12 CFR 354.1 - Scope.

Regulations last checked for updates: Nov 22, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Part 354 [§ 354.1 - § 354.6]

§ 354.1 - Scope.

(a) In addition to the applicable filing procedures of part 303 of this chapter, this part establishes certain requirements for filings involving an industrial bank or a Covered Company.

(b) The requirements of this part do not apply to an industrial bank that is organized as a subsidiary of a company that is not subject to Federal consolidated supervision by the Federal Reserve Board (FRB) before April 1, 2021. In addition, this part does not apply to:

(1) Any industrial bank that is or becomes controlled by a company that is subject to Federal consolidated supervision by the FRB; and

(2) Any industrial bank that is not or will not become a subsidiary of a company.

authority: 12 U.S.C. 1811,1815,1816,1817,1818,1819,1820,1831

source: 86 FR 10727, Feb. 23, 2021, unless otherwise noted.

cite as: 12 CFR 354.1