Supervision of parent companies of industrial loan companies

The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended by inserting after section 5 (12 U.S.C. 1844) the following: 6. Supervision of parent companies of industrial loan companies (a) Definitions In this section: (1) Corporation The term Corporation means the Federal Deposit Insurance Corporation. (2) Parent company of an industrial loan company The term parent company of an industrial loan company means a company— (A) that is not directly or indirectly subject to a primary financial regulatory agency (as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301)); and (B) that has control over an entity that— (i) is an industrial loan company, industrial bank, or other similar institution; (ii) is not a bank; and (iii) is not a person regulated by a State insurance regulator, as that term is defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481). (b) Authority relating to a parent company of an industrial loan company (1) In general Subject to paragraph (2), the Corporation shall have the same authority to require a parent company of an industrial loan company (or a subsidiary of such a parent company) to make reports and submit to examinations as the Board has with respect to a bank holding company or a subsidiary of a bank holding company. (2) Conditions In carrying out the report and examination authority described in paragraph (1) and with respect to the parent company of an industrial loan company that has been approved to receive deposit insurance from the Corporation on or before September 23, 2021, the Corporation shall tailor any requirements to the size, complexity, and nature of the business of that parent company. (3) Enforcement The Corporation may, using the authorities under section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), enforce the report and examination authority under this section with respect to a parent company of an industrial loan company (or a subsidiary of such a parent company) to the same extent as the Board may enforce the report and examination authority of the Board with respect to a bank holding company or a subsidiary of a bank holding company. (c) Rule of construction Nothing in this section may be construed as a reduction of the authority of the Corporation, as in effect on the date of enactment of this section. (d) Rulemaking The Corporation may issue rules to implement this section..