---
kind: "section"
citation: "12 C.F.R. § 354.1"
title: "12"
number: "354.1"
heading: "Scope."
url: "https://uscodex.org/cfr/12/354.1"
---

# §354.1. Scope.

- (a) In addition to the applicable filing procedures of [part 303](/cfr/12/part303.md) of this chapter, this part establishes certain requirements for filings involving an industrial bank or a Covered Company.
- (b) 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:
  - (1) Any industrial bank that is or becomes controlled by a company that is subject to Federal consolidated supervision by the FRB; and
  - (2) Any industrial bank that is not or will not become a subsidiary of a company.

## Notes

### 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.