; (5) that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and (6) as the Comptroller determines necessary in the interests of safety and soundness. (g) Grandfathered covered savings associations Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $15,000,000,000. . 207. Small bank holding company policy statement (a) Definitions In this section: (1) Board The term Board means the Board of Governors of the Federal Reserve System. (2) Savings and loan holding company The term savings and loan holding company has the meaning given the term in section 10(a) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(a) ). (b) Changes required to small bank holding company policy statement on assessment of financial and managerial factors Not later than 180 days after the date of enactment of this Act, the Board shall revise appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement ), to raise the consolidated asset threshold under that appendix from $1,000,000,000 to $3,000,000,000 for any bank holding company or savings and loan holding company that— (1) is not engaged in significant nonbanking activities either directly or through a nonbank subsidiary; (2) does not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary