§354.1. Scope.
12 C.F.R. § 354.1
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.
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:
Any industrial bank that is or becomes controlled by a company that is subject to Federal consolidated supervision by the FRB; and
Any industrial bank that is not or will not become a subsidiary of a company.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1811, 1815, 1816, 1817, 1818, 1819(a) (Seventh) and (Tenth), 1820(g), 1831 o -1, 3108, 3207.
Source
Source: 86 FR 10727, Feb. 23, 2021, unless otherwise noted.