---
kind: "section"
citation: "12 U.S.C. § 1467b"
title: "12"
title_heading: "Banks and Banking"
number: "1467b"
heading: "Intermediate holding companies"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1467b"
units:
  - "Chapter 12 — Savings Associations"
---

# §1467b. Intermediate holding companies

- (a) **Definition—** For purposes of this section:
  - (1) **Financial activities—** The term “financial activities” means activities described in clauses (i) and (ii) of [section 1467a(c)(9)(A) of this title](/usc/12/1467a.md?p=c-9-A).
  - (2) **Grandfathered unitary savings and loan holding company—** The term “grandfathered unitary savings and loan holding company” means a company described in [section 1467a(c)(9)(C) of this title](/usc/12/1467a.md?p=c-9-C).
  - (3) **Internal financial activities—** The term “internal financial activities” includes—
    - (A) internal financial activities conducted by a grandfathered savings and loan holding company or any [affiliate](/usc/12/1462.md?p=7); and
    - (B) internal treasury, investment, and employee benefit functions.
- (b) **Requirement—**
  - (1) **In general—**
    - (A) **Activities other than financial activities—** If a grandfathered unitary savings and loan holding company conducts activities other than financial activities, the [Board](/usc/12/1462.md?p=8) may require such company to establish and conduct all or a portion of such financial activities in or through an intermediate holding company, which shall be a savings and loan holding company, established pursuant to regulations of the [Board](/usc/12/1462.md?p=8), not later than 90 days (or such longer period as the [Board](/usc/12/1462.md?p=8) may deem appropriate) after the transfer date.[^1]
    - (B) **Other activities—** Notwithstanding [subparagraph (A)](#b-1-A), the [Board](/usc/12/1462.md?p=8) shall require a grandfathered unitary savings and loan holding company to establish an intermediate holding company if the [Board](/usc/12/1462.md?p=8) makes a determination that the establishment of such intermediate holding company is necessary—
      - (i) to appropriately supervise activities that are determined to be financial activities; or
      - (ii) to ensure that supervision by the [Board](/usc/12/1462.md?p=8) does not extend to the activities of such company that are not financial activities.
  - (2) **Internal financial activities—**
    - (A) **Treatment of internal financial activities—** For purposes of this subsection, the internal financial activities of a grandfathered unitary savings and loan holding company shall not be required to be placed in an intermediate holding company.
    - (B) **Grandfathered activities—** A grandfathered unitary savings and loan holding company may continue to engage in an internal financial activity, subject to review by the [Board](/usc/12/1462.md?p=8) to determine whether engaging in such activity presents undue risk to the grandfathered unitary savings and loan holding company or to the financial stability of the United States, if—
      - (i) the grandfathered unitary savings and loan holding company engaged in the activity during the year before July 21, 2010; and
      - (ii) at least ⅔ of the assets or ⅔ of the revenues generated from the activity are from or attributable to the grandfathered unitary savings and loan holding company.
  - (3) **Source of strength—** A grandfathered unitary savings and loan holding company that directly or indirectly controls an intermediate holding company established under this section shall serve as a source of strength to its subsidiary intermediate holding company.
  - (4) **Parent company reports—** The [Board](/usc/12/1462.md?p=8), may from time to time, examine and require reports under oath from a grandfathered unitary savings and loan holding company that controls an intermediate holding company, and from the appropriate officers or [directors](/usc/12/5481.md?p=10) of such company, solely for purposes of ensuring compliance with the provisions of this section, including assessing the ability of the company to serve as a source of strength to its subsidiary intermediate holding company as required under [paragraph (3)](#b-3) and enforcing compliance with such requirement.
  - (5) **Limited parent company enforcement—**
    - (A) **In general—** In addition to any other authority of the [Board](/usc/12/1462.md?p=8), the [Board](/usc/12/1462.md?p=8) may enforce compliance with the provisions of this subsection that are applicable to any company described in [paragraph (1)(A)](#b-1-A) that controls an intermediate holding company under section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](/usc/12/1818.md)], and a company described in [paragraph (1)(A)](#b-1-A) shall be subject to such section (solely for purposes of this subparagraph) in the same manner and to the same extent as if the company described in [paragraph (1)(A)](#b-1-A) were a savings and loan holding company.
    - (B) **Application of other Act—** Any violation of this subsection by a grandfathered unitary savings and loan holding company that controls an intermediate holding company may also be treated as a violation of the Federal Deposit Insurance Act [[12 U.S.C. 1811](/usc/12/1811.md) et seq.] for purposes of [subparagraph (A)](#b-5-A).
    - (C) **No effect on other authority—** No provision of this paragraph shall be construed as limiting any authority of the [Board](/usc/12/1462.md?p=8) or any other Federal agency under any other provision of law.
- (c) **Regulations—** The [Board](/usc/12/1462.md?p=8)—
  - (1) shall promulgate regulations to establish the criteria for determining whether to require a grandfathered unitary savings and loan holding company to establish an intermediate holding company under [subsection (b)](#b); and
  - (2) may promulgate regulations to establish any restrictions or limitations on transactions between an intermediate holding company or a parent of such company and its [affiliates](/usc/12/1462.md?p=7), as necessary to prevent unsafe and unsound practices in connection with transactions between the intermediate holding company, or any subsidiary thereof, and its parent company or [affiliates](/usc/12/1462.md?p=7) that are not subsidiaries of the intermediate holding company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisition or lease by an unaffiliated [person](/usc/12/5481.md?p=19) of assets, goods, or services.
- (d) **Rules of construction—**
  - (1) **Activities—** Nothing in this section shall be construed to require a grandfathered unitary savings and loan holding company to conform its activities to permissible activities.
  - (2) **Permissible corporate reorganization—** The formation of an intermediate holding company as required in [subsection (b)](#b) shall be presumed to be a permissible corporate reorganization as described in [section 1467a(c)(9)(D) of this title](/usc/12/1467a.md?p=c-9-D).

## Footnotes

[^1]: See References in Text note below.

## Source credit

(June 13, 1933, ch. 64, § 10A, as added Pub. L. 111–203, title VI, § 626, July 21, 2010, 124 Stat. 1638.)

## Notes

### Editorial Notes

### References in Text

The transfer date, referred to in subsec. (b)(1)(A), probably means the transfer date defined in section 5301 of this title.

The Federal Deposit Insurance Act, referred to in subsec. (b)(5)(B), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.