[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2856 Enrolled Bill (ENR)]
S.2856
One Hundred Ninth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday,
the third day of January, two thousand and six
An Act
To provide regulatory relief and improve productivity for insured
depository institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

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(a) Short Title.--This Act may be cited as the ``Financial Services
Regulatory Relief Act of 2006''.
(b) Table of Contents.--The table of contents for this Act is as
follows:

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TITLE I

-BROKER RELIEF

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TITLE II

-MONETARY POLICY PROVISIONS

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TITLE III

-NATIONAL BANK PROVISIONS

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Act of 1934 and the Investment Advisers Act of 1940.

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TITLE IV

-SAVINGS ASSOCIATION PROVISIONS

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TITLE V

-CREDIT UNION PROVISIONS

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circumstances for purposes of prompt corrective action.

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TITLE VI

-DEPOSITORY INSTITUTION PROVISIONS

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conversion for Federal savings associations.

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exception under the Depository Institution Management
Interlocks Act.

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TITLE VII

-BANKING AGENCY PROVISIONS

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concerning the imputation of control of shares of a company by
trustees.

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prohibition authority of Federal banking agencies in cases of
certain crimes by institution-affiliated parties.

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banking regulators from foreign banking supervisors.

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operating under the Code of Law for the District of Columbia.

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TITLE X

-STUDIES AND REPORTS

THE SECURITIES EXCHANGE ACT OF 1934.
(a) Final Rules Required.--
(1) Amendment to securities exchange act.--Section 3(a)(4) of
the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(4)) is
amended by adding at the end the following:
``(F) Joint rulemaking required.--The Commission and the
Board of Governors of the Federal Reserve System shall jointly
adopt a single set of rules or regulations to implement the
exceptions in subparagraph (B).''.
(2) Timing.--Not later than 180 days after the date of the
enactment of this Act, the Securities and Exchange Commission (in
this section referred to as the ``Commission'') and the Board of
Governors of the Federal Reserve System (hereafter in this section
referred to as the ``Board'') shall jointly issue a proposed single
set of rules or regulations to define the term ``broker'' in
accordance with section 3(a)(4) of the Securities Exchange Act of
1934, as amended by this subsection.
(3) Rulemaking supersedes previous rulemaking.--A final single
set of rules or regulations jointly adopted in accordance with this
section shall supersede any other proposed or final rule issued by
the Commission on or after the date of enactment of section 201 of
the Gramm-Leach-Bliley Act with regard to the exceptions to the
definition of a broker under section 3(a)(4)(B) of the Securities
Exchange Act of 1934. No such other rule, whether or not issued in
final form, shall have any force or effect on or after that date of
enactment.
(b) Consultation.--Prior to jointly adopting the single set of
final rules or regulations required by this section, the Commission and
the Board shall consult with and seek the concurrence of the Federal
banking agencies concerning the content of such rulemaking in
implementing section 3(a)(4)(B) of the Securities Exchange Act of 1934,
as amended by this section and section 201 of the Gramm-Leach-Bliley
Act.
(c) Definition.--For purposes of this section, the term ``Federal
banking agencies'' means the Office of the Comptroller of the Currency,
the Office of Thrift Supervision, and the Federal Deposit Insurance
Corporation.

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RESERVES.
(a) In General.--Section 19(b) of the Federal Reserve Act (12
U.S.C. 461(b)) is amended by adding at the end the following:
``(12) Earnings on balances.--
``(A) In general.--Balances maintained at a Federal Reserve
bank by or on behalf of a depository institution may receive
earnings to be paid by the Federal Reserve bank at least once
each calendar quarter, at a rate or rates not to exceed the
general level of short-term interest rates.
``(B) Regulations relating to payments and distributions.--
The Board may prescribe regulations concerning--
``(i) the payment of earnings in accordance with this
paragraph;
``(ii) the distribution of such earnings to the
depository institutions which maintain balances at such
banks, or on whose behalf such balances are maintained; and
``(iii) the responsibilities of depository
institutions, Federal Home Loan Banks, and the National
Credit Union Administration Central Liquidity Facility with
respect to the crediting and distribution of earnings
attributable to balances maintained, in accordance with
subsection (c)(1)(A), in a Federal Reserve bank by any such
entity on behalf of depository institutions.
``(C) Depository institutions defined.--For purposes of
this paragraph, the term `depository institution', in addition
to the institutions described in paragraph (1)(A), includes any
trust company, corporation organized under section 25A or
having an agreement with the Board under section 25, or any
branch or agency of a foreign bank (as defined in section 1(b)
of the International Banking Act of 1978).''.
(b) Conforming Amendment.--Section 19 of the Federal Reserve Act
(12 U.S.C. 461) is amended--
(1) in subsection (b)(4)--
(A) by striking subparagraph (C); and
(B) by redesignating subparagraphs (D) and (E) as
subparagraphs (C) and (D), respectively; and
(2) in subsection (c)(1)(A), by striking ``subsection
(b)(4)(C)'' and inserting ``subsection (b)''.

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ESTABLISH RESERVE REQUIREMENTS.
Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C.
461(b)(2)(A)) is amended--
(1) in clause (i), by striking ``the ratio of 3 per centum''
and inserting ``a ratio of not greater than 3 percent (and which
may be zero)''; and
(2) in clause (ii), by striking ``and not less than 8 per
centum,'' and inserting ``(and which may be zero),''.

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The amendments made by this title shall take effect October 1,
2011.

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Section 5144 of the Revised Statutes of the United States (12
U.S.C. 61) is amended--
(1) by striking ``or to cumulate'' and inserting ``or, if so
provided by the articles of association of the national bank, to
cumulate''; and
(2) by striking the comma after ``his shares shall equal''.

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(a) In General.--Section 5199 of the Revised Statutes of the United
States (12 U.S.C. 60) is amended to read as follows:
``SEC. 5199. NATIONAL BANK DIVIDENDS.
``(a) In General.--Subject to subsection (b), the directors of any
national bank may declare a dividend of so much of the undivided
profits of the bank as the directors judge to be expedient.
``(b) Approval Required Under Certain Circumstances.--A national
bank may not declare and pay dividends in any year in excess of an
amount equal to the sum of the total of the net income of the bank for
that year and the retained net income of the bank for the preceding 2
years, minus the sum of any transfers required by the Comptroller of
the Currency and any transfers required to be made to a fund for the
retirement of any preferred stock, unless the Comptroller of the
Currency approves the declaration and payment of dividends in excess of
such amount.''.
(b) Clerical Amendment.--The table of sections for chapter three of
title LXII of the Revised Statutes of the United States is amended by
striking the item relating to section 5199 and inserting the following:
``5199. National bank dividends.''.

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COMPTROLLER OF THE CURRENCY.
Section 8(e)(4) of the Federal Deposit Insurance Act (12 U.S.C.
1818(e)(4)) is amended by striking the 5th sentence.

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Section 5143 of the Revised Statutes of the United States (12
U.S.C. 59) is amended to read as follows:
``SEC. 5143. REDUCTION OF CAPITAL.
``(a) In General.--Subject to the approval of the Comptroller of
the Currency, a national banking association may, by a vote of
shareholders owning, in the aggregate, two-thirds of its capital stock,
reduce its capital.
``(b) Shareholder Distributions Authorized.--As part of its capital
reduction plan approved in accordance with subsection (a), and with the
affirmative vote of shareholders owning at least two thirds of the
shares of each class of its stock outstanding (each voting as a class),
a national banking association may distribute cash or other assets to
its shareholders.''.

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DEVELOPMENT INVESTMENTS.
(a) National Banks.--The paragraph designated as the ``Eleventh.''
of section 5136 of the Revised Statutes of the United States (12 U.S.C.
24) is amended to read as follows:
``Eleventh. To make investments directly or indirectly, each of
which promotes the public welfare by benefiting primarily low- and
moderate-income communities or families (such as by providing housing,
services, or jobs). An association shall not make any such investment
if the investment would expose the association to unlimited liability.
The Comptroller of the Currency shall limit an association's
investments in any 1 project and an association's aggregate investments
under this paragraph. An association's aggregate investments under this
paragraph shall not exceed an amount equal to the sum of 5 percent of
the association's capital stock actually paid in and unimpaired and 5
percent of the association's unimpaired surplus fund, unless the
Comptroller determines by order that the higher amount will pose no
significant risk to the affected deposit insurance fund, and the
association is adequately capitalized. In no case shall an
association's aggregate investments under this paragraph exceed an
amount equal to the sum of 15 percent of the association's capital
stock actually paid in and unimpaired and 15 percent of the
association's unimpaired surplus fund. The foregoing standards and
limitations apply to investments under this paragraph made by a
national bank directly and by its subsidiaries.''.
(b) Conforming Amendments for State Member Banks.--The 23rd
undesignated paragraph of section 9 of the Federal Reserve Act (12
U.S.C. 338a) is amended to read as follows:
``(23) A State member bank may make investments directly or
indirectly, each of which promotes the public welfare by benefiting
primarily low- and moderate-income communities or families (such as
by providing housing, services, or jobs), to the extent permissible
under State law. A State member bank shall not make any such
investment if the investment would expose the State member bank to
unlimited liability. The Board shall limit a State member bank's
investment in any 1 project and a State member bank's aggregate
investments under this paragraph. The aggregate amount of
investments of any State member bank under this paragraph may not
exceed an amount equal to the sum of 5 percent of the State member
bank's capital stock actually paid in and unimpaired and 5 percent
of the State member bank's unimpaired surplus, unless the Board
determines, by order, that a higher amount will pose no significant
risk to the affected deposit insurance fund; and the State member
bank is adequately capitalized. In no case shall the aggregate
amount of investments of any State member bank under this paragraph
exceed an amount equal to the sum of 15 percent of the State member
bank's capital stock actually paid in and unimpaired and 15 percent
of the State member bank's unimpaired surplus. The foregoing
standards and limitations apply to investments under this paragraph
made by a State member bank directly and by its subsidiaries.''.

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ACT OF 1934 AND THE INVESTMENT ADVISERS ACT OF 1940.
(a) Securities Exchange Act of 1934.--
(1) Definition of bank.--Section 3(a)(6) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)(6)) is amended--
(A) in subparagraph (A), by inserting ``or a Federal
savings association, as defined in section 2(5) of the Home
Owners' Loan Act'' after ``a banking institution organized
under the laws of the United States''; and
(B) in subparagraph (C)--
(i) by inserting ``or savings association, as defined
in section 2(4) of the Home Owners' Loan Act'' after
``banking institution''; and
(ii) by inserting ``or savings associations'' after
``having supervision over banks''.
(2) Inclusion of ots under the definition of appropriate
regulatory agency for certain purposes.--Section 3(a)(34) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(34)) is amended--
(A) in subparagraph (A)--
(i) in clause (ii), by striking ``(i) or (iii)'' and
inserting ``(i), (iii), or (iv)'';
(ii) in clause (iii), by striking ``and'' at the end;
(iii) by redesignating clause (iv) as clause (v); and
(iv) by inserting after clause (iii) the following:
``(iv) the Director of the Office of Thrift
Supervision, in the case of a savings association (as
defined in section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation, a subsidiary
or a department or division of any such savings
association, or a savings and loan holding company; and'';
(B) in subparagraph (B)--
(i) in clause (ii), by striking ``(i) or (iii)'' and
inserting ``(i), (iii), or (iv)'';
(ii) in clause (iii), by striking ``and'' at the end;
(iii) by redesignating clause (iv) as clause (v); and
(iv) by inserting after clause (iii) the following:
``(iv) the Director of the Office of Thrift
Supervision, in the case of a savings association (as
defined in section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation, or a
subsidiary of any such savings association, or a savings
and loan holding company; and'';
(C) in subparagraph (C)--
(i) in clause (ii), by striking ``(i) or (iii)'' and
inserting ``(i), (iii), or (iv)'';
(ii) in clause (iii), by striking ``and'' at the end;
(iii) by redesignating clause (iv) as clause (v); and
(iv) by inserting after clause (iii) the following:
``(iv) the Director of the Office of Thrift
Supervision, in the case of a savings association (as
defined in section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation, a savings and
loan holding company, or a subsidiary of a savings and loan
holding company when the appropriate regulatory agency for
such clearing agency is not the Commission; and'';
(D) in subparagraph (D)--
(i) in clause (ii), by striking ``and'' at the end;
(ii) by redesignating clause (iii) as clause (iv); and
(iii) by inserting after clause (ii) the following:
``(iii) the Director of the Office of Thrift
Supervision, in the case of a savings association (as
defined in section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b))) the deposits of which are insured
by the Federal Deposit Insurance Corporation; and'';
(E) in subparagraph (F)--
(i) by redesignating clauses (ii), (iii), and (iv) as
clauses (iii), (iv), and (v), respectively; and
(ii) by inserting after clause (i) the following:
``(ii) the Director of the Office of Thrift
Supervision, in the case of a savings association (as
defined in section 3(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation; and'';
(F) by moving subparagraph (H) and inserting such
subparagraph immediately after subparagraph (G); and
(G) by adding at the end of the undesignated matter at the
end the following: ``As used in this paragraph, the term
`savings and loan holding company' has the same meaning as in
section 10(a) of the Home Owners' Loan Act (12 U.S.C.
1467a(a)).''.
(3) Conforming exemption to reporting requirement.--Section
23(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C.
78w(b)(1)) is amended by inserting ``other than the Office of
Thrift Supervision,'' before ``shall each''.
(b) Investment Advisers Act of 1940.--
(1) Definition of bank.--Section 202(a)(2) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-2(a)(2)) is amended--
(A) in subparagraph (A), by inserting ``or a Federal
savings association, as defined in section 2(5) of the Home
Owners' Loan Act'' after ``a banking institution organized
under the laws of the United States''; and
(B) in subparagraph (C)--
(i) by inserting ``, savings association, as defined in
section 2(4) of the Home Owners' Loan Act,'' after
``banking institution''; and
(ii) by inserting ``or savings associations'' after
``having supervision over banks''.
(2) Conforming amendments.--Section 210A of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-10a) is amended in each of
subsections (a)(1)(A)(i), (a)(1)(B), (a)(2), and (b), by striking
``bank holding company'' each place that term appears and inserting
``bank holding company or savings and loan holding company''.
(c) Conforming Amendment to the Investment Company Act of 1940.--
Section 10(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
10(c)) is amended by inserting after ``1956)'' the following: ``or any
one savings and loan holding company, together with its affiliates and
subsidiaries (as such terms are defined in section 10 of the Home
Owners' Loan Act),''.

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SERVICING RIGHTS.
Section 5(t) of the Home Owners' Loan Act (12 U.S.C. 1464(t)) is
amended--
(1) by striking paragraph (4) and inserting the following:
``(4) [Repealed].''; and
(2) in paragraph (9)(A), by striking ``intangible assets,
plus'' and all that follows through the period at the end and
inserting ``intangible assets.''.

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FEDERAL COURT JURISDICTION.
Section 5 of the Home Owners' Loan Act (12 U.S.C. 1464) is amended
by adding at the end the following:
``(x) Home State Citizenship.--In determining whether a Federal
court has diversity jurisdiction over a case in which a Federal savings
association is a party, the Federal savings association shall be
considered to be a citizen only of the State in which such savings
association has its home office.''.

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Section 5(u)(2)(A) of the Home Owners' Loan Act (12 U.S.C.
1464(u)(2)(A)) is amended--
(1) in clause (i)--
(A) by striking ``for any'' and inserting ``For any''; and
(B) by striking ``; or'' and inserting a period; and
(2) in clause (ii)--
(A) by striking ``to develop domestic'' and inserting ``To
develop domestic'';
(B) by striking subclause (I); and
(C) by redesignating subclauses (II) through (V) as
subclauses (I) through (IV), respectively.

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(a) In General.--Section 124 of the Federal Credit Union Act (12
U.S.C. 1770) is amended--
(1) by striking ``Upon application by any credit union'' and
inserting ``Notwithstanding any other provision of law, upon
application by any credit union'';
(2) by inserting ``on lands reserved for the use of, and under
the exclusive or concurrent jurisdiction of, the United States or''
after ``officer or agency of the United States charged with the
allotment of space'';
(3) by inserting ``lease land or'' after ``such officer or
agency may in his or its discretion''; and
(4) by inserting ``or the facility built on the lease land''
after ``credit union to be served by the allotment of space''.
(b) Clerical Amendment.--The section heading for section 124 of the
Federal Credit Union Act (12 U.S.C. 1770) is amended by inserting ``or
federal land'' after ``buildings''.

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CREDIT UNION LOANS TO 15 YEARS.
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5))
is amended in the matter preceding subparagraph (A), by striking ``to
make loans, the maturities of which shall not exceed twelve years'' and
inserting ``to make loans, the maturities of which shall not exceed 15
years,''.

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FIELD OF MEMBERSHIP.
Section 107(12) of the Federal Credit Union Act (12 U.S.C.
1757(12)) is amended to read as follows:
``(12) in accordance with regulations prescribed by the Board--
``(A) to sell, to persons in the field of membership,
negotiable checks (including travelers checks), money orders,
and other similar money transfer instruments (including
international and domestic electronic fund transfers); and
``(B) to cash checks and money orders and receive
international and domestic electronic fund transfers for
persons in the field of membership for a fee;''.

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CIRCUMSTANCES FOR PURPOSES OF PROMPT CORRECTIVE ACTION.
Section 216(o)(2)(A) of the Federal Credit Union Act (12 U.S.C.
1790d(o)(2)(A)) is amended--
(1) by inserting ``the'' before ``retained earnings balance'';
and
(2) by inserting ``, together with any amounts that were
previously retained earnings of any other credit union with which
the credit union has combined'' before the semicolon at the end.

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(a) In General.--Subsection (a) of section 43 of the Federal
Deposit Insurance Act (12 U.S.C. 1831t(a)) is amended by adding at the
end the following new paragraph:
``(3) Enforcement by appropriate state supervisor.--Any
appropriate State supervisor of a private deposit insurer, and any
appropriate State supervisor of a depository institution which
receives deposits that are insured by a private deposit insurer,
may examine and enforce compliance with this subsection under the
applicable regulatory authority of such supervisor.''.
(b) Amendment Relating to Disclosures Required, Periodic
Statements, and Account Records.--Section 43(b)(1) of the Federal
Deposit Insurance Act (12 U.S.C. 1831t(b)(1)) is amended by
striking ``or similar instrument evidencing a deposit'' and
inserting ``or share certificate.''.
(c) Amendments Relating to Disclosures Required, Advertising,
Premises.--Section 43(b)(2) of the Federal Deposit Insurance Act (12
U.S.C. 1831t(b)(2)) is amended to read as follows:
``(2) Advertising; premises.--
``(A) In general.--Include clearly and conspicuously in all
advertising, except as provided in subparagraph (B); and at
each station or window where deposits are normally received,
its principal place of business and all its branches where it
accepts deposits or opens accounts (excluding automated teller
machines or point of sale terminals), and on its main Internet
page, a notice that the institution is not federally insured.
``(B) Exceptions.--The following need not include a notice
that the institution is not federally insured:
``(i) Any sign, document, or other item that contains
the name of the depository institution, its logo, or its
contact information, but only if the sign, document, or
item does not include any information about the
institution's products or services or information otherwise
promoting the institution.
``(ii) Small utilitarian items that do not mention
deposit products or insurance if inclusion of the notice
would be impractical.''.
(d) Amendments Relating to Acknowledgment of Disclosure.--
Section 43(b)(3) of the Federal Deposit Insurance Act (12 U.S.C.
1831t(b)(3)) is amended to read as follows:
``(3) Acknowledgment of disclosure.--
``(A) New depositors obtained other than through a
conversion or merger.--With respect to any depositor who was
not a depositor at the depository institution before the
effective date of the Financial Services Regulatory Relief Act
of 2006, and who is not a depositor as described in
subparagraph (B), receive any deposit for the account of such
depositor only if the depositor has signed a written
acknowledgement that--
``(i) the institution is not federally insured; and
``(ii) if the institution fails, the Federal Government
does not guarantee that the depositor will get back the
depositor's money.
``(B) New depositors obtained through a conversion or
merger.--With respect to a depositor at a federally insured
depository institution that converts to, or merges into, a
depository institution lacking federal insurance after the
effective date of the Financial Services Regulatory Relief Act
of 2006, receive any deposit for the account of such depositor
only if--
``(i) the depositor has signed a written
acknowledgement described in subparagraph (A); or
``(ii) the institution makes an attempt, as described
in subparagraph (D) and sent by mail no later than 45 days
after the effective date of the conversion or merger, to
obtain the acknowledgment.
``(C) Current depositors.--Receive any deposit after the
effective date of the Financial Services Regulatory Relief Act
of 2006 for the account of any depositor who was a depositor on
that date only if--
``(i) the depositor has signed a written
acknowledgement described in subparagraph (A); or
``(ii) the institution has complied with the provisions
of subparagraph (E) which are applicable as of the date of
the deposit.
``(D) Alternative provision of notice to new depositors
obtained through a conversion or merger.--
``(i) In general.--Transmit to each depositor who has
not signed a written acknowledgement described in
subparagraph (A)--
``(I) a conspicuous card containing the information
described in clauses (i) and (ii) of subparagraph (A),
and a line for the signature of the depositor; and
``(II) accompanying materials requesting the
depositor to sign the card, and return the signed card
to the institution.
``(E) Alternative provision of notice to current
depositors.--
``(i) In general.--Transmit to each depositor who was a
depositor before the effective date of the Financial
Services Regulatory Relief Act of 2006, and has not signed
a written acknowledgement described in subparagraph (A)--
``(I) a conspicuous card containing the information
described in clauses (i) and (ii) of subparagraph (A),
and a line for the signature of the depositor; and
``(II) accompanying materials requesting the
depositor to sign the card, and return the signed card
to the institution.
``(ii) Manner and timing of notice.--
``(I) First notice.--Make the transmission
described in clause (i) via mail not later than three
months after the effective date of the Financial
Services Regulatory Relief Act of 2006.
``(II) Second notice.--Make a second transmission
described in clause (i) via mail not less than 30 days
and not more than three months after a transmission to
the depositor in accordance with subclause (I), if the
institution has not, by the date of such mailing,
received from the depositor a card referred to in
clause (i) which has been signed by the depositor.''.
(e) Amendments Relating to Manner and Content of Disclosure.--
Section 43(c) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(c))
is amended to read as follows:
``(c) Manner and Content of Disclosure.--To ensure that current and
prospective customers understand the risks involved in foregoing
Federal deposit insurance, the Federal Trade Commission, by regulation
or order, shall prescribe the manner and content of disclosure required
under this section, which shall be presented in such format and in such
type size and manner as to be simple and easy to understand.''.
(f) Repeal of Provision Prohibiting Nondepository Institutions From
Accepting Deposits.--Section 43 of the Federal Deposit Insurance Act
(12 U.S.C. 1831t) is amended--
(1) by striking subsection (e); and
(2) by redesignating subsections (f) and (g) as subsections (e)
and (f), respectively.
(g) Repeal of FTC Authority To Enforce Independent Audit
Requirement; Concurrent State Enforcement.--Subsection (f) (as so
redesignated by subsection (e) of this section) of section 43 of the
Federal Deposit Insurance Act (12 U.S.C. 1831t) is amended to read as
follows:
``(f) Enforcement.--
``(1) Limited ftc enforcement authority.--Compliance with the
requirements of subsections (b), (c) and (e), and any regulation
prescribed or order issued under any such subsection, shall be
enforced under the Federal Trade Commission Act by the Federal
Trade Commission.
``(2) Broad state enforcement authority.--
``(A) In general.--Subject to subparagraph (C), an
appropriate State supervisor of a depository institution
lacking Federal deposit insurance may examine and enforce
compliance with the requirements of this section, and any
regulation prescribed under this section.
``(B) State powers.--For purposes of bringing any action to
enforce compliance with this section, no provision of this
section shall be construed as preventing an appropriate State
supervisor of a depository institution lacking Federal deposit
insurance from exercising any powers conferred on such official
by the laws of such State.
``(C) Limitation on state action while federal action
pending.--If the Federal Trade Commission has instituted an
enforcement action for a violation of this section, no
appropriate State supervisor may, during the pendency of such
action, bring an action under this section against any
defendant named in the complaint of the Commission for any
violation of this section that is alleged in that complaint.''.

ceebe91dda2756898056a7dc7e0bd83e84b27373d7683f04b5d0b3fa7b041efc

(a) Reporting Requirements Regarding Loans to Executive Officers of
Member Banks.--Section 22(g) of the Federal Reserve Act (12 U.S.C.
375a) is amended--
(1) by striking paragraphs (6) and (9); and
(2) by redesignating paragraphs (7), (8), and (10) as
paragraphs (6), (7), and (8), respectively.
(b) Reporting Requirements Regarding Loans From Correspondent Banks
to Executive Officers and Shareholders of Insured Banks.--Section
106(b)(2) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C.
1972(2)) is amended--
(1) by striking subparagraph (G); and
(2) by redesignating subparagraphs (H) and (I) as subparagraphs
(G) and (H), respectively.

f85402dec8708aabe5e4d6e41ae8453169e4db8f50ba351cd3e9a96c087af9e8

COMPANIES AUTHORIZED.
(a) In General.--Sections 2 and 3 of the Bank Service Company Act
(12 U.S.C. 1862, 1863) are each amended by striking ``insured bank''
each place that term appears and inserting ``insured depository
institution''.
(b) Technical and Conforming Amendments.--
(1) Bank service company act definitions.--Section 1(b) of the
Bank Service Company Act (12 U.S.C. 1861(b)) is amended--
(A) in paragraph (4)--
(i) by inserting ``, except when such term appears in
connection with the term `insured depository
institution','' after ``means''; and
(ii) by striking ``Federal Home Loan Bank Board'' and
inserting ``Director of the Office of Thrift Supervision'';
(B) by striking paragraph (5) and inserting the following:
``(5) Insured depository institution.--The term `insured
depository institution' has the same meaning as in section 3(c) of
the Federal Deposit Insurance Act;'';
(C) by striking ``and'' at the end of paragraph (7);
(D) by striking the period at the end of paragraph (8) and
inserting ``; and'';
(E) by adding at the end the following:
``(9) the terms `State depository institution', `Federal
depository institution', `State savings association' and `Federal
savings association' have the same meanings as in section 3 of the
Federal Deposit Insurance Act.'';
(F) in paragraph (2), in subparagraphs (A)(ii) and (B)(ii),
by striking ``insured banks'' each place that term appears and
inserting ``insured depository institutions''; and
(G) in paragraph (8)--
(i) by striking ``insured bank'' and inserting
``insured depository institution'';
(ii) by striking ``insured banks'' each place that term
appears and inserting ``insured depository institutions'';
and
(iii) by striking ``the bank's'' and inserting ``the
depository institution's''.
(2) Amount of investment.--Section 2 of the Bank Service
Company Act (12 U.S.C. 1862) is amended by inserting ``or savings
associations, other than the limitation on the amount of investment
by a Federal savings association contained in section 5(c)(4)(B) of
the Home Owners' Loan Act'' after ``relating to banks''.
(3) Location of services.--Section 4 of the Bank Service
Company Act (12 U.S.C. 1864) is amended--
(A) in subsection (b), by inserting ``as permissible under
subsection (c), (d), or (e) or'' after ``Except'';
(B) in subsection (c), by inserting ``or State savings
association'' after ``State bank'' each place that term
appears;
(C) in subsection (d), by inserting ``or Federal savings
association'' after ``national bank'' each place that term
appears;
(D) by striking subsection (e) and inserting the following:
``(e) Performance Where State Bank and National Bank Are
Shareholders or Members.--A bank service company may perform--
``(1) only those services that each depository institution
shareholder or member is otherwise authorized to perform under any
applicable Federal or State law; and
``(2) such services only at locations in a State in which each
such shareholder or member is authorized to perform such
services.''; and
(E) in subsection (f), by inserting ``or savings
associations'' after ``location of banks''.
(4) Prior approval of investments.--Section 5 of the Bank
Service Company Act (12 U.S.C. 1865) is amended--
(A) in subsection (a)--
(i) by striking ``insured bank'' and inserting
``insured depository institution''; and
(ii) by striking ``bank's''; and
(iii) by inserting before the period ``for the insured
depository institution'';
(B) in subsection (b)--
(i) by striking ``insured bank'' and inserting
``insured depository institution'';
(ii) by inserting ``authorized only'' after ``performs
any service''; and
(iii) by inserting ``authorized only'' after ``perform
any activity''; and
(C) in subsection (c)--
(i) by striking ``the bank or banks'' and inserting
``any insured depository institution''; and
(ii) by striking ``capability of the bank'' and
inserting ``capability of the insured depository
institution''.
(5) Regulation and examination.--Section 7 of the Bank Service
Company Act (12 U.S.C. 1867) is amended--
(A) in subsection (b), by striking ``insured bank'' and
inserting ``insured depository institution''; and
(B) in subsection (c)--
(i) by striking ``a bank'' each place that term appears
and inserting ``a depository institution''; and
(ii) by striking ``the bank'' each place that term
appears and inserting ``the depository institution''.

44ae90d8261f01bb2bb2a53ed84ba467adeca51b116e905a3a5e4069b8d3db03

ACCOUNTS.
Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C.
461(c)(1)(B)) is amended by striking ``which is not a member bank''.

170d6887a1f33e52cd49342452614a67ee09001ceb69a0a0487177d1b7b7e131

Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)) is amended by adding at the end the following:
``(11) Streamlining reports of condition.--
``(A) Review of information and schedules.--Before the end
of the 1-year period beginning on the date of enactment of the
Financial Services Regulatory Relief Act of 2006 and before the
end of each 5-year period thereafter, each Federal banking
agency shall, in conjunction with the other relevant Federal
banking agencies, review the information and schedules that are
required to be filed by an insured depository institution in a
report of condition required under paragraph (3).
``(B) Reduction or elimination of information found to be
unnecessary.--After completing the review required by
subparagraph (A), a Federal banking agency, in conjunction with
the other relevant Federal banking agencies, shall reduce or
eliminate any requirement to file information or schedules
under paragraph (3) (other than information or schedules that
are otherwise required by law) if the agency determines that
the continued collection of such information or schedules is no
longer necessary or appropriate.''.

2b94562c29593b7a5adae5a293614a82adc6fede0ef353f437128c873e1e5e85

FOR COMMUNITY BANKS.
Section 10(d)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1820(d)(4)(A)) is amended by striking ``$250,000,000'' and inserting
``$500,000,000''.

d5ae1fe2ae92b077c5c2f5a8f69485392145b75517fc252cee70ef347042f933

REQUIREMENTS.
(a) In General.--Section 18(c)(4) of the Federal Deposit Insurance
Act (12 U.S.C. 1828(c)(4)) is amended to read as follows:
``(4) Reports on competitive factors.--
``(A) Request for report.--In the interests of uniform
standards and subject to subparagraph (B), before acting on any
application for approval of a merger transaction, the
responsible agency shall--
``(i) request a report on the competitive factors
involved from the Attorney General of the United States;
and
``(ii) provide a copy of the request to the Corporation
(when the Corporation is not the responsible agency).
``(B) Furnishing of report.--The report requested under
subparagraph (A) shall be furnished by the Attorney General to
the responsible agency--
``(i) not later than 30 calendar days after the date on
which the Attorney General received the request; or
``(ii) not later than 10 calendar days after such date,
if the requesting agency advises the Attorney General that
an emergency exists requiring expeditious action.
``(C) Exceptions.--A responsible agency may not be required
to request a report under subparagraph (A) if--
``(i) the responsible agency finds that it must act
immediately in order to prevent the probable failure of 1
of the insured depository institutions involved in the
merger transaction; or
``(ii) the merger transaction involves solely an
insured depository institution and 1 or more of the
affiliates of such depository institution.''.
(b) Technical and Conforming Amendments.--Section 18(c)(6) of the
Federal Deposit Insurance Act (12 U.S.C. 1828(c)(6)) is amended--
(1) in the second sentence, by striking ``banks or savings
associations involved and reports on the competitive factors have''
and inserting ``insured depository institutions involved, or if the
proposed merger transaction is solely between an insured depository
institution and 1 or more of its affiliates, and the report on the
competitive factors has''; and
(2) by striking the penultimate sentence and inserting the
following: ``If the agency has advised the Attorney General under
paragraph (4)(B)(ii) of the existence of an emergency requiring
expeditious action and has requested a report on the competitive
factors within 10 days, the transaction may not be consummated
before the fifth calendar day after the date of approval by the
agency.''.

e98f8421430f6a6ec61bee974d32fbb99a4098ef17140621d7779b74631bed1e

(a) Insured Depository Institutions.--Section 18 of the Federal
Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end
the following:
``(x) Privileges Not Affected by Disclosure to Banking Agency or
Supervisor.--
``(1) In general.--The submission by any person of any
information to any Federal banking agency, State bank supervisor,
or foreign banking authority for any purpose in the course of any
supervisory or regulatory process of such agency, supervisor, or
authority shall not be construed as waiving, destroying, or
otherwise affecting any privilege such person may claim with
respect to such information under Federal or State law as to any
person or entity other than such agency, supervisor, or authority.
``(2) Rule of construction.--No provision of paragraph (1) may
be construed as implying or establishing that--
``(A) any person waives any privilege applicable to
information that is submitted or transferred under any
circumstance to which paragraph (1) does not apply; or
``(B) any person would waive any privilege applicable to
any information by submitting the information to any Federal
banking agency, State bank supervisor, or foreign banking
authority, but for this subsection.''
(b) Insured Credit Unions.--Section 205 of the Federal Credit Union
Act (12 U.S.C. 1785) is amended by adding at the end the following:
``(j) Privileges Not Affected by Disclosure to Banking Agency or
Supervisor.--
``(1) In general.--The submission by any person of any
information to the Administration, any State credit union
supervisor, or foreign banking authority for any purpose in the
course of any supervisory or regulatory process of such Board,
supervisor, or authority shall not be construed as waiving,
destroying, or otherwise affecting any privilege such person may
claim with respect to such information under Federal or State law
as to any person or entity other than such Board, supervisor, or
authority.
``(2) Rule of construction.--No provision of paragraph (1) may
be construed as implying or establishing that--
``(A) any person waives any privilege applicable to
information that is submitted or transferred under any
circumstance to which paragraph (1) does not apply; or
``(B) any person would waive any privilege applicable to
any information by submitting the information to the
Administration, any State credit union supervisor, or foreign
banking authority, but for this subsection.''.

eba621ef7cdfabb2f92b3e2f52348b02e2369d4cdab3eac35e4e6e381f54ec0a

CONVERSION FOR FEDERAL SAVINGS ASSOCIATIONS.
(a) Home Owners' Loan Act.--Section 5(i)(5) of the Home Owners'
Loan Act (12 U.S.C. 1464(i)(5)) is amended to read as follows:
``(5) Conversion to national or state bank.--
``(A) In general.--Any Federal savings association
chartered and in operation before the date of enactment of the
Gramm-Leach-Bliley Act, with branches in operation before such
date of enactment in 1 or more States, may convert, at its
option, with the approval of the Comptroller of the Currency
for each national bank, and with the approval of the
appropriate State bank supervisor and the appropriate Federal
banking agency for each State bank, into 1 or more national or
State banks, each of which may encompass 1 or more of the
branches of the Federal savings association in operation before
such date of enactment in 1 or more States subject to
subparagraph (B).
``(B) Conditions of conversion.--The authority in
subparagraph (A) shall apply only if each resulting national or
State bank--
``(i) will meet all financial, management, and capital
requirements applicable to the resulting national or State
bank; and
``(ii) if more than 1 national or State bank results
from a conversion under this subparagraph, has received
approval from the Federal Deposit Insurance Corporation
under section 5(a) of the Federal Deposit Insurance Act.
``(C) No merger application under fdia required.--No
application under section 18(c) of the Federal Deposit
Insurance Act shall be required for a conversion under this
paragraph.
``(D) Definitions.--For purposes of this paragraph, the
terms `State bank' and `State bank supervisor' have the same
meanings as in section 3 of the Federal Deposit Insurance
Act.''.
(b) Federal Deposit Insurance Act.--Section 4(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1814(c)) is amended--
(1) by inserting ``of this Act and section 5(i)(5) of the Home
Owners' Loan Act'' after ``Subject to section 5(d)''; and
(2) in paragraph (2), after ``insured State,'' by inserting
``or Federal''.

9c0d965477d5cdb870878c77e672545a5c42c4d5d318b4d33e35c44901365c49

(a) In General.--Section 503 of the Gramm-Leach-Bliley Act (15
U.S.C. 6803) is amended by adding at the end the following:
``(d) Exemption for Certified Public Accountants.--
``(1) In general.--The disclosure requirements of subsection
(a) do not apply to any person, to the extent that the person is--
``(A) a certified public accountant;
``(B) certified or licensed for such purpose by a State;
and
``(C) subject to any provision of law, rule, or regulation
issued by a legislative or regulatory body of the State,
including rules of professional conduct or ethics, that
prohibits disclosure of nonpublic personal information without
the knowing and expressed consent of the consumer.
``(2) Limitation.--Nothing in this subsection shall be
construed to exempt or otherwise exclude any financial institution
that is affiliated or becomes affiliated with a certified public
accountant described in paragraph (1) from any provision of this
section.
``(3) Definitions.--For purposes of this subsection, the term
`State' means any State or territory of the United States, the
District of Columbia, Puerto Rico, Guam, American Samoa, the Trust
Territory of the Pacific Islands, the Virgin Islands, or the
Northern Mariana Islands.''.
(b) Clerical Amendments.--Section 503 of the Gramm-Leach-Bliley Act
(15 U.S.C. 6803) is amended--
(1) by redesignating subsection (b) as subsection (c); and
(2) in subsection (a), by striking ``Such disclosures'' and
inserting the following:
``(b) Regulations.--Disclosures required by subsection (a)''.

e69f3b040ee629953a7b7573b7122dfe656001a9947123fddfaa25063908333d

EXCEPTION UNDER THE DEPOSITORY INSTITUTION MANAGEMENT
INTERLOCKS ACT.
Section 203(1) of the Depository Institution Management Interlocks
Act (12 U.S.C. 3202(1)) is amended by striking ``$20,000,000'' and
inserting ``$50,000,000''.

c2345796e7a1c4343a18e25d69fcd5660a26f3f99f803a6d8450d6408ac76266

Section 4(n)(5)(B) of the Bank Holding Company Act of 1956 (12
U.S.C. 1843(n)(5)(B)) is amended by striking ``subsection (k)(4)(I)''
and inserting ``subparagraph (H) or (I) of subsection (k)(4)''.

ce41a8ac609db9cebe8a65cb0aa3d7ef29d403dcbe56518a81b93f4e9ecad39c

A RECEIVER FOR DEPOSITORY INSTITUTIONS.
(a) National Banks.--Section 2 of the National Bank Receivership
Act (12 U.S.C. 191) is amended--
(1) by amending the section heading to read as follows:
``SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL BANK.
``(a) In General.--The Comptroller of the Currency''; and
(2) by adding at the end the following:
``(b) Judicial Review.--If the Comptroller of the Currency appoints
a receiver under subsection (a), the national bank may, within 30 days
thereafter, bring an action in the United States district court for the
judicial district in which the home office of such bank is located, or
in the United States District Court for the District of Columbia, for
an order requiring the Comptroller of the Currency to remove the
receiver, and the court shall, upon the merits, dismiss such action or
direct the Comptroller of the Currency to remove the receiver.''.
(b) Insured Depository Institutions.--Section 11(c)(7) of the
Federal Deposit Insurance Act (12 U.S.C. 1821(c)(7)) is amended to read
as follows:
``(7) Judicial review.--If the Corporation is appointed
(including the appointment of the Corporation as receiver by the
Board of Directors) as conservator or receiver of a depository
institution under paragraph (4), (9), or (10), the depository
institution may, not later than 30 days thereafter, bring an action
in the United States district court for the judicial district in
which the home office of such depository institution is located, or
in the United States District Court for the District of Columbia,
for an order requiring the Corporation to be removed as the
conservator or receiver (regardless of how such appointment was
made), and the court shall, upon the merits, dismiss such action or
direct the Corporation to be removed as the conservator or
receiver.''.
(c) Effective Date.--The amendments made by subsections (a) and (b)
shall apply with respect to conservators or receivers appointed on or
after the date of enactment of this Act.

6b026753f8c2db6c4e62e772f173acf6f1e5a0c6f11aa76eefc7e3b5a177b813

INSTITUTIONS.
(a) Clarification Relating to the Enforceability of Agreements and
Conditions.--The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.)
is amended by adding at the end the following:
``SEC. 50. ENFORCEMENT OF AGREEMENTS.
``(a) In General.--Notwithstanding clause (i) or (ii) of section
8(b)(6)(A) or section 38(e)(2)(E)(i), the appropriate Federal banking
agency for a depository institution may enforce, under section 8, the
terms of--
``(1) any condition imposed in writing by the agency on the
depository institution or an institution-affiliated party in
connection with any action on any application, notice, or other
request concerning the depository institution; or
``(2) any written agreement entered into between the agency and
the depository institution or an institution-affiliated party.
``(b) Receiverships and Conservatorships.--After the appointment of
the Corporation as the receiver or conservator for a depository
institution, the Corporation may enforce any condition or agreement
described in paragraph (1) or (2) of subsection (a) imposed on or
entered into with such institution or institution-affiliated party
through an action brought in an appropriate United States district
court.''.
(b) Protection of Capital of Insured Depository Institutions.--
Section 18(u)(1) of the Federal Deposit Insurance Act (12 U.S.C.
1828(u)(1)) is amended--
(1) by striking subparagraph (B);
(2) by redesignating subparagraph (C) as subparagraph (B); and
(3) in subparagraph (A), by adding ``and'' at the end.
(c) Conforming Amendments.--Section 8(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1818(b)) is amended--
(1) in paragraph (3), by striking ``This subsection and
subsections (c) through (s) and subsection (u) of this section''
and inserting ``This subsection, subsections (c) through (s) and
subsection (u) of this section, and section 50 of this Act''; and
(2) in paragraph (4), by striking ``This subsection and
subsections (c) through (s) and subsection (u) of this section''
and inserting ``This subsection, subsections (c) through (s) and
subsection (u) of this section, and section 50 of this Act''.

6eb63780516bcd32983a8258a01c51271bb777befe1ff837175350d3b1047663

Section 5(e)(9)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1815(e)(9)(A)) is amended to read as follows:
``(A) such institutions are controlled by the same company;
or''.

05d04dbb17537ae1a3adbe118ee81e9c9113e5056b8abff603f6dce0fcec2b21

Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C.
1828(k)) is amended--
(1) in paragraph (2)(A), by striking ``or depository
institution holding company'' and inserting ``or covered company'';
(2) in paragraph (2), by striking subparagraph (B), and
inserting the following:
``(B) Whether there is a reasonable basis to believe that
the institution-affiliated party is substantially responsible
for--
``(i) the insolvency of the depository institution or
covered company;
``(ii) the appointment of a conservator or receiver for
the depository institution; or
``(iii) the troubled condition of the depository
institution (as defined in the regulations prescribed
pursuant to section 32(f)).'';
(3) in paragraph (2)(F), by striking ``depository institution
holding company'' and inserting ``covered company,'';
(4) in paragraph (3) in the matter preceding subparagraph (A),
by striking ``depository institution holding company'' and
inserting ``covered company'';
(5) in paragraph (3)(A), by striking ``holding company'' and
inserting ``covered company'';
(6) in paragraph (4)(A)--
(A) by striking ``depository institution holding company''
each place that term appears and inserting ``covered company'';
and
(B) by striking ``holding company'' each place that term
appears (other than in connection with the term referred to in
subparagraph (A)) and inserting ``covered company'';
(7) in paragraph (5)(A), by striking ``depository institution
holding company'' and inserting ``covered company'';
(8) in paragraph (5), by adding at the end the following:
``(D) Covered company.--The term `covered company' means
any depository institution holding company (including any
company required to file a report under section 4(f)(6) of the
Bank Holding Company Act of 1956), or any other company that
controls an insured depository institution.''; and
(9) in paragraph (6)--
(A) by striking ``depository institution holding company''
and inserting ``covered company,''; and
(B) by striking ``or holding company'' and inserting ``or
covered company''.

a18e520843dbc1c9347a2adc5943be86d3477e87cf9770ddd0018b8c9089fb44

Section 7(j) of the Federal Deposit Insurance Act (12 U.S.C.
1817(j)) is amended--
(1) in paragraph (1)(D)--
(A) by striking ``is needed to investigate'' and inserting
``is needed--
``(i) to investigate'';
(B) by striking ``United States Code.'' and inserting
``United States Code; or''; and
(C) by adding at the end the following:
``(ii) to analyze the safety and soundness of any plans
or proposals described in paragraph (6)(E) or the future
prospects of the institution.''; and
(2) in paragraph (7)(C), by striking ``the financial condition
of any acquiring person'' and inserting ``either the financial
condition of any acquiring person or the future prospects of the
institution''.

19864d7b457ac836f8c615f2889a07ff692ddae9d65d98439b15d985aaf1f549

DISCRETION CONCERNING THE IMPUTATION OF CONTROL OF SHARES
OF A COMPANY BY TRUSTEES.
Section 2(g)(2) of the Bank Holding Company Act of 1956 (12 U.S.C.
1841(g)(2)) is amended by inserting before the period at the end ``,
unless the Board determines that such treatment is not appropriate in
light of the facts and circumstances of the case and the purposes of
this Act''.

b0b39535c8d21298ea8877de59aa0e56e4cd392c0421b13ad2a839f790b187fb

(a) Federal Banking Agencies.--Section 7(a)(2) of the Federal
Deposit Insurance Act (12 U.S.C. 1817(a)(2)) is amended by adding at
the end the following:
``(C) Data sharing with other agencies and persons.--In
addition to reports of examination, reports of condition, and
other reports required to be regularly provided to the
Corporation (with respect to all insured depository
institutions, including a depository institution for which the
Corporation has been appointed conservator or receiver) or an
appropriate State bank supervisor (with respect to a State
depository institution) under subparagraph (A) or (B), a
Federal banking agency may, in the discretion of the agency,
furnish any report of examination or other confidential
supervisory information concerning any depository institution
or other entity examined by such agency under authority of any
Federal law, to--
``(i) any other Federal or State agency or authority
with supervisory or regulatory authority over the
depository institution or other entity;
``(ii) any officer, director, or receiver of such
depository institution or entity; and
``(iii) any other person that the Federal banking
agency determines to be appropriate.''.
(b) National Credit Union Administration.--Section 202(a) of the
Federal Credit Union Act (12 U.S.C. 1782(a)) is amended by adding at
the end the following:
``(8) Data sharing with other agencies and persons.--In
addition to reports of examination, reports of condition, and other
reports required to be regularly provided to the Board (with
respect to all insured credit unions, including a credit union for
which the Corporation has been appointed conservator or liquidating
agent) or an appropriate State commission, board, or authority
having supervision of a State-chartered credit union, the Board
may, in the discretion of the Board, furnish any report of
examination or other confidential supervisory information
concerning any credit union or other entity examined by the Board
under authority of any Federal law, to--
``(A) any other Federal or State agency or authority with
supervisory or regulatory authority over the credit union or
other entity;
``(B) any officer, director, or receiver of such credit
union or entity; and
``(C) any other person that the Board determines to be
appropriate.''.

bf4cc75e749f19b66bc413cedf0b41207ba8ee5e5126ef3ca732d9b3c9bb5622

PROHIBITION AUTHORITY OF FEDERAL BANKING AGENCIES IN
CASES OF CERTAIN CRIMES BY INSTITUTION-AFFILIATED
PARTIES.
(a) Insured Depository Institutions.--
(1) In general.--Section 8(g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1818(g)(1)) is amended--
(A) in subparagraph (A)--
(i) by striking ``is charged in any information,
indictment, or complaint, with the commission of or
participation in'' and inserting ``is the subject of any
information, indictment, or complaint, involving the
commission of or participation in'';
(ii) by striking ``may pose a threat to the interests
of the depository institution's depositors or may threaten
to impair public confidence in the depository
institution,'' and insert ``posed, poses, or may pose a
threat to the interests of the depositors of, or
threatened, threatens, or may threaten to impair public
confidence in, any relevant depository institution (as
defined in subparagraph (E)),''; and
(iii) by striking ``affairs of the depository
institution'' and inserting ``affairs of any depository
institution'';
(B) in subparagraph (B)(i), by striking ``the depository
institution'' and inserting ``any depository institution that
the subject of the notice is affiliated with at the time the
notice is issued'';
(C) in subparagraph (C)(i)--
(i) by striking ``may pose a threat to the interests of
the depository institution's depositors or may threaten to
impair public confidence in the depository institution,''
and insert ``posed, poses, or may pose a threat to the
interests of the depositors of, or threatened, threatens,
or may threaten to impair public confidence in, any
relevant depository institution (as defined in subparagraph
(E)),''; and
(ii) by striking ``affairs of the depository
institution'' and inserting ``affairs of any depository
institution'';
(D) in subparagraph (C)(ii), by striking ``affairs of the
depository institution'' and inserting ``affairs of any
depository institution'';
(E) in subparagraph (D)(i), by striking ``the depository
institution'' and inserting ``any depository institution that
the subject of the order is affiliated with at the time the
order is issued''; and
(F) by adding at the end the following:
``(E) Relevant depository institution.--For purposes of
this subsection, the term `relevant depository institution'
means any depository institution of which the party is or was
an institution-affiliated party at the time at which--
``(i) the information, indictment, or complaint
described in subparagraph (A) was issued; or
``(ii) the notice is issued under subparagraph (A) or
the order is issued under subparagraph (C)(i).''.
(2) Clerical amendment.--The subsection heading for section
8(g) of the Federal Deposit Insurance Act (12 U.S.C. 1818(g)) is
amended to read as follows:
``(g) Suspension, Removal, and Prohibition From Participation
Orders in the Case of Certain Criminal Offenses.--''.
(b) Insured Credit Unions.--
(1) In general.--Section 206(i)(1) of the Federal Credit Union
Act (12 U.S.C. 1786(i)(1)) is amended--
(A) in subparagraph (A), by striking ``the credit union''
each place that term appears and inserting ``any credit
union'';
(B) in subparagraph (B)(i), by inserting ``of which the
subject of the order is, or most recently was, an institution-
affiliated party'' before the period at the end;
(C) in subparagraph (C)--
(i) by striking ``the credit union'' each place such
term appears and inserting ``any credit union''; and
(ii) by striking ``the credit union's'' and inserting
``any credit union's'';
(D) in subparagraph (D)(i), by striking ``upon such credit
union'' and inserting ``upon the credit union of which the
subject of the order is, or most recently was, an institution-
affiliated party''; and
(E) by adding at the end the following:
``(E) Continuation of authority.--The Board may issue an
order under this paragraph with respect to an individual who is
an institution-affiliated party at a credit union at the time
of an offense described in subparagraph (A) without regard to--
``(i) whether such individual is an institution-
affiliated party at any credit union at the time the order
is considered or issued by the Board; or
``(ii) whether the credit union at which the individual
was an institution-affiliated party at the time of the
offense remains in existence at the time the order is
considered or issued by the Board.''.
(2) Clerical amendment.--Section 206(i) of the Federal Credit
Union Act (12 U.S.C. 1786(i)) is amended by striking ``(i)'' at the
beginning and inserting the following:
``(i) Suspension, Removal, and Prohibition From Participation
Orders in the Case of Certain Criminal Offenses.--''.

fd2a0ef0312cdd861245e6b29d81305088cf92ea08a4c770601b2174f5a1d8a8

BANKING REGULATORS FROM FOREIGN BANKING SUPERVISORS.
Section 15 of the International Banking Act of 1978 (12 U.S.C.
3109) is amended by adding at the end the following:
``(c) Confidential Information Received From Foreign Supervisors.--
``(1) In general.--Except as provided in paragraph (3), a
Federal banking agency may not be compelled to disclose information
received from a foreign regulatory or supervisory authority if--
``(A) the Federal banking agency determines that the
foreign regulatory or supervisory authority has, in good faith,
determined and represented in writing to such Federal banking
agency that public disclosure of the information would violate
the laws applicable to that foreign regulatory or supervisory
authority; and
``(B) the relevant Federal banking agency obtained such
information pursuant to--
``(i) such procedures as the Federal banking agency may
establish for use in connection with the administration and
enforcement of Federal banking laws; or
``(ii) a memorandum of understanding or other similar
arrangement between the Federal banking agency and the
foreign regulatory or supervisory authority.
``(2) Treatment under title 5, united states code.--For
purposes of section 552 of title 5, United States Code, this
subsection shall be treated as a statute described in subsection
(b)(3)(B) of such section.
``(3) Savings provision.--No provision of this section shall be
construed as--
``(A) authorizing any Federal banking agency to withhold
any information from any duly authorized committee of the House
of Representatives or the Senate; or
``(B) preventing any Federal banking agency from complying
with an order of a court of the United States in an action
commenced by the United States or such agency.
``(4) Federal banking agency defined.--For purposes of this
subsection, the term `Federal banking agency' means the Board, the
Comptroller of the Currency, the Federal Deposit Insurance
Corporation, and the Director of the Office of Thrift
Supervision.''.

4c21a30229e9ecf96b342fc479b51b33447d00678dbb662b933d4c30d921547c

(a) Extension of Automatic Prohibition.--Section 19 of the Federal
Deposit Insurance Act (12 U.S.C. 1829) is amended by adding at the end
the following new subsections:
``(d) Bank Holding Companies.--
``(1) In general.--Subsections (a) and (b) shall apply to any
company (other than a foreign bank) that is a bank holding company
and any organization organized and operated under section 25A of
the Federal Reserve Act or operating under section 25 of the
Federal Reserve Act, as if such bank holding company or
organization were an insured depository institution, except that
such subsections shall be applied for purposes of this subsection
by substituting `Board of Governors of the Federal Reserve System'
for `Corporation' each place that term appears in such subsections.
``(2) Authority of board.--The Board of Governors of the
Federal Reserve System may provide exemptions, by regulation or
order, from the application of paragraph (1) if the exemption is
consistent with the purposes of this subsection.
``(e) Savings and Loan Holding Companies.--
``(1) In general.--Subsections (a) and (b) shall apply to any
savings and loan holding company as if such savings and loan
holding company were an insured depository institution, except that
such subsections shall be applied for purposes of this subsection
by substituting `Director of the Office of Thrift Supervision' for
`Corporation' each place that term appears in such subsections.
``(2) Authority of director.--The Director of the Office of
Thrift Supervision may provide exemptions, by regulation or order,
from the application of paragraph (1) if the exemption is
consistent with the purposes of this subsection.''.
(b) Enhanced Discretion To Remove Convicted Individuals.--Section
8(e)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1818(e)(2)(A)) is amended--
(1) by striking ``or'' at the end of clause (ii);
(2) by striking the comma at the end of clause (iii) and
inserting ``; or''; and
``(3) by adding at the end the following new clause:
``(iv) an institution-affiliated party of a subsidiary
(other than a bank) of a bank holding company or of a
subsidiary (other than a savings association) of a savings
and loan holding company has been convicted of any criminal
offense involving dishonesty or a breach of trust or a
criminal offense under section 1956, 1957, or 1960 of title
18, United States Code, or has agreed to enter into a
pretrial diversion or similar program in connection with a
prosecution for such an offense,''.

5b116eccb9f80f733836c5dadc9e60e1874d6e093197a41eed1d0e8a4010262f

Section 10(h) of the Federal Deposit Insurance Act (12 U.S.C.
1820(h)) is amended to read as follows:
``(h) Coordination of Examination Authority.--
``(1) State bank supervisors of home and host states.--
``(A) Home state of bank.--The appropriate State bank
supervisor of the home State of an insured State bank has
authority to examine and supervise the bank.
``(B) Host state branches.--The State bank supervisor of
the home State of an insured State bank and any State bank
supervisor of an appropriate host State shall exercise its
respective authority to supervise and examine the branches of
the bank in a host State in accordance with the terms of any
applicable cooperative agreement between the home State bank
supervisor and the State bank supervisor of the relevant host
State.
``(C) Supervisory fees.--Except as expressly provided in a
cooperative agreement between the State bank supervisors of the
home State and any host State of an insured State bank, only
the State bank supervisor of the home State of an insured State
bank may levy or charge State supervisory fees on the bank.
``(2) Host state examination.--
``(A) In general.--With respect to a branch operated in a
host State by an out-of-State insured State bank that resulted
from an interstate merger transaction approved under section
44, or that was established in such State pursuant to section
5155(g) of the Revised Statutes of the United States, the third
undesignated paragraph of section 9 of the Federal Reserve Act
or section 18(d)(4) of this Act, the appropriate State bank
supervisor of such host State may--
``(i) with written notice to the State bank supervisor
of the bank's home State and subject to the terms of any
applicable cooperative agreement with the State bank
supervisor of such home State, examine such branch for the
purpose of determining compliance with host State laws that
are applicable pursuant to section 24(j), including those
that govern community reinvestment, fair lending, and
consumer protection; and
``(ii) if expressly permitted under and subject to the
terms of a cooperative agreement with the State bank
supervisor of the bank's home State or if such out-of-State
insured State bank has been determined to be in a troubled
condition by either the State bank supervisor of the bank's
home State or the bank's appropriate Federal banking
agency, participate in the examination of the bank by the
State bank supervisor of the bank's home State to ascertain
that the activities of the branch in such host State are
not conducted in an unsafe or unsound manner.
``(B) Notice of determination.--
``(i) In general.--The State bank supervisor of the
home State of an insured State bank shall notify the State
bank supervisor of each host State of the bank if there has
been a final determination that the bank is in a troubled
condition.
``(ii) Timing of notice.--The State bank supervisor of
the home State of an insured State bank shall provide
notice under clause (i) as soon as is reasonably possible,
but in all cases not later than 15 business days after the
date on which the State bank supervisor has made such final
determination or has received written notification of such
final determination.
``(3) Host state enforcement.--If the State bank supervisor of
a host State determines that a branch of an out-of-State insured
State bank is violating any law of the host State that is
applicable to such branch pursuant to section 24(j), including a
law that governs community reinvestment, fair lending, or consumer
protection, the State bank supervisor of the host State or, to the
extent authorized by the law of the host State, a host State law
enforcement officer may, with written notice to the State bank
supervisor of the bank's home State and subject to the terms of any
applicable cooperative agreement with the State bank supervisor of
the bank's home State, undertake such enforcement actions and
proceedings as would be permitted under the law of the host State
as if the branch were a bank chartered by that host State.
``(4) Cooperative agreement.--
``(A) In general.--The State bank supervisors from 2 or
more States may enter into cooperative agreements to facilitate
State regulatory supervision of State banks, including
cooperative agreements relating to the coordination of
examinations and joint participation in examinations.
``(B) Definition.--For purposes of this subsection, the
term `cooperative agreement' means a written agreement that is
signed by the home State bank supervisor and the host State
bank supervisor to facilitate State regulatory supervision of
State banks, and includes nationwide or multi-State cooperative
agreements and cooperative agreements solely between the home
State and host State.
``(C) Rule of construction.--Except for State bank
supervisors, no provision of this subsection relating to such
cooperative agreements shall be construed as limiting in any
way the authority of home State and host State law enforcement
officers, regulatory supervisors, or other officials that have
not signed such cooperative agreements to enforce host State
laws that are applicable to a branch of an out-of-State insured
State bank located in the host State pursuant to section 24(j).
``(5) Federal regulatory authority.--No provision of this
subsection shall be construed as limiting in any way the authority
of any Federal banking agency.
``(6) State taxation authority not affected.--No provision of
this subsection shall be construed as affecting the authority of
any State or political subdivision of any State to adopt, apply, or
administer any tax or method of taxation to any bank, bank holding
company, or foreign bank, or any affiliate of any bank, bank
holding company, or foreign bank, to the extent that such tax or
tax method is otherwise permissible by or under the Constitution of
the United States or other Federal law.
``(7) Definitions.--For purpose of this section, the following
definitions shall apply:
``(A) Host state, home state, out-of-State bank.--The terms
`host State', `home State', and `out-of-State bank' have the
same meanings as in section 44(g).
``(B) State supervisory fees.--The term `State supervisory
fees' means assessments, examination fees, branch fees, license
fees, and all other fees that are levied or charged by a State
bank supervisor directly upon an insured State bank or upon
branches of an insured State bank.
``(C) Troubled condition.--Solely for purposes of paragraph
(2)(B), an insured State bank has been determined to be in
`troubled condition' if the bank--
``(i) has a composite rating, as determined in its most
recent report of examination, of 4 or 5 under the Uniform
Financial Institutions Ratings System;
``(ii) is subject to a proceeding initiated by the
Corporation for termination or suspension of deposit
insurance; or
``(iii) is subject to a proceeding initiated by the
State bank supervisor of the bank's home State to vacate,
revoke, or terminate the charter of the bank, or to
liquidate the bank, or to appoint a receiver for the bank.
``(D) Final determination.--For purposes of paragraph
(2)(B), the term `final determination' means the transmittal of
a report of examination to the bank or transmittal of official
notice of proceedings to the bank.''.

b73682017079f12bba228ce0efd657831efb9795d6872c146dff45790868c7bb

OFFICE OF THRIFT SUPERVISION.
(a) Establishment of Position of Deputy Director.--Section 3(c)(5)
of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(5)) is amended to read
as follows:
``(5) Deputy director.--
``(A) In general.--The Secretary of the Treasury shall
appoint a Deputy Director, and may appoint not more than 3
additional Deputy Directors of the Office.
``(B) First deputy director.--If the Secretary of the
Treasury appoints more than 1 Deputy Director of the Office,
the Secretary shall designate one such appointee as the First
Deputy Director.
``(C) Duties.--Each Deputy Director appointed under this
paragraph shall take an oath of office and perform such duties
as the Director shall direct.
``(D) Compensation and benefits.--The Director shall fix
the compensation and benefits for each Deputy Director in
accordance with this Act.''.
(b) Service of Deputy Director as Acting Director.--Section 3(c)(3)
of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(3)) is amended--
(1) by striking ``vacancy.--A vacancy in the position of
Director'' and inserting ``vacancy.--
``(A) In general.--A vacancy in the position of Director'';
and
(2) by adding at the end the following:
``(B) Acting director.--
``(i) In general.--In the event of a vacancy in the
position of Director or during the absence or disability of
the Director, the Deputy Director shall serve as Acting
Director.
``(ii) Succession in case of 2 or more deputy
directors.--If there are 2 or more Deputy Directors serving
at the time a vacancy in the position of Director occurs or
the absence or disability of the Director commences, the
First Deputy Director shall serve as Acting Director under
clause (i) followed by such other Deputy Directors under
any order of succession the Director may establish.
``(iii) Authority of acting director.--Any Deputy
Director, while serving as Acting Director under this
subparagraph, shall be vested with all authority, duties,
and privileges of the Director under this Act and any other
provision of Federal law.''.

6879a0992344acfa7909b43ce96ad44bb006b94001bc6d1811d072b92f0fcf8a

COMMITTEE ON BANKING SUPERVISION.
(a) In General.--Section 912 of the International Lending
Supervision Act of 1983 (12 U.S.C. 3911) is amended--
(1) in the section heading, by inserting at the end the
following: ``and the office of thrift supervision'';
(2) by striking ``As one of the three'' and inserting the
following:
``(a) In General.--As one of the 4''; and
(3) by adding at the end the following:
``(b) As one of the 4 Federal bank regulatory and supervisory
agencies, the Office of Thrift Supervision shall be given equal
representation with the Board of Governors of the Federal Reserve
System, the Office of the Comptroller of the Currency, and the Federal
Deposit Insurance Corporation on the Committee on Banking Regulations
and Supervisory Practices of the Group of Ten Countries and
Switzerland.''.
(b) Conforming Amendments.--Section 910(a) of the International
Lending Supervision Act of 1983 (12 U.S.C. 3909(a)) is amended--
(1) in paragraph (2), by striking ``insured bank'' and
inserting ``insured depository institution''; and
(2) in paragraph (3), by striking ``an `insured bank', as such
term is used in section 3(h)'' and inserting ``an `insured
depository institution', as such term is defined in section
3(c)(2)''.

35c553c533aebd8898e3f2ab4e0fd421a14ec608ef4d9eab8125af1c4e1d8fbd

(a) Council Membership.--Section 1004(a) of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3303(a)) is
amended--
(1) in paragraph (4), by striking ``Thrift'' and all that
follows through the end of the paragraph and inserting ``Thrift
Supervision,'';
(2) in paragraph (5) by striking the period at the end and
inserting ``, and''; and
(3) by adding at the end the following:
``(6) the Chairman of the State Liaison Committee.''.
(b) Chairperson of Liaison Committee.--Section 1007 of the Federal
Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3306)
is amended by adding at the end the following: ``Members of the Liaison
Committee shall elect a chairperson from among the members serving on
the committee.''.

92f1348df8aa0b01b8feaaa039e6bbcd4fdedf1f73a98943ec1cd6141b0c5e74

(a) Technical Amendment to the Federal Deposit Insurance Act.--
Section 8(i)(3) of the Federal Deposit Insurance Act (12 U.S.C.
1818(i)(3)) is amended by inserting ``or order'' after ``notice'' each
place that term appears.
(b) Technical Amendment to the Federal Credit Union Act.--Section
206(k)(3) of the Federal Credit Union Act (12 U.S.C. 1786(k)(3)) is
amended by inserting ``or order'' after ``notice'' each place that term
appears.

34c08e8b5424f549135620e75687b3112568db73d774dc4a1fa61143e7e6577e

(a) Actions on Applications, Notices, and Other Requests;
Clarification That Change in Control Conditions Are Enforceable.--
Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is
amended--
(1) in subsection (b)(1), in the first sentence, by striking
``the granting of any application or other request by the
depository institution'' and inserting ``any action on any
application, notice, or other request by the depository institution
or institution-affiliated party,'';
(2) in subsection (e)(1)(A)(i)(III), by striking ``the grant of
any application or other request by such depository institution''
and inserting ``any action on any application, notice, or request
by such depository institution or institution-affiliated party'';
and
(3) in subsection (i)(2)(A)(iii), by striking ``the grant of
any application or other request by such depository institution''
and inserting ``any action on any application, notice, or other
request by the depository institution or institution-affiliated
party''.
(b) Clarification That Change in Control Conditions Are
Enforceable.--Section 206 of the Federal Credit Union Act (12 U.S.C.
1786) is amended--
(1) in subsection (b)(1), in the first sentence, by striking
``the granting of any application or other request by the credit
union'' and inserting ``any action on any application, notice, or
other request by the credit union or institution-affiliated
party,'';
(2) in subsection (g)(1)(A)(i)(III), by striking ``the grant of
any application or other request by such credit union'' and
inserting ``any action on any application, notice, or request by
such credit union or institution-affiliated party''; and
(3) in subsection (k)(2)(A)(iii), by striking ``the grant of
any application or other request by such credit union'' and
inserting ``any action on any application, notice, or other request
by the credit union or institution-affiliated party''.

aa70faab5e6249f70e290d0a30880ffd40382a9d0a695a4b9cf9d5ccc7260324

CONDITIONS.
Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is
amended--
(1) in subsection (b)(1), in the 1st sentence--
(A) by striking ``in writing by the agency'' and inserting
``in writing by a Federal banking agency''; and
(B) by striking ``the agency may issue and serve'' and
inserting ``the appropriate Federal banking agency for the
depository institution may issue and serve'';
(2) in subsection (e)(1)--
(A) in subparagraph (A)(i)(III), by striking ``in writing
by the appropriate Federal banking agency'' and inserting ``in
writing by a Federal banking agency''; and
(B) in the undesignated matter at the end, by striking
``the agency may serve upon such party'' and inserting ``the
appropriate Federal banking agency for the depository
institution may serve upon such party''; and
(3) in subsection (i)(2)(A)(iii), by striking ``in writing by
the appropriate Federal banking agency'' and inserting ``in writing
by a Federal banking agency''.

f3d6cd2fe78eac7ddf4c501a15ec32c72e7654f91ed5835b2bb45b3b606d621d

(a) Insured Depository Institutions.--Section 11(e)(13) of the
Federal Deposit Insurance Act (12 U.S.C. 1821(e)(13)) is amended by
adding at the end the following:
``(C) Consent requirement.--
``(i) In general.--Except as otherwise provided by this
section or section 15, no person may exercise any right or
power to terminate, accelerate, or declare a default under
any contract to which the depository institution is a
party, or to obtain possession of or exercise control over
any property of the institution or affect any contractual
rights of the institution, without the consent of the
conservator or receiver, as appropriate, during the 45-day
period beginning on the date of the appointment of the
conservator, or during the 90-day period beginning on the
date of the appointment of the receiver, as applicable.
``(ii) Certain exceptions.--No provision of this
subparagraph shall apply to a director or officer liability
insurance contract or a depository institution bond, to the
rights of parties to certain qualified financial contracts
pursuant to paragraph (8), or to the rights of parties to
netting contracts pursuant to subtitle A of title IV of the
Federal Deposit Insurance Corporation Improvement Act of
1991 (12 U.S.C. 4401 et seq.), or shall be construed as
permitting the conservator or receiver to fail to comply
with otherwise enforceable provisions of such contract.
``(iii) Rule of construction.--Nothing in this
subparagraph shall be construed to limit or otherwise
affect the applicability of title 11, United States
Code.''.
(b) Insured Credit Unions.--Section 207(c)(12) of the Federal
Credit Union Act (12 U.S.C. 1787(c)(12)) is amended by adding the
following:
``(C) Consent requirement.--
``(i) In general.--Except as otherwise provided by this
section, no person may exercise any right or power to
terminate, accelerate, or declare a default under any
contract to which the credit union is a party, or to obtain
possession of or exercise control over any property of the
credit union or affect any contractual rights of the credit
union, without the consent of the conservator or
liquidating agent, as appropriate, during the 45-day period
beginning on the date of the appointment of the
conservator, or during the 90-day period beginning on the
date of the appointment of the liquidating agent, as
applicable.
``(ii) Certain exceptions.--No provision of this
subparagraph shall apply to a director or officer liability
insurance contract or a credit union bond, or to the rights
of parties to certain qualified financial contracts
pursuant to paragraph (8), or shall be construed as
permitting the conservator or liquidating agent to fail to
comply with otherwise enforceable provisions of such
contract.
``(iii) Rule of construction.--Nothing in this
subparagraph shall be construed to limit or otherwise
affect the applicability of title 11, United States
Code.''.

5e570fb7ac35ebad0de5b96cef2aeb8f88d0b1863efb7006c016222618bc8e40

Section 604(a) of the Fair Credit Reporting Act (15 U.S.C.
1681b(a)) is amended by adding at the end the following:
``(6) To the Federal Deposit Insurance Corporation or the
National Credit Union Administration as part of its preparation for
its appointment or as part of its exercise of powers, as
conservator, receiver, or liquidating agent for an insured
depository institution or insured credit union under the Federal
Deposit Insurance Act or the Federal Credit Union Act, or other
applicable Federal or State law, or in connection with the
resolution or liquidation of a failed or failing insured depository
institution or insured credit union, as applicable.''.

1833c899afe095d34d730bcbbd346e52d882f8ca2cca60b4cdc417d01cd2f7ca

(a) Insured Depository Institutions.--Section 15(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1825(b)) is amended by inserting
immediately after paragraph (3) the following:
``(4) Exemption from criminal prosecution.--The Corporation
shall be exempt from all prosecution by the United States or any
State, county, municipality, or local authority for any criminal
offense arising under Federal, State, county, municipal, or local
law, which was allegedly committed by the institution, or persons
acting on behalf of the institution, prior to the appointment of
the Corporation as receiver.''.
(b) Insured Credit Unions.--Section 207(b)(2) of the Federal Credit
Union Act (12 U.S.C. 1787(b)(2)) is amended by adding at the end the
following:
``(K) Exemption from criminal prosecution.--The
Administration shall be exempt from all prosecution by the
United States or any State, county, municipality, or local
authority for any criminal offense arising under Federal,
State, county, municipal, or local law, which was allegedly
committed by a credit union, or persons acting on behalf of a
credit union, prior to the appointment of the Administration as
liquidating agent.''.

ab8be25a8bc05e890c945e507ab229906283f719eba0082a90018429a386f901

(a) Insured Depository Institutions.--Section 11(f) of the Federal
Deposit Insurance Act (12 U.S.C. 1821(f)) is amended by striking
paragraphs (3) through (5) and inserting the following:
``(3) Resolution of disputes.--A determination by the
Corporation regarding any claim for insurance coverage shall be
treated as a final determination for purposes of this section. In
its discretion, the Corporation may promulgate regulations
prescribing procedures for resolving any disputed claim relating to
any insured deposit or any determination of insurance coverage with
respect to any deposit.
``(4) Review of corporation determination.--A final
determination made by the Corporation regarding any claim for
insurance coverage shall be a final agency action reviewable in
accordance with chapter 7 of title 5, United States Code, by the
United States district court for the Federal judicial district
where the principal place of business of the depository institution
is located.
``(5) Statute of limitations.--Any request for review of a
final determination by the Corporation regarding any claim for
insurance coverage shall be filed with the appropriate United
States district court not later than 60 days after the date on
which such determination is issued.''.
(b) Insured Credit Unions.--Section 207(d) of the Federal Credit
Union Act (12 U.S.C. 1787(d)) is amended by striking paragraphs (3)
through (5) and inserting the following:
``(3) Resolution of disputes.--A determination by the
Administration regarding any claim for insurance coverage shall be
treated as a final determination for purposes of this section. In
its discretion, the Board may promulgate regulations prescribing
procedures for resolving any disputed claim relating to any insured
deposit or any determination of insurance coverage with respect to
any deposit. A final determination made by the Board regarding any
claim for insurance coverage shall be a final agency action
reviewable in accordance with chapter 7 of title 5, United States
Code, by the United States district court for the Federal judicial
district where the principal place of business of the credit union
is located.
``(4) Statute of limitations.--Any request for review of a
final determination by the Board regarding any claim for insurance
coverage shall be filed with the appropriate United States district
court not later than 60 days after the date on which such
determination is issued.''.

d70b59586bafed7d640bf60aba2fdb1431395ff4c89814e301128bbee64ec798

(a) Insured Depository Institutions.--Section 11(d)(15)(D) of the
Federal Deposit Insurance Act (12 U.S.C. 1821(d)(15)(D)) is amended--
(1) by striking ``After the end of the 6-year period'' and
inserting the following:
``(i) In general.--Except as provided in clause (ii),
after the end of the 6-year period''; and
(2) by adding at the end the following:
``(ii) Old records.--Notwithstanding clause (i), the
Corporation may destroy records of an insured depository
institution which are at least 10 years old as of the date
on which the Corporation is appointed as the receiver of
such depository institution in accordance with clause (i)
at any time after such appointment is final, without regard
to the 6-year period of limitation contained in clause
(i).''.
(b) Insured Credit Unions.--Section 207(b)(15)(D) of the Federal
Credit Union Act (12 U.S.C. 1787(b)(15)(D)) is amended--
(1) by striking ``After the end of the 6-year period'' and
inserting the following:
``(i) In general.--Except as provided in clause (ii),
after the end of the 6-year period''; and
(2) by adding at the end the following:
``(ii) Old records.--Notwithstanding clause (i) the
Board may destroy records of an insured credit union which
are at least 10 years old as of the date on which the Board
is appointed as liquidating agent of such credit union in
accordance with clause (i) at any time after such
appointment is final, without regard to the 6-year period
of limitation contained in clause (i).''.

b2732dad7a176605e6a9ab953570a042c5a67ea80a448a874b8de4d32261886b

(a) Insured Depository Institutions.--Section 10(f) of the Federal
Deposit Insurance Act (12 U.S.C. 1820(f)) is amended to read as
follows:
``(f) Preservation of Agency Records.--
``(1) In general.--A Federal banking agency may cause any and
all records, papers, or documents kept by the agency or in the
possession or custody of the agency to be--
``(A) photographed or microphotographed or otherwise
reproduced upon film; or
``(B) preserved in any electronic medium or format which is
capable of--
``(i) being read or scanned by computer; and
``(ii) being reproduced from such electronic medium or
format by printing any other form of reproduction of
electronically stored data.
``(2) Treatment as original records.--Any photographs,
microphotographs, or photographic film or copies thereof described
in paragraph (1)(A) or reproduction of electronically stored data
described in paragraph (1)(B) shall be deemed to be an original
record for all purposes, including introduction in evidence in all
State and Federal courts or administrative agencies, and shall be
admissible to prove any act, transaction, occurrence, or event
therein recorded.
``(3) Authority of the federal banking agencies.--Any
photographs, microphotographs, or photographic film or copies
thereof described in paragraph (1)(A) or reproduction of
electronically stored data described in paragraph (1)(B) shall be
preserved in such manner as the Federal banking agency shall
prescribe, and the original records, papers, or documents may be
destroyed or otherwise disposed of as the Federal banking agency
may direct.''.
(b) Insured Credit Unions.--Section 206(s) of the Federal Credit
Union Act (12 U.S.C. 1786(s)) is amended by adding at the end the
following:
``(9) Preservation of records.--
``(A) In general.--The Board may cause any and all records,
papers, or documents kept by the Administration or in the
possession or custody of the Administration to be--
``(i) photographed or microphotographed or otherwise
reproduced upon film; or
``(ii) preserved in any electronic medium or format
which is capable of--
``(I) being read or scanned by computer; and
``(II) being reproduced from such electronic medium
or format by printing or any other form of reproduction
of electronically stored data.
``(B) Treatment as original records.--Any photographs,
micrographs, or photographic film or copies thereof described
in subparagraph (A)(i) or reproduction of electronically stored
data described in subparagraph (A)(ii) shall be deemed to be an
original record for all purposes, including introduction in
evidence in all State and Federal courts or administrative
agencies, and shall be admissible to prove any act,
transaction, occurrence, or event therein recorded.
``(C) Authority of the administration.--Any photographs,
microphotographs, or photographic film or copies thereof
described in subparagraph (A)(i) or reproduction of
electronically stored data described in subparagraph (A)(ii)
shall be preserved in such manner as the Administration shall
prescribe, and the original records, papers, or documents may
be destroyed or otherwise disposed of as the Administration may
direct.''.

e49411108de1bd60dc0a96e5641095ba0c23e80e004f0c8cceb52f89bf2c58c9

FEDERAL DEPOSIT INSURANCE ACT.
Section 11(t) of the Federal Deposit Insurance Act (12 U.S.C.
1821(t)) is amended--
(1) in paragraph (1), by inserting ``, in any capacity,'' after
``A covered agency''; and
(2) in paragraph (2)(A)--
(A) in clause (i), by striking ``appropriate'';
(B) by striking clause (ii); and
(C) by redesignating clauses (iii) through (vi) as clauses
(ii) through (v), respectively.

18fe0796c48a914aad353e621cdff91831a038118ba4db30631651c21c63c48e

OPERATING UNDER THE CODE OF LAW FOR THE DISTRICT OF
COLUMBIA.
(a) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et
seq.) is amended--
(1) in the second undesignated paragraph of the first section
(12 U.S.C. 221), by adding at the end the following: ``For purposes
of this Act, a State bank includes any bank which is operating
under the Code of Law for the District of Columbia.''; and
(2) in the first sentence of the first undesignated paragraph
of section 9 (12 U.S.C. 321), by striking ``incorporated by special
law of any State, or'' and inserting ``incorporated by special law
of any State, operating under the Code of Law for the District of
Columbia, or''.
(b) Bank Conservation Act.--Section 202 of the Bank Conservation
Act (12 U.S.C. 202) is amended--
(1) by striking ``means (1) any national'' and inserting
``means any national''; and
(2) by striking ``, and (2) any bank or trust company located
in the District of Columbia and operating under the supervision of
the Comptroller of the Currency''.
(c) Depository Institution Deregulation and Monetary Control Act of
1980.--Part C of title VII of the Depository Institution Deregulation
and Monetary Control Act of 1980 (12 U.S.C. 216 et seq.) is amended--
(1) in paragraph (1) of section 731 (12 U.S.C. 216(1)), by
striking ``and closed banks in the District of Columbia''; and
(2) in paragraph (2) of section 732 (12 U.S.C. 216a(2)), by
striking ``or closed banks in the District of Columbia''.
(d) Federal Deposit Insurance Act.--Section 3(a)(2)(B) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(a)(2)(B)) is amended by
striking ``(except a national bank)''.
(e) National Bank Consolidation and Merger Act.--Section 7(1) of
the National Bank Consolidation and Merger Act (12 U.S.C. 215b(1)) is
amended by striking ``(except a national banking association located in
the District of Columbia)''.
(f) Act of August 17, 1950.--Section 1(a) of the Act entitled ``An
Act to provide for the conversion of national banking associations into
and their merger or consolidation with State banks, and for other
purposes'' and approved August 17, 1950 (12 U.S.C. 214(a)) is amended
by striking ``(except a national banking association)''.
(g) Federal Trade Commission Act.--Section 18(f)(2) of the Federal
Trade Commission Act (15 U.S.C. 57a(f)(2)) is amended--
(1) in subparagraph (A), by striking ``, banks operating under
the code of law for the District of Columbia,''; and
(2) in subparagraph (B), by striking ``and banks operating
under the code of law for the District of Columbia''.

ab921a029fdd961773d16661bc4acb4a3e82fe245f199e061396a4bb073fad13

The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended as
follows:
(1) In section 101(3), strike ``and'' after the semicolon.
(2) In section 101(5), strike the terms ``account account'' and
``account accounts'' each place any such term appears and insert
``account''.
(3) In section 107(5)(E), strike the period at the end and
insert a semicolon.
(4) In each of paragraphs (6) and (7) of section 107, strike
the period at the end and insert a semicolon.
(5) In section 107(7)(D), strike ``the Federal Savings and Loan
Insurance Corporation or''.
(6) In section 107(7)(E), strike ``the Federal Home Loan Bank
Board,'' and insert ``the Federal Housing Finance Board,''.
(7) In section 107(9), strike ``subchapter III'' and insert
``title III''.
(8) In section 107(13), strike ``and'' after the semicolon at
the end.
(9) In section 109(c)(2)(A)(i), strike ``(12 U.S.C.
4703(16))''.
(10) In section 120(h), strike ``the Act approved July 30, 1947
(6 U.S.C., secs. 6-13),'' and insert ``chapter 93 of title 31,
United States Code,''.
(11) In section 201(b)(5), strike ``section 116 of''.
(12) In section 202(h)(3), strike ``section 207(c)(1)'' and
insert ``section 207(k)(1)''.
(13) In section 204(b), strike ``such others powers'' and
insert ``such other powers''.
(14) In section 206(e)(3)(D), strike ``and'' after the
semicolon at the end.
(15) In section 206(f)(1), strike ``subsection (e)(3)(B)'' and
insert ``subsection (e)(3)''.
(16) In section 206(g)(7)(D), strike ``and subsection (1)''.
(17) In section 206(t)(2)(B), insert ``regulations'' after ``as
defined in''.
(18) In section 206(t)(2)(C), strike ``material affect'' and
insert ``material effect''.
(19) In section 206(t)(4)(A)(ii)(II), strike ``or'' after the
semicolon at the end.
(20) In section 206A(a)(2)(A), strike ``regulator agency'' and
insert ``regulatory agency''.
(21) In section 207(c)(5)(B)(i)(I), insert ``and'' after the
semicolon at the end.
(22) In the heading for subparagraph (A) of section 207(d)(3),
strike ``to'' and insert ``with''.
(23) In section 207(f)(3)(A), strike ``category or claimants''
and insert ``category of claimants''.
(24) In section 209(a)(8), strike the period at the end and
insert a semicolon.
(25) In section 216(n), insert ``any action'' before ``that is
required''.
(26) In section 304(b)(3), strike ``the affairs or such credit
union'' and insert ``the affairs of such credit union''.
(27) In section 310, strike ``section 102(e)'' and insert
``section 102(d)''.

c29d3f2d68eceab122bf5a71e4960b5fd2fb28e9e81a8a43be23aaea8d47a0ac

OF 1956.
(a) In General.--Section 2 of the Bank Holding Company Act of 1956
(12 U.S.C. 1841) is amended--
(1) in subsection (c)(2), by striking subparagraphs (I) and
(J); and
(2) by striking subsection (m) and inserting the following:
``(m) [Repealed]''.
(b) Technical and Conforming Amendments.--Paragraphs (1) and (2) of
section 4(h) of the Bank Holding Company Act of 1956 (12 U.S.C.
1843(h)) are each amended by striking ``(G), (H), (I), or (J) of
section 2(c)(2)'' and inserting ``(G), or (H) of section 2(c)(2)''.

77675450fd29ceb9244f8300fb04aafe9178da326c7bc059ac0083c7559f3d20

Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803), as
amended by section 609, is amended by adding at the end the following:
``(e) Model Forms.--
``(1) In general.--The agencies referred to in section
504(a)(1) shall jointly develop a model form which may be used, at
the option of the financial institution, for the provision of
disclosures under this section.
``(2) Format.--A model form developed under paragraph (1)
shall--
``(A) be comprehensible to consumers, with a clear format
and design;
``(B) provide for clear and conspicuous disclosures;
``(C) enable consumers easily to identify the sharing
practices of a financial institution and to compare privacy
practices among financial institutions; and
``(D) be succinct, and use an easily readable type font.
``(3) Timing.--A model form required to be developed by this
subsection shall be issued in proposed form for public comment not
later than 180 days after the date of enactment of this subsection.
``(4) Safe harbor.--Any financial institution that elects to
provide the model form developed by the agencies under this
subsection shall be deemed to be in compliance with the disclosures
required under this section.''.

7a8fff042ae80ac5384a17f4a0d8540c26d1273cedf8a247789214e9026ddec8

(a) In General.--The Fair Debt Collection Practices Act (15 U.S.C.
1692 et seq.) is amended--
(1) by redesignating section 818 as section 819; and
(2) by inserting after section 817 the following:
``Sec. 818. Exception for certain bad check enforcement programs
operated by private entities
``(a) In General.--
``(1) Treatment of certain private entities.--Subject to
paragraph (2), a private entity shall be excluded from the
definition of a debt collector, pursuant to the exception provided
in section 803(6), with respect to the operation by the entity of a
program described in paragraph (2)(A) under a contract described in
paragraph (2)(B).
``(2) Conditions of applicability.--Paragraph (1) shall apply
if--
``(A) a State or district attorney establishes, within the
jurisdiction of such State or district attorney and with
respect to alleged bad check violations that do not involve a
check described in subsection (b), a pretrial diversion program
for alleged bad check offenders who agree to participate
voluntarily in such program to avoid criminal prosecution;
``(B) a private entity, that is subject to an
administrative support services contract with a State or
district attorney and operates under the direction,
supervision, and control of such State or district attorney,
operates the pretrial diversion program described in
subparagraph (A); and
``(C) in the course of performing duties delegated to it by
a State or district attorney under the contract, the private
entity referred to in subparagraph (B)--
``(i) complies with the penal laws of the State;
``(ii) conforms with the terms of the contract and
directives of the State or district attorney;
``(iii) does not exercise independent prosecutorial
discretion;
``(iv) contacts any alleged offender referred to in
subparagraph (A) for purposes of participating in a program
referred to in such paragraph--
``(I) only as a result of any determination by the
State or district attorney that probable cause of a bad
check violation under State penal law exists, and that
contact with the alleged offender for purposes of
participation in the program is appropriate; and
``(II) the alleged offender has failed to pay the
bad check after demand for payment, pursuant to State
law, is made for payment of the check amount;
``(v) includes as part of an initial written
communication with an alleged offender a clear and
conspicuous statement that--
``(I) the alleged offender may dispute the validity
of any alleged bad check violation;
``(II) where the alleged offender knows, or has
reasonable cause to believe, that the alleged bad check
violation is the result of theft or forgery of the
check, identity theft, or other fraud that is not the
result of the conduct of the alleged offender, the
alleged offender may file a crime report with the
appropriate law enforcement agency; and
``(III) if the alleged offender notifies the
private entity or the district attorney in writing, not
later than 30 days after being contacted for the first
time pursuant to clause (iv), that there is a dispute
pursuant to this subsection, before further restitution
efforts are pursued, the district attorney or an
employee of the district attorney authorized to make
such a determination makes a determination that there
is probable cause to believe that a crime has been
committed; and
``(vi) charges only fees in connection with services
under the contract that have been authorized by the
contract with the State or district attorney.
``(b) Certain Checks Excluded.--A check is described in this
subsection if the check involves, or is subsequently found to involve--
``(1) a postdated check presented in connection with a payday
loan, or other similar transaction, where the payee of the check
knew that the issuer had insufficient funds at the time the check
was made, drawn, or delivered;
``(2) a stop payment order where the issuer acted in good faith
and with reasonable cause in stopping payment on the check;
``(3) a check dishonored because of an adjustment to the
issuer's account by the financial institution holding such account
without providing notice to the person at the time the check was
made, drawn, or delivered;
``(4) a check for partial payment of a debt where the payee had
previously accepted partial payment for such debt;
``(5) a check issued by a person who was not competent, or was
not of legal age, to enter into a legal contractual obligation at
the time the check was made, drawn, or delivered; or
``(6) a check issued to pay an obligation arising from a
transaction that was illegal in the jurisdiction of the State or
district attorney at the time the check was made, drawn, or
delivered.
``(c) Definitions.--For purposes of this section, the following
definitions shall apply:
``(1) State or district attorney.--The term `State or district
attorney' means the chief elected or appointed prosecuting attorney
in a district, county (as defined in section 2 of title 1, United
States Code), municipality, or comparable jurisdiction, including
State attorneys general who act as chief elected or appointed
prosecuting attorneys in a district, county (as so defined),
municipality or comparable jurisdiction, who may be referred to by
a variety of titles such as district attorneys, prosecuting
attorneys, commonwealth's attorneys, solicitors, county attorneys,
and state's attorneys, and who are responsible for the prosecution
of State crimes and violations of jurisdiction-specific local
ordinances.
``(2) Check.--The term `check' has the same meaning as in
section 3(6) of the Check Clearing for the 21st Century Act.
``(3) Bad check violation.--The term `bad check violation'
means a violation of the applicable State criminal law relating to
the writing of dishonored checks.''.
(b) Clerical Amendment.--The table of sections for the Fair Debt
Collection Practices Act (15 U.S.C. 1692 et seq.) is amended--
(1) by redesignating the item relating to section 818 as
section 819; and
(2) by inserting after the item relating to section 817 the
following new item:
``818. Exception for certain bad check enforcement programs operated by
private entities.''.

927ab70315cbb0ac55fdc90d533cd06d48fe08cf09e8389260d88da889baf836

TITLE VIII

-FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

(a) Legal Pleadings.--Section 809 of the Fair Debt Collection
Practices Act (15 U.S.C. 1692g) is amended by adding at the end the
following new subsection:
``(d) Legal Pleadings.--A communication in the form of a formal
pleading in a civil action shall not be treated as an initial
communication for purposes of subsection (a).''.
(b) Notice Provisions.--Section 809 of the Fair Debt Collection
Practices Act (15 U.S.C. 1692g) is amended by adding after subsection
(d) (as added by subsection (a) of this section) the following new
subsection:
``(e) Notice Provisions.--The sending or delivery of any form or
notice which does not relate to the collection of a debt and is
expressly required by the Internal Revenue Code of 1986, title V of
Gramm-Leach-Bliley Act, or any provision of Federal or State law
relating to notice of data security breach or privacy, or any
regulation prescribed under any such provision of law, shall not be
treated as an initial communication in connection with debt collection
for purposes of this section.''.
(c) Establishment of Right To Collect Within the First 30 Days.--
Section 809(b) of the Fair Debt Collection Practices Act (15 U.S.C.
1692g(b)) is amended by adding at the end the following new sentences:
``Collection activities and communications that do not otherwise
violate this title may continue during the 30-day period referred to in
subsection (a) unless the consumer has notified the debt collector in
writing that the debt, or any portion of the debt, is disputed or that
the consumer requests the name and address of the original creditor.
Any collection activities and communication during the 30-day period
may not overshadow or be inconsistent with the disclosure of the
consumer's right to dispute the debt or request the name and address of
the original creditor.''.

a985fda739c02c3d7be6b98ab3c3b1a4c5e352c158fe286e5cf38eb9cc78a1a9

(a) In General.--Section 9301(2) of title 31, United States Code,
is amended to read as follows:
``(2) `eligible obligation' means any security designated as
acceptable in lieu of a surety bond by the Secretary of the
Treasury.''.
(b) Use of Eligible Obligations Instead of Surety Bonds.--Section
9303(a)(2) of title 31, United States Code, is amended to read as
follows:
``(2) as determined by the Secretary of the Treasury, have a
market value that is equal to or greater than the amount of the
required surety bond; and''.
(c) Technical Amendments.--Section 9303 of title 31, United States
Code, is amended--
(1) in the section heading, by striking ``Government
obligations'' and inserting ``eligible obligations'';
(2) in subsection (f), by striking ``Government obligations''
and inserting ``eligible obligations'';
(3) by striking ``a Government obligation'' each place that
term appears and inserting ``an eligible obligation''; and
(4) by striking ``Government obligation'' each place that term
appears and inserting ``eligible obligation''.

75524d3b230157e62725bafa57f2f09601ba3135d93669d00128ff730a9bfc85

TITLE IX

-CASH MANAGEMENT MODERNIZATION

TRANSACTION REPORT FILING SYSTEM.
(a) In General.--The Comptroller General of the United States shall
conduct a study on the volume of currency transaction reports filed
with the Secretary of the Treasury under section 5313(a) of title 31,
United States Code.
(b) Purpose.--The purpose of the study required under subsection
(a) shall be--
(1) to evaluate, on the basis of actual filing data, patterns
of currency transaction reports filed by depository institutions of
all sizes and locations; and
(2) to identify whether and the extent to which the filing
rules for currency transaction reports described in section 5313(a)
of title 31, United States Code--
(A) are burdensome; and
(B) can or should be modified to reduce such burdens
without harming the usefulness of such filing rules to Federal,
State, and local anti-terrorism, law enforcement, and
regulatory operations.
(c) Period Covered.--The study required under subsection (a) shall
cover the period beginning at least 3 calendar years prior to the date
of enactment of this section.
(d) Content.--The study required under subsection (a) shall include
a detailed evaluation of--
(1) the extent to which depository institutions are availing
themselves of the exemption system for the filing of currency
transaction reports set forth in section 103.22(d) of title 31,
Code of Federal Regulations, as in effect during the study period
(in this section referred to as the ``exemption system''),
including specifically, for the study period--
(A) the number of currency transaction reports filed (out
of the total annual numbers) involving companies that are
listed on the New York Stock Exchange or the NASDAQ National
Market;
(B) the number of currency transaction reports filed by the
100 largest depository institutions in the United States by
asset size, and thereafter in tiers of 100, by asset size;
(C) the number of currency transaction reports filed by the
200 smallest depository institutions in the United States,
including the number of such currency transaction reports
involving companies listed on the New York Stock Exchange or
the NASDAQ National Market; and
(D) the number of currency transaction reports that would
have been filed during the filing period if the exemption
system had been used by all depository institutions in the
United States;
(2) what types of depository institutions are using the
exemption system, and the extent to which such exemption system is
used;
(3) difficulties that limit the willingness or ability of
depository institutions to reduce their currency transaction
reports reporting burden by making use of the exemption system,
including considerations of cost, especially in the case of small
depository institutions;
(4) the extent to which bank examination difficulties have
limited the use of the exemption system, especially with respect
to--
(A) the exemption of privately-held companies permitted
under such exemption system; and
(B) whether, on a sample basis, the reaction of bank
examiners to implementation of such exemption system is
justified or inhibits use of such exemption system without an
offsetting compliance benefit;
(5) ways to improve the use of the exemption system by
depository institutions, including making such exemption system
mandatory in order to reduce the volume of currency transaction
reports unnecessarily filed; and
(6) the usefulness of currency transaction reports filed to law
enforcement agencies, taking into account--
(A) advances in information technology;
(B) the impact, including possible loss of investigative
data, that various changes in the exemption system would have
on the usefulness of such currency transaction reports; and
(C) changes that could be made to the exemption system
without affecting the usefulness of currency transaction
reports.
(e) Assistance.--The Secretary of the Treasury shall provide such
information processing and other assistance, including from the
Commissioner of the Internal Revenue Service and the Director of the
Financial Crimes Enforcement Network, to the Comptroller General in
analyzing currency transaction report filings for the study period
described in subsection (c), as is necessary to provide the information
required by subsection (a).
(f) Views.--The study required under subsection (a) shall, if
appropriate, include a discussion of the views of a representative
sample of Federal, State, and local law enforcement and regulatory
officials and officials of depository institutions of all sizes.
(g) Recommendations.--The study required under subsection (a)
shall, if appropriate, include recommendations for changes to the
exemption system that would reflect a reduction in unnecessary cost to
depository institutions, assuming reasonably full implementation of
such exemption system, without reducing the usefulness of the currency
transaction report filing system to anti-terrorism, law enforcement,
and regulatory operations.
(h) Report.--Not later than 15 months after the date of enactment
of this section, the Comptroller General shall submit a report on the
study required under subsection (a) to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives.

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(a) Study.--The Comptroller General of the United States shall
conduct a study regarding--
(1) the vast diversity in the size and complexity of
institutions in the banking and financial services sector,
including the differences in capital, market share, geographical
limitations, product offerings, and general activities;
(2) the differences in powers among the depository institution
charters, including--
(A) identification of the historical trends in the
evolution of depository institution charters;
(B) an analysis of the impact of charter differences to the
overall safety and soundness of the banking industry, and the
effectiveness of the applicable depository institution
regulator; and
(C) an analysis of the impact that the availability of
options for depository institution charters on the development
of the banking industry;
(3) the impact that differences of size and overall complexity
among financial institutions makes with respect to regulatory
oversight, efficiency, safety and soundness, and charter options
for financial institutions; and
(4) the aggregate cost and breakdown associated with regulatory
compliance for banks, savings associations, credit unions, or any
other financial institution, including potential disproportionate
impact that the cost of compliance may pose on smaller
institutions, given the percentage of personnel that the
institution must dedicate solely to compliance.
(b) Considerations.--In conducting the study under subsection (a),
the Comptroller General shall consider the efficacy and efficiency of
the consolidation of financial regulators, as well as charter
simplification and homogenization.
(c) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit a
report to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives on the results of the study required by this section.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.

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Financial Services Regulatory Relief Act of 2006 — S. 2856

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