ELIMINATION OF RECORDKEEPING AND REPORTING REQUIREMENTS FOR OFFICERS.

SEC. 2211. ELIMINATION OF RECORDKEEPING AND REPORTING REQUIREMENTS FOR OFFICERS. (a) Employee Benefit Plans.— Section 22(h)(2) of the Federal Reserve Act (12 U.S.C. 375b(2)) is amended— (1) by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), respectively, and indenting appropriately; (2) by striking “(2) Preferential Terms Prohibited.—” and inserting the following: “(2) Preferential terms prohibited.— “(A) In general.—”; and (3) by adding at the end the following new subparagraph: “(B) Exception.— Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program— “(i) that is widely available to employees of the member bank; and “(ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank.”. (b) Exception for Extensions of Credit to Executive Officers and Directors of Affiliates.— Section 22(h)(8)(B) of the Federal Reserve Act (12 U.S.C. 375b(8)(B)) is amended to read as follows: 110 STAT. 3009–411 “(B) Exception.— The Board may, by regulation, make exceptions to subparagraph (A) for any executive officer or director of a subsidiary of a company that controls the member bank if— “(i) the executive officer or director does not have authority to participate, and does not participate, in major policymaking functions of the member bank; and “(ii) the assets of such subsidiary do not exceed 10 percent of the consolidated assets of a company that controls the member bank and such subsidiary (and is not controlled by any other company).”.