[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3951 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 3951

   To provide regulatory relief and improve productivity for insured 
            depository institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2002

   Mrs. Capito (for herself, Mr. Sandlin, Mr. Oxley, and Mr. Bachus) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
   To provide regulatory relief and improve productivity for insured 
            depository institutions, 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; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Services 
Regulatory Relief Act of 2002''.
    (B) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                   TITLE I--NATIONAL BANK PROVISIONS

Sec. 101. National bank directors.
Sec. 102. Voting in shareholder elections.
Sec. 103. Simplifying dividend calculations for national banks.
Sec. 104. Repeal of obsolete limitation on removal authority of the 
                            Comptroller of the Currency.
Sec. 105. Repeal of intrastate branch capital requirements.
Sec. 106. Clarification of waiver of publication requirements for bank 
                            merger notices.
                TITLE II--SAVINGS ASSOCIATION PROVISIONS

Sec. 201. Parity for savings associations under the Securities Exchange 
                            Act of 1934 and the Investment Advisers Act 
                            of 1940.
Sec. 202. Investments by Federal savings associations authorized to 
                            promote the public welfare.
Sec. 203. Merger and consolidation of Federal savings associations with 
                            nondepository institution affiliates.
Sec. 204. Repeal of statutory dividend notice requirement for savings 
                            association subsidiaries of savings and 
                            loan holding companies.
Sec. 205. Modernizing statutory authority for trust ownership of 
                            savings associations.
Sec. 206. Repeal of overlapping rules governing purchased mortgage 
                            servicing rights.
Sec. 207. Expanded authority for Federal savings associations to invest 
                            in small business investment companies.
                   TITLE III--CREDIT UNION PROVISIONS

Sec. 301. Privately insured credit unions authorized to become members 
                            of a Federal home loan bank.
Sec. 302. Leases of land on Federal facilities for credit unions.
Sec. 303. Investments in securities by Federal credit unions.
Sec. 304. Increase in general 12-year limitation of term of Federal 
                            credit union loans to 15 years.
Sec. 305. Increase in 1 percent investment limit in credit union 
                            service organizations.
Sec. 306. Member business loan exclusion for loans to nonprofit 
                            religious organizations.
Sec. 307. Sale of checks to persons in the field of membership of the 
                            credit union.
Sec. 308. Voluntary mergers and conversions involving multiple common-
                            bond credit unions without numerical 
                            limitation.
              TITLE IV--DEPOSITORY INSTITUTION PROVISIONS

Sec. 401. Easing restrictions on interstate branching and mergers.
Sec. 402. Statute of limitations for judicial review of appointment of 
                            a receiver for depository institutions.
Sec. 403. Reporting requirements relating to insider lending.
Sec. 404. Amendment to provide an inflation adjustment for the small 
                            depository institution exception under the 
                            Depository Institution Management 
                            Interlocks Act.
Sec. 405. Enhancing the safety and soundness of insured depository 
                            institutions.
         TITLE V--DEPOSITORY INSTITUTION AFFILIATES PROVISIONS

Sec. 501. Clarification of cross marketing provision.
Sec. 502. Amendment to provide the Federal Reserve Board with 
                            discretion concerning the imputation of 
                            control of shares of a company by trustees.
Sec. 503. Eliminating geographic limits on thrift service companies.
                  TITLE VI--BANKING AGENCY PROVISIONS

Sec. 601. Waiver of examination schedule in order to allocate examiner 
                            resources.
Sec. 602. Credit card accounts permitted for bank examiners on same 
                            terms as other consumers.
Sec. 603. Interagency data sharing.
Sec. 604. Unauthorized participation by convicted individual at 
                            uninsured depository institutions subject 
                            to penalty.
Sec. 605. Amendment permitting the destruction of old records of a 
                            depository institution by the FDIC after 
                            the appointment of the FDIC as receiver.
Sec. 606. Modernization of FDIC recordkeeping requirement.
Sec. 607. Repeal of minimum antitrust review period with the agreement 
                            of the Attorney General.
Sec. 608. Clarification of extent of suspension, removal, and 
                            prohibition authority of Federal banking 
                            agencies in cases of certain crimes by 
                            institution-affiliated parties.
Sec. 609. Streamlining depository institution merger application 
                            requirements.
Sec. 610. Inclusion of Director of the Office of Thrift Supervision in 
                            list of banking agencies regarding 
                            insurance customer protection regulations.
              TITLE VII--CLERICAL AND TECHNICAL AMENDMENTS

Sec. 701. Clerical amendments to the Home Owners' Loan Act.
Sec. 702. Technical corrections to the Federal Credit Union Act.

                   TITLE I--NATIONAL BANK PROVISIONS

SEC. 101. NATIONAL BANK DIRECTORS.

    Section 5146 of the Revised Statutes of the United States (12 
U.S.C. 72) is amended--
            (1) by striking ``Sec. 5146. Every director must during'' 
        and inserting the following:

``SEC. 5146. REQUIREMENTS FOR BANK DIRECTORS.

    ``(a) Residency Requirements.--Every director of a national bank 
shall, during'';
            (2) by striking ``total number of directors. Every director 
        must own in his or her own right'' and inserting ``total number 
        of directors.
    ``(b) Investment Requirement.--
            ``(1) In general.--Every director of a national bank shall 
        own in, his or her own right,''; and
            (3) by adding at the end the following new paragraph:
            ``(2) Exception for subordinated debt in certain cases.--In 
        lieu of the requirements of paragraph (1) relating to the 
        ownership of capital stock in the national bank, the 
        Comptroller of the Currency may, by regulation or order, permit 
        an individual to serve as a director of a national bank that 
        has elected, or notifies the Comptroller of the bank's 
        intention to elect, to operate as a S corporation pursuant to 
        section 1362(a) of the Internal Revenue Code of 1986, if that 
        individual holds debt of at least $1,000 issued by the national 
        bank that is subordinated to the interests of depositors and 
        other general creditors of the national bank.''.

SEC. 102. 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'';
            (2) by striking the comma after ``his shares shall equal''; 
        and
            (3) by adding at the end the following new sentence: ``The 
        Comptroller of the Currency may prescribe such regulations to 
        carry out the purposes of this section as the Comptroller 
        determines to be appropriate.''.

SEC. 103. SIMPLIFYING DIVIDEND CALCULATIONS FOR NATIONAL BANKS.

    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 in the preceding two 
years, minus any transfers required by the Comptroller of the Currency 
(including 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.''.

SEC. 104. 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. 105. REPEAL OF INTRASTATE BRANCH CAPITAL REQUIREMENTS.

    Section 5155(c) of the Revised Statutes of the United States (12 
U.S.C. 36(c)) is amended--
            (1) in the 2nd sentence, by striking ``, without regard to 
        the capital requirements of this section,''; and
            (2) by striking the last sentence.

SEC. 106. CLARIFICATION OF WAIVER OF PUBLICATION REQUIREMENTS FOR BANK 
              MERGER NOTICES.

    The last sentence of sections 2(a) and 3(a)(2) of the National Bank 
Consolidation and Merger Act (12 U.S.C. 215(a) and 215a(a)(2), 
respectively) are each amended to read as follows: ``Publication of 
notice may be waived if the Comptroller determines that an emergency 
exists justifying such waiver or if the shareholders of the association 
or State bank agree by unanimous action to waive the publication 
requirement for their respective institutions.''.

                TITLE II--SAVINGS ASSOCIATION PROVISIONS

SEC. 201. 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 by 
        striking ``(A) a banking institution organized under the laws 
        of the United States'' and inserting ``(A) a depository 
        institution (as defined in section 3 of the Federal Deposit 
        Insurance Act) or a branch or agency of a foreign bank (as such 
        terms are defined in section 1(b) of the International Banking 
        Act of 1978)''.
            (2) Include ots under the definition of appropriate 
        regulatory agency for certain purposes.--Section 3(a)(34) of 
        such Act (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) by striking ``and'' at the end of 
                        clause (iii);
                            (iii) by redesignating clause (iv) as 
                        clause (v); and
                            (iv) by inserting the following new clause 
                        after clause (iii):
                            ``(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) by striking ``and'' at the end of 
                        clause (iii);
                            (iii) by redesignating clause (iv) as 
                        clause (v); and
                            (iv) by inserting the following new clause 
                        after clause (iii):
                            ``(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) by striking ``and'' at the end of 
                        clause (iii);
                            (iii) by redesignating clause (iv) as 
                        clause (v); and
                            (iv) by inserting the following new clause 
                        after clause (iii):
                            ``(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)--
                            (i) by striking ``and'' at the end of 
                        clause (ii);
                            (ii) by redesignating clause (iii) as 
                        clause (iv); and
                            (iii) by inserting the following new clause 
                        after clause (ii):
                            ``(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 the following new clause 
                        after clause (i):
                            ``(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''; and
                    (F) at the end of the last undesignated paragraph, 
                by inserting the following new sentence: ``As used in 
                this paragraph, the term `savings and loan holding 
                company' has the meaning given it in section 10(a) of 
                the Home Owners' Loan Act (12 U.S.C. 1467a(a)).''.
    (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 by striking ``(A) a banking institution organized under 
        the laws of the United States'' and inserting ``(A) a 
        depository institution (as defined in section 3 of the Federal 
        Deposit Insurance Act) or a branch or agency of a foreign bank 
        (as such terms are defined in section 1(b) of the International 
        Banking Act of 1978)''.
            (2) Conforming amendments.--Subsections (a)(1)(A)(i), 
        (a)(1)(B), (a)(2), and (b) of section 210A of such Act (15 
        U.S.C. 80b-10a), as added by section 220 of the Gramm-Leach-
        Bliley Act, are each amended by striking ``bank holding 
        company'' each place it occurs 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)), as amended by section 213(c) of the Gramm-Leach-Bliley Act, 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)''.

SEC. 202. INVESTMENTS BY FEDERAL SAVINGS ASSOCIATIONS AUTHORIZED TO 
              PROMOTE THE PUBLIC WELFARE.

    (a) In General.--Section 5(c)(3) of the Home Owners' Loan Act (12 
U.S.C. 1464(c)) is amended by adding at the end the following new 
subparagraph:
                    ``(E) Direct investments to promote the public 
                welfare.--
                            ``(i) In general.--A Federal savings 
                        association may make investments designed 
                        primarily to promote the public welfare, 
                        including the welfare of low- and moderate-
                        income communities through the provision of 
                        housing, services, and jobs.
                            ``(ii) Direct investments or acquisition of 
                        interest in other companies.--Investments under 
                        clause (i) may be made directly or by 
                        purchasing interests in an entity primarily 
                        engaged in making such investments.
                            ``(iii) Prohibition on unlimited 
                        liability.--No investment may be made under 
                        this subparagraph which would subject a Federal 
                        savings association to unlimited liability to 
                        any person.
                            ``(iv) Single investment limitation to be 
                        established by director.--Subject to clauses 
                        (v) and (vi), the Director shall establish, by 
                        order, limits on--
                                    ``(I) the amount each savings 
                                association may invest in any one 
                                project or entity; and
                                    ``(II) the aggregate amount of the 
                                investment of such savings association 
                                under this subparagraph.
                            ``(v) Flexible aggregate investment 
                        limitation.--The aggregate amount of 
                        investments of any savings association under 
                        this subparagraph may not exceed an amount 
                        equal to the sum of 5 percent of the savings 
                        association's capital stock actually paid in 
                        and unimpaired and 5 percent of the savings 
                        association's unimpaired surplus, unless--
                                    ``(I) the Director determines, by 
                                order, that the savings association is 
                                adequately capitalized; and
                                    ``(II) the Federal Deposit 
                                Insurance Corporation determines, by 
                                order, that an investment in a higher 
                                amount than the limit under this clause 
                                will pose no significant risk to the 
                                affected deposit insurance fund.
                            ``(vi) Maximum aggregate investment 
                        limitation.--The aggregate amount of 
                        investments of any savings association under 
                        this subparagraph may not exceed an amount 
                        equal to the sum of 10 percent of the savings 
                        association's capital stock actually paid in 
                        and unimpaired and 10 percent of the savings 
                        association's unimpaired surplus.
                            ``(vii) Investments not subject to other 
                        limitation on quality of investments.--No 
                        obligation a Federal savings association 
                        acquires under this subparagraph shall be taken 
                        into account for purposes of the limitation 
                        contained in section 28(d) of the Federal 
                        Deposit Insurance Act on the acquisition and 
                        retention of any corporate debt security not of 
                        investment grade.''.
    (b) Technical and Conforming Amendment.--Section 5(c)(3)(A) is 
amended to read as follows:
                    ``(A) Repealed''.

SEC. 203. MERGER AND CONSOLIDATION OF FEDERAL SAVINGS ASSOCIATIONS WITH 
              NONDEPOSITORY INSTITUTION AFFILIATES.

    Section 5(d)(3) of the Home Owners' Loan Act (12 U.S.C. 1464(d)(3)) 
is amended--
            (1) by redesignating subparagraph (B) as subparagraph (C); 
        and
            (2) by inserting after subparagraph (A) the following new 
        subparagraph:
                    ``(B) Mergers and consolidation with nondepository 
                institution affiliates.--
                            ``(i) In general.--Upon the approval of the 
                        Director, a Federal savings association may 
                        merge with any nondepository institution 
                        affiliate of the savings association.
                            ``(ii) Rule of construction.--No provision 
                        of clause (i) shall be construed as--
                                    ``(I) affecting the applicability 
                                of section 18(c) of the Federal Deposit 
                                Insurance Act; or
                                    ``(II) granting a Federal savings 
                                association any power or any authority 
                                to engage in any activity that is not 
                                authorized for a Federal savings 
                                association under any other provision 
                                of this Act or any other provision of 
                                law.''.

SEC. 204. REPEAL OF STATUTORY DIVIDEND NOTICE REQUIREMENT FOR SAVINGS 
              ASSOCIATION SUBSIDIARIES OF SAVINGS AND LOAN HOLDING 
              COMPANIES.

    Section 10(f) of the Home Owners' Loan Act (12 U.S.C. 1467a(f)) is 
amended to read as follows:
    ``(f) Declaration of Dividend.--The Director may--
            ``(1) require a savings association that is a subsidiary of 
        a savings and loan holding company to give prior notice to the 
        Director of the intent of the savings association pay a 
        dividend on its guaranty, permanent, or other nonwithdrawable 
        stock; and
            ``(2) establish conditions on the payment of dividends.''.

SEC. 205. MODERNIZING STATUTORY AUTHORITY FOR TRUST OWNERSHIP OF 
              SAVINGS ASSOCIATIONS.

    (a) In General.--Section 10(a)(1)(C) of the Home Owners' Loan Act 
(12 U.S.C. 1467a(a)(1)(C)) is amended--
            (1) by striking ``trust,'' and inserting ``business 
        trust,''; and
            (2) by inserting ``, or any other trust unless by its terms 
        it must terminate within 25 years or not later than 21 years 
        and 10 months after the death of individuals living on the 
        effective date of the trust,'' after or similar 
        organization,''.

SEC. 206. 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 
        new paragraph:
            ``(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. 207. EXPANDED AUTHORITY FOR FEDERAL SAVINGS ASSOCIATIONS TO INVEST 
              IN SMALL BUSINESS INVESTMENT COMPANIES.

    Subparagraph (D) of section 5(c)(4) of the Home Owners' Loan Act 
(12 U.S.C. 1464(c)(4)) is amended to read as follows:
                    ``(D) Small business investment companies.--Any 
                Federal savings association may invest in 1 or more 
                small business investment companies, or in any entity 
                established to invest solely in small business 
                investment companies, except that the total amount of 
                investments under this subparagraph may not at any time 
                exceed the amount equal to 5 percent of capital and 
                surplus of savings association.''.

                   TITLE III--CREDIT UNION PROVISIONS

SEC. 301. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS 
              OF A FEDERAL HOME LOAN BANK.

    Section 4(a) of the Federal Home Loan Bank Act (12 U.S.C. 1424(a)) 
is amended by adding at the end the following new paragraph:
            ``(5) Certain privately insured credit unions.--A credit 
        union which has been determined, in accordance with section 
        43(e)(1) of the Federal Deposit Insurance Act, to meet all 
        eligibility requirements for Federal deposit insurance shall be 
        treated as an insured depository institution for purposes of 
        determining the eligibility of such credit union for membership 
        in a Federal home loan bank under paragraphs (1), (2), and 
        (3).''.

SEC. 302. 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 heading for section 124 is amended by 
inserting ``or federal land'' after ``building''.

SEC. 303. INVESTMENTS IN SECURITIES BY FEDERAL CREDIT UNIONS.

    Section 107 of the Federal Credit Union Act (12 U.S.C. 1757(7)(K)) 
is amended--
            (1) in the matter preceding paragraph (1) by striking ``A 
        Federal credit union'' and inserting ``(a) In General.--Any 
        Federal credit union''; and
            (2) by adding at the end the following new subsection:
    ``(b) Investment for the Credit Union's Own Account.--
            ``(1) In general.--A Federal credit union may purchase and 
        hold for its own account such investment securities as the 
        Board may authorize by regulation, subject to such limitations 
        and restrictions as the Board may prescribe in the regulations.
            ``(2) Percentage limitation.--In no event may the total 
        amount of investment securities of any single obligor or maker 
        held by a Federal credit union for the credit union's own 
        account exceed at any time an amount equal to 10 percent of the 
        unimpaired capital and surplus of the credit union.
            ``(3) Investment security defined.--
                    ``(A) In general.--For purposes of this subsection, 
                the term `investment security' means marketable 
                obligations evidencing the indebtedness of any person 
                in the form of bonds, notes, or debentures and other 
                instruments commonly referred to as investment 
                securities.
                    ``(B) Further definition by board.--The Board may 
                further define the term `investment security'.
            ``(4) Clarification of Prohibition on Stock Ownership.--No 
        provision of this subsection shall be construed as authorizing 
        a Federal credit union to purchase shares of stock of any 
        corporation for the credit union's own account, except as 
        otherwise permitted by law.''.

SEC. 304. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF FEDERAL 
              CREDIT UNION LOANS TO 15 YEARS.

    Section 107(a)(5) of the Federal Credit Union Act (12 U.S.C. 
1757(5)) (as so designated by section 303 of this title) is amended--
            (1) in the matter preceding subparagraph (A), by striking 
        ``to make loans, the maturities of which shall not exceed 
        twelve years except as otherwise provided herein'' and 
        inserting ``to make loans, the maturities of which shall not 
        exceed 15 years or any longer maturity as the Board may allow, 
        in regulations, except as otherwise provided in this Act'';
            (2) in subparagraph (A), by striking clause(ii);
            (3) by redesignating clauses (iii) through (x) as clauses 
        (ii) through (ix), respectively; and
            (4) by inserting ``and'' after the semicolon at the end of 
        clause (viii) (as so redesignated).

SEC. 305. INCREASE IN 1 PERCENT INVESTMENT LIMIT IN CREDIT UNION 
              SERVICE ORGANIZATIONS.

    Section 107(a)(7)(I) of the Federal Credit Union Act (12 U.S.C. 
1757(7)(I)) (as so designated by section 303 of this title) is amended 
by striking ``up to 1 per centum of the total paid'' and inserting ``up 
to 3 percent of the total paid''.

SEC. 306. MEMBER BUSINESS LOAN EXCLUSION FOR LOANS TO NONPROFIT 
              RELIGIOUS ORGANIZATIONS.

    Section 107A(a) of the Federal Credit Union Act (12 U.S.C. 
1757a(a)) is amended by inserting ``, excluding loans made to nonprofit 
religious organizations,'' after ``total amount of such loans''.

SEC. 307. SALE OF CHECKS TO PERSONS IN THE FIELD OF MEMBERSHIP OF THE 
              CREDIT UNION.

    Subsection (a) (as so designated by section 303 of this title) of 
section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is 
amended--
            (1) by redesignating paragraphs (13), (14), (15), (16), and 
        (17) as paragraphs (14), (15), (16), (17), and (18), 
        respectively; and
            (2) by inserting after paragraph (12) the following new 
        paragraph:
            ``(13) in accordance with rules and regulations prescribed 
        by the Board, to sell to persons in the field of membership of 
        the credit union negotiable checks (including travelers 
        checks), and to cash checks for persons in the field of 
        membership, for a fee;''.

SEC. 308. VOLUNTARY MERGERS AND CONVERSIONS INVOLVING MULTIPLE COMMON-
              BOND CREDIT UNIONS WITHOUT NUMERICAL LIMITATION.

    (a) In General.--Section 109 of the Federal Credit Union Act (12 
U.S.C. 1759) is amended by adding at the end the following new 
subsection:
    ``(h) Merger or Conversions Involving Multiple Common-Bond Credit 
Unions.--In the case of--
            ``(1) a merger involving a Federal credit union described 
        in subsection (b)(2) approved by the Board on or after August 
        7, 1998; or
            ``(2) a conversion of a Federal credit union described in 
        subsection (b)(2) to a credit union described in subsection 
        (b)(3) and approved by the Board on or after August 7, 1998,
the numerical limitation contained in subsection (d)(1) shall not apply 
to such merger or conversion, and the resulting Federal credit union 
may retain in the membership field of such credit union all groups that 
were served by a merging or converting Federal credit union at the time 
of the merger or conversion.''.
    (b) Technical and Conforming Amendments.--
            (1) Section 109(d)(1) of the Federal Credit Union Act (12 
        U.S.C. 1759(d)(1)) is amended by inserting ``and subsection 
        (h)'' after ``provided in paragraph (2)''.
            (2) Section 109(d)(2) of the Federal Credit Union Act (12 
        U.S.C. 1759(d)(2)) is amended--
                    (A) by inserting ``or'' after the semicolon at the 
                end of subparagraph (A);
                    (B) by striking subparagraph (B); and
                    (C) by redesignating subparagraph (C) as 
                subparagraph (B).

              TITLE IV--DEPOSITORY INSTITUTION PROVISIONS

SEC. 401. EASING RESTRICTIONS ON INTERSTATE BRANCHING AND MERGERS.

    (a) De Novo Interstate Branches of National Banks.--
            (1) In general.--Section 5155(g)(1) of the Revised Statutes 
        of the United States (12 U.S.C. 36(g)(1)) is amended by 
        striking ``maintain a branch if--` and all that follows through 
        the end of subparagraph (B) and inserting ``maintain a 
        branch.''.
            (2) Clerical Amendment.--The heading for subsection (g) of 
        section 5155 of the Revised Statutes of the United States is 
        amended by striking ``State `Opt-In' Election to Permit''.
    (b) De Novo Interstate Branches of State Nonmember Banks.--
            (1) In general.--Section 18(d)(4)(A) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1828(d)(4)(A)) is amended by striking 
        ``maintain a branch if--` and all that follows through the end 
        of clause (ii) and inserting ``maintain a branch.''.
            (2) Clerical Amendment.--The heading for paragraph (4) of 
        section 18(d) of the Federal Deposit Insurance Act is amended 
        by striking ``State `opt-in' election to permit interstate'' 
        and inserting ``Interstate''.
    (c) De Novo Interstate Branches of State Member Banks.--The 3rd 
undesignated paragraph of section 9 of the Federal Reserve Act (12 
U.S.C. 321) is amended by adding at the end the following new 
sentences: ``A State member bank may establish and operate a de novo 
branch in a host State (as such terms are defined in section 18(d) of 
the Federal Deposit Insurance Act) on the same terms and conditions and 
subject to the same limitations and restrictions as are applicable to 
the establishment of a de novo branch of a national bank in a host 
State under section 5155(g) of the Revised Statutes of the United 
States. Such section 5155(g) shall be applied for purposes of the 
preceding sentence by substituting `Board of Governors of the Federal 
Reserve System' for `Comptroller of the Currency' and `State member 
bank' for `national bank'.''.
    (d) Interstate Merger of Banks.--
            (1) Merger of insured bank and noninsured bank.--Section 
        44(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
        1831u(a)(1)) is amended)--
            (1) by striking ``After June 1, 1997, the'' and inserting 
        ``The''; and
            (2) by inserting ``or between an insured bank and a 
        noninsured bank with different home States,'' after ``insured 
        banks with different home States,''.
            (2) Nonunisured national bank merger with other noninsured 
        bank.--Subsection (b) of section 4 of the National Bank 
        Consolidation and Merger Act (12 U.S.C. 215a-1(b)) is amended 
        to read as follows:
    ``(b) Merger of Noninsured National Bank With Another Noninsured 
Bank.--A noninsured national bank may engage in a consolidation or 
merger with any non-insured out-of-State bank, whether such out-of-
State bank is a national bank or a State bank.''.
    (e) Technical and Conforming Amendments.--
            (1) Section 44 of the Federal Deposit Insurance Act (12 
        U.S.C. 1931u) is amended--
                    (A) in subsection (a), by striking paragraphs (5) 
                and (6);
                    (B) in subsection (e), by striking ``paragraph (2), 
                (4), or (5)'' and inserting ``paragraph (2) or (4)''; 
                and
                    (C) in subsection (g)(10), by striking ``section 
                18(c)(2)'' and inserting ``paragraph (1) or (2) of 
                section 18(c)''.
            (2) Section 3(d) of the Bank Holding Company Act of 1956 
        (12 U.S.C. 1842(d)) is amended--
                    (A) in paragraph (1)--
                            (i) by striking subparagraphs (B) and (C); 
                        and
                            (ii) by redesignating subparagraph (D) as 
                        subparagraph (B); and
                    (B) in paragraph (5), by striking ``subparagraph 
                (B) or (D)'' and inserting ``subparagraph (B)''.
            (3) Subsection (c) of section 4 of the National Bank 
        Consolidation and Merger Act (12 U.S.C. 215a-1(c)) is amended--
                    (A) by striking ``(c) Definitions.--The terms'' and 
                inserting the following:
    ``(c) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1)  Home state; out-of-state bank.--The terms''; and
                    (B) by adding at the end the following new 
                paragraphs:
            ``(2) Noninsured national bank.--The term `noninsured 
        national bank' means a national bank that is a noninsured bank.
            ``(3) Noninsured bank.--The term `noninsured bank' has the 
        same meaning as in section 3(h) of the Federal Deposit 
        Insurance Act.''.

SEC. 402. 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 striking ``Section 2. The Comptroller of the 
        Currency'' and inserting the following:

``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 new subsection:
    ``(b) Judicial Review.--If the Comptroller of the Currency appoints 
a receiver under subsection (a), 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 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 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, within 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) Expansion of Period for Challenging the Appointment of a 
Liquidating Agent.--Subparagraph (B) of section 207(a)(1) of the 
Federal Credit Union Act (12 U.S.C. 1787(a)(1)) is amended by striking 
``10 days'' and inserting ``30 days''.
    (d) Effective Date.--The amendments made by subsections (a), (b), 
and (c) shall apply with respect to conservators, receivers, or 
liquidating agents appointed on or after the date of the enactment of 
this Act.

SEC. 403. 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. 404. AMENDMENT TO PROVIDE AN 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 ``$100,000,000''.

SEC. 405. 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 new section:

``SEC. 49. ENFORCEMENT OF AGREEMENTS.

    (a) In General.--Notwithstanding clause (i) or (ii) of section 
8(b)(6)(A) or section 38(e)(2)(E), an appropriate Federal banking 
agency may enforce, under section 8, the terms of--
            ``(1) any condition imposed in writing by the agency on a 
        depository institution or an institution-affiliated party 
        (including a bank holding company) in connection with the 
        granting of any application or other request concerning a 
        depository institution; or
            ``(2) any written agreement entered into between the agency 
        and an institution-affiliated party (including a bank holding 
        company).
    ``(b) Receiverships and Conservatorships.--After the appointment of 
the Corporation as the receiver or conservator for any insured 
depository institution, the Corporation may enforce any condition or 
agreement described in paragraph (1) or (2) of subsection (a) involving 
such institution or any institution-affiliated party (including a bank 
holding company), through an action brought in an appropriate United 
States district court.''.
    (b) Protection of Capital of Insured Depository Institutions.--
Paragraph (1) of section 18(u) of the Federal Deposit Insurance Act (12 
U.S.C. 1828(u)) is amended by striking subparagraph (B) and by 
redesignating subparagraph (C) as subparagraph (B).

         TITLE V--DEPOSITORY INSTITUTION AFFILIATES PROVISIONS

SEC. 501. CLARIFICATION OF CROSS MARKETING PROVISION.

    Section 4(n)(5) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1843(n)(5)(A)) is amended--
            (1) in subparagraph (B), by striking ``subsection 
        (k)(4)(I)'' and inserting ``subparagraph (H) or (I) of 
        subsection (k)(4)''; and
            (2) by adding at the end the following new subparagraph:
                    ``(C) Threshold of control.--Subparagraph (A) shall 
                not apply with respect to a company described or 
                referred to in clause (i) or (ii) of such subparagraph 
                if the financial holding company does not own or 
                control 25 percent or more of the total equity or any 
                class of voting securities of such company.''.

SEC. 502. 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 ``, unless the Board determines 
that such treatment is not appropriate in light of the facts and 
circumstances of the case and the purposes of the Act'' before the 
period at the end.

SEC. 503. ELIMINATING GEOGRAPHIC LIMITS ON THRIFT SERVICE COMPANIES.

    (a) In General.--The 1st sentence of section 5(c)(4)(B) of the Home 
Owners' Loan Act (12 U.S.C. 1464(c)(4)(B)) is amended by striking 
``corporation organized'' and all that follows through the period at 
the end of the sentence and inserting ``company, if the entire capital 
of the company is available for purchase only by savings 
associations''.
    (b) Technical Corrections.--
            (1) The heading for subparagraph (B) of section 5(c)(4) of 
        the Home Owners' Loan Act (12 U.S.C. 1464(c)(4)(B)) is amended 
        by striking ``corporations'' and inserting ``companies''.
            (2) The 2nd sentence of section 5(n)(1) of the Home Owners' 
        Loan Act (12 U.S.C. 1464(n)(1)) is amended by striking 
        ``service corporations'' and inserting ``service companies''.
            (3) Section 5(q)(1) of the Home Owners' Loan Act (12 U.S.C. 
        1464(q)(11)) is amended by striking ``service corporation'' 
        each place such term appears in subparagraph (A), (B), (C) and 
        inserting ``service company''.
            (4) Section 10(m)(4)(C)(iii)(II) of the Home Owners' Loan 
        Act (12 U.S.C. 1467a(m)(4)(C)(iii)(II)) is amended by striking 
        ``service corporation'' each place such term appears and 
        inserting ``service company''.

                  TITLE VI--BANKING AGENCY PROVISIONS

SEC. 601. WAIVER OF EXAMINATION SCHEDULE IN ORDER TO ALLOCATE EXAMINER 
              RESOURCES.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) by redesignating paragraphs (5), (6), (7), (8), (9), 
        and (10) as paragraphs (6), (7), (8), (9), (10), and (11), 
        respectively;
            (2) by inserting after paragraph (4), the following new 
        paragraph:
            ``(5) Waiver of schedule when necessary to achieve safe and 
        sound allocation of examiner resources.--Notwithstanding 
        paragraphs (1), (2), (3), and (4), an appropriate Federal 
        banking agency may make adjustments in the examination cycle 
        for an insured depository institution if necessary to allocate 
        available resources of examiners in a manner that provides for 
        the safety and soundness of, and the effective examination and 
        supervision of, insured depository institutions.''; and
            (3) in paragraphs (8) and (9), as so redesignated, by 
        striking ``paragraph (6)'' and inserting ``paragraph (7)''.

SEC. 602. CREDIT CARD ACCOUNTS PERMITTED FOR BANK EXAMINERS ON SAME 
              TERMS AS OTHER CONSUMERS.

    Section 212 of title 18, United States Code, is amended by adding 
at the end the following new paragraph:
    ``With respect to any employee of a Federal banking agency (as 
defined in section 3 of the Federal Deposit Insurance Act) including 
any examiner or assistant examiner, the provisions of this section and 
section 213 shall not prohibit such employee from applying for, or 
being a cardholder under, any credit card account under an open end 
consumer credit plan (as such terms are defined in the Truth in Lending 
Act), to the extent the terms and conditions applicable with respect to 
such account, and any credit extended under such account, are no more 
favorable to the employee than the terms and conditions that are 
generally applicable to credit card accounts established under open end 
consumer credit plan for other consumers.''.

SEC. 603. 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 new subparagraph:
                    ``(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 agency's 
                discretion, 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) to any officer, director, or 
                        receiver of such depository institution or 
                        entity; and
                            ``(iii) any other institution-affiliated 
                        party of such depository institution or entity 
                        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 new paragraph:
            ``(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 Board's discretion, 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--
                            ``(i) any other Federal or State agency or 
                        authority with supervisory or regulatory 
                        authority over the credit union or other 
                        entity;
                            ``(ii) to any officer, director, or 
                        receiver of such credit union or entity; and
                            ``(iii) any other institution-affiliated 
                        party of such credit union or entity the Board 
                        determines to be appropriate.''.

SEC. 604. PENALTY FOR UNAUTHORIZED PARTICIPATION BY CONVICTED 
              INDIVIDUAL.

    (a) Section 19 of the Federal Deposit Insurance Act (12 U.S.C. 
1829) is amended by adding at the end the following new subsection:
    ``(c) Uninsured Banks.--
            ``(1) In general.--Subsections (a) and (b) shall apply to a 
        noninsured national bank, a noninsured State member bank, and 
        any agency or noninsured branch of a foreign bank as if such 
        bank, branch, or agency were an insured depository institution.
            ``(2) Appropriate enforcement agency.--Paragraph (1) shall 
        be applied by substituting the appropriate agency for the term 
        ``Corporation'' as follows:
                    ``(A) The Comptroller of the Currency, in the case 
                of a noninsured national bank or any Federal agency or 
                noninsured Federal branch of a foreign bank.
                    ``(B) the Board of Governors of the Federal Reserve 
                System, in the case of a noninsured State member bank 
                or any State agency or noninsured State branch of a 
                foreign bank.
            ``(3) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    ``(A) Agency, branch, federal agency, state agency, 
                and state branch.--The terms `agency', `branch', 
                `Federal agency', `State agency', and `State branch' 
                have the same meaning as in section 1(b) of the 
                International Banking Act of 1978.
                    ``(B) Noninsured branch.--The term `noninsured 
                branch' means a branch that is not an insured 
                branch.''.
            (1) by striking ``Corporation'' and inserting ``designated 
        agency''; and
            (2) by striking ``insured depository institution'' in 
        clauses (i), (ii), and (iii) of subparagraph (A) and in 
        subparagraph (B) and inserting ``depository institution''.
    (b) Designated Agency Defined.--Section 19(a) of the Federal 
Deposit Insurance Act (12 U.S.C. 1829(a)) is amended by adding at the 
end the following new paragraph:
            ``(3) Designated agency defined.--For purposes of paragraph 
        (1), the term `designated agency' means--
                    ``(A) the Corporation, in the case of an insured 
                depository institution or an uninsured State nonmember 
                bank;
                    ``(B) the Comptroller of the Currency, in the case 
                of an uninsured national bank or an uninsured Federal 
                branch or agency of a foreign bank; and
                    ``(C) the Board of Governors of the Federal Reserve 
                System, in the case of an uninsured State member bank 
                or an uninsured State branch or agency of a foreign 
                bank.''.

SEC. 605. AMENDMENT PERMITTING THE DESTRUCTION OF OLD RECORDS OF A 
              DEPOSITORY INSTITUTION BY THE FDIC AFTER THE APPOINTMENT 
              OF THE FDIC AS RECEIVER.

    Section 11(d)(15)(D) of the Federal Deposit Insurance Act (12 
U.S.C. 1821(d)(15)(D)) is amended--
            (1) by striking ``Recordkeeping requirement.--After the end 
        of the 6-year period'' and inserting ``Recordkeeping 
        requirement.--
                            ``(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 new clause:
                            ``(ii) Old records.--In the case of records 
                        of an insured depository institution which are 
                        at least 10 years old as of the date the 
                        Corporation is appointed as the receiver of 
                        such depository institution, the Corporation 
                        may destroy such records in accordance with 
                        clause (i) any time after such appointment is 
                        final without regard to the 6-year period of 
                        limitation contained in such clause.

SEC. 606. MODERNIZATION OF FDIC RECORDKEEPING REQUIREMENT.

    Subsection (f) of section 10 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.-- The Corporation may cause any and all 
        records, papers, or documents kept by the Corporation or in the 
        possession or custody of the Corporation 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 or 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 board of directors.--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 Board of Directors shall 
        prescribe and the original records, papers, or documents may be 
        destroyed or otherwise disposed of as the Board of Directors 
        may direct.''.

SEC. 607. REPEAL OF MINIMUM ANTITRUST REVIEW PERIOD WITH THE AGREEMENT 
              OF THE ATTORNEY GENERAL.

    (a) Antitrust Reviews Under the Bank Holding Company Act of 1956.--
The 4th sentence of section 11(b) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1849(b) is amended by striking ``, but in no event less 
than fifteen calendar days after the date of approval''.
    (b) Antitrust Reviews Under the Federal Deposit Insurance Act.--The 
last sentence of section 18(c)(6) of the Federal Deposit Insurance Act 
(12 U.S.C. 1828(c)(6)) is amended by striking ``, but in no event less 
than 15 calendar days after the date of approval''.

SEC. 608. 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 Institution.--
            (1) In general.--Section 8(g)(1) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1818(g) is amended--
                    (A) in subparagraph (A), by striking ``the 
                depository'' each place such term appears and inserting 
                ``any depository'';
                    (B) in subparagraph (B), by inserting ``of which 
                the subject of the order is an institution-affiliated 
                party'' before the period at the end;
                    (C) in subparagraph (C), by striking ``the 
                depository'' each place such term appears and inserting 
                ``any depository'';
                    (D) in subparagraph (D)(i), by inserting ``of which 
                the subject of the order is an institution-affiliated 
                party'' after ``upon the depository institution''; and
                    (E) by adding at the end the following new 
                subparagraph:
                    ``(E) Continuation of authority.--A Federal banking 
                agency may issue an order under this paragraph with 
                respect to an individual who is an institution-
                affiliated party at a depository institution at the 
                time of an offense described in subparagraph (A) 
                without regard to--
                    ``(A) whether such individual is an institution-
                affiliated party at any depository institution at the 
                time the order is considered or issued by the agency; 
                or
                    ``(B) whether the depository institution 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 
                agency.''.
            (2) Clerical amendment.--Section 8(g) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1818(g) is amended by striking 
        ``(g)'' and inserting the following new subsection heading:
    ``(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 such 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), by striking ``the credit 
                union'' each place such term appears and inserting 
                ``any credit union'';
                    (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 new 
                subparagraph:
                    ``(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.''.
            (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 new 
        subsection heading:
    ``(i) Suspension, Removal, and Prohibition From Participation 
Orders in the Case of Certain Criminal Offenses.--''.

SEC. 609. STREAMLINING DEPOSITORY INSTITUTION MERGER APPLICATION 
              REQUIREMENTS.

    (a) In General.--Paragraph (4) of section 18(c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1828(c)) is amended to read as 
follows:
            ``(4) Reports on competitive factors.--
                    ``(A) Request for report.--In the interests of 
                uniform standards, before acting on any application for 
                approval of a merger transaction, the responsible 
                agency, unless the agency finds that it must act 
                immediately in order to prevent the probable failure of 
                a depository institution involved, shall--
                            ``(i) request a report on the competitive 
                        factors involved from the Attorney General; and
                            ``(ii) provide a copy of the request to the 
                        Corporation (when the Corporation is not the 
                        responsible agency).
                    ``(B) Furnishing of report.--The report requested 
                under subparagraph (A) shall be furnished by the 
                Attorney General to the responsible agency--
                            ``(i) not more than 30 calendar days after 
                        the date on which the Attorney General received 
                        the request; or
                            ``(ii) not more than 10 calendar days after 
                        such date, if the requesting agency advises the 
                        Attorney General that an emergency exists 
                        requiring expeditious action.''.
    (b) Technical and Conforming Amendment.--The penultimate sentence 
of section 18(c)(6) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(c)(6)) is amended to read as follows: ``If the agency has advised 
the Attorney General under paragraph (4)(B) 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. 610. INCLUSION OF DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION IN 
              LIST OF BANKING AGENCIES REGARDING INSURANCE CUSTOMER 
              PROTECTION REGULATIONS.

    Section 47(g)(2)(B)(i) of the Federal Deposit Insurance Act (12 
U.S.C. 1831x(g)(2)(B)(i)) is amended by inserting ``the Director of the 
Office of Thrift Supervision,'' after ``Comptroller of the Currency,''.

              TITLE VII--CLERICAL AND TECHNICAL AMENDMENTS

SEC. 701. CLERICAL AMENDMENTS TO THE HOME OWNERS' LOAN ACT.

    (a) Amendment to Table of Contents.--The table of contents in 
section 1 of the Home Owners' Loan Act (12 U.S.C. 1461) is amended by 
striking the item relating to section 6 and inserting the following new 
item:

``Sec. 6. [Repealed]''.
    (b) Clerical Amendments to Headings.--
            (1) The heading for section 4(a) of the Home Owners' Loan 
        Act (12 U.S.C. 1463(a)) is amended by striking ``(a) Federal 
        Savings Associations.--'' and inserting ``(a) General 
        Responsibilities of the Director.--''.
            (2) The section heading for section 5 of the Home Owners' 
        Loan Act (12 U.S.C. 1464) is amended to read as follows:

``SEC. 5. SAVINGS ASSOCIATIONS.''.

SEC. 702. 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), 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(a)(5)(A)(ix), insert ``and'' after the 
        semicolon.
            (4) In section 107(a)(5)(E), strike the period at the end 
        and insert a semicolon.
            (5) In paragraphs (6) and (7) of section 107(a), strike the 
        period at the end and insert a semicolon.
            (6) In section 107(a)(7)(D), strike ``the Federal Savings 
        and Loan Insurance Corporation or''.
            (7) In section 107(a)(7)(E), strike ``the Federal Home Loan 
        Bank Board,'' and insert ``the Federal Housing Finance 
        Board,''.
            (8) In section 107(a)(9), strike ``subchapter III'' and 
        insert ``title III''.
            (9) In section 107(a)(13), strike the ``and'' after the 
        semicolon at the end.
            (10) In section 109(c)(2)(i), strike ``(12 U.S.C. 
        4703(16))''.
            (11) In section 120(h), strike ``under the Act approved 
        July 30, 1947 (6 U.S.C., secs. 6-13),'' and insert ``chapter 93 
        of title 31, United States Code,''.
            (12) In section 201(b)(5), strike ``section 116 of''.
            (13) In section 202(h)(3), strike ``section 207(c)(1)'' and 
        insert ``section 207(k)(1)''.
            (14) In section 204(b), strike ``such others powers'' and 
        insert ``such other powers''.
            (15) In section 206(e)(3)(D), strike ``and'' after the 
        semicolon at the end.
            (16) In section 206(f)(1), strike ``subsection (e)(3)(B)'' 
        and insert ``subsection (e)(3)''.
            (17) In section 206(g)(7)(D), strike ``and subsection 
        (1)''.
            (18) In section 206(t)(2)(B), insert ``regulations'' after 
        ``as defined in''.
            (19) In section 206(t)(2)(C), strike ``material affect'' 
        and insert ``material effect''.
            (20) In section 206(t)(4)(A)(ii)(II), strike ``or'' after 
        the semicolon at the end.
            (21) In section 206A(a)(2)(A), strike ``regulator agency'' 
        and insert ``regulatory agency''.
            (22) In section 207(c)(5)(B)(i)(I), insert ``and'' after 
        the semicolon at the end.
            (23) In section 207(c)(8)(D)(ii)(I), insert a closing 
        parenthesis after ``Act of 1934''.
            (24) In the heading for subparagraph (A) of section 
        207(d)(3), strike ``to'' and insert ``with''.
            (25) In section 207(f)(3)(A), strike ``category or 
        claimants'' and insert ``category of claimants''.
            (26) In section 209(a)(8), strike the period at the end and 
        insert a semicolon.
            (27) In section 216(n), insert ``any action'' before ``that 
        is required''.
            (28) In section 304(b)(3), strike ``the affairs or such 
        credit union'' and insert ``the affairs of such credit union''.
            (29) In section 310, strike ``section 102(e)'' and insert 
        ``section 102(d)''.
                                 <all>