US SB3734

Restricts new industrial banks from receiving FDIC deposit insurance by limiting the Bank Holding Company Act exemption to industrial banks approved on or before September 23, 2021

Requires pending deposit insurance applications submitted before September 23, 2021 to undergo a 90-day public comment period, public hearing, and two-thirds FDIC Board approval, with automatic denial if not approved by September 30, 2026

Grants the FDIC authority to examine parent companies of industrial banks approved after September 23, 2021, including reviewing financial condition, risk management systems, and transactions with depository subsidiaries

Requires federal banking agencies to disapprove changes in control of industrial banks, with exceptions for banks in danger of default, acquisitions of less than 25% voting shares on national exchanges, or transfers to entities already under Federal Reserve consolidated supervision

Amends the Bank Holding Company Act to give the FDIC examination and enforcement authority over parent companies of industrial loan companies that are not otherwise subject to federal financial regulation