[Congressional Record (Bound Edition), Volume 151 (2005), Part 22]
[House]
[Pages 30429-30435]
[From the U.S. Government Publishing Office, www.gpo.gov]




   FEDERAL DEPOSIT INSURANCE REFORM CONFORMING AMENDMENTS ACT OF 2005

  Mr. POMBO. Mr. Speaker, I ask unanimous consent that the Committee on 
Financial Services be discharged from further consideration of the bill 
(H.R. 4636) to enact the technical and conforming amendments necessary 
to implement the Federal Deposit Insurance Reform Act of 2005, and for 
other purposes, and ask for its immediate consideration in the House.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?
  Mr. FRANK of Massachusetts. Reserving the right to object, Mr. 
Speaker, we have before us a very well-done bill, and what is before us 
is good and useful and constructive.
  I do have to call attention, however, to a glaring omission caused by 
the Senate. When our committee considered this measure to merge the 
insurance funds, the gentlewoman from California (Ms. Waters) offered a 
proposal to establish what we call lifeline banking, a provision to 
extend to very low-income people the ability to get into the banking 
system at no cost to themselves, lessening the likelihood that they 
would go to payday lenders or check-cashing institutions to send 
excessively expensive money orders.
  And we worked this out and there were discussions with the 
representatives of the bankers, and we arrived at a satisfactory means 
of paying for it. It is not a very expensive proposal, and it would 
have done significant social good.
  Unfortunately, the Senate simply refused to consider it. The Senate 
procedure on a number of the bills we have sent over has been arbitrary 
and the result has been unfortunate. What is left, it is still a good 
bill and worth passing; but I did want to call attention to this just 
to say to some who do not understand this, there are many of us 
prepared to work constructively with the financial community and the 
business community to help advance their ability to serve the economy. 
When they insist that we do that, without paying some attention to the 
needs of the lowest-income people in this society, they make a great 
mistake. They are making that mistake here; there is nothing that we 
can correct.
  Mr. Speaker, I withdraw my reservation of objection.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?
  There was no objection.
  The Clerk read the bill, as follows:

                               H.R. 4636

       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 
     Reform Conforming Amendments Act of 2005''.

[[Page 30430]]



     SEC. 2. TECHNICAL AND CONFORMING AMENDMENTS.

       (a) Technical and Conforming Amendments Relating to 
     Government Deposits.--Section 11(a)(2) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1821(a)(2)) is amended--
       (1) in subparagraph (A)--
       (A) by moving the margins of clauses (i) through (v) 4 ems 
     to the right;
       (B) by striking, in the matter following clause (v), ``such 
     depositor shall'' and all that follows through the period; 
     and
       (C) by striking the semicolon at the end of clause (v) and 
     inserting a period;
       (2) by striking ``(2)(A) Notwithstanding'' and all that 
     follows through ``a depositor who is--'' and inserting the 
     following:
       ``(2) Government depositors.--
       ``(A) In general.--Notwithstanding any limitation in this 
     Act or in any other provision of law relating to the amount 
     of deposit insurance available to any 1 depositor--
       ``(i) a government depositor shall, for the purpose of 
     determining the amount of insured deposits under this 
     subsection, be deemed to be a depositor separate and distinct 
     from any other officer, employee, or agent of the United 
     States or any public unit referred to in subparagraph (B); 
     and
       ``(ii) except as provided in subparagraph (C), the deposits 
     of a government depositor shall be insured in an amount equal 
     to the standard maximum deposit insurance amount (as 
     determined under paragraph (1)).
       ``(B) Government depositor.--In this paragraph, the term 
     `government depositor' means a depositor that is--'';
       (3) by striking ``(B) The'' and inserting the following:
       ``(C) Authority to limit deposits.--The''; and
       (4) by striking ``depositor referred to in subparagraph (A) 
     of this paragraph'' each place such term appears and 
     inserting ``government depositor''.
       (b) Technical and Conforming Amendment Relating to 
     Insurance of Trust Funds.--Paragraphs (1) and (3) of section 
     7(i) of the Federal Deposit Insurance Act (12 U.S.C. 1817(i)) 
     are each amended by striking ``$100,000'' and inserting ``the 
     standard maximum deposit insurance amount (as determined 
     under section 11(a)(1))''.
       (c) Other Technical and Conforming Amendments.--
       (1) Section 11(m)(6) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1821(m)(6)) is amended by striking ``$100,000'' 
     and inserting ``an amount equal to the standard maximum 
     deposit insurance amount''.
       (2) Subsection (a) of section 18 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828(a)) is amended to read as 
     follows:
       ``(a) Insurance Logo.--
       ``(1) Insured depository institutions.--
       ``(A) In general.--Each insured depository institution 
     shall display at each place of business maintained by that 
     institution a sign or signs relating to the insurance of the 
     deposits of the institution, in accordance with regulations 
     to be prescribed by the Corporation.
       ``(B) Statement to be included.--Each sign required under 
     subparagraph (A) shall include a statement that insured 
     deposits are backed by the full faith and credit of the 
     United States Government.
       ``(2) Regulations.--The Corporation shall prescribe 
     regulations to carry out this subsection, including 
     regulations governing the substance of signs required by 
     paragraph (1) and the manner of display or use of such signs.
       ``(3) Penalties.--For each day that an insured depository 
     institution continues to violate this subsection or any 
     regulation issued under this subsection, it shall be subject 
     to a penalty of not more than $100, which the Corporation may 
     recover for its use.''.
       (3) Section 43(d) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831t(d)) is amended by striking ``$100,000'' and 
     inserting ``an amount equal to the standard maximum deposit 
     insurance amount''.
       (4) Section 6 of the International Banking Act of 1978 (12 
     U.S.C. 3104) is amended--
       (A) by striking ``$100,000'' each place such term appears 
     and inserting ``an amount equal to the standard maximum 
     deposit insurance amount''; and
       (B) by adding at the end the following new subsection:
       ``(e) Standard Maximum Deposit Insurance Amount Defined.--
     For purposes of this section, the term `standard maximum 
     deposit insurance amount' means the amount of the maximum 
     amount of deposit insurance as determined under section 
     11(a)(1) of the Federal Deposit Insurance Act.''.
       (d) Conforming Change to Credit Union Share Insurance 
     Fund.--
       (1) In general.--Section 207(k) of the Federal Credit Union 
     Act (12 U.S.C. 1787(k)) is amended--
       (A) by striking ``(k)(1)'' and all that follows through the 
     end of paragraph (1) and inserting the following:
       ``(k) Insured Amounts Payable.--
       ``(1) Net insured amount.--
       ``(A) In general.--Subject to the provisions of paragraph 
     (2), the net amount of share insurance payable to any member 
     at an insured credit union shall not exceed the total amount 
     of the shares or deposits in the name of the member (after 
     deducting offsets), less any part thereof which is in excess 
     of the standard maximum share insurance amount, as determined 
     in accordance with this paragraph and paragraphs (5) and (6), 
     and consistently with actions taken by the Federal Deposit 
     Insurance Corporation under section 11(a) of the Federal 
     Deposit Insurance Act.
       ``(B) Aggregation.--Determination of the net amount of 
     share insurance under subparagraph (A), shall be in 
     accordance with such regulations as the Board may prescribe, 
     and, in determining the amount payable to any member, there 
     shall be added together all accounts in the credit union 
     maintained by that member for that member's own benefit, 
     either in the member's own name or in the names of others.
       ``(C) Authority to define the extent of coverage.--The 
     Board may define, with such classifications and exceptions as 
     it may prescribe, the extent of the share insurance coverage 
     provided for member accounts, including member accounts in 
     the name of a minor, in trust, or in joint tenancy.'';
       (B) in paragraph (2)--
       (i) in subparagraph (A)--

       (I) in clauses (i) through (v), by moving the margins 4 ems 
     to the right;
       (II) in the matter following clause (v), by striking ``his 
     account'' and all that follows through the period; and
       (III) by striking the semicolon at the end of clause (v) 
     and inserting a period;

       (ii) by striking ``(2)(A) Notwithstanding'' and all that 
     follows through ``a depositor or member who is--'' and 
     inserting the following:
       ``(2) Government depositors or members.--
       ``(A) In general.--Notwithstanding any limitation in this 
     Act or in any other provision of law relating to the amount 
     of insurance available to any 1 depositor or member, deposits 
     or shares of a government depositor or member shall be 
     insured in an amount equal to the standard maximum share 
     insurance amount (as determined under paragraph (5)), subject 
     to subparagraph (C).
       ``(B) Government depositor.--In this paragraph, the term 
     `government depositor' means a depositor that is--'';
       (iii) by striking ``(B) The'' and inserting the following:
       ``(C) Authority to limit deposits.--The''; and
       (iv) by striking ``depositor or member referred to in 
     subparagraph (A)'' and inserting ``government depositor or 
     member''; and
       (C) by adding at the end the following new paragraphs:
       ``(4) Coverage for certain employee benefit plan 
     deposits.--
       ``(A) Pass-through insurance.--The Administration shall 
     provide pass-through share insurance for the deposits or 
     shares of any employee benefit plan.
       ``(B) Prohibition on acceptance of deposits.--An insured 
     credit union that is not well capitalized or adequately 
     capitalized may not accept employee benefit plan deposits.
       ``(C) Definitions.--For purposes of this paragraph, the 
     following definitions shall apply:
       ``(i) Capital standards.--The terms `well capitalized' and 
     `adequately capitalized' have the same meanings as in section 
     216(c).
       ``(ii) Employee benefit plan.--The term `employee benefit 
     plan'--

       ``(I) has the meaning given to such term in section 3(3) of 
     the Employee Retirement Income Security Act of 1974;
       ``(II) includes any plan described in section 401(d) of the 
     Internal Revenue Code of 1986; and
       ``(III) includes any eligible deferred compensation plan 
     described in section 457 of the Internal Revenue Code of 
     1986.

       ``(iii) Pass-through share insurance.--The term `pass-
     through share insurance' means, with respect to an employee 
     benefit plan, insurance coverage based on the interest of 
     each participant, in accordance with regulations issued by 
     the Administration.
       ``(D) Rule of construction.--No provision of this paragraph 
     shall be construed as authorizing an insured credit union to 
     accept the deposits of an employee benefit plan in an amount 
     greater than such credit union is authorized to accept under 
     any other provision of Federal or State law.
       ``(5) Standard maximum share insurance amount defined.--For 
     purposes of this Act, the term `standard maximum share 
     insurance amount' means $100,000, adjusted as provided under 
     section 11(a)(1)(F) of the Federal Deposit Insurance Act.''.
       (2) Increase in share insurance for certain retirement 
     accounts.--Section 207(k)(3) of the Federal Credit Union Act 
     (12 U.S.C. 1787(k)(3)) is amended by striking ``$100,000'' 
     and inserting ```$250,000 (which amount shall be subject to 
     inflation adjustments as provided under section 11(a)(1)(F) 
     of the Federal Deposit Insurance Act, except that $250,000 
     shall be substituted for $100,000 wherever such term appears 
     in such section)'''.
       (3) Other technical and conforming amendments.--Section 
     205(a) of the Federal Credit Union Act (12 U.S.C. 1785(a)) is 
     amended to read as follows:
       ``(a) Insurance Logo.--
       ``(1) Insured credit unions.--
       ``(A) In general.--Each insured credit union shall display 
     at each place of business maintained by that credit union a 
     sign or

[[Page 30431]]

     signs relating to the insurance of the share accounts of the 
     institution, in accordance with regulations to be prescribed 
     by the Board.
       ``(B) Statement to be included.--Each sign required under 
     subparagraph (A) shall include a statement that insured share 
     accounts are backed by the full faith and credit of the 
     United States Government.
       ``(2) Regulations.--The Board shall prescribe regulations 
     to carry out this subsection, including regulations governing 
     the substance of signs required by paragraph (1) and the 
     manner of display or use of such signs.
       ``(3) Penalties.--For each day that an insured credit union 
     continues to violate this subsection or any regulation issued 
     under this subsection, it shall be subject to a penalty of 
     not more than $100, which the Board may recover for its 
     use.''.
       (e) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date on which the 
     final regulations required under section 2109(a)(2) of the 
     Federal Deposit Insurance Reform Act of 2005 take effect.

     SEC. 3. CONFORMING AMENDMENTS RELATING TO ASSESSMENTS AND 
                   REPEAL OF SPECIAL RULES RELATING TO MINIMUM 
                   ASSESSMENTS AND FREE DEPOSIT INSURANCE.

       (a) In General.--The Federal Deposit Insurance Act (12 
     U.S.C. 1811 et seq.) is amended as follows:
       (1) Paragraph (3) of section 7(a) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1817(a)) is amended by striking the 
     3d sentence and inserting the following: ``Such reports of 
     condition shall be the basis for the certified statements to 
     be filed pursuant to subsection (c).''.
       (2) Subparagraphs (B)(ii) and (C) of section 7(b)(1) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)) are each 
     amended by striking ``semiannual'' where such term appears in 
     each such subparagraph.
       (3) Section 7(b)(2) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1817(b)(2)) is amended--
       (A) by striking subparagraphs (E), (F), and (G);
       (B) in subparagraph (C), by striking ``semiannual''; and
       (C) by redesignating subparagraph (H) (as amended by 
     subsection (e)(2) of this section) as subparagraph (E).
       (4) Section 7(b) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(b)) is amended by striking paragraph (4) and 
     redesignating paragraphs (5) (as amended by subsection (b) of 
     this section), (6), and (7) as paragraphs (4), (5), and (6) 
     respectively.
       (5) Section 7(c) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(c)) is amended--
       (A) in paragraph (1)(A), by striking ``semiannual'';
       (B) in paragraph (2)(A), by striking ``semiannual''; and
       (C) in paragraph (3), by striking ``semiannual period'' and 
     inserting ``initial assessment period''.
       (6) Section 8(p) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(p)) is amended by striking ``semiannual''.
       (7) Section 8(q) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(q)) is amended by striking ``semiannual period'' 
     and inserting ``assessment period''.
       (8) Section 13(c)(4)(G)(ii)(II) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1823(c)(4)(G)(ii)(II)) is amended by 
     striking ``semiannual period'' and inserting ``assessment 
     period''.
       (9) Section 232(a) of the Federal Deposit Insurance 
     Corporation Improvement Act of 1991 (12 U.S.C. 1834(a)) is 
     amended--
       (A) in the matter preceding subparagraph (A) of paragraph 
     (2), by striking ``the Board and'';
       (B) in subparagraph (J) of paragraph (2), by striking ``the 
     Board'' and inserting ``the Corporation'';
       (C) by striking subparagraph (A) of paragraph (3) and 
     inserting the following new subparagraph:
       ``(A) Corporation.--The term `Corporation' means the 
     Federal Deposit Insurance Corporation.''; and
       (D) in subparagraph (C) of paragraph (3), by striking 
     ``Board'' and inserting ``Corporation''.
       (b) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date that the final 
     regulations required under section 2109(a)(5) of the Federal 
     Deposit Insurance Reform Act of 2005 take effect.

     SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO 
                   REPLACEMENT OF FIXED DESIGNATED RESERVE RATIO 
                   WITH RESERVE RANGE.

       (a) In General.--Section 3(y) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813(y)) is amended--
       (1) by striking ``(y) The term'' and inserting
      ``(y) Definitions Relating to Deposit Insurance Fund.--
       ``(1) Deposit insurance fund.--The term''; and
       (2) by inserting after paragraph (1) (as so designated by 
     paragraph (1) of this subsection) the following new 
     paragraph:
       ``(2) Designated reserve ratio.--The term `designated 
     reserve ratio' means the reserve ratio designated by the 
     Board of Directors in accordance with section 7(b)(3).''.
       (b) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date that the final 
     regulations required under section 2109(a)(1) of the Federal 
     Deposit Insurance Reform Act of 2005 take effect.

     SEC. 5. REPORT TO CONGRESS ON REFUNDS, DIVIDENDS, AND CREDITS 
                   FROM DEPOSIT INSURANCE FUND.

       (a) Submission.--Any determination under section 7(e)(2)(E) 
     of the Federal Deposit Insurance Act, as added by section 
     2107(a) of the Federal Deposit Insurance Reform Act of 2005, 
     shall be submitted to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives, not later than 270 
     days after making such determination.
       (b) Content.--The report submitted under subsection (a) 
     shall include--
       (1) a detailed explanation for the determination; and
       (2) a discussion of the factors required to be considered 
     under section 7(e)(2)(F) of the Federal Deposit Insurance 
     Act, as added by section 2107(a) of the Federal Deposit 
     Insurance Reform Act of 2005.

     SEC. 6. STUDIES OF FDIC STRUCTURE AND EXPENSES AND CERTAIN 
                   ACTIVITIES AND FURTHER POSSIBLE CHANGES TO 
                   DEPOSIT INSURANCE SYSTEM.

       (a) Study by Comptroller General.--
       (1) Study required.--The Comptroller General shall conduct 
     a study of the following issues:
       (A) The efficiency and effectiveness of the administration 
     of the prompt corrective action program under section 38 of 
     the Federal Deposit Insurance Act by the Federal banking 
     agencies (as defined in section 3 of such Act), including the 
     degree of effectiveness of such agencies in identifying 
     troubled depository institutions and taking effective action 
     with respect to such institutions, and the degree of accuracy 
     of the risk assessments made by the Corporation.
       (B) The appropriateness of the organizational structure of 
     the Federal Deposit Insurance Corporation for the mission of 
     the Corporation taking into account--
       (i) the current size and complexity of the business of 
     insured depository institutions (as such term is defined in 
     section 3 of the Federal Deposit Insurance Act);
       (ii) the extent to which the organizational structure 
     contributes to or reduces operational inefficiencies that 
     increase operational costs; and
       (iii) the effectiveness of internal controls.
       (2) Report to the congress.--The Comptroller General shall 
     submit a report to the Congress before the end of the 1-year 
     period beginning on the date of the enactment of this Act 
     containing the findings and conclusions of the Comptroller 
     General with respect to the study required under paragraph 
     (1) together with such recommendations for legislative or 
     administrative action as the Comptroller General may 
     determine to be appropriate.
       (b) Study of Further Possible Changes to Deposit Insurance 
     System.--
       (1) Study required.--The Board of Directors of the Federal 
     Deposit Insurance Corporation and the National Credit Union 
     Administration Board shall each conduct a study of the 
     following:
       (A) The feasibility of establishing a voluntary deposit 
     insurance system for deposits in excess of the maximum amount 
     of deposit insurance for any depositor and the potential 
     benefits and the potential adverse consequences that may 
     result from the establishment of any such system.
       (B) The feasibility of increasing the limit on deposit 
     insurance for deposits of municipalities and other units of 
     general local government, and the potential benefits and the 
     potential adverse consequences that may result from any such 
     increase.
       (C) The feasibility of privatizing all deposit insurance at 
     insured depository institutions and insured credit unions.
       (2) Report.--Before the end of the 1-year period beginning 
     on the date of the enactment of this Act, the Board of 
     Directors of the Federal Deposit Insurance Corporation and 
     the National Credit Union Administration Board shall each 
     submit a report to the Congress on the study required under 
     paragraph (1) containing the findings and conclusions of the 
     reporting agency together with such recommendations for 
     legislative or administrative changes as the agency may 
     determine to be appropriate.
       (c) Study Regarding Appropriate Deposit Base in Designating 
     Reserve Ratio.--
       (1) Study required.--The Federal Deposit Insurance 
     Corporation shall conduct a study of the feasibility of using 
     alternatives to estimated insured deposits in calculating the 
     reserve ratio of the Deposit Insurance Fund and designating a 
     reserve ratio for such Fund.
       (2) Report.--The Federal Deposit Insurance Corporation 
     shall submit a report to the Congress before the end of the 
     1-year period beginning on the date of the enactment of this 
     Act containing the findings and conclusions of the 
     Corporation with respect to the study required under 
     paragraph (1) together with such recommendations for 
     legislative or administrative action as the Board

[[Page 30432]]

     of Directors of the Corporation may determine to be 
     appropriate.
       (d) Study of Reserve Methodology and Accounting for Loss.--
       (1) Study required.--The Federal Deposit Insurance 
     Corporation shall conduct a study of the reserve methodology 
     and loss accounting used by the Corporation during the period 
     beginning on January 1, 1992, and ending December 31, 2004, 
     with respect to insured depository institutions in a troubled 
     condition (as defined in the regulations prescribed pursuant 
     to section 32(f) of the Federal Deposit Insurance Act). The 
     Corporation shall obtain comments on the design of the study 
     from the Comptroller General.
       (2) Factors to be included.--In conducting the study 
     pursuant to paragraph (1), the Federal Deposit Insurance 
     Corporation shall--
       (A) consider the overall effectiveness and accuracy of the 
     methodology used by the Corporation for establishing and 
     maintaining reserves and estimating and accounting for losses 
     at insured depository institutions, during the period 
     described in such paragraph;
       (B) consider the appropriateness and reliability of 
     information and criteria used by the Corporation in 
     determining--
       (i) whether an insured depository institution was in a 
     troubled condition; and
       (ii) the amount of any loss anticipated at such 
     institution;
       (C) analyze the actual historical loss experience over the 
     period described in paragraph (1) and the causes of the 
     exceptionally high rate of losses experienced by the 
     Corporation in the final 3 years of that period; and
       (D) rate the efforts of the Corporation to reduce losses in 
     such 3-year period to minimally acceptable levels and to 
     historical levels.
       (3) Report required.--The Board of Directors of the Federal 
     Deposit Insurance Corporation shall submit a report to the 
     Congress before the end of the 1-year period beginning on the 
     date of the enactment of this Act, containing the findings 
     and conclusions of the Corporation with respect to the study 
     required under paragraph (1), together with such 
     recommendations for legislative or administrative action as 
     the Board of Directors may determine to be appropriate. 
     Before submitting the report to Congress, the Board of 
     Directors shall provide a draft of the report to the 
     Comptroller General for comment.
       (e) Basel II Study.--
       (1) In general.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General shall report 
     to the Committee on Banking, Housing, and Urban Affairs of 
     the Senate and the Committee on Financial Services of the 
     House of Representatives on the potential impact on the 
     financial system of the United States of the implementation 
     of the new Basel Capital Accord (Basel II) and the proposed 
     revisions to current reserve requirement regulations for non-
     Basel II banks.
       (2) Factors to be included.--The report required under 
     paragraph (1) shall address the following:
       (A) The potential impact of Basel II on capital 
     requirements in the United States, including--
       (i) whether there would be a reduction in capital 
     requirements;
       (ii) whether Basel II could hinder enforcement of prompt 
     corrective action laws and regulations; and
       (iii) the potential implications any changes in capital 
     requirements may have on the safety and soundness of the 
     financial system in the United States.
       (B) By gathering available information, the ability of 
     United States banks and bank regulators to implement and 
     comply with the provisions of Basel II, including--
       (i) the costs of Basel II for financial institutions and 
     regulators
       (ii) the feasibility and appropriateness of Basel II's 
     statistical models; and
       (iii) the ability of regulators to oversee capital 
     requirement operations of financial institutions.
       (C) The ability of the United States financial institution 
     regulatory agencies--
       (i) to attract and retain sufficient expertise, both among 
     specialists and examiners; and
       (ii) to conduct the necessary oversight of capital and risk 
     modeling by regulated financial institutions subject to Basel 
     II.

     SEC. 7. BI-ANNUAL FDIC SURVEY AND REPORT ON INCREASING THE 
                   DEPOSIT BASE BY ENCOURAGING USE OF DEPOSITORY 
                   INSTITUTIONS BY THE UNBANKED.

       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. BI-ANNUAL FDIC SURVEY AND REPORT ON ENCOURAGING 
                   USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.

       ``(a) Survey Required.--
       ``(1) In general.--The Corporation shall conduct a bi-
     annual survey on efforts by insured depository institutions 
     to bring those individuals and families who have rarely, if 
     ever, held a checking account, a savings account or other 
     type of transaction or check cashing account at an insured 
     depository institution (hereafter in this section referred to 
     as the `unbanked') into the conventional finance system.
       ``(2) Factors and questions to consider.--In conducting the 
     survey, the Corporation shall take the following factors and 
     questions into account:
       ``(A) To what extent do insured depository institutions 
     promote financial education and financial literacy outreach?
       ``(B) Which financial education efforts appear to be the 
     most effective in bringing `unbanked' individuals and 
     families into the conventional finance system?
       ``(C) What efforts are insured institutions making at 
     converting `unbanked' money order, wire transfer, and 
     international remittance customers into conventional account 
     holders?
       ``(D) What cultural, language and identification issues as 
     well as transaction costs appear to most prevent `unbanked' 
     individuals from establishing conventional accounts?
       ``(E) What is a fair estimate of the size and worth of the 
     `unbanked' market in the United States?
       ``(b) Reports.--The Chairperson of the Board of Directors 
     shall submit a bi-annual report to the Committee on Financial 
     Services of the House of Representatives and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate containing 
     the Corporation's findings and conclusions with respect to 
     the survey conducted pursuant to subsection (a), together 
     with such recommendations for legislative or administrative 
     action as the Chairperson may determine to be appropriate.''.

     SEC. 8. TECHNICAL AND CONFORMING AMENDMENTS TO THE FEDERAL 
                   DEPOSIT INSURANCE ACT RELATING TO THE MERGER OF 
                   THE BIF AND SAIF.

       (a) In General.--The Federal Deposit Insurance Act (12 
     U.S.C. 1811 et seq.) is amended--
       (1) in section 3 (12 U.S.C. 1813)--
       (A) by striking subparagraph (B) of subsection (a)(1) and 
     inserting the following new subparagraph:
       ``(B) includes any former savings association.''; and
       (B) by striking paragraph (1) of subsection (y) (as so 
     designated by section 4(b) of this title) and inserting the 
     following new paragraph:
       ``(1) Deposit insurance fund.--The term `Deposit Insurance 
     Fund' means the Deposit Insurance Fund established under 
     section 11(a)(4).'';
       (2) in section 5(b)(5) (12 U.S.C. 1815(b)(5)), by striking 
     ``the Bank Insurance Fund or the Savings Association 
     Insurance Fund,'' and inserting ``the Deposit Insurance 
     Fund,'';
       (3) in section 5(c)(4), by striking ``deposit insurance 
     fund'' and inserting ``Deposit Insurance Fund'';
       (4) in section 5(d) (12 U.S.C. 1815(d)), by striking 
     paragraphs (2) and (3) (and any funds resulting from the 
     application of such paragraph (2) prior to its repeal shall 
     be deposited into the general fund of the Deposit Insurance 
     Fund);
       (5) in section 5(d)(1) (12 U.S.C. 1815(d)(1))--
       (A) in subparagraph (A), by striking ``reserve ratios in 
     the Bank Insurance Fund and the Savings Association Insurance 
     Fund as required by section 7'' and inserting ``the reserve 
     ratio of the Deposit Insurance Fund'';
       (B) by striking subparagraph (B) and inserting the 
     following:
       ``(2) Fee credited to the deposit insurance fund.--The fee 
     paid by the depository institution under paragraph (1) shall 
     be credited to the Deposit Insurance Fund.'';
       (C) by striking ``(1) UNINSURED INSTITUTIONS.--''; and
       (D) by redesignating subparagraphs (A) and (C) as 
     paragraphs (1) and (3), respectively, and moving the left 
     margins 2 ems to the left;
       (6) in section 5(e) (12 U.S.C. 1815(e))--
       (A) in paragraph (5)(A), by striking ``Bank Insurance Fund 
     or the Savings Association Insurance Fund'' and inserting 
     ``Deposit Insurance Fund'';
       (B) by striking paragraph (6); and
       (C) by redesignating paragraphs (7), (8), and (9) as 
     paragraphs (6), (7), and (8), respectively;
       (7) in section 6(5) (12 U.S.C. 1816(5)), by striking ``Bank 
     Insurance Fund or the Savings Association Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (8) in section 7(b) (12 U.S.C. 1817(b))--
       (A) in paragraph (1)(C), by striking ``deposit insurance 
     fund'' each place that term appears and inserting ``Deposit 
     Insurance Fund'';
       (B) in paragraph (1)(D), by striking ``each deposit 
     insurance fund'' and inserting ``the Deposit Insurance 
     Fund''; and
       (C) in paragraph (5) (as so redesignated by section 
     3(d)(4))--
       (i) by striking ``any such assessment'' and inserting ``any 
     such assessment is necessary'';
       (ii) by striking subparagraph (B);
       (iii) in subparagraph (A)--

       (I) by striking ``(A) is necessary--'';
       (II) by striking ``Bank Insurance Fund members'' and 
     inserting ``insured depository institutions''; and

[[Page 30433]]

       (III) by redesignating clauses (i), (ii), and (iii) as 
     subparagraphs (A), (B), and (C), respectively, and moving the 
     margins 2 ems to the left; and

       (iv) in subparagraph (C) (as so redesignated)--

       (I) by inserting ``that'' before ``the Corporation''; and
       (II) by striking ``; and'' and inserting a period;

       (9) in section 7(j)(7)(F) (12 U.S.C. 1817(j)(7)(F)), by 
     striking ``Bank Insurance Fund or the Savings Association 
     Insurance Fund'' and inserting ``Deposit Insurance Fund'';
       (10) in section 8(t)(2)(C) (12 U.S.C. 1818(t)(2)(C)), by 
     striking ``deposit insurance fund'' and inserting ``Deposit 
     Insurance Fund'';
       (11) in section 11 (12 U.S.C. 1821)--
       (A) by striking ``deposit insurance fund'' each place that 
     term appears and inserting ``Deposit Insurance Fund'';
       (B) by striking paragraph (4) of subsection (a) and 
     inserting the following new paragraph:
       ``(4) Deposit insurance fund.--
       ``(A) Establishment.--There is established the Deposit 
     Insurance Fund, which the Corporation shall--
       ``(i) maintain and administer;
       ``(ii) use to carry out its insurance purposes, in the 
     manner provided by this subsection; and
       ``(iii) invest in accordance with section 13(a).
       ``(B) Uses.--The Deposit Insurance Fund shall be available 
     to the Corporation for use with respect to insured depository 
     institutions the deposits of which are insured by the Deposit 
     Insurance Fund.
       ``(C) Limitation on use.--Notwithstanding any provision of 
     law other than section 13(c)(4)(G), the Deposit Insurance 
     Fund shall not be used in any manner to benefit any 
     shareholder or affiliate (other than an insured depository 
     institution that receives assistance in accordance with the 
     provisions of this Act) of--
       ``(i) any insured depository institution for which the 
     Corporation has been appointed conservator or receiver, in 
     connection with any type of resolution by the Corporation;
       ``(ii) any other insured depository institution in default 
     or in danger of default, in connection with any type of 
     resolution by the Corporation; or
       ``(iii) any insured depository institution, in connection 
     with the provision of assistance under this section or 
     section 13 with respect to such institution, except that this 
     clause shall not prohibit any assistance to any insured 
     depository institution that is not in default, or that is not 
     in danger of default, that is acquiring (as defined in 
     section 13(f)(8)(B)) another insured depository institution.
       ``(D) Deposits.--All amounts assessed against insured 
     depository institutions by the Corporation shall be deposited 
     into the Deposit Insurance Fund.'';
       (C) by striking paragraphs (5), (6), and (7) of subsection 
     (a); and
       (D) by redesignating paragraph (8) of subsection (a) as 
     paragraph (5);
       (12) in section 11(f)(1) (12 U.S.C. 1821(f)(1)), by 
     striking ``, except that--'' and all that follows through the 
     end of the paragraph and inserting a period;
       (13) in section 11(i)(3) (12 U.S.C. 1821(i)(3))--
       (A) by striking subparagraph (B);
       (B) by redesignating subparagraph (C) as subparagraph (B); 
     and
       (C) in subparagraph (B) (as so redesignated), by striking 
     ``subparagraphs (A) and (B)'' and inserting ``subparagraph 
     (A)'';
       (14) in section 11(p)(2)(B) (12 U.S.C. 1821(p)(2)(B)), by 
     striking ``institution, any'' and inserting ``institution, 
     the'';
       (15) in section 11A(a) (12 U.S.C. 1821a(a))--
       (A) in paragraph (2), by striking ``liabilities.--'' and 
     all that follows through ``Except'' and inserting 
     ``liabilities.--Except'';
       (B) by striking paragraph (2)(B); and
       (C) in paragraph (3), by striking ``the Bank Insurance 
     Fund, the Savings Association Insurance Fund,'' and inserting 
     ``the Deposit Insurance Fund'';
       (16) in section 11A(b) (12 U.S.C. 1821a(b)), by striking 
     paragraph (4);
       (17) in section 11A(f) (12 U.S.C. 1821a(f)), by striking 
     ``Savings Association Insurance Fund'' and inserting 
     ``Deposit Insurance Fund'';
       (18) in section 12(f)(4)(E)(iv) (12 U.S.C. 
     1822(f)(4)(E)(iv)), by striking ``Federal deposit insurance 
     funds'' and inserting ``the Deposit Insurance Fund (or any 
     predecessor deposit insurance fund)'';
       (19) in section 13 (12 U.S.C. 1823)--
       (A) by striking ``deposit insurance fund'' each place that 
     term appears and inserting ``Deposit Insurance Fund'';
       (B) in subsection (a)(1), by striking ``Bank Insurance 
     Fund, the Savings Association Insurance Fund,'' and inserting 
     ``Deposit Insurance Fund'';
       (C) in subsection (c)(4)(E)--
       (i) in the subparagraph heading, by striking ``funds'' and 
     inserting ``fund''; and
       (ii) in clause (i), by striking ``any insurance fund'' and 
     inserting ``the Deposit Insurance Fund'';
       (D) in subsection (c)(4)(G)(ii)--
       (i) by striking ``appropriate insurance fund'' and 
     inserting ``Deposit Insurance Fund'';
       (ii) by striking ``the members of the insurance fund (of 
     which such institution is a member)'' and inserting ``insured 
     depository institutions'';
       (iii) by striking ``each member's'' and inserting ``each 
     insured depository institution's''; and
       (iv) by striking ``the member's'' each place that term 
     appears and inserting ``the institution's'';
       (E) in subsection (c), by striking paragraph (11);
       (F) in subsection (h), by striking ``Bank Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (G) in subsection (k)(4)(B)(i), by striking ``Savings 
     Association Insurance Fund member'' and inserting ``savings 
     association''; and
       (H) in subsection (k)(5)(A), by striking ``Savings 
     Association Insurance Fund members'' and inserting ``savings 
     associations'';
       (20) in section 14(a) (12 U.S.C. 1824(a)), in the 5th 
     sentence--
       (A) by striking ``Bank Insurance Fund or the Savings 
     Association Insurance Fund'' and inserting ``Deposit 
     Insurance Fund''; and
       (B) by striking ``each such fund'' and inserting ``the 
     Deposit Insurance Fund'';
       (21) in section 14(b) (12 U.S.C. 1824(b)), by striking 
     ``Bank Insurance Fund or Savings Association Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (22) in section 14(c) (12 U.S.C. 1824(c)), by striking 
     paragraph (3);
       (23) in section 14(d) (12 U.S.C. 1824(d))--
       (A) by striking ``Bank Insurance Fund member'' each place 
     that term appears and inserting ``insured depository 
     institution'';
       (B) by striking ``Bank Insurance Fund members'' each place 
     that term appears and inserting ``insured depository 
     institutions'';
       (C) by striking ``Bank Insurance Fund'' each place that 
     term appears (other than in connection with a reference to a 
     term amended by subparagraph (A) or (B) of this paragraph) 
     and inserting ``Deposit Insurance Fund'';
       (D) by striking the subsection heading and inserting the 
     following:
       ``(d) Borrowing for the Deposit Insurance Fund From Insured 
     Depository Institutions.--'';
       (E) in paragraph (3), in the paragraph heading, by striking 
     ``bif'' and inserting ``the deposit insurance fund''; and
       (F) in paragraph (5), in the paragraph heading, by striking 
     ``bif members'' and inserting ``insured depository 
     institutions'';
       (24) in section 14 (12 U.S.C. 1824), by adding at the end 
     the following new subsection:
       ``(e) Borrowing for the Deposit Insurance Fund From Federal 
     Home Loan Banks.--
       ``(1) In general.--The Corporation may borrow from the 
     Federal home loan banks, with the concurrence of the Federal 
     Housing Finance Board, such funds as the Corporation 
     considers necessary for the use of the Deposit Insurance 
     Fund.
       ``(2) Terms and conditions.--Any loan from any Federal home 
     loan bank under paragraph (1) to the Deposit Insurance Fund 
     shall--
       ``(A) bear a rate of interest of not less than the current 
     marginal cost of funds to that bank, taking into account the 
     maturities involved;
       ``(B) be adequately secured, as determined by the Federal 
     Housing Finance Board;
       ``(C) be a direct liability of the Deposit Insurance Fund; 
     and
       ``(D) be subject to the limitations of section 15(c).'';
       (25) in section 15(c)(5) (12 U.S.C. 1825(c)(5))--
       (A) by striking ``the Bank Insurance Fund or Savings 
     Association Insurance Fund, respectively'' each place that 
     term appears and inserting ``the Deposit Insurance Fund''; 
     and
       (B) in subparagraph (B), by striking ``the Bank Insurance 
     Fund or the Savings Association Insurance Fund, 
     respectively'' and inserting ``the Deposit Insurance Fund'';
       (26) in section 17(a) (12 U.S.C. 1827(a))--
       (A) in the subsection heading, by striking ``BIF, SAIF,'' 
     and inserting ``the Deposit Insurance Fund''; and
       (B) in paragraph (1)--
       (i) by striking ``the Bank Insurance Fund, the Savings 
     Association Insurance Fund,'' each place that term appears 
     and inserting ``the Deposit Insurance Fund''; and
       (ii) in subparagraph (D), by striking ``each insurance 
     fund'' and inserting ``the Deposit Insurance Fund'';
       (27) in section 17(d) (12 U.S.C. 1827(d)), by striking ``, 
     the Bank Insurance Fund, the Savings Association Insurance 
     Fund,'' each place that term appears and inserting ``the 
     Deposit Insurance Fund'';
       (28) in section 18(m)(3) (12 U.S.C. 1828(m)(3))--
       (A) by striking ``Savings Association Insurance Fund'' in 
     the 1st sentence of subparagraph (A) and inserting ``Deposit 
     Insurance Fund'';
       (B) by striking ``Savings Association Insurance Fund 
     member'' in the last sentence of subparagraph (A) and 
     inserting ``savings association''; and
       (C) by striking ``Savings Association Insurance Fund or the 
     Bank Insurance Fund'' in subparagraph (C) and inserting 
     ``Deposit Insurance Fund'';

[[Page 30434]]

       (29) in section 18(o) (12 U.S.C. 1828(o)), by striking 
     ``deposit insurance funds'' and ``deposit insurance fund'' 
     each place those terms appear and inserting ``Deposit 
     Insurance Fund'';
       (30) in section 18(p) (12 U.S.C. 1828(p)), by striking 
     ``deposit insurance funds'' and inserting ``Deposit Insurance 
     Fund'';
       (31) in section 24 (12 U.S.C. 1831a)--
       (A) in subsections (a)(1) and (d)(1)(A), by striking 
     ``appropriate deposit insurance fund'' each place that term 
     appears and inserting ``Deposit Insurance Fund'';
       (B) in subsection (e)(2)(A), by striking ``risk to'' and 
     all that follows through the period and inserting ``risk to 
     the Deposit Insurance Fund.''; and
       (C) in subsections (e)(2)(B)(ii) and (f)(6)(B), by striking 
     ``the insurance fund of which such bank is a member'' each 
     place that term appears and inserting ``the Deposit Insurance 
     Fund'';
       (32) in section 28 (12 U.S.C. 1831e), by striking 
     ``affected deposit insurance fund'' each place that term 
     appears and inserting ``Deposit Insurance Fund'';
       (33) by striking section 31 (12 U.S.C. 1831h);
       (34) in section 36(i)(3) (12 U.S.C. 1831m(i)(3)), by 
     striking ``affected deposit insurance fund'' and inserting 
     ``Deposit Insurance Fund'';
       (35) in section 37(a)(1)(C) (12 U.S.C. 1831n(a)(1)(C)), by 
     striking ``insurance funds'' and inserting ``Deposit 
     Insurance Fund'';
       (36) in section 38 (12 U.S.C. 1831o), by striking ``the 
     deposit insurance fund'' each place that term appears and 
     inserting ``the Deposit Insurance Fund'';
       (37) in section 38(a) (12 U.S.C. 1831o(a)), in the 
     subsection heading, by striking ``Funds'' and inserting 
     ``Fund'';
       (38) in section 38(k) (12 U.S.C. 1831o(k))--
       (A) in paragraph (1), by striking ``a deposit insurance 
     fund'' and inserting ``the Deposit Insurance Fund'';
       (B) in paragraph (2), by striking ``A deposit insurance 
     fund'' and inserting ``The Deposit Insurance Fund''; and
       (C) in paragraphs (2)(A) and (3)(B), by striking ``the 
     deposit insurance fund's outlays'' each place that term 
     appears and inserting ``the outlays of the Deposit Insurance 
     Fund''; and
       (39) in section 38(o) (12 U.S.C. 1831o(o))--
       (A) by striking ``associations.--'' and all that follows 
     through ``Subsections (e)(2)'' and inserting 
     ``associations.--Subsections (e)(2)'';
       (B) by redesignating subparagraphs (A), (B), and (C) as 
     paragraphs (1), (2), and (3), respectively, and moving the 
     margins 2 ems to the left; and
       (C) in paragraph (1) (as so redesignated), by redesignating 
     clauses (i) and (ii) as subparagraphs (A) and (B), 
     respectively, and moving the margins 2 ems to the left.
       (b) Effective Date.--This section and the amendments made 
     by this section shall take effect on the day of the merger of 
     the Bank Insurance Fund and the Savings Association Insurance 
     Fund pursuant to the Federal Deposit Insurance Reform Act of 
     2005.

     SEC. 9. OTHER TECHNICAL AND CONFORMING AMENDMENTS RELATING TO 
                   THE MERGER OF THE BIF AND SAIF.

       (a) Section 5136 of the Revised Statutes.--The paragraph 
     designated the ``Eleventh'' of section 5136 of the Revised 
     Statutes of the United States (12 U.S.C. 24) is amended in 
     the 5th sentence, by striking ``affected deposit insurance 
     fund'' and inserting ``Deposit Insurance Fund''.
       (b) Investments Promoting Public Welfare; Limitations on 
     Aggregate Investments.--The 23d undesignated paragraph of 
     section 9 of the Federal Reserve Act (12 U.S.C. 338a) is 
     amended in the 4th sentence, by striking ``affected deposit 
     insurance fund'' and inserting ``Deposit Insurance Fund''.
       (c) Advances to Critically Undercapitalized Depository 
     Institutions.--Section 10B(b)(3)(A)(ii) of the Federal 
     Reserve Act (12 U.S.C. 347b(b)(3)(A)(ii)) is amended by 
     striking ``any deposit insurance fund in'' and inserting 
     ``the Deposit Insurance Fund of''.
       (d) Amendments to the Federal Home Loan Bank Act.--The 
     Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is 
     amended--
       (1) in section 11(k) (12 U.S.C. 1431(k))--
       (A) in the subsection heading, by striking ``SAIF'' and 
     inserting ``the Deposit Insurance Fund''; and
       (B) by striking ``Savings Association Insurance Fund'' each 
     place such term appears and inserting ``Deposit Insurance 
     Fund'';
       (2) in section 21 (12 U.S.C. 1441)--
       (A) in subsection (f)(2), by striking ``, except that'' and 
     all that follows through the end of the paragraph and 
     inserting a period; and
       (B) in subsection (k), by striking paragraph (4);
       (3) in section 21A(b)(4)(B) (12 U.S.C. 1441a(b)(4)(B)), by 
     striking ``affected deposit insurance fund'' and inserting 
     ``Deposit Insurance Fund'';
       (4) in section 21A(b)(6)(B) (12 U.S.C. 1441a(b)(6)(B))--
       (A) in the subparagraph heading, by striking ``Saif-insured 
     banks'' and inserting ``Charter conversions''; and
       (B) by striking ``Savings Association Insurance Fund 
     member'' and inserting ``savings association'';
       (5) in section 21A(b)(10)(A)(iv)(II) (12 U.S.C. 
     1441a(b)(10)(A)(iv)(II)), by striking ``Savings Association 
     Insurance Fund'' and inserting ``Deposit Insurance Fund'';
       (6) in section 21A(n)(6)(E)(iv) (12 U.S.C. 
     1441(n)(6)(E)(iv)), by striking ``Federal deposit insurance 
     funds'' and inserting ``the Deposit Insurance Fund'';
       (7) in section 21B(e) (12 U.S.C. 1441b(e))--
       (A) in paragraph (5), by inserting ``as of the date of 
     funding'' after ``Savings Association Insurance Fund 
     members'' each place that term appears; and
       (B) by striking paragraphs (7) and (8); and
       (8) in section 21B(k) (12 U.S.C. 1441b(k))--
       (A) by inserting before the colon ``, the following 
     definitions shall apply'';
       (B) by striking paragraph (8); and
       (C) by redesignating paragraphs (9) and (10) as paragraphs 
     (8) and (9), respectively.
       (e) Amendments to the Home Owners' Loan Act.--The Home 
     Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended--
       (1) in section 5 (12 U.S.C. 1464)--
       (A) in subsection (c)(5)(A), by striking ``that is a member 
     of the Bank Insurance Fund'';
       (B) in subsection (c)(6), by striking ``As used in this 
     subsection--'' and inserting ``For purposes of this 
     subsection, the following definitions shall apply:'';
       (C) in subsection (o)(1), by striking ``that is a Bank 
     Insurance Fund member'';
       (D) in subsection (o)(2)(A), by striking ``a Bank Insurance 
     Fund member until such time as it changes its status to a 
     Savings Association Insurance Fund member'' and inserting 
     ``insured by the Deposit Insurance Fund'';
       (E) in subsection (t)(5)(D)(iii)(II), by striking 
     ``affected deposit insurance fund'' and inserting ``Deposit 
     Insurance Fund'';
       (F) in subsection (t)(7)(C)(i)(I), by striking ``affected 
     deposit insurance fund'' and inserting ``Deposit Insurance 
     Fund''; and
       (G) in subsection (v)(2)(A)(i), by striking ``the Savings 
     Association Insurance Fund'' and inserting ``or the Deposit 
     Insurance Fund''; and
       (2) in section 10 (12 U.S.C. 1467a)--
       (A) in subsection (c)(6)(D), by striking ``this title'' and 
     inserting ``this Act'';
       (B) in subsection (e)(1)(B), by striking ``Savings 
     Association Insurance Fund or Bank Insurance Fund'' and 
     inserting ``Deposit Insurance Fund'';
       (C) in subsection (e)(2), by striking ``Savings Association 
     Insurance Fund or the Bank Insurance Fund'' and inserting 
     ``Deposit Insurance Fund'';
       (D) in subsection (e)(4)(B), by striking ``subsection (1)'' 
     and inserting ``subsection (l)'';
       (E) in subsection (g)(3)(A), by striking ``(5) of this 
     section'' and inserting ``(5) of this subsection'';
       (F) in subsection (i), by redesignating paragraph (5) as 
     paragraph (4);
       (G) in subsection (m)(3), by striking subparagraph (E) and 
     by redesignating subparagraphs (F), (G), and (H) as 
     subparagraphs (E), (F), and (G), respectively;
       (H) in subsection (m)(7)(A), by striking ``during period'' 
     and inserting ``during the period''; and
       (I) in subsection (o)(3)(D), by striking ``sections 5(s) 
     and (t) of this Act'' and inserting ``subsections (s) and (t) 
     of section 5''.
       (f) Amendments to the National Housing Act.--The National 
     Housing Act (12 U.S.C. 1701 et seq.) is amended--
       (1) in section 317(b)(1)(B) (12 U.S.C. 1723i(b)(1)(B)), by 
     striking ``Bank Insurance Fund for banks or through the 
     Savings Association Insurance Fund for savings associations'' 
     and inserting ``Deposit Insurance Fund''; and
       (2) in section 536(b)(1)(B)(ii) (12 U.S.C. 1735f-
     14(b)(1)(B)(ii)), by striking ``Bank Insurance Fund for banks 
     and through the Savings Association Insurance Fund for 
     savings associations'' and inserting ``Deposit Insurance 
     Fund''.
       (g) Amendments to the Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989.--The Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 1811 note) is amended--
       (1) in section 951(b)(3)(B) (12 U.S.C. 1833a(b)(3)(B)), by 
     inserting ``and after the merger of such funds, the Deposit 
     Insurance Fund,'' after ``the Savings Association Insurance 
     Fund,''; and
       (2) in section 1112(c)(1)(B) (12 U.S.C. 3341(c)(1)(B)), by 
     striking ``Bank Insurance Fund, the Savings Association 
     Insurance Fund,'' and inserting ``Deposit Insurance Fund''.
       (h) Amendments to the Bank Holding Company Act of 1956.--
     The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) 
     is amended--
       (1) in section 2(j)(2) (12 U.S.C. 1841(j)(2)), by striking 
     ``Savings Association Insurance Fund'' and inserting 
     ``Deposit Insurance Fund''; and
       (2) in section 3(d)(1)(D)(iii) (12 U.S.C. 
     1842(d)(1)(D)(iii)), by striking ``appropriate deposit 
     insurance fund'' and inserting ``Deposit Insurance Fund''.
       (i) Amendments to the Gramm-Leach-Bliley Act.--Section 114 
     of the Gramm-Leach-Bliley Act (12 U.S.C. 1828a) is amended by 
     striking ``any Federal deposit insurance fund'' in subsection 
     (a)(1)(B), paragraphs

[[Page 30435]]

     (2)(B) and (4)(B) of subsection (b), and subsection 
     (c)(1)(B), each place that term appears and inserting ``the 
     Deposit Insurance Fund''.
       (j) Effective Date.--This section and the amendments made 
     by this section shall take effect on the day of the merger of 
     the Bank Insurance Fund and the Savings Association Insurance 
     Fund pursuant to the Federal Deposit Insurance Reform Act of 
     2005.

  The SPEAKER pro tempore. Without objection, the bill was ordered to 
be engrossed and read a third time, was read the third time, and 
passed, and a motion to reconsider was laid on the table.

                          ____________________