This bill seeks to enhance federal oversight of industrial banks and their parent companies by modifying the definition of a "bank" under the Bank Holding Company Act of 1956. The legislation aims to limit the ability of new industrial banks to operate outside traditional consolidated supervision, specifically targeting those that receive deposit insurance from the Federal Deposit Insurance Corporation (FDIC). It introduces new regulatory requirements for industrial banks and their controlling entities, including stricter processes for deposit insurance applications. For industrial bank deposit insurance applications submitted on or before September 23, 2021, and still pending, the bill mandates a 90-day public comment period and a public hearing. Approval requires a two-thirds vote by the FDIC Board of Directors, and any application not approved by September 30, 2026, will be automatically denied. This introduces a more stringent review process for existing applications. The bill grants the FDIC significant new authority over parent companies of industrial banks, particularly those approved for deposit insurance after September 23, 2021, or not already subject to primary financial regulatory oversight. This expanded oversight includes the power to conduct examinations, obtain reports, and impose conditions or restrictions on these parent companies and their non-bank subsidiaries. This aims to assess financial condition, risk management, and intercompany transactions to promote the safety and soundness of the industrial bank, effectively closing perceived regulatory gaps. Additionally, the legislation generally prohibits changes in control of industrial banks, with limited exceptions for distressed institutions or those acquired by already-regulated entities subject to consolidated supervision.