Section 1 Short title
This Act may be cited as the “CLEAR Plus Act of 2015”.
CLEAR Plus Act of 2015
A BILL
To provide regulatory relief for certain financial institutions, and for other purposes.
Sec. 2 Shareholder threshold treatment of savings and loan holding companies
Amendments to section 12 of the Securities Exchange Act of 1934— Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)) is amended—
in paragraph (1)(B), by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841)” and inserting “, a bank holding company, or a savings and loan holding company”; and
in paragraph (4), by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841)” and inserting “, a bank holding company, or a savings and loan holding company”.
Amendments to section 15 of the Securities Exchange Act of 1934— Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)) is amended, in the third sentence, by striking “or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1,200 persons persons” and inserting “, a bank holding company, or a savings and loan holding company of less than 1,200 persons”.
by redesignating the second paragraph (80) (relating to funding portals) as paragraph (81); and
by adding at the end the following:
“(82) Bank holding company—The term “bank holding company” has the meaning given such term under section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
“(83) Savings and loan holding company—The term “savings and loan holding company” has the meaning given such term under section 10(a) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)).”
Sec. 3 Short form call reporting
Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by adding at the end the following:
“(12) Short form reporting
“(A) In general—The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3).
“(B) Covered depository institution defined—For purposes of this paragraph, the term “covered depository institution” means an insured depository institution that—
“(i) has a CAMELS composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) as of the most recent examination of such institution; and
“(ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.”