U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 12Chapter 12
§ 1467b.
Intermediate holding companies
(a)
Definition
For purposes of this section:
(1)
Financial activities
(2)
Grandfathered unitary savings and loan holding company
(3)
Internal financial activities
The term “internal financial activities” includes—
(A)
internal financial activities conducted by a grandfathered savings and loan holding company or any affiliate; and
(B)
internal treasury, investment, and employee benefit functions.
(b)
Requirement
(1)
In general
(A)
Activities other than financial activities
(B)
Other activities
Notwithstanding subparagraph (A), the Board shall require a grandfathered unitary savings and loan holding company to establish an intermediate holding company if the Board makes a determination that the establishment of such intermediate holding company is necessary—
(i)
to appropriately supervise activities that are determined to be financial activities; or
(ii)
to ensure that supervision by the Board does not extend to the activities of such company that are not financial activities.
(2)
Internal financial activities
(A)
Treatment of internal financial activities
(B)
Grandfathered activities
A grandfathered unitary savings and loan holding company may continue to engage in an internal financial activity, subject to review by the Board to determine whether engaging in such activity presents undue risk to the grandfathered unitary savings and loan holding company or to the financial stability of the United States, if—
(i)
the grandfathered unitary savings and loan holding company engaged in the activity during the year before July 21, 2010; and
(ii)
at least ⅔ of the assets or ⅔ of the revenues generated from the activity are from or attributable to the grandfathered unitary savings and loan holding company.
(3)
Source of strength
(4)
Parent company reports
(5)
Limited parent company enforcement
(A)
In general
(B)
Application of other Act
(C)
No effect on other authority
(c)
Regulations
The Board—
(1)
shall promulgate regulations to establish the criteria for determining whether to require a grandfathered unitary savings and loan holding company to establish an intermediate holding company under subsection (b); and
(2)
may promulgate regulations to establish any restrictions or limitations on transactions between an intermediate holding company or a parent of such company and its affiliates, as necessary to prevent unsafe and unsound practices in connection with transactions between the intermediate holding company, or any subsidiary thereof, and its parent company or affiliates that are not subsidiaries of the intermediate holding company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisition or lease by an unaffiliated person of assets, goods, or services.
(d)
Rules of construction
(1)
Activities
(2)
Permissible corporate reorganization
(June 13, 1933, ch. 64, § 10A, as added Pub. L. 111–203, title VI, § 626, July 21, 2010, 124 Stat. 1638.)
cite as: 12 USC 1467b
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