Summary: H.R.5433 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5433. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/18/1992)

Comprehensive Community Bank Burden Reduction Act of 1992 - Title I: Purposes - Sets forth the purposes of this Act.

Title II: Supervisory Reforms - Amends the Federal Deposit Insurance Act to extend from 18 months to twenty-four months the annual on-site examination cycle for certain small-sized insured depository institutions.

Authorizes the appropriate Federal banking agency to exempt small-sized institutions within a depository institution holding company from statutory examination requirements if the agency is satisfied that adequate internal controls and examination procedures exist within the holding company structure.

Modifies statutory auditing and reporting requirements in order to reduce the regulatory costs incurred by insured depository institutions, including Federal Credit Unions.

Repeals regulatory standards for safety and soundness.

Exempts from bank branch closure notice requirements specified branches and automated teller machines.

Directs the Federal Financial Institutions Examination Council to review risk-based capital rules and compliance requirements with respect to their cost burden upon community banks.

Amends the Federal Reserve Act to modify the aggregate statutory limits on insider lending. Repeals the statutory mandate with respect to the regulation of interbank risks.

Amends the Federal Deposit Insurance Act to modify the approval process with respect to the activities of insured state banks. Directs Federal banking regulatory agencies to coordinate their regulations and interpretation with one another to achieve uniformity.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) authorize Federal financial institution regulatory agencies and the Resolution Trust Corporation to establish levels below which a certified or licensed appraiser shall not be required in connection with Federal real estate-related transactions; and (2) prohibit States from requiring State-certified or State-licensed appraisers for such transactions.

Amends the Community Reinvestment Act of 1977 to set forth self-certification guidelines for regulated financial institutions. Requires the appropriate Federal financial supervisory agency to investigate any allegation filed against a regulated financial institution regarding whether it is helping to meet the credit needs of its community. Modifies the regulatory guidelines for such institutions. Exempts from the jurisdictional purview of such Act certain wholesale financial institutions and credit card banks.

Amends the Federal Deposit Insurance Act to modify the statutory standards for attachment of assets and other injunctive relief regarding depository institutions. Requires each appropriate Federal banking agency to conduct a paperwork reduction review with respect to the extent to which regulations require insured depository institutions to produce unnecessary internal written polices, and eliminate such requirements, if appropriate. Modifies the guidelines for the assessment base for deposit insurance premiums.

Requires an appropriate Federal banking agency to include a detailed corroborating statement with its certification that a rule will not have a significant economic impact upon a substantial number of small depository institutions.

Requires each appropriate Federal banking agency to establish a separate Office of Regulatory Quality to determine and monitor the quality of its regulatory activities.

Title III: Non-Supervisory Reforms - Subtitle A: Expedited Funds Availability and Electronic Transfers - Amends the Expedited Funds Availability Act to modify the funds availability schedules for certain checks deposited at automated teller machines. Makes the availability schedule for new accounts applicable during the 90-day (currently 30-day) period beginning on the date the account is established.

Authorizes the Board of Governors of the Federal Reserve System (the Board) to establish rules regarding losses and liability among depository institutions and other entities participating in the payments system, including States and political subdivisions on which checks are drawn.

Subtitle B: Amendments to the Truth in Lending Act - Amends the Truth in Lending Act to: (1) exempt from its purview credit transactions involving consumers whose income or net worth exceeds specified thresholds; and (2) declare that unintentional errors which do not materially understate the cost to the obligor of certain credit transactions will not negate the effective delivery of certain disclosure requirements concerning the debtor's right of rescission.

Subtitle C: Truth-In-Savings Amendments - Establishes a temporary regulatory compliance moratorium for certain small-sized depository institutions. Requires the Board to conduct a cost benefit analysis and report to the Congress on the impact of regulatory compliance upon small-sized depository institutions and their customers.

Subtitle D: Homeownership Amendments - Amends the Real Estate Settlement Procedures Act of 1974 to require lenders who finance the purchase of residential real estate to provide certain information booklets to borrowers within three business days after the application is received unless the lender denies application within such time period.

Amends the Home Mortgage Disclosurer Act of 1974 to repeal the exemption granted certain small-sized depository institutions with respect to certain home mortgage disclosure requirements.

Amends the Competitive Equality Banking Act of 1987 to apply the definition of "adjustable rate mortgage loan" to certain consumer loans.

Amends the Housing and Urban Development Act of 1968 to repeal the notification requirement regarding the availability of homeownership counseling for eligible homeowners who fail to make timely payments.