3.0.0 2056 2023-09-06T22:27:00Z 2023-09-06T22:27:00Z House H HR 2011-05-31 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WESTMORELAND:H.R. 2056.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution.[Page H3805]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Discharged from 2011-11-18T01:25:52Z Referred to 2011-07-29T16:33:45Z hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Discharged from 2011-07-20T17:50:44Z Referred to 2011-07-19T17:44:14Z Hearings by 2011-07-08T17:45:43Z Reported by 2011-07-26T20:43:19Z Markup by 2011-07-20T13:18:50Z Referred to 2011-05-31T16:00:16Z H. Rept. 112-182 2012-01-03 Became Public Law No: 112-88. President E40000 2 House floor actions 2012-01-03 Became Public Law No: 112-88. BecameLaw 36000 9 Library of Congress 2012-01-03 Signed by President. President E30000 2 House floor actions 2012-01-03 Signed by President. BecameLaw 36000 9 Library of Congress 2011-12-23 Presented to President. Floor E20000 2 House floor actions 2011-12-23 Presented to President. President 28000 9 Library of Congress 2011-12-20 16:17:13 Motion to reconsider laid on the table Agreed to without objection. ResolvingDifferences H41931 2 House floor actions 2011-12-20 16:17:05 On motion that the House suspend the rules and agree to the Senate amendments Agreed to by voice vote. (text as House agreed to Senate amendments: CR 12/19/2011 H9933-9934) ResolvingDifferences H41610 2 House floor actions 2011-12-20 Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendments Agreed to by voice vote.(text as House agreed to Senate amendments: CR 12/19/2011 H9933-9934) NotUsed 19500 9 Library of Congress 2011-12-20 16:17:02 Considered as unfinished business. (consideration: CR H9999) Floor H8D000 2 House floor actions 2011-12-19 16:25:53 At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Westmoreland objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn. ResolvingDifferences H40141 2 House floor actions 2011-12-19 16:12:31 DEBATE - The House proceeded with forty minutes of debate on agreeing to the Senate amendments to H.R. 2056. Floor H8D000 2 House floor actions 2011-12-19 16:12:07 Mr. Westmoreland moved that the House suspend the rules and agree to the Senate amendments. (consideration: CR H9933-9936) ResolvingDifferences H40140 2 House floor actions 2011-11-18 Senate Message on Senate action sent to the House. Floor 2011-11-17 Senate Passed Senate with amendments by Unanimous Consent. (text: CR S7777) Floor 2011-11-17 Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR S7777) Floor 17000 9 Library of Congress 2011-11-17 Senate Measure laid before Senate by unanimous consent. (consideration: CR S7777) Floor 2011-11-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. Discharge 2011-11-17 Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. Committee 14500 9 Library of Congress ssbk00 Banking, Housing, and Urban Affairs Committee 2011-07-29 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-07-28 23:55:32 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2011-07-28 23:55:29 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 7/26/2011 H5541-5542) Floor H37300 2 House floor actions 2011-07-28 23:55:29 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR 7/26/2011 H5541-5542) Floor 8000 9 Library of Congress 2011-07-28 23:55:00 Considered as unfinished business. (consideration: CR H5729) Floor H30000 2 House floor actions 2011-07-26 19:14:28 At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Westmoreland objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn. Floor H37210 2 House floor actions 2011-07-26 18:57:10 DEBATE - The House proceeded with forty minutes of debate on H.R. 2056. Floor H8D000 2 House floor actions 2011-07-26 18:57:00 Mr. Westmoreland moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2011-07-26 18:57:00 Considered under suspension of the rules. (consideration: CR H5541-5543) Floor H30000 2 House floor actions 2011-07-26 Placed on the Union Calendar, Calendar No. 120. Calendars H12410 2 House floor actions U00120 2011-07-26 Reported (Amended) by the Committee on Financial Services. H. Rept. 112-182. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2011-07-26 Reported (Amended) by the Committee on Financial Services. H. Rept. 112-182. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2011-07-20 hsba00 Financial Services Committee 1 House committee actions Subcommittee on Financial Institutions and Consumer Credit Discharged. Committee 2011-07-20 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2011-07-20 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2011-07-19 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2011-07-08 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral. Committee 2011-05-31 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-05-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-05-31 Introduced in House IntroReferral 1000 9 Library of Congress W000796 Rep. Westmoreland, Lynn A. [R-GA-3] Lynn Westmoreland R GA A. 3 N S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2011-05-31 True B001262 Rep. Broun, Paul C. [R-GA-10] Paul Broun R GA C. 10 2011-05-31 True M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2011-05-31 True P000599 Rep. Posey, Bill [R-FL-15] Bill Posey R FL 15 2011-05-31 True M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2011-05-31 True M001155 Rep. Mack, Connie [R-FL-14] Connie Mack R FL 14 2011-05-31 True G000569 Rep. Grimm, Michael G. [R-NY-13] Michael Grimm R NY G. 13 2011-07-08 False M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2011-07-08 False H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2011-07-08 False S001183 Rep. Schweikert, David [R-AZ-5] David Schweikert R AZ 5 2011-07-08 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2011-07-08 False M000485 Rep. McIntyre, Mike [D-NC-7] MIKE MCINTYRE D NC 7 2011-07-21 False H001054 Rep. Hayworth, Nan A. S. [R-NY-19] Nan Hayworth R NY A. S. 19 2011-07-26 False Public Law 112-88 Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Congressional oversight Consumer credit Credit and credit markets Federal Deposit Insurance Corporation (FDIC) Financial services and investments Government studies and investigations Real estate business Finance and Financial Sector 00 2011-05-31 Introduced in House 2011-07-25T16:46:35Z Instructs the Inspector General of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions.

Requires the study to detail: (1) the impact of loss-sharing agreements (LSAs) on the insured depository institutions that survive and the borrowers of insured depository institutions that fail; (2) the effect of FDIC policies and procedures regarding maturing LSAs; (3) the methods of ensuring the orderly end of expiring LSAs to prevent any adverse impact on borrowing, the real estate industry, and the Depositors Insurance Fund; (4) the significance of certain paper losses; (5) the success of FDIC field examiners in implementing specified FDIC guidelines regarding workouts of commercial real estate loans; (6) the application and impact of consent orders and cease and desist orders; (7) the application and impact of FDIC policies; and (8) the FDIC's handling of potential investment from private equity companies in insured depository institutions.

]]> 17 2011-07-26 Reported to House with amendment(s) 2011-10-21T20:31:18Z (Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions.

Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; (5) the significance of paper assets; (6) the number of insured depository institutions placed into either receivership or conservatorship due to asset write-downs; and (7) the policies and procedures for evaluating the adequacy of an insured depository institution's allowance for loan and lease losses.

Requires the study also tocover: (1) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (2) examiners' implementation of specified FDIC guidelines, (3) factors examiners use to assess the adequacy of capital at insured depository institutions, (4) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (5) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed.

Requires such study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions.

Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act.

(Sec. 3) Directs the Comptroller General (GAO) to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

]]> 36 2011-07-28 Passed House amended 2011-10-21T20:31:25Z (This measure has not been amended since it was reported to the House on July 26, 2011. The summary of that version is repeated here.)

(Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions.

Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; (5) the significance of paper assets; (6) the number of insured depository institutions placed into either receivership or conservatorship due to asset write-downs; and (7) the policies and procedures for evaluating the adequacy of an insured depository institution's allowance for loan and lease losses.

Requires the study also to cover: (1) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (2) examiners' implementation of specified FDIC guidelines, (3) factors examiners use to assess the adequacy of capital at insured depository institutions, (4) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (5) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed.

Requires such study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions.

Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act.

(Sec. 3) Directs the Comptroller General (GAO) to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

]]> 35 2011-11-17 Passed Senate amended 2011-12-14T17:41:01Z (Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions.

Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; and (5) the significance of losses.

Specifies as factors in the significance of losses: (1) the number of insured depository institutions placed into receivership or conservatorship due to significant losses arising from loans for which payments of principal, interest, and fees were current; (2) the impact of such losses on the ability of insured depository institutions to raise additional capital; (3) the effect of changes in the application of fair value accounting standards on insured depository institutions, specifically the degree to which fair value accounting standards have led to regulatory action against banks; (4) whether field examiners are using appropriate appraisal procedures for losses arising from loans for which all payments were current; and (5) whether the application of appraisals leads to immediate write downs on the value of the underlying asset.

Requires the study also to cover: (1) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (2) examiners' implementation of specified FDIC guidelines, (3) factors examiners use to assess the adequacy of capital at insured depository institutions, (4) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (5) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed.

Requires the study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions.

Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act.

(Sec. 2) Directs the IG and the Comptroller General to appear before certain congressional committees to discuss the outcomes and impact of federal regulations upon bank examinations and failures.

(Sec. 3) Directs the Comptroller General (GAO) to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

]]> 49 2012-01-03 Public Law 2012-03-21T17:03:15Z (Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions.

Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; (5) the significance of losses; and (6) the number of insured depository institutions placed into either receivership or conservatorship due to significant losses arising from loans for which all payments of principal, interest, and fees (payments) were current, under the contract.

Requires the study to examine: (1) the impact of significant losses arising from loans for which all payments were current on the ability of insured depository institutions to raise additional capital; (2) the degree to which fair value accounting rules and other accounting standards have led to regulatory action against banks; and (3) whether field examiners use appropriate appraisal procedures with respect to losses arising from loans for which all payments were current and whether the application of appraisals leads to immediate write downs on the value of the underlying asset.

Requires the study also to cover: (1) the policies and procedures for evaluating the adequacy of an insured depository institution's allowance for loan and lease losses, (2) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (3) examiners' implementation of specified FDIC guidelines, (4) factors examiners use to assess the adequacy of capital at insured depository institutions, (5) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (6) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed.

Requires such study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions.

Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act.

(Sec. 2) Directs the FDIC IG and the Comptroller General (GAO) to appear before certain congressional committees within 150 days after publication of the study required by this Act to discuss the outcomes and impact of federal regulations on bank examinations and failures.

(Sec. 3) Directs the GAO to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

]]> To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. Display Title To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. Official Title as Introduced To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. 1221 112 SAMDT To clarify the types of losses to be studied, to require appearances before Congress, and for other purposes. 2022-02-03T06:02:18Z 2011-11-17 Amendment SA 1221 agreed to in Senate by Unanimous Consent. SA 1221 https://www.congress.gov/amendment/112th-congress/senate-amendment/1221 L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2011-11-17T05:00:00Z 2011-11-17T05:00:00Z Senate 112 HR House H 2056 To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. 2023-09-06T22:27:00Z 6 2011-11-17 0 Senate Amendment SA 1221 agreed to in Senate by Unanimous Consent. Floor 2011-11-17 0 Senate Amendment SA 1221 proposed by Senator Levin. (consideration: CR S7777; text: CR S7777) To clarify the types of losses to be studied, to require appearances before Congress, and for other purposes. Floor 2011-11-17 Senate amendment agreed to: Amendment SA 1221 agreed to in Senate by Unanimous Consent. Floor 94000 9 Library of Congress 2011-11-17 Senate amendment proposed (on the floor): Amendment SA 1221 proposed by Senator Levin.(consideration: CR S7777; text: CR S7777) Floor 93000 9 Library of Congress 2011-11-17 Senate amendment submitted Floor 91000 9 Library of Congress 1127 112 SAMDT 2022-02-03T06:02:18Z 2011-11-17 Referred to the Committee on Banking, Housing, and Urban Affairs. L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2011-11-17T05:00:00Z Senate 112 HR House H 2056 To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. 2023-09-06T22:27:00Z 3 2011-11-17 ssbk00 Banking, Housing, and Urban Affairs Committee 0 Senate Referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-11-17 Senate amendment submitted Floor 91000 9 Library of Congress Enrolled Bill https://www.govinfo.gov/content/pkg/BILLS-112hr2056enr/xml/BILLS-112hr2056enr.xml Engrossed Amendment Senate 2011-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2056eas/xml/BILLS-112hr2056eas.xml Referred in Senate 2011-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2056rfs/xml/BILLS-112hr2056rfs.xml Engrossed in House 2011-07-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2056eh/xml/BILLS-112hr2056eh.xml Reported in House 2011-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2056rh/xml/BILLS-112hr2056rh.xml Introduced in House 2011-05-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2056ih/xml/BILLS-112hr2056ih.xml 2012-01-04T04:59:59Z Public Law 2012-01-03 Became Public Law No: 112-88. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.