12 CFR § 354.1 - Scope.

---
identifier: "/us/cfr/t12/s354.1"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 354.1 - Scope."
title_number: 12
title_name: "Banks and Banking"
section_number: "354.1"
section_name: "Scope."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "354"
part_name: "INDUSTRIAL BANKS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1811, 1815, 1816, 1817, 1818, 1819(a) (Seventh) and (Tenth), 1820(g), 1831-1, 3108, 3207."
regulatory_source: "86 FR 10727, Feb. 23, 2021, unless otherwise noted."
cfr_part: "354"
---


# 354.1 Scope.

(a) 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.

(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.