Text: S.2856 — 109th Congress (2005-2006)All Information (Except Text)

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Public Law No: 109-351 (10/13/2006)

 
[109th Congress Public Law 351]
[From the U.S. Government Printing Office]


[DOCID: f:publ351.109]

[[Page 1965]]

            FINANCIAL SERVICES REGULATORY RELIEF ACT OF 2006

[[Page 120 STAT. 1966]]

Public Law 109-351
109th Congress

                                 An Act


 
   To provide regulatory relief and improve productivity for insured 
   depository institutions, and for other purposes. <<NOTE: Oct. 13, 
                          2006 -  [S. 2856]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Financial 
Services Regulatory Relief Act of 2006.>> 

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This <<NOTE: 12 USC 1811 note.>> 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:

Sec. 1. Short title; table of contents.

                         TITLE I--BROKER RELIEF

Sec. 101. Joint rulemaking required for revised definition of broker in 
           the Securities Exchange Act of 1934.

                  TITLE II--MONETARY POLICY PROVISIONS

Sec. 201. Authorization for the Federal Reserve to pay interest on 
           reserves.
Sec. 202. Increased flexibility for the Federal Reserve Board to 
           establish reserve requirements.
Sec. 203. Effective date.

                   TITLE III--NATIONAL BANK PROVISIONS

Sec. 301. Voting in shareholder elections.
Sec. 302. Simplifying dividend calculations for national banks.
Sec. 303. Repeal of obsolete limitation on removal authority of the 
           Comptroller of the Currency.
Sec. 304. Repeal of obsolete provision in the Revised Statutes.
Sec. 305. Enhancing the authority for banks to make community 
           development investments.

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

Sec. 401. Parity for savings associations under the Securities Exchange 
           Act of 1934 and the Investment Advisers Act of 1940.
Sec. 402. Repeal of overlapping rules governing purchased mortgage 
           servicing rights.
Sec. 403. Clarifying citizenship of Federal savings associations for 
           Federal court jurisdiction.
Sec. 404. Repeal of limitation on loans to one borrower.

                    TITLE V--CREDIT UNION PROVISIONS

Sec. 501. Leases of land on Federal facilities for credit unions.
Sec. 502. Increase in general 12-year limitation of term of Federal 
           credit union loans to 15 years.
Sec. 503. Check cashing and money transfer services offered within the 
           field of membership.
Sec. 504. Clarification of definition of net worth under certain 
           circumstances for purposes of prompt corrective action.
Sec. 505. Amendments relating to nonfederally insured credit unions.

[[Page 120 STAT. 1967]]

               TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

Sec. 601. Reporting requirements relating to insider lending.
Sec. 602. Investments by insured savings associations in bank service 
           companies authorized.
Sec. 603. Authorization for member bank to use pass-through reserve 
           accounts.
Sec. 604. Streamlining reports of condition.
Sec. 605. Expansion of eligibility for 18-month examination schedule for 
           community banks.
Sec. 606. Streamlining depository institution merger application 
           requirements.
Sec. 607. Nonwaiver of privileges.
Sec. 608. Clarification of application requirements for optional 
           conversion for Federal savings associations.
Sec. 609. Exemption from disclosure of privacy policy for accountants.
Sec. 610. Inflation adjustment for the small depository institution 
           exception under the Depository Institution Management 
           Interlocks Act.
Sec. 611. Modification to cross marketing restrictions.

                  TITLE VII--BANKING AGENCY PROVISIONS

Sec. 701. Statute of limitations for judicial review of appointment of a 
           receiver for depository institutions.
Sec. 702. Enhancing the safety and soundness of insured depository 
           institutions.
Sec. 703. Cross guarantee authority.
Sec. 704. Golden parachute authority and nonbank holding companies.
Sec. 705. Amendments relating to change in bank control.
Sec. 706. Amendment to provide the Federal Reserve Board with discretion 
           concerning the imputation of control of shares of a company 
           by trustees.
Sec. 707. Interagency data sharing.
Sec. 708. Clarification of extent of suspension, removal, and 
           prohibition authority of Federal banking agencies in cases of 
           certain crimes by institution-affiliated parties.
Sec. 709. Protection of confidential information received by Federal 
           banking regulators from foreign banking supervisors.
Sec. 710. Prohibition on participation by convicted individuals.
Sec. 711. Coordination of State examination authority.
Sec. 712. Deputy Director; succession authority for Director of the 
           Office of Thrift Supervision.
Sec. 713. Office of Thrift Supervision representation on Basel Committee 
           on Banking Supervision.
Sec. 714. Federal Financial Institutions Examination Council.
Sec. 715. Technical amendments relating to insured institutions.
Sec. 716. Clarification of enforcement authority.
Sec. 717. Federal banking agency authority to enforce deposit insurance 
           conditions.
Sec. 718. Receiver or conservator consent requirement.
Sec. 719. Acquisition of FICO scores.
Sec. 720. Elimination of criminal indictments against receiverships.
Sec. 721. Resolution of deposit insurance disputes.
Sec. 722. Recordkeeping.
Sec. 723. Preservation of records.
Sec. 724. Technical amendments to information sharing provision in the 
           Federal Deposit Insurance Act.
Sec. 725. Technical and conforming amendments relating to banks 
           operating under the Code of Law for the District of Columbia.
Sec. 726. Technical corrections to the Federal Credit Union Act.
Sec. 727. Repeal of obsolete provisions of the Bank Holding Company Act 
           of 1956.
Sec. 728. Development of model privacy forms.

        TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

Sec. 801. Exception for certain bad check enforcement programs.
Sec. 802. Other amendments.

                 TITLE IX--CASH MANAGEMENT MODERNIZATION

Sec. 901. Collateral modernization.

                      TITLE X--STUDIES AND REPORTS

Sec. 1001. Study and report by the Comptroller General on the currency 
           transaction report filing system.
Sec. 1002. Study and report on institution diversity and consolidation.

[[Page 120 STAT. 1968]]

                         TITLE I--BROKER RELIEF

SEC. 101. JOINT RULEMAKING REQUIRED FOR REVISED DEFINITION OF BROKER IN 
            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 <<NOTE: Deadline. 15 USC 78c note.>> 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.

                  TITLE II--MONETARY POLICY PROVISIONS

SEC. 201. AUTHORIZATION FOR THE FEDERAL RESERVE TO PAY INTEREST ON 
            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.

[[Page 120 STAT. 1969]]

                    ``(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)''.

SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO 
            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),''.

SEC. 203. <<NOTE: 12 USC 461 note.>> EFFECTIVE DATE.

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

                   TITLE III--NATIONAL BANK PROVISIONS

SEC. 301. VOTING IN SHAREHOLDER ELECTIONS.

    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

[[Page 120 STAT. 1970]]

            (2) by striking the comma after ``his shares shall equal''.

SEC. 302. SIMPLIFYING DIVIDEND CALCULATIONS FOR NATIONAL BANKS.

    (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.''.

SEC. 303. REPEAL OF OBSOLETE LIMITATION ON REMOVAL AUTHORITY OF THE 
            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.

SEC. 304. REPEAL OF OBSOLETE PROVISION IN THE REVISED STATUTES.

    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.''.

SEC. 305. ENHANCING THE AUTHORITY FOR BANKS TO MAKE COMMUNITY 
            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

[[Page 120 STAT. 1971]]

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.''.

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

SEC. 401. PARITY FOR SAVINGS ASSOCIATIONS UNDER THE SECURITIES EXCHANGE 
            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--

[[Page 120 STAT. 1972]]

                    (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)--

[[Page 120 STAT. 1973]]

                          (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),''.

[[Page 120 STAT. 1974]]

SEC. 402. REPEAL OF OVERLAPPING RULES GOVERNING PURCHASED MORTGAGE 
            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.''.

SEC. 403. CLARIFYING CITIZENSHIP OF FEDERAL SAVINGS ASSOCIATIONS FOR 
            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.''.

SEC. 404. REPEAL OF LIMITATION ON LOANS TO ONE BORROWER.

    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.

                    TITLE V--CREDIT UNION PROVISIONS

SEC. 501. LEASES OF LAND ON FEDERAL FACILITIES FOR CREDIT UNIONS.

    (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''.

[[Page 120 STAT. 1975]]

SEC. 502. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF FEDERAL 
            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,''.

SEC. 503. CHECK CASHING AND MONEY TRANSFER SERVICES OFFERED WITHIN THE 
            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) <<NOTE: Regulations.>> 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;''.

SEC. 504. CLARIFICATION OF DEFINITION OF NET WORTH UNDER CERTAIN 
            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.

SEC. 505. AMENDMENTS RELATING TO NONFEDERALLY INSURED CREDIT UNIONS.

    (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);

[[Page 120 STAT. 1976]]

                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) <<NOTE: Deadline.>> 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.

[[Page 120 STAT. 1977]]

                    ``(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 <<NOTE: Deadlines.>> 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 <<NOTE: Regulations.>> 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.

[[Page 120 STAT. 1978]]

    (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.''.

               TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

SEC. 601. REPORTING REQUIREMENTS RELATING TO INSIDER LENDING.

    (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.

SEC. 602. INVESTMENTS BY INSURED SAVINGS ASSOCIATIONS IN BANK SERVICE 
            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

[[Page 120 STAT. 1979]]

``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:

[[Page 120 STAT. 1980]]

    ``(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''.

SEC. 603. AUTHORIZATION FOR MEMBER BANK TO USE PASS-THROUGH RESERVE 
            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''.

SEC. 604. STREAMLINING REPORTS OF CONDITION.

    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 <<NOTE: Deadlines.>> 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

[[Page 120 STAT. 1981]]

                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.''.

SEC. 605. EXPANSION OF ELIGIBILITY FOR 18-MONTH EXAMINATION SCHEDULE 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''.

SEC. 606. STREAMLINING DEPOSITORY INSTITUTION MERGER APPLICATION 
            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) <<NOTE: Records.>> provide a copy of 
                      the request to the Corporation (when the 
                      Corporation is not the responsible agency).
                    ``(B) Furnishing of report.--
                The <<NOTE: Deadlines.>> 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

[[Page 120 STAT. 1982]]

        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 <<NOTE: Deadline.>> 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.''.

SEC. 607. NONWAIVER OF PRIVILEGES.

    (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

[[Page 120 STAT. 1983]]

                Administration, any State credit union supervisor, or 
                foreign banking authority, but for this subsection.''.

SEC. 608. CLARIFICATION OF APPLICATION REQUIREMENTS FOR OPTIONAL 
            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''.

SEC. 609. EXEMPTION FROM DISCLOSURE OF PRIVACY POLICY FOR ACCOUNTANTS.

    (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;

[[Page 120 STAT. 1984]]

                    ``(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)''.

SEC. 610. INFLATION ADJUSTMENT FOR THE SMALL DEPOSITORY INSTITUTION 
            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''.

SEC. 611. MODIFICATION TO CROSS MARKETING RESTRICTIONS.

    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)''.

                  TITLE VII--BANKING AGENCY PROVISIONS

SEC. 701. STATUTE OF LIMITATIONS FOR JUDICIAL REVIEW OF APPOINTMENT OF 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), <<NOTE: Deadline.>> 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

[[Page 120 STAT. 1985]]

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 <<NOTE: Deadline.>> 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 <<NOTE: 12 USC 191 note.>> 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.

SEC. 702. ENHANCING THE SAFETY AND SOUNDNESS OF INSURED DEPOSITORY 
            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. <<NOTE: 12 USC 1831aa.>> 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

[[Page 120 STAT. 1986]]

        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''.

SEC. 703. CROSS GUARANTEE AUTHORITY.

    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''.

SEC. 704. GOLDEN PARACHUTE AUTHORITY AND NONBANK HOLDING COMPANIES.

    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

[[Page 120 STAT. 1987]]

                    (B) by striking ``or holding company'' and inserting 
                ``or covered company''.

SEC. 705. AMENDMENTS RELATING TO CHANGE IN BANK CONTROL.

    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''.

SEC. 706. AMENDMENT TO PROVIDE THE FEDERAL RESERVE BOARD WITH 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''.

SEC. 707. INTERAGENCY DATA SHARING.

    (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:

[[Page 120 STAT. 1988]]

            ``(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.''.

SEC. 708. CLARIFICATION OF EXTENT OF SUSPENSION, REMOVAL, AND 
            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

[[Page 120 STAT. 1989]]

                          (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.''.

[[Page 120 STAT. 1990]]

            (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.--''.

SEC. 709. PROTECTION OF CONFIDENTIAL INFORMATION RECEIVED BY FEDERAL 
            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.''.

SEC. 710. PROHIBITION ON PARTICIPATION BY CONVICTED INDIVIDUALS.

    (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 <<NOTE: Applicability.>> general.--Subsections (a) 
        and (b) shall apply to any company (other than a foreign bank) 
        that is a bank holding

[[Page 120 STAT. 1991]]

        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 <<NOTE: Applicability.>> 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,''.

SEC. 711. COORDINATION OF STATE EXAMINATION AUTHORITY.

    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.

[[Page 120 STAT. 1992]]

                    ``(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 <<NOTE: Deadline.>> (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

[[Page 120 STAT. 1993]]

        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--

[[Page 120 STAT. 1994]]

                          ``(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.''.

SEC. 712. DEPUTY DIRECTOR; SUCCESSION AUTHORITY FOR DIRECTOR OF THE 
            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.

[[Page 120 STAT. 1995]]

                          ``(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.''.

SEC. 713. <<NOTE: Government organization.>> OFFICE OF THRIFT 
            SUPERVISION REPRESENTATION ON BASEL 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)''.

SEC. 714. FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL.

    (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.''.

SEC. 715. TECHNICAL AMENDMENTS RELATING TO INSURED INSTITUTIONS.

    (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.

[[Page 120 STAT. 1996]]

1786(k)(3)) is amended by inserting ``or order'' after ``notice'' each 
place that term appears.

SEC. 716. CLARIFICATION OF ENFORCEMENT AUTHORITY.

    (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''.

SEC. 717. FEDERAL BANKING AGENCY AUTHORITY TO ENFORCE DEPOSIT INSURANCE 
            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

[[Page 120 STAT. 1997]]

            (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''.

SEC. 718. RECEIVER OR CONSERVATOR CONSENT REQUIREMENT.

    (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

[[Page 120 STAT. 1998]]

                      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.''.

SEC. 719. ACQUISITION OF FICO SCORES.

    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.''.

SEC. 720. ELIMINATION OF CRIMINAL INDICTMENTS AGAINST RECEIVERSHIPS.

    (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.''.

SEC. 721. RESOLUTION OF DEPOSIT INSURANCE DISPUTES.

    (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,

[[Page 120 STAT. 1999]]

        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 <<NOTE: Deadline.>> 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 <<NOTE: Deadline.>> 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.''.

SEC. 722. RECORDKEEPING.

    (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

[[Page 120 STAT. 2000]]

                      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).''.

SEC. 723. PRESERVATION OF RECORDS.

    (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)

[[Page 120 STAT. 2001]]

                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.''.

SEC. 724. TECHNICAL AMENDMENTS TO INFORMATION SHARING PROVISION IN THE 
            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.

SEC. 725. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO BANKS 
            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''.

[[Page 120 STAT. 2002]]

    (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''.

SEC. 726. TECHNICAL CORRECTIONS TO THE FEDERAL CREDIT UNION ACT.

    The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended as 
follows:
            (1) In section 101(3), <<NOTE: 12 USC 1752.>> 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), <<NOTE: 12 USC 1757.>> 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), <<NOTE: 12 USC 
        1759.>> strike ``(12 U.S.C. 4703(16))''.
            (10) In section 120(h), <<NOTE: 12 USC 1766.>> 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), <<NOTE: 12 USC 1781.>> strike 
        ``section 116 of''.
            (12) In section 202(h)(3), <<NOTE: 12 USC 1782.>> strike 
        ``section 207(c)(1)'' and insert ``section 207(k)(1)''.
            (13) In section 204(b), <<NOTE: 12 USC 1784.>> strike ``such 
        others powers'' and insert ``such other powers''.
            (14) In section 206(e)(3)(D), <<NOTE: 12 USC 1786.>> 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''.

[[Page 120 STAT. 2003]]

            (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), <<NOTE: 12 USC 
        1786a.>> strike ``regulator agency'' and insert ``regulatory 
        agency''.
            (21) In section 207(c)(5)(B)(i)(I), <<NOTE: 12 USC 
        1787.>> 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), <<NOTE: 12 USC 1789.>> strike the 
        period at the end and insert a semicolon.
            (25) In section 216(n), <<NOTE: 12 USC 1790d.>> insert ``any 
        action'' before ``that is required''.
            (26) In section 304(b)(3), <<NOTE: 12 USC 1795c.>> strike 
        ``the affairs or such credit union'' and insert ``the affairs of 
        such credit union''.
            (27) In section 310, <<NOTE: 12 USC 1795i.>> strike 
        ``section 102(e)'' and insert ``section 102(d)''.

SEC. 727. REPEAL OF OBSOLETE PROVISIONS OF THE BANK HOLDING COMPANY ACT 
            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)''.

SEC. 728. DEVELOPMENT OF MODEL PRIVACY FORM.

    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 <<NOTE: Deadline.>> 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.

[[Page 120 STAT. 2004]]

            ``(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.''.

        TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

SEC. 801. EXCEPTION FOR CERTAIN BAD CHECK ENFORCEMENT PROGRAMS.

    (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; <<NOTE: 15 
        USC 1692 note.>> and
            (2) by inserting after section 817 the following:

``Sec. 818. <<NOTE: 15 USC 1692p.>> Exception for certain bad check 
                        enforcement programs operated by private 
                        entities

    ``(a) In General.--
            ``(1) Treatment <<NOTE: Contracts.>>  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

[[Page 120 STAT. 2005]]

                                    ``(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) <<NOTE: Deadline.>> 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 <<NOTE: Applicability.>> purposes of this 
section, the following definitions shall apply:

[[Page 120 STAT. 2006]]

            ``(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.''.

SEC. 802. OTHER 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

[[Page 120 STAT. 2007]]

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.''.

                 TITLE IX--CASH MANAGEMENT MODERNIZATION

SEC. 901. COLLATERAL MODERNIZATION.

    (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''.

                      TITLE X--STUDIES AND REPORTS

SEC. 1001. STUDY AND REPORT BY THE COMPTROLLER GENERAL ON THE CURRENCY 
            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.

[[Page 120 STAT. 2008]]

    (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.

[[Page 120 STAT. 2009]]

    (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.

SEC. 1002. STUDY AND REPORT ON INSTITUTION DIVERSITY AND CONSOLIDATION.

    (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.

[[Page 120 STAT. 2010]]

    (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.

    Approved October 13, 2006.

LEGISLATIVE HISTORY--S. 2856:
---------------------------------------------------------------------------

SENATE REPORTS: No. 109-
256 (Comm. on Banking, Housing, and Urban Affairs).
CONGRESSIONAL RECORD, Vol. 152 (2006):
            May 25, considered and passed Senate.
            Sept. 27, considered and passed House, amended.
            Sept. 29, Senate concurred in House amendment.

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