Text: H.R.5610 — 101st Congress (1989-1990)All Information (Except Text)

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Calendar No. 831
101st CONGRESS
2d Session
H. R. 5610
AN ACT
To amend the Federal Deposit Insurance Act to remove the caps imposed on
deposit insurance premiums and annual premium increases, to allow the
assessment rates to be adjusted more frequently than annually, and for
other purposes.
September 18 (legislative day, SEPTEMBER 10), 1990
Received; read twice and ordered placed on the calendar
HR 5610 PCS
Calendar No. 831
101st CONGRESS
2d Session
 H. R. 5610
IN THE SENATE OF THE UNITED STATES
September 18 (legislative day, SEPTEMBER 10), 1990
Received; read twice and ordered placed on the calendar
AN ACT
To amend the Federal Deposit Insurance Act to remove the caps imposed on
deposit insurance premiums and annual premium increases, to allow the
assessment rates to be adjusted more frequently than annually, and for
other purposes.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Deposit Insurance Funds Protection Act
  of 1990'.
SEC. 2. ELIMINATION OF CEILINGS ON INSURANCE PREMIUMS AND ANNUAL PREMIUM
INCREASES.
  (a) BANK INSURANCE FUND- Clause (iv) of section 7(b)(1)(C) of the Federal
  Deposit Insurance Act (12 U.S.C. 1817(b)(1)(C)) is amended by striking
  `and capitalization, except that--' and all that follows through the end
  of such clause and inserting `and capitalization; and'.
  (b) SAVINGS ASSOCIATION INSURANCE FUND- Clause (v) of section 7(b)(1)(D) of
  the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)(D)) is amended by
  striking `and capitalization, except that--' and all that follows through
  the end of such clause and inserting `and capitalization; and'.
SEC. 3. FDIC AUTHORITY TO ADJUST ASSESSMENT RATES MORE FREQUENTLY THAN
ANNUALLY.
  (a) BANK INSURANCE FUND- Section 7(b)(1)(A) of the Federal Deposit Insurance
  Act (12 U.S.C. 1817(b)(1)(A)) is amended--
  (1) by striking clause (i) and inserting the following new clause:
  `(i) AUTHORITY TO ESTABLISH RATES- The Corporation shall set assessment rates
  for insured depository institutions at such times as the Corporation, in
  the sole discretion of the Corporation, determines to be appropriate.'; and
  (2) by striking clause (iii) and inserting the following new clause:
  `(iii) ANNOUNCEMENT OF RATE CHANGES- If the Corporation changes the
  assessment rate, the Corporation shall provide public notice of such change
  on or before the beginning of the 60-day period ending on the date such
  change takes effect.'.
  (b) TECHNICAL AND CONFORMING AMENDMENTS-
  (1) Section 7(b)(1)(A)(ii) of the Federal Deposit Insurance Act (12
  U.S.C. 1817(b)(1)(A)(ii)) is amended by striking `annual'.
  (2) Section 7(b)(1) of the Federal Deposit Insurance Act (12
  U.S.C. 1817(b)(1)) is amended--
  (A) in subparagraph (C)(iv) (as amended by section 2(a) of this Act)--
  (i) by striking `on January 1 of a calendar year' and inserting `for any
  period'; and
  (ii) by inserting `, in the sole discretion of such board,' after `rate
  determined by the Board of Directors'; and
  (B) in subparagraph (D)(v) (as amended by section 2(b) of this Act)--
  (i) by striking `on January 1 of a calendar year' and inserting `for any
  period'; and
  (ii) by inserting `, in the sole discretion of such board,' after `rate
  determined by the Board of Directors'.
  (3) Section 7(d)(1)(A) of the Federal Deposit Insurance Act (12
  U.S.C. 1817(d)(1)(A)) is amended--
  (A) by striking `By September 30 of each calendar year,' and inserting
  `Before the beginning of the 60-day period ending on the 1st day of each
  semiannual period,'; and
  (B) by striking `the succeeding calendar year' and inserting `such
  semiannual period'.
  (4) Section 7(d)(2) of the Federal Deposit Insurance Act (12
  U.S.C. 1817(d)(2)) is amended--
  (A) in subparagraph (A), by striking `in the coming year' and inserting
  `in the coming semiannual period'; and
  (B) in subparagraph (B),
  (i) by striking `succeeding year' each place such term appears and inserting
  `succeeding semiannual period'; and
  (ii) by striking `succeeding calendar year' and inserting `succeeding
  semiannual period'.
  (5) Section 7(d)(3) of the Federal Deposit Insurance Act (12
  U.S.C. 1817(d)(3)) is amended--
  (A) in subparagraph (A), by striking `in the coming year' and inserting
  `in the coming semiannual period'; and
  (B) in subparagraph (B),
  (i) by striking `succeeding year' each place such term appears and inserting
  `succeeding semiannual period'; and
  (ii) by striking `succeeding calendar year' and inserting `succeeding
  semiannual period'.
Passed the House of Representatives September 17, 1990.
Attest:
DONNALD K. ANDERSON,
Clerk.