2) of the Home Owners’ Loan Act (12 U.S.C. 1467a(b)(2)), as appropriate. (Pub. L. 111–203, title I, § 171, July 21, 2010, 124 Stat. 1435; Pub. L. 113–250, § 2(a), Dec. 18, 2014, 128 Stat. 2886; Pub. L. 113–279, § 2, Dec. 18, 2014, 128 Stat. 3017; Pub. L. 114–94, div. G, title LXXXVII, § 87001, Dec. 4, 2015, 129 Stat. 1798; Pub. L. 115–174, title II, § 207(d), May 24, 2018, 132 Stat. 1312.) Editorial Notes REFERENCES IN TEXT The Emergency Economic Stabilization Act of 2008, referred to in subsec. (b)(5)(A), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to chapter 52 (§ 5201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. The Home Owners’ Loan Act, referred to in subsec. (c)(3)(A), is act June 13, 1933, ch. 64, 48 Stat. 128, which is classified generally to chapter 12 (§ 1461 et seq.) of this title. For complete classification of this Act to the Code, see Tables. AMENDMENTS 2018—Subsec. (b)(5)(C). Pub. L. 115–174 added subpar. (C) and struck out former subpar. (C) which read as fol- lows: ‘‘any bank holding company or savings and loan holding company having less than $1,000,000,000 in total consolidated assets that complies with the require- ments of the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors of the Board of Governors (12 CFR part 225 ap- pendix C), as the requirements of such Policy State- ment are amended pursuant to section 1 of an Act enti- tled ‘To enhance the ability of community financial in- stitutions to foster economic growth and serve their communities, boost small businesses, increase indi- vidual savings, and for other purposes’.’’ 2015—Subsec. (b)(4)(C). Pub. L. 114–94 inserted ‘‘or March 31, 2010,’’ after ‘‘December 31, 2009,’’. 2014—Subsec. (a)(4) to (7). Pub. L. 113–279, § 2(1), added pars. (4) to (7). Subsec. (b)(5)(C). Pub. L. 113–250 amended subpar. (C) generally. Prior to amendment, subpar. (C) read as fol- lows: ‘‘any small bank holding company that is subject to the Small Bank Holding Company Policy Statement of the Board of Governors, as in effect on May 19, 2010.’’ Subsec. (c). Pub. L. 113–279, § 2(2), added subsec. (c). Statutory Notes and Related Subsidiaries CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS Pub. L. 115–174, title II, § 201, May 24, 2018, 132 Stat. 1306, provided that: ‘‘(a) DEFINITIONS.—In this section: ‘‘(1) COMMUNITY BANK LEVERAGE RATIO.—The term ‘Community Bank Leverage Ratio’ means the ratio of the tangible equity capital of a qualifying commu- nity bank, as reported on the qualifying community bank’s applicable regulatory filing with the quali- fying community bank’s appropriate Federal banking agency, to the average total consolidated assets of the qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appro- priate Federal banking agency. ‘‘(2) GENERALLY APPLICABLE LEVERAGE CAPITAL RE- QUIREMENTS; GENERALLY APPLICABLE RISK-BASED CAP- ITAL REQUIREMENTS.—The terms ‘generally applicable leverage capital requirements’ and ‘generally applica- ble risk-based capital requirements’ have the mean- ings given those terms in section 171(a) of the Finan- cial Stability Act of 2010 (12 U.S.C. 5371(a)). ‘‘(3) QUALIFYING COMMUNITY BANK.— ‘‘(A) ASSET THRESHOLD.—The term ‘qualifying community bank’ means a depository institution or depository institution holding company with total consolidated assets of less than $10,000,000,000. ‘‘(B) RISK PROFILE.—The appropriate Federal banking agencies may determine that a depository institution or depository institution holding com- pany (or a class of depository institutions or depos- itory institution holding companies) described in subparagraph (A) is not a qualifying community bank based on the depository institution’s or depos- itory institution holding company’s risk profile, which shall be based on consideration of— ‘‘(i) off-balance sheet exposures; ‘‘(ii) trading assets and liabilities; ‘‘(iii) total notional derivatives exposures; and ‘‘(iv) such other factors as the appropriate Fed- eral banking agencies determine appropriate. ‘‘(b) COMMUNITY BANK LEVERAGE RATIO.—The appro- priate Federal banking agencies shall, through notice and comment rule making under section 553 of title 5, United States Code— ‘‘(1) develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks; and Page 1869 TITLE 12—BANKS AND BANKING § 5372 ‘‘(2) establish procedures for treatment of a quali- fying community bank that has a Community Bank Leverage Ratio that falls below the percentage devel- oped under paragraph (1) after exceeding the percent- age developed under paragraph (1). ‘‘(c) CAPITAL COMPLIANCE.— ‘‘(1) IN GENERAL.—Any qualifying community bank that exceeds the Community Bank Leverage Ratio developed under subsection (b)(1) shall be considered to have met— ‘‘(A) the generally applicable leverage capital re- quirements and the generally applicable risk-based capital requirements; ‘‘(B) in the case of a qualifying community bank that is a depository institution, the capital ratio requirements that are required in order to be con- sidered well capitalized under section 38 of the Fed- eral Deposit Insurance Act (12 U.S.C. 1831o) and any regulation implementing that section; and ‘‘(C) any other capital or leverage requirements to which the qualifying community bank is subject. ‘‘(2) EXISTING AUTHORITIES.—Nothing in paragraph (1) shall limit the authority of the appropriate Fed- eral banking agencies as in effect on the date of en- actment of this Act [May 24, 2018]. ‘‘(d) CONSULTATION.—The appropriate Federal bank- ing agencies shall— ‘‘(1) consult with the applicable State bank super- visors in carrying out this section; and ‘‘(2) notify the applicable State bank supervisor of any qualifying community bank that it supervises that exceeds, or does not exceed after previously ex- ceeding, the Community Bank Leverage ratio devel- oped under subsection (b)(1).’’ [For definitions of ‘‘appropriate Federal banking agency’’, ‘‘depository institution’’, and ‘‘depository in- stitution holding company’’, as used in section 201 of Pub. L. 115–174, set out above, see section 2 of Pub. L. 115–174, set out as a note under section 5365 of this title.] SMALL BANK HOLDING COMPANY POLICY STATEMENT Pub. L. 115–174, title II, § 207(a)–(c), May 24, 2018, 132 Stat. 1312, provided that: ‘‘(a) DEFINITIONS.—In this section [enacting this note and amending this section]: ‘‘(1) BOARD.—The term ‘Board’ means the Board of Governors of the Federal Reserve System. ‘‘(2) SAVINGS AND LOAN HOLDING COMPANY.—The term ‘savings and loan holding company’ has the meaning given the term in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)). ‘‘(b) CHANGES REQUIRED TO SMALL BANK HOLDING COM- PANY POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL FACTORS.—Not later than 180 days after the date of enactment of this Act [May 24, 2018], the Board shall revise appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the ‘Small Bank Holding Company and Savings and Loan Holding Company Policy Statement’), to raise the con- solidated asset threshold under that appendix from $1,000,000,000 to $3,000,000,000 for any bank holding com- pany or savings and loan holding company that— ‘‘(1) is not engaged in significant nonbanking ac- tivities either directly or through a nonbank sub- sidiary; ‘‘(2) does not conduct significant off-balance sheet activities (including securitization and asset manage- ment or administration) either directly or through a nonbank subsidiary; and ‘‘(3) does not have a material amount of debt or eq- uity securities outstanding (other than trust pre- ferred securities) that are registered with the Securi- ties and Exchange Commission. ‘‘(c) EXCLUSIONS.—The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the revision under sub- section (b) if the Board determines that such action is warranted for supervisory purposes.’’ [For definition of ‘‘bank holding company’’ as used in section 207(a)–(c) of Pub. L. 115–174, set out above, see section 2 of Pub. L. 115–174, set out as a note under sec- tion 5365 of this title.] CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL FACTORS Pub. L. 113–250, Dec. 18, 2014, 128 Stat. 2886, provided that: ‘‘SECTION 1. CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGE- RIAL FACTORS. ‘‘(a) IN GENERAL.—Before the end of the 6-month pe- riod beginning on the date of the enactment of this Act [Dec. 18, 2014], the Board of Governors of the Federal Reserve System (hereafter in this Act referred to as the ‘Board’) shall publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors (12 CFR part 225 appendix C) that provide that the policy shall apply to bank holding companies and savings and loan holding companies which have pro forma consolidated assets of less than $1,000,000,000 and that— ‘‘(1) are not engaged in significant nonbanking ac- tivities either directly or through a nonbank sub- sidiary; ‘‘(2) do not conduct significant off-balance sheet ac- tivities (including securitization and asset manage- ment or administration) either directly or through a nonbank subsidiary; and ‘‘(3) do not have a material amount of debt or eq- uity securities outstanding (other than trust pre- ferred securities) that are registered with the Securi- ties and Exchange Commission. ‘‘(b) EXCLUSIONS.—The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the policy statement under subsection (a) if the Board determines that such action is warranted for supervisory purposes. ‘‘SEC. 2. CONFORMING AMENDMENT. ‘‘(a) IN GENERAL.—[Amended this section.] ‘‘(b) TRANSITION PERIOD.—Any small bank holding company that was excepted from the provisions of sec- tion 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act [12 U.S.C. 5371] pursuant to subparagraph (C) of section 171(b)(5) (as such subpara- graph was in effect on the day before the date of enact- ment of this Act [Dec. 18, 2014]), and any small savings and loan holding company that would have been ex- cepted from the provisions of section 171 pursuant to subparagraph (C) [of section 171(b)(5)] (as such subpara- graph was in effect on the day before the date of enact- ment of this Act) if it had been a small bank holding company, shall be excepted from the provisions of sec- tion 171 until the effective date of the Small Bank Holding Company Policy Statement issued by the Board as required by section 1 of this Act. ‘‘SEC. 3. DEFINITIONS. ‘‘For the purposes of this Act: ‘‘(a) BANK HOLDING COMPANY.—The term ‘bank hold- ing company’ has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841). ‘‘(b) SAVINGS AND LOAN HOLDING COMPANY.—The term ‘savings and loan holding company’ has the same mean- ing as in section 10(a) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)).’’ § 5372. Rule of construction Nothing in this Act shall be construed to limit or curtail the Corporation’s current authority to examine or bring enforcement actions with re- spect to any insured depository institution or institution-affiliated party. (Pub. L. 111–203, title I, § 172(c), July 21, 2010, 124 Stat. 1439.)