124 STAT. 1599 PUBLIC LAW 111–203—JULY 21, 2010 an institution, the holding company of the institution, and any other affiliate of the institution; and (vii) evaluate the potential consequences of sub- jecting the institutions described in clause (i) to the requirements of the Bank Holding Company Act of 1956, including with respect to the availability and allocation of credit, the stability of the financial system and the economy, the safe and sound operation of each category of institution, and the impact on the types of activities in which such institutions, and the holding companies of such institutions, may engage. (B) SAVINGS ASSOCIATIONS.—With respect to institu- tions described in paragraph (1)(F), the study required under paragraph (1) shall— (i) determine the adequacy of the Federal bank regulatory framework applicable to such institutions, including any restrictions (including limitations on affiliate transactions or cross-marketing) that apply to transactions between an institution, the holding company of the institution, and any other affiliate of the institution; and (ii) evaluate the potential consequences of sub- jecting the institutions described in paragraph (1)(F) to the requirements of the Bank Holding Company Act of 1956, including with respect to the availability and allocation of credit, the stability of the financial system and the economy, the safe and sound operation of such institutions, and the impact on the types of activities in which such institutions, and the holding companies of such institutions, may engage. (3) REPORT.—Not later than 18 months after the date of enactment of this Act, the Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the study required under paragraph (1). SEC. 604. REPORTS AND EXAMINATIONS OF HOLDING COMPANIES; REGULATION OF FUNCTIONALLY REGULATED SUBSIDI- ARIES. (a) REPORTS BY BANK HOLDING COMPANIES.—Sections 5(c)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(c)(1)) is amended— (1) by striking subclause (A)(ii) and inserting the following: ‘‘(ii) compliance by the bank holding company or subsidiary with— ‘‘(I) this Act; ‘‘(II) Federal laws that the Board has specific jurisdiction to enforce against the company or sub- sidiary; and ‘‘(III) other than in the case of an insured depository institution or functionally regulated subsidiary, any other applicable provision of Fed- eral law.’’; (2) by striking subparagraph (B) and inserting the fol- lowing:
