Section 1 Short title
This Act may be cited as the “Critical Bank Review Act”.
Critical Bank Review Act
A BILL
To require the Secretary of the Treasury to designate sectorially critical banking institutions, to require a higher level of regulatory supervision of such institutions, and for other purposes.
Sec. 2 Designation of sectorially critical banking institutions
Designation— The Secretary of the Treasury, in consultation with the banking regulators, shall designate a banking institution as “sectorially critical” if the banking institution is systemically important to a critical sector of the economy of the United States.
Supervision of sectorially critical banking institutions— The appropriate Federal banking agency shall apply a higher level of regulatory supervision with respect to a sectorially critical banking institution, as determined appropriate by the appropriate Federal banking agency.
Definitions— In this section:
Appropriate Federal banking agency— The term “appropriate Federal banking agency”—
has the meaning given that term under section 3 of the Federal Deposit Insurance Act; and
means the National Credit Union Administration, in the case of a credit union.
Banking institution— The term “banking institution” means—
a depository institution (as defined under section 3 of the Federal Deposit Insurance Act); and
a credit union.
Credit union— The term “credit union” means a Federal credit union or a State credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act.
Federal banking agencies— The term “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.