[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3374 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3374

To strengthen the special examination authority of the Federal Deposit 
 Insurance Corporation in order to protect the Bank Insurance Fund and 
    the Savings Association Insurance Fund, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 16, 1999

  Mr. Leach introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To strengthen the special examination authority of the Federal Deposit 
 Insurance Corporation in order to protect the Bank Insurance Fund and 
    the Savings Association Insurance Fund, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Deposit Insurance 
Corporation Examination Enhancement and Insurance Fund Protection 
Act''.

SEC. 2. STRENGTHENING OF FDIC BACKUP AUTHORITY.

    (a) Special Examinations of Insured Depository Institutions.--
Section 10(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(b)(3)) is amended--
            (1) by striking ``depository institution.--In addition to 
        the examinations'' and inserting ``depository institution.--
                    ``(A) In general.--In addition to the 
                examinations'';
            (2) by striking ``Board of Directors'' and inserting 
        ``Chairperson of the Board of Directors''; and
            (3) by adding at the end the following new subparagraphs:
                    ``(B) Coordination and minimization of 
                disruption.--In exercising any authority under 
                subparagraph (A) with respect to any insured depository 
                institution, all reasonable efforts shall be made to--
                            ``(i) coordinate with any other appropriate 
                        Federal banking agency or State bank supervisor 
                        with respect to such depository institution; 
                        and
                            ``(ii) minimize any disruptive effect of an 
                        examination on the operation of the depository 
                        institution.
                    ``(C) Notice to other members of the board of 
                directors and the appropriate banking agency or 
                supervisor.--The Chairperson of the Board of Directors 
                shall promptly notify each other member of the Board of 
                Directors, the Chairman of the Board of Governors of 
                the Federal Reserve System (in the case of a State 
                member bank), and the appropriate State bank supervisor 
                (in the case of a State depository institution) 
                whenever a decision is made to conduct a special 
                examination of an insured depository institution under 
                subparagraph (A).''.
    (b) Amendment Relating to Information Required To Be Shared With 
the FDIC Under Existing Law.--The 1st sentence of section 7(a)(2)(A) of 
the Federal Deposit Insurance Act (12 U.S.C. 1817(a)(2)(A)) is amended 
by inserting ``, in as prompt a manner as is practicable,'' after 
``shall have access''.
    (c) Procedures Required for Sharing Other Information Needed For 
Insurances Purposes.--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 new subparagraph:
                    ``(C) Additional information.--The Federal banking 
                agencies shall establish procedures for providing the 
                Corporation with access to such additional information 
                as may be needed by the Corporation for insurance 
                purposes.''.
    (d) Technical Correction.--Section 7(a)(2) of the Federal Deposit 
Insurance Act (12 U.S.C. 1817(a)(2)) is amended by striking ``(2)(A) 
The Corporation and,'' and inserting ``(2) Access to reports and 
information.--
                    ``(A) In general.-- The Corporation and,''.
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