(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. (1) Any industrial bank that is or becomes controlled by a company that is subject to Federal consolidated supervision by the FRB; and
2. (2) Any industrial bank that is not or will not become a subsidiary of a company.