[Congressional Record (Bound Edition), Volume 152 (2006), Part 16]
[Senate]
[Pages 21665-21677]
[From the U.S. Government Publishing Office, www.gpo.gov]




            FINANCIAL SERVICES REGULATORY RELIEF ACT OF 2006

  Mr. FRIST. Mr. President, I ask unanimous consent that the Chair lay 
before the Senate the House message to accompany S. 2856.
  The Presiding Officer laid before the Senate a message from the House 
as follows:

                                S. 2856

       Resolved, That the bill from the Senate (S. 2856) entitled 
     ``An Act to provide regulatory relief and improve 
     productivity for insured depository institutions, and for 
     other purposes'', do pass with the following amendment:
       Strike out all after the enacting clause and insert:

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Financial 
     Services Regulatory Relief Act of 2006''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title; table of contents.

                         TITLE I--BROKER RELIEF

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

                  TITLE II--MONETARY POLICY PROVISIONS

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

                  TITLE III--NATIONAL BANK PROVISIONS

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

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

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

                    TITLE V--CREDIT UNION PROVISIONS

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

              TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

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

                  TITLE VII--BANKING AGENCY PROVISIONS

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

       TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

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

                TITLE IX--CASH MANAGEMENT MODERNIZATION

Sec. 901. Collateral modernization.

                      TITLE X--STUDIES AND REPORTS

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

                         TITLE I--BROKER RELIEF

     SEC. 101. JOINT RULEMAKING REQUIRED FOR REVISED DEFINITION OF 
                   BROKER IN THE SECURITIES EXCHANGE ACT OF 1934.

       (a) Final Rules Required.--
       (1) Amendment to securities exchange act.--Section 3(a)(4) 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(4)) 
     is amended by adding at the end the following:
       ``(F) Joint rulemaking required.--The Commission and the 
     Board of Governors of the Federal Reserve System shall 
     jointly adopt a single set of rules or regulations to 
     implement the exceptions in subparagraph (B).''.
       (2) Timing.--Not later than 180 days after the date of the 
     enactment of this Act, the Securities and Exchange Commission 
     (in this section referred to as the ``Commission'') and the 
     Board of Governors of the Federal Reserve System (hereafter 
     in this section referred to as the ``Board'') shall jointly 
     issue a proposed single set of rules or regulations to define 
     the term ``broker'' in accordance with section 3(a)(4) of the 
     Securities Exchange Act of 1934, as amended by this 
     subsection.
       (3) Rulemaking supersedes previous rulemaking.--A final 
     single set of rules or regulations jointly adopted in 
     accordance with this section shall supersede any other 
     proposed or final rule issued by the Commission on or after 
     the date of enactment of section 201 of the Gramm-Leach-
     Bliley Act with regard to the exceptions to the definition of 
     a broker under section 3(a)(4)(B) of the Securities Exchange 
     Act of 1934. No such other rule, whether or not issued

[[Page 21666]]

     in final form, shall have any force or effect on or after 
     that date of enactment.
       (b) Consultation.--Prior to jointly adopting the single set 
     of final rules or regulations required by this section, the 
     Commission and the Board shall consult with and seek the 
     concurrence of the Federal banking agencies concerning the 
     content of such rulemaking in implementing section 3(a)(4)(B) 
     of the Securities Exchange Act of 1934, as amended by this 
     section and section 201 of the Gramm-Leach-Bliley Act.
       (c) Definition.--For purposes of this section, the term 
     ``Federal banking agencies'' means the Office of the 
     Comptroller of the Currency, the Office of Thrift 
     Supervision, and the Federal Deposit Insurance Corporation.

                  TITLE II--MONETARY POLICY PROVISIONS

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

       (a) In General.--Section 19(b) of the Federal Reserve Act 
     (12 U.S.C. 461(b)) is amended by adding at the end the 
     following:
       ``(12) Earnings on balances.--
       ``(A) In general.--Balances maintained at a Federal Reserve 
     bank by or on behalf of a depository institution may receive 
     earnings to be paid by the Federal Reserve bank at least once 
     each calendar quarter, at a rate or rates not to exceed the 
     general level of short-term interest rates.
       ``(B) Regulations relating to payments and distributions.--
     The Board may prescribe regulations concerning--
       ``(i) the payment of earnings in accordance with this 
     paragraph;
       ``(ii) the distribution of such earnings to the depository 
     institutions which maintain balances at such banks, or on 
     whose behalf such balances are maintained; and
       ``(iii) the responsibilities of depository institutions, 
     Federal Home Loan Banks, and the National Credit Union 
     Administration Central Liquidity Facility with respect to the 
     crediting and distribution of earnings attributable to 
     balances maintained, in accordance with subsection (c)(1)(A), 
     in a Federal Reserve bank by any such entity on behalf of 
     depository institutions.
       ``(C) Depository institutions defined.--For purposes of 
     this paragraph, the term `depository institution', in 
     addition to the institutions described in paragraph (1)(A), 
     includes any trust company, corporation organized under 
     section 25A or having an agreement with the Board under 
     section 25, or any branch or agency of a foreign bank (as 
     defined in section 1(b) of the International Banking Act of 
     1978).''.
       (b) Conforming Amendment.--Section 19 of the Federal 
     Reserve Act (12 U.S.C. 461) is amended--
       (1) in subsection (b)(4)--
       (A) by striking subparagraph (C); and
       (B) by redesignating subparagraphs (D) and (E) as 
     subparagraphs (C) and (D), respectively; and
       (2) in subsection (c)(1)(A), by striking ``subsection 
     (b)(4)(C)'' and inserting ``subsection (b)''.

     SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD 
                   TO ESTABLISH RESERVE REQUIREMENTS.

       Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 
     461(b)(2)(A)) is amended--
       (1) in clause (i), by striking ``the ratio of 3 per 
     centum'' and inserting ``a ratio of not greater than 3 
     percent (and which may be zero)''; and
       (2) in clause (ii), by striking ``and not less than 8 per 
     centum,'' and inserting ``(and which may be zero),''.

     SEC. 203. EFFECTIVE DATE.

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

                  TITLE III--NATIONAL BANK PROVISIONS

     SEC. 301. VOTING IN SHAREHOLDER ELECTIONS.

       Section 5144 of the Revised Statutes of the United States 
     (12 U.S.C. 61) is amended--
       (1) by striking ``or to cumulate'' and inserting ``or, if 
     so provided by the articles of association of the national 
     bank, to cumulate''; and
       (2) by striking the comma after ``his shares shall equal''.

     SEC. 302. SIMPLIFYING DIVIDEND CALCULATIONS FOR NATIONAL 
                   BANKS.

       (a) In General.--Section 5199 of the Revised Statutes of 
     the United States (12 U.S.C. 60) is amended to read as 
     follows:

     ``SEC. 5199. NATIONAL BANK DIVIDENDS.

       ``(a) In General.--Subject to subsection (b), the directors 
     of any national bank may declare a dividend of so much of the 
     undivided profits of the bank as the directors judge to be 
     expedient.
       ``(b) Approval Required Under Certain Circumstances.--A 
     national bank may not declare and pay dividends in any year 
     in excess of an amount equal to the sum of the total of the 
     net income of the bank for that year and the retained net 
     income of the bank for the preceding 2 years, minus the sum 
     of any transfers required by the Comptroller of the Currency 
     and any transfers required to be made to a fund for the 
     retirement of any preferred stock, unless the Comptroller of 
     the Currency approves the declaration and payment of 
     dividends in excess of such amount.''.
       (b) Clerical Amendment.--The table of sections for chapter 
     three of title LXII of the Revised Statutes of the United 
     States is amended by striking the item relating to section 
     5199 and inserting the following:

``5199. National bank dividends.''.

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

       Section 8(e)(4) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(e)(4)) is amended by striking the 5th sentence.

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

       Section 5143 of the Revised Statutes of the United States 
     (12 U.S.C. 59) is amended to read as follows:

     ``SEC. 5143. REDUCTION OF CAPITAL.

       ``(a) In General.--Subject to the approval of the 
     Comptroller of the Currency, a national banking association 
     may, by a vote of shareholders owning, in the aggregate, two-
     thirds of its capital stock, reduce its capital.
       ``(b) Shareholder Distributions Authorized.--As part of its 
     capital reduction plan approved in accordance with subsection 
     (a), and with the affirmative vote of shareholders owning at 
     least two thirds of the shares of each class of its stock 
     outstanding (each voting as a class), a national banking 
     association may distribute cash or other assets to its 
     shareholders.''.

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

       (a) National Banks.--The paragraph designated as the 
     ``Eleventh.'' of section 5136 of the Revised Statutes of the 
     United States (12 U.S.C. 24) is amended to read as follows:
       ``Eleventh. To make investments directly or indirectly, 
     each of which promotes the public welfare by benefiting 
     primarily low- and moderate-income communities or families 
     (such as by providing housing, services, or jobs). An 
     association shall not make any such investment if the 
     investment would expose the association to unlimited 
     liability. The Comptroller of the Currency shall limit an 
     association's investments in any 1 project and an 
     association's aggregate investments under this paragraph. An 
     association's aggregate investments under this paragraph 
     shall not exceed an amount equal to the sum of 5 percent of 
     the association's capital stock actually paid in and 
     unimpaired and 5 percent of the association's unimpaired 
     surplus fund, unless the Comptroller determines by order that 
     the higher amount will pose no significant risk to the 
     affected deposit insurance fund, and the association is 
     adequately capitalized. In no case shall an association's 
     aggregate investments under this paragraph exceed an amount 
     equal to the sum of 15 percent of the association's capital 
     stock actually paid in and unimpaired and 15 percent of the 
     association's unimpaired surplus fund. The foregoing 
     standards and limitations apply to investments under this 
     paragraph made by a national bank directly and by its 
     subsidiaries.''.
       (b) Conforming Amendments for State Member Banks.--The 23rd 
     undesignated paragraph of section 9 of the Federal Reserve 
     Act (12 U.S.C. 338a) is amended to read as follows:
       ``(23) A State member bank may make investments directly or 
     indirectly, each of which promotes the public welfare by 
     benefiting primarily low- and moderate-income communities or 
     families (such as by providing housing, services, or jobs), 
     to the extent permissible under State law. A State member 
     bank shall not make any such investment if the investment 
     would expose the State member bank to unlimited liability. 
     The Board shall limit a State member bank's investment in any 
     1 project and a State member bank's aggregate investments 
     under this paragraph. The aggregate amount of investments of 
     any State member bank under this paragraph may not exceed an 
     amount equal to the sum of 5 percent of the State member 
     bank's capital stock actually paid in and unimpaired and 5 
     percent of the State member bank's unimpaired surplus, unless 
     the Board determines, by order, that a higher amount will 
     pose no significant risk to the affected deposit insurance 
     fund; and the State member bank is adequately capitalized. In 
     no case shall the aggregate amount of investments of any 
     State member bank under this paragraph exceed an amount equal 
     to the sum of 15 percent of the State member bank's capital 
     stock actually paid in and unimpaired and 15 percent of the 
     State member bank's unimpaired surplus. The foregoing 
     standards and limitations apply to investments under this 
     paragraph made by a State member bank directly and by its 
     subsidiaries.''.

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

     SEC. 401. PARITY FOR SAVINGS ASSOCIATIONS UNDER THE 
                   SECURITIES EXCHANGE ACT OF 1934 AND THE 
                   INVESTMENT ADVISERS ACT OF 1940.

       (a) Securities Exchange Act of 1934.--
       (1) Definition of bank.--Section 3(a)(6) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)(6)) is amended--
       (A) in subparagraph (A), by inserting ``or a Federal 
     savings association, as defined in section 2(5) of the Home 
     Owners' Loan Act'' after ``a banking institution organized 
     under the laws of the United States''; and
       (B) in subparagraph (C)--
       (i) by inserting ``or savings association, as defined in 
     section 2(4) of the Home Owners' Loan Act'' after ``banking 
     institution''; and
       (ii) by inserting ``or savings associations'' after 
     ``having supervision over banks''.
       (2) Inclusion of ots under the definition of appropriate 
     regulatory agency for certain purposes.--Section 3(a)(34) of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(34)) is 
     amended--
       (A) in subparagraph (A)--
       (i) in clause (ii), by striking ``(i) or (iii)'' and 
     inserting ``(i), (iii), or (iv)'';
       (ii) in clause (iii), by striking ``and'' at the end;

[[Page 21667]]

       (iii) by redesignating clause (iv) as clause (v); and
       (iv) by inserting after clause (iii) the following:
       ``(iv) the Director of the Office of Thrift Supervision, in 
     the case of a savings association (as defined in section 3(b) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813(b))), 
     the deposits of which are insured by the Federal Deposit 
     Insurance Corporation, a subsidiary or a department or 
     division of any such savings association, or a savings and 
     loan holding company; and'';
       (B) in subparagraph (B)--
       (i) in clause (ii), by striking ``(i) or (iii)'' and 
     inserting ``(i), (iii), or (iv)'';
       (ii) in clause (iii), by striking ``and'' at the end;
       (iii) by redesignating clause (iv) as clause (v); and
       (iv) by inserting after clause (iii) the following:
       ``(iv) the Director of the Office of Thrift Supervision, in 
     the case of a savings association (as defined in section 3(b) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813(b))), 
     the deposits of which are insured by the Federal Deposit 
     Insurance Corporation, or a subsidiary of any such savings 
     association, or a savings and loan holding company; and'';
       (C) in subparagraph (C)--
       (i) in clause (ii), by striking ``(i) or (iii)'' and 
     inserting ``(i), (iii), or (iv)'';
       (ii) in clause (iii), by striking ``and'' at the end;
       (iii) by redesignating clause (iv) as clause (v); and
       (iv) by inserting after clause (iii) the following:
       ``(iv) the Director of the Office of Thrift Supervision, in 
     the case of a savings association (as defined in section 3(b) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813(b))), 
     the deposits of which are insured by the Federal Deposit 
     Insurance Corporation, a savings and loan holding company, or 
     a subsidiary of a savings and loan holding company when the 
     appropriate regulatory agency for such clearing agency is not 
     the Commission; and'';
       (D) in subparagraph (D)--
       (i) in clause (ii), by striking ``and'' at the end;
       (ii) by redesignating clause (iii) as clause (iv); and
       (iii) by inserting after clause (ii) the following:
       ``(iii) the Director of the Office of Thrift Supervision, 
     in the case of a savings association (as defined in section 
     3(b) of the Federal Deposit Insurance Act (12 U.S.C. 
     1813(b))) the deposits of which are insured by the Federal 
     Deposit Insurance Corporation; and'';
       (E) in subparagraph (F)--
       (i) by redesignating clauses (ii), (iii), and (iv) as 
     clauses (iii), (iv), and (v), respectively; and
       (ii) by inserting after clause (i) the following:
       ``(ii) the Director of the Office of Thrift Supervision, in 
     the case of a savings association (as defined in section 3(b) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813(b))), 
     the deposits of which are insured by the Federal Deposit 
     Insurance Corporation; and'';
       (F) by moving subparagraph (H) and inserting such 
     subparagraph immediately after subparagraph (G); and
       (G) by adding at the end of the undesignated matter at the 
     end the following: ``As used in this paragraph, the term 
     `savings and loan holding company' has the same meaning as in 
     section 10(a) of the Home Owners' Loan Act (12 U.S.C. 
     1467a(a)).''.
       (3) Conforming exemption to reporting requirement.--Section 
     23(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78w(b)(1)) is amended by inserting ``other than the Office of 
     Thrift Supervision,'' before ``shall each''.
       (b) Investment Advisers Act of 1940.--
       (1) Definition of bank.--Section 202(a)(2) of the 
     Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(2)) is 
     amended--
       (A) in subparagraph (A), by inserting ``or a Federal 
     savings association, as defined in section 2(5) of the Home 
     Owners' Loan Act'' after ``a banking institution organized 
     under the laws of the United States''; and
       (B) in subparagraph (C)--
       (i) by inserting ``, savings association, as defined in 
     section 2(4) of the Home Owners' Loan Act,'' after ``banking 
     institution''; and
       (ii) by inserting ``or savings associations'' after 
     ``having supervision over banks''.
       (2) Conforming amendments.--Section 210A of the Investment 
     Advisers Act of 1940 (15 U.S.C. 80b-10a) is amended in each 
     of subsections (a)(1)(A)(i), (a)(1)(B), (a)(2), and (b), by 
     striking ``bank holding company'' each place that term 
     appears and inserting ``bank holding company or savings and 
     loan holding company''.
       (c) Conforming Amendment to the Investment Company Act of 
     1940.--Section 10(c) of the Investment Company Act of 1940 
     (15 U.S.C. 80a-10(c)) is amended by inserting after ``1956)'' 
     the following: ``or any one savings and loan holding company, 
     together with its affiliates and subsidiaries (as such terms 
     are defined in section 10 of the Home Owners' Loan Act),''.

     SEC. 402. REPEAL OF OVERLAPPING RULES GOVERNING PURCHASED 
                   MORTGAGE SERVICING RIGHTS.

       Section 5(t) of the Home Owners' Loan Act (12 U.S.C. 
     1464(t)) is amended--
       (1) by striking paragraph (4) and inserting the following:
       ``(4) [Repealed].''; and
       (2) in paragraph (9)(A), by striking ``intangible assets, 
     plus'' and all that follows through the period at the end and 
     inserting ``intangible assets.''.

     SEC. 403. CLARIFYING CITIZENSHIP OF FEDERAL SAVINGS 
                   ASSOCIATIONS FOR FEDERAL COURT JURISDICTION.

       Section 5 of the Home Owners' Loan Act (12 U.S.C. 1464) is 
     amended by adding at the end the following:
       ``(x) Home State Citizenship.--In determining whether a 
     Federal court has diversity jurisdiction over a case in which 
     a Federal savings association is a party, the Federal savings 
     association shall be considered to be a citizen only of the 
     State in which such savings association has its home 
     office.''.

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

       Section 5(u)(2)(A) of the Home Owners' Loan Act (12 U.S.C. 
     1464(u)(2)(A)) is amended--
       (1) in clause (i)--
       (A) by striking ``for any'' and inserting ``For any''; and
       (B) by striking ``; or'' and inserting a period; and
       (2) in clause (ii)--
       (A) by striking ``to develop domestic'' and inserting ``To 
     develop domestic'';
       (B) by striking subclause (I); and
       (C) by redesignating subclauses (II) through (V) as 
     subclauses (I) through (IV), respectively.

                    TITLE V--CREDIT UNION PROVISIONS

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

       (a) In General.--Section 124 of the Federal Credit Union 
     Act (12 U.S.C. 1770) is amended--
       (1) by striking ``Upon application by any credit union'' 
     and inserting ``Notwithstanding any other provision of law, 
     upon application by any credit union'';
       (2) by inserting ``on lands reserved for the use of, and 
     under the exclusive or concurrent jurisdiction of, the United 
     States or'' after ``officer or agency of the United States 
     charged with the allotment of space'';
       (3) by inserting ``lease land or'' after ``such officer or 
     agency may in his or its discretion''; and
       (4) by inserting ``or the facility built on the lease 
     land'' after ``credit union to be served by the allotment of 
     space''.
       (b) Clerical Amendment.--The section heading for section 
     124 of the Federal Credit Union Act (12 U.S.C. 1770) is 
     amended by inserting ``OR FEDERAL LAND'' after ``BUILDINGS''.

     SEC. 502. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF 
                   FEDERAL CREDIT UNION LOANS TO 15 YEARS.

       Section 107(5) of the Federal Credit Union Act (12 U.S.C. 
     1757(5)) is amended in the matter preceding subparagraph (A), 
     by striking ``to make loans, the maturities of which shall 
     not exceed twelve years'' and inserting ``to make loans, the 
     maturities of which shall not exceed 15 years,''.

     SEC. 503. CHECK CASHING AND MONEY TRANSFER SERVICES OFFERED 
                   WITHIN THE FIELD OF MEMBERSHIP.

       Section 107(12) of the Federal Credit Union Act (12 U.S.C. 
     1757(12)) is amended to read as follows:
       ``(12) in accordance with regulations prescribed by the 
     Board--
       ``(A) to sell, to persons in the field of membership, 
     negotiable checks (including travelers checks), money orders, 
     and other similar money transfer instruments (including 
     international and domestic electronic fund transfers); and
       ``(B) to cash checks and money orders and receive 
     international and domestic electronic fund transfers for 
     persons in the field of membership for a fee;''.

     SEC. 504. CLARIFICATION OF DEFINITION OF NET WORTH UNDER 
                   CERTAIN CIRCUMSTANCES FOR PURPOSES OF PROMPT 
                   CORRECTIVE ACTION.

       Section 216(o)(2)(A) of the Federal Credit Union Act (12 
     U.S.C. 1790d(o)(2)(A)) is amended--
       (1) by inserting ``the'' before ``retained earnings 
     balance''; and
       (2) by inserting ``, together with any amounts that were 
     previously retained earnings of any other credit union with 
     which the credit union has combined'' before the semicolon at 
     the end.

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

       (a) In General.--Subsection (a) of section 43 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1831t(a)) is amended 
     by adding at the end the following new paragraph:
       ``(3) Enforcement by appropriate state supervisor.--Any 
     appropriate State supervisor of a private deposit insurer, 
     and any appropriate State supervisor of a depository 
     institution which receives deposits that are insured by a 
     private deposit insurer, may examine and enforce compliance 
     with this subsection under the applicable regulatory 
     authority of such supervisor.''.
       (b) Amendment Relating to Disclosures Required, Periodic 
     Statements, and Account Records.--Section 43(b)(1) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1831t(b)(1)) is 
     amended by striking ``or similar instrument evidencing a 
     deposit'' and inserting ``or share certificate.''.
       (c) Amendments Relating to Disclosures Required, 
     Advertising, Premises.--Section 43(b)(2) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1831t(b)(2)) is amended to 
     read as follows:
       ``(2) Advertising; premises.--
       ``(A) In general.--Include clearly and conspicuously in all 
     advertising, except as provided in subparagraph (B); and at 
     each station or window where deposits are normally received, 
     its principal place of business and all its branches where it 
     accepts deposits or opens accounts (excluding automated 
     teller machines or

[[Page 21668]]

     point of sale terminals), and on its main Internet page, a 
     notice that the institution is not federally insured.
       ``(B) Exceptions.--The following need not include a notice 
     that the institution is not federally insured:
       ``(i) Any sign, document, or other item that contains the 
     name of the depository institution, its logo, or its contact 
     information, but only if the sign, document, or item does not 
     include any information about the institution's products or 
     services or information otherwise promoting the institution.
       ``(ii) Small utilitarian items that do not mention deposit 
     products or insurance if inclusion of the notice would be 
     impractical.''.
       (d) Amendments Relating to Acknowledgment of Disclosure.--
     Section 43(b)(3) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831t(b)(3)) is amended to read as follows:
       ``(3) Acknowledgment of disclosure.--
       ``(A) New depositors obtained other than through a 
     conversion or merger.--With respect to any depositor who was 
     not a depositor at the depository institution before the 
     effective date of the Financial Services Regulatory Relief 
     Act of 2006, and who is not a depositor as described in 
     subparagraph (B), receive any deposit for the account of such 
     depositor only if the depositor has signed a written 
     acknowledgement that--
       ``(i) the institution is not federally insured; and
       ``(ii) if the institution fails, the Federal Government 
     does not guarantee that the depositor will get back the 
     depositor's money.
       ``(B) New depositors obtained through a conversion or 
     merger.--With respect to a depositor at a federally insured 
     depository institution that converts to, or merges into, a 
     depository institution lacking federal insurance after the 
     effective date of the Financial Services Regulatory Relief 
     Act of 2006, receive any deposit for the account of such 
     depositor only if--
       ``(i) the depositor has signed a written acknowledgement 
     described in subparagraph (A); or
       ``(ii) the institution makes an attempt, as described in 
     subparagraph (D) and sent by mail no later than 45 days after 
     the effective date of the conversion or merger, to obtain the 
     acknowledgment.
       ``(C) Current depositors.--Receive any deposit after the 
     effective date of the Financial Services Regulatory Relief 
     Act of 2006 for the account of any depositor who was a 
     depositor on that date only if--
       ``(i) the depositor has signed a written acknowledgement 
     described in subparagraph (A); or
       ``(ii) the institution has complied with the provisions of 
     subparagraph (E) which are applicable as of the date of the 
     deposit.
       ``(D) Alternative provision of notice to new depositors 
     obtained through a conversion or merger.--
       ``(i) In general.--Transmit to each depositor who has not 
     signed a written acknowledgement described in subparagraph 
     (A)--

       ``(I) a conspicuous card containing the information 
     described in clauses (i) and (ii) of subparagraph (A), and a 
     line for the signature of the depositor; and
       ``(II) accompanying materials requesting the depositor to 
     sign the card, and return the signed card to the institution.

       ``(E) Alternative provision of notice to current 
     depositors.--
       ``(i) In general.--Transmit to each depositor who was a 
     depositor before the effective date of the Financial Services 
     Regulatory Relief Act of 2006, and has not signed a written 
     acknowledgement described in subparagraph (A)--

       ``(I) a conspicuous card containing the information 
     described in clauses (i) and (ii) of subparagraph (A), and a 
     line for the signature of the depositor; and
       ``(II) accompanying materials requesting the depositor to 
     sign the card, and return the signed card to the institution.

       ``(ii) Manner and timing of notice.--

       ``(I) First notice.--Make the transmission described in 
     clause (i) via mail not later than three months after the 
     effective date of the Financial Services Regulatory Relief 
     Act of 2006.
       ``(II) Second notice.--Make a second transmission described 
     in clause (i) via mail not less than 30 days and not more 
     than three months after a transmission to the depositor in 
     accordance with subclause (I), if the institution has not, by 
     the date of such mailing, received from the depositor a card 
     referred to in clause (i) which has been signed by the 
     depositor.''.

       (e) Amendments Relating to Manner and Content of 
     Disclosure.--Section 43(c) of the Federal Deposit Insurance 
     Act (12 U.S.C. 1831t(c)) is amended to read as follows:
       ``(c) Manner and Content of Disclosure.--To ensure that 
     current and prospective customers understand the risks 
     involved in foregoing Federal deposit insurance, the Federal 
     Trade Commission, by regulation or order, shall prescribe the 
     manner and content of disclosure required under this section, 
     which shall be presented in such format and in such type size 
     and manner as to be simple and easy to understand.''.
       (f) Repeal of Provision Prohibiting Nondepository 
     Institutions from Accepting Deposits.--Section 43 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1831t) is amended--
       (1) by striking subsection (e); and
       (2) by redesignating subsections (f) and (g) as subsections 
     (e) and (f), respectively.
       (g) Repeal of FTC Authority to Enforce Independent Audit 
     Requirement; Concurrent State Enforcement.--Subsection (f) 
     (as so redesignated by subsection (e) of this section) of 
     section 43 of the Federal Deposit Insurance Act (12 U.S.C. 
     1831t) is amended to read as follows:
       ``(f) Enforcement.--
       ``(1) Limited ftc enforcement authority.--Compliance with 
     the requirements of subsections (b), (c) and (e), and any 
     regulation prescribed or order issued under any such 
     subsection, shall be enforced under the Federal Trade 
     Commission Act by the Federal Trade Commission.
       ``(2) Broad state enforcement authority.--
       ``(A) In general.--Subject to subparagraph (C), an 
     appropriate State supervisor of a depository institution 
     lacking Federal deposit insurance may examine and enforce 
     compliance with the requirements of this section, and any 
     regulation prescribed under this section.
       ``(B) State powers.--For purposes of bringing any action to 
     enforce compliance with this section, no provision of this 
     section shall be construed as preventing an appropriate State 
     supervisor of a depository institution lacking Federal 
     deposit insurance from exercising any powers conferred on 
     such official by the laws of such State.
       ``(C) Limitation on state action while federal action 
     pending.--If the Federal Trade Commission has instituted an 
     enforcement action for a violation of this section, no 
     appropriate State supervisor may, during the pendency of such 
     action, bring an action under this section against any 
     defendant named in the complaint of the Commission for any 
     violation of this section that is alleged in that 
     complaint.''.

              TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

     SEC. 601. REPORTING REQUIREMENTS RELATING TO INSIDER LENDING.

       (a) Reporting Requirements Regarding Loans to Executive 
     Officers of Member Banks.--Section 22(g) of the Federal 
     Reserve Act (12 U.S.C. 375a) is amended--
       (1) by striking paragraphs (6) and (9); and
       (2) by redesignating paragraphs (7), (8), and (10) as 
     paragraphs (6), (7), and (8), respectively.
       (b) Reporting Requirements Regarding Loans From 
     Correspondent Banks to Executive Officers and Shareholders of 
     Insured Banks.--Section 106(b)(2) of the Bank Holding Company 
     Act Amendments of 1970 (12 U.S.C. 1972(2)) is amended--
       (1) by striking subparagraph (G); and
       (2) by redesignating subparagraphs (H) and (I) as 
     subparagraphs (G) and (H), respectively.

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

       (a) In General.--Sections 2 and 3 of the Bank Service 
     Company Act (12 U.S.C. 1862, 1863) are each amended by 
     striking ``insured bank'' each place that term appears and 
     inserting ``insured depository institution''.
       (b) Technical and Conforming Amendments.--
       (1) Bank service company act definitions.--Section 1(b) of 
     the Bank Service Company Act (12 U.S.C. 1861(b)) is amended--
       (A) in paragraph (4)--
       (i) by inserting ``, except when such term appears in 
     connection with the term `insured depository institution','' 
     after ``means''; and
       (ii) by striking ``Federal Home Loan Bank Board'' and 
     inserting ``Director of the Office of Thrift Supervision'';
       (B) by striking paragraph (5) and inserting the following:
       ``(5) Insured depository institution.--The term `insured 
     depository institution' has the same meaning as in section 
     3(c) of the Federal Deposit Insurance Act;'';
       (C) by striking ``and'' at the end of paragraph (7);
       (D) by striking the period at the end of paragraph (8) and 
     inserting ``; and'';
       (E) by adding at the end the following:
       ``(9) the terms `State depository institution', `Federal 
     depository institution', `State savings association' and 
     `Federal savings association' have the same meanings as in 
     section 3 of the Federal Deposit Insurance Act.'';
       (F) in paragraph (2), in subparagraphs (A)(ii) and (B)(ii), 
     by striking ``insured banks'' each place that term appears 
     and inserting ``insured depository institutions''; and
       (G) in paragraph (8)--
       (i) by striking ``insured bank'' and inserting ``insured 
     depository institution'';
       (ii) by striking ``insured banks'' each place that term 
     appears and inserting ``insured depository institutions''; 
     and
       (iii) by striking ``the bank's'' and inserting ``the 
     depository institution's''.
       (2) Amount of investment.--Section 2 of the Bank Service 
     Company Act (12 U.S.C. 1862) is amended by inserting ``or 
     savings associations, other than the limitation on the amount 
     of investment by a Federal savings association contained in 
     section 5(c)(4)(B) of the Home Owners' Loan Act'' after 
     ``relating to banks''.
       (3) Location of services.--Section 4 of the Bank Service 
     Company Act (12 U.S.C. 1864) is amended--
       (A) in subsection (b), by inserting ``as permissible under 
     subsection (c), (d), or (e) or'' after ``Except'';
       (B) in subsection (c), by inserting ``or State savings 
     association'' after ``State bank'' each place that term 
     appears;
       (C) in subsection (d), by inserting ``or Federal savings 
     association'' after ``national bank'' each place that term 
     appears;
       (D) by striking subsection (e) and inserting the following:
       ``(e) Performance Where State Bank and National Bank Are 
     Shareholders or Members.--A bank service company may 
     perform--

[[Page 21669]]

       ``(1) only those services that each depository institution 
     shareholder or member is otherwise authorized to perform 
     under any applicable Federal or State law; and
       ``(2) such services only at locations in a State in which 
     each such shareholder or member is authorized to perform such 
     services.''; and
       (E) in subsection (f), by inserting ``or savings 
     associations'' after ``location of banks''.
       (4) Prior approval of investments.--Section 5 of the Bank 
     Service Company Act (12 U.S.C. 1865) is amended--
       (A) in subsection (a)--
       (i) by striking ``insured bank'' and inserting ``insured 
     depository institution''; and
       (ii) by striking ``bank's''; and
       (iii) by inserting before the period ``for the insured 
     depository institution'';
       (B) in subsection (b)--
       (i) by striking ``insured bank'' and inserting ``insured 
     depository institution'';
       (ii) by inserting ``authorized only'' after ``performs any 
     service''; and
       (iii) by inserting ``authorized only'' after ``perform any 
     activity''; and
       (C) in subsection (c)--
       (i) by striking ``the bank or banks'' and inserting ``any 
     insured depository institution''; and
       (ii) by striking ``capability of the bank'' and inserting 
     ``capability of the insured depository institution''.
       (5) Regulation and examination.--Section 7 of the Bank 
     Service Company Act (12 U.S.C. 1867) is amended--
       (A) in subsection (b), by striking ``insured bank'' and 
     inserting ``insured depository institution''; and
       (B) in subsection (c)--
       (i) by striking ``a bank'' each place that term appears and 
     inserting ``a depository institution''; and
       (ii) by striking ``the bank'' each place that term appears 
     and inserting ``the depository institution''.

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

       Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C. 
     461(c)(1)(B)) is amended by striking ``which is not a member 
     bank''.

     SEC. 604. STREAMLINING REPORTS OF CONDITION.

       Section 7(a) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(a)) is amended by adding at the end the 
     following:
       ``(11) Streamlining reports of condition.--
       ``(A) Review of information and schedules.--Before the end 
     of the 1-year period beginning on the date of enactment of 
     the Financial Services Regulatory Relief Act of 2006 and 
     before the end of each 5-year period thereafter, each Federal 
     banking agency shall, in conjunction with the other relevant 
     Federal banking agencies, review the information and 
     schedules that are required to be filed by an insured 
     depository institution in a report of condition required 
     under paragraph (3).
       ``(B) Reduction or elimination of information found to be 
     unnecessary.--After completing the review required by 
     subparagraph (A), a Federal banking agency, in conjunction 
     with the other relevant Federal banking agencies, shall 
     reduce or eliminate any requirement to file information or 
     schedules under paragraph (3) (other than information or 
     schedules that are otherwise required by law) if the agency 
     determines that the continued collection of such information 
     or schedules is no longer necessary or appropriate.''.

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

       Section 10(d)(4)(A) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1820(d)(4)(A)) is amended by striking 
     ``$250,000,000'' and inserting ``$500,000,000''.

     SEC. 606. STREAMLINING DEPOSITORY INSTITUTION MERGER 
                   APPLICATION REQUIREMENTS.

       (a) In General.--Section 18(c)(4) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828(c)(4)) is amended to read as 
     follows:
       ``(4) Reports on competitive factors.--
       ``(A) Request for report.--In the interests of uniform 
     standards and subject to subparagraph (B), before acting on 
     any application for approval of a merger transaction, the 
     responsible agency shall--
       ``(i) request a report on the competitive factors involved 
     from the Attorney General of the United States; and
       ``(ii) 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 later than 30 calendar days after the date on 
     which the Attorney General received the request; or
       ``(ii) not later than 10 calendar days after such date, if 
     the requesting agency advises the Attorney General that an 
     emergency exists requiring expeditious action.
       ``(C) Exceptions.--A responsible agency may not be required 
     to request a report under subparagraph (A) if--
       ``(i) the responsible agency finds that it must act 
     immediately in order to prevent the probable failure of 1 of 
     the insured depository institutions involved in the merger 
     transaction; or
       ``(ii) the merger transaction involves solely an insured 
     depository institution and 1 or more of the affiliates of 
     such depository institution.''.
       (b) Technical and Conforming Amendments.--Section 18(c)(6) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(6)) 
     is amended--
       (1) in the second sentence, by striking ``banks or savings 
     associations involved and reports on the competitive factors 
     have'' and inserting ``insured depository institutions 
     involved, or if the proposed merger transaction is solely 
     between an insured depository institution and 1 or more of 
     its affiliates, and the report on the competitive factors 
     has''; and
       (2) by striking the penultimate sentence and inserting the 
     following: ``If the agency has advised the Attorney General 
     under paragraph (4)(B)(ii) of the existence of an emergency 
     requiring expeditious action and has requested a report on 
     the competitive factors within 10 days, the transaction may 
     not be consummated before the fifth calendar day after the 
     date of approval by the agency.''.

     SEC. 607. NONWAIVER OF PRIVILEGES.

       (a) Insured Depository Institutions.--Section 18 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1828) is amended by 
     adding at the end the following:
       ``(x) Privileges Not Affected by Disclosure to Banking 
     Agency or Supervisor.--
       ``(1) In general.--The submission by any person of any 
     information to any Federal banking agency, State bank 
     supervisor, or foreign banking authority for any purpose in 
     the course of any supervisory or regulatory process of such 
     agency, supervisor, or authority shall not be construed as 
     waiving, destroying, or otherwise affecting any privilege 
     such person may claim with respect to such information under 
     Federal or State law as to any person or entity other than 
     such agency, supervisor, or authority.
       ``(2) Rule of construction.--No provision of paragraph (1) 
     may be construed as implying or establishing that--
       ``(A) any person waives any privilege applicable to 
     information that is submitted or transferred under any 
     circumstance to which paragraph (1) does not apply; or
       ``(B) any person would waive any privilege applicable to 
     any information by submitting the information to any Federal 
     banking agency, State bank supervisor, or foreign banking 
     authority, but for this subsection.''
       (b) Insured Credit Unions.--Section 205 of the Federal 
     Credit Union Act (12 U.S.C.1785) is amended by adding at the 
     end the following:
       ``(j) Privileges Not Affected by Disclosure to Banking 
     Agency or Supervisor.--
       ``(1) In general.--The submission by any person of any 
     information to the Administration, any State credit union 
     supervisor, or foreign banking authority for any purpose in 
     the course of any supervisory or regulatory process of such 
     Board, supervisor, or authority shall not be construed as 
     waiving, destroying, or otherwise affecting any privilege 
     such person may claim with respect to such information under 
     Federal or State law as to any person or entity other than 
     such Board, supervisor, or authority.
       ``(2) Rule of construction.--No provision of paragraph (1) 
     may be construed as implying or establishing that--
       ``(A) any person waives any privilege applicable to 
     information that is submitted or transferred under any 
     circumstance to which paragraph (1) does not apply; or
       ``(B) any person would waive any privilege applicable to 
     any information by submitting the information to the 
     Administration, any State credit union supervisor, or foreign 
     banking authority, but for this subsection.''.

     SEC. 608. CLARIFICATION OF APPLICATION REQUIREMENTS FOR 
                   OPTIONAL CONVERSION FOR FEDERAL SAVINGS 
                   ASSOCIATIONS.

       (a) Home Owners' Loan Act.--Section 5(i)(5) of the Home 
     Owners' Loan Act (12 U.S.C. 1464(i)(5)) is amended to read as 
     follows:
       ``(5) Conversion to national or state bank.--
       ``(A) In general.--Any Federal savings association 
     chartered and in operation before the date of enactment of 
     the Gramm-Leach-Bliley Act, with branches in operation before 
     such date of enactment in 1 or more States, may convert, at 
     its option, with the approval of the Comptroller of the 
     Currency for each national bank, and with the approval of the 
     appropriate State bank supervisor and the appropriate Federal 
     banking agency for each State bank, into 1 or more national 
     or State banks, each of which may encompass 1 or more of the 
     branches of the Federal savings association in operation 
     before such date of enactment in 1 or more States subject to 
     subparagraph (B).
       ``(B) Conditions of conversion.--The authority in 
     subparagraph (A) shall apply only if each resulting national 
     or State bank--
       ``(i) will meet all financial, management, and capital 
     requirements applicable to the resulting national or State 
     bank; and
       ``(ii) if more than 1 national or State bank results from a 
     conversion under this subparagraph, has received approval 
     from the Federal Deposit Insurance Corporation under section 
     5(a) of the Federal Deposit Insurance Act.
       ``(C) No merger application under fdia required.--No 
     application under section 18(c) of the Federal Deposit 
     Insurance Act shall be required for a conversion under this 
     paragraph.
       ``(D) Definitions.--For purposes of this paragraph, the 
     terms `State bank' and `State bank supervisor' have the same 
     meanings as in section 3 of the Federal Deposit Insurance 
     Act.''.
       (b) Federal Deposit Insurance Act.--Section 4(c) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1814(c)) is 
     amended--
       (1) by inserting ``of this Act and section 5(i)(5) of the 
     Home Owners' Loan Act'' after ``Subject to section 5(d)''; 
     and
       (2) in paragraph (2), after ``insured State,'' by inserting 
     ``or Federal''.

[[Page 21670]]



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

       (a) In General.--Section 503 of the Gramm-Leach-Bliley Act 
     (15 U.S.C. 6803) is amended by adding at the end the 
     following:
       ``(d) Exemption for Certified Public Accountants.--
       ``(1) In general.--The disclosure requirements of 
     subsection (a) do not apply to any person, to the extent that 
     the person is--
       ``(A) a certified public accountant;
       ``(B) certified or licensed for such purpose by a State; 
     and
       ``(C) subject to any provision of law, rule, or regulation 
     issued by a legislative or regulatory body of the State, 
     including rules of professional conduct or ethics, that 
     prohibits disclosure of nonpublic personal information 
     without the knowing and expressed consent of the consumer.
       ``(2) Limitation.--Nothing in this subsection shall be 
     construed to exempt or otherwise exclude any financial 
     institution that is affiliated or becomes affiliated with a 
     certified public accountant described in paragraph (1) from 
     any provision of this section.
       ``(3) Definitions.--For purposes of this subsection, the 
     term `State' means any State or territory of the United 
     States, the District of Columbia, Puerto Rico, Guam, American 
     Samoa, the Trust Territory of the Pacific Islands, the Virgin 
     Islands, or the Northern Mariana Islands.''.
       (b) Clerical Amendments.--Section 503 of the Gramm-Leach-
     Bliley Act (15 U.S.C. 6803) is amended--
       (1) by redesignating subsection (b) as subsection (c); and
       (2) in subsection (a), by striking ``Such disclosures'' and 
     inserting the following:
       ``(b) Regulations.--Disclosures required by subsection 
     (a)''.

     SEC. 610. INFLATION ADJUSTMENT FOR THE SMALL DEPOSITORY 
                   INSTITUTION EXCEPTION UNDER THE DEPOSITORY 
                   INSTITUTION MANAGEMENT INTERLOCKS ACT.

       Section 203(1) of the Depository Institution Management 
     Interlocks Act (12 U.S.C. 3202(1)) is amended by striking 
     ``$20,000,000'' and inserting ``$50,000,000''.

     SEC. 611. MODIFICATION TO CROSS MARKETING RESTRICTIONS.

       Section 4(n)(5)(B) of the Bank Holding Company Act of 1956 
     (12 U.S.C. 1843(n)(5)(B)) is amended by striking ``subsection 
     (k)(4)(I)'' and inserting ``subparagraph (H) or (I) of 
     subsection (k)(4)''.

                  TITLE VII--BANKING AGENCY PROVISIONS

     SEC. 701. STATUTE OF LIMITATIONS FOR JUDICIAL REVIEW OF 
                   APPOINTMENT OF A RECEIVER FOR DEPOSITORY 
                   INSTITUTIONS.

       (a) National Banks.--Section 2 of the National Bank 
     Receivership Act (12 U.S.C. 191) is amended--
       (1) by amending the section heading to read as follows:

     ``SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL BANK.

       ``(a) In General.--The Comptroller of the Currency''; and
       (2) by adding at the end the following:
       ``(b) Judicial Review.--If the Comptroller of the Currency 
     appoints a receiver under subsection (a), 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, not later than 30 days 
     thereafter, bring an action in the United States district 
     court for the judicial district in which the home office of 
     such depository institution is located, or in the United 
     States District Court for the District of Columbia, for an 
     order requiring the Corporation to be removed as the 
     conservator or receiver (regardless of how such appointment 
     was made), and the court shall, upon the merits, dismiss such 
     action or direct the Corporation to be removed as the 
     conservator or receiver.''.
       (c) Effective Date.--The amendments made by subsections (a) 
     and (b) shall apply with respect to conservators or receivers 
     appointed on or after the date of enactment of this Act.

     SEC. 702. ENHANCING THE SAFETY AND SOUNDNESS OF INSURED 
                   DEPOSITORY INSTITUTIONS.

       (a) Clarification Relating to the Enforceability of 
     Agreements and Conditions.--The Federal Deposit Insurance Act 
     (12 U.S.C. 1811 et seq.) is amended by adding at the end the 
     following:

     ``SEC. 50. ENFORCEMENT OF AGREEMENTS.

       ``(a) In General.--Notwithstanding clause (i) or (ii) of 
     section 8(b)(6)(A) or section 38(e)(2)(E)(i), the appropriate 
     Federal banking agency for a depository institution may 
     enforce, under section 8, the terms of--
       ``(1) any condition imposed in writing by the agency on the 
     depository institution or an institution-affiliated party in 
     connection with any action on any application, notice, or 
     other request concerning the depository institution; or
       ``(2) any written agreement entered into between the agency 
     and the depository institution or an institution-affiliated 
     party.
       ``(b) Receiverships and Conservatorships.--After the 
     appointment of the Corporation as the receiver or conservator 
     for a depository institution, the Corporation may enforce any 
     condition or agreement described in paragraph (1) or (2) of 
     subsection (a) imposed on or entered into with such 
     institution or institution-affiliated party through an action 
     brought in an appropriate United States district court.''.
       (b) Protection of Capital of Insured Depository 
     Institutions.--Section 18(u)(1) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828(u)(1)) is amended--
       (1) by striking subparagraph (B);
       (2) by redesignating subparagraph (C) as subparagraph (B); 
     and
       (3) in subparagraph (A), by adding ``and'' at the end.
       (c) Conforming Amendments.--Section 8(b) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1818(b)) is amended--
       (1) in paragraph (3), by striking ``This subsection and 
     subsections (c) through (s) and subsection (u) of this 
     section'' and inserting ``This subsection, subsections (c) 
     through (s) and subsection (u) of this section, and section 
     50 of this Act''; and
       (2) in paragraph (4), by striking ``This subsection and 
     subsections (c) through (s) and subsection (u) of this 
     section'' and inserting ``This subsection, subsections (c) 
     through (s) and subsection (u) of this section, and section 
     50 of this Act''.

     SEC. 703. CROSS GUARANTEE AUTHORITY.

       Section 5(e)(9)(A) of the Federal Deposit Insurance Act (12 
     U.S.C. 1815(e)(9)(A)) is amended to read as follows:
       ``(A) such institutions are controlled by the same company; 
     or''.

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

       Section 18(k) of the Federal Deposit Insurance Act (12 
     U.S.C. 1828(k)) is amended--
       (1) in paragraph (2)(A), by striking ``or depository 
     institution holding company'' and inserting ``or covered 
     company'';
       (2) in paragraph (2), by striking subparagraph (B), and 
     inserting the following:
       ``(B) Whether there is a reasonable basis to believe that 
     the institution-affiliated party is substantially responsible 
     for--
       ``(i) the insolvency of the depository institution or 
     covered company;
       ``(ii) the appointment of a conservator or receiver for the 
     depository institution; or
       ``(iii) the troubled condition of the depository 
     institution (as defined in the regulations prescribed 
     pursuant to section 32(f)).'';
       (3) in paragraph (2)(F), by striking ``depository 
     institution holding company'' and inserting ``covered 
     company,'';
       (4) in paragraph (3) in the matter preceding subparagraph 
     (A), by striking ``depository institution holding company'' 
     and inserting ``covered company'';
       (5) in paragraph (3)(A), by striking ``holding company'' 
     and inserting ``covered company'';
       (6) in paragraph (4)(A)--
       (A) by striking ``depository institution holding company'' 
     each place that term appears and inserting ``covered 
     company''; and
       (B) by striking ``holding company'' each place that term 
     appears (other than in connection with the term referred to 
     in subparagraph (A)) and inserting ``covered company'';
       (7) in paragraph (5)(A), by striking ``depository 
     institution holding company'' and inserting ``covered 
     company'';
       (8) in paragraph (5), by adding at the end the following:
       ``(D) Covered company.--The term `covered company' means 
     any depository institution holding company (including any 
     company required to file a report under section 4(f)(6) of 
     the Bank Holding Company Act of 1956), or any other company 
     that controls an insured depository institution.''; and
       (9) in paragraph (6)--
       (A) by striking ``depository institution holding company'' 
     and inserting ``covered company,''; and
       (B) by striking ``or holding company'' and inserting ``or 
     covered company''.

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

       Section 7(j) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(j)) is amended--
       (1) in paragraph (1)(D)--
       (A) by striking ``is needed to investigate'' and inserting 
     ``is needed--
       ``(i) to investigate'';
       (B) by striking ``United States Code.'' and inserting 
     ``United States Code; or''; and
       (C) by adding at the end the following:
       ``(ii) to analyze the safety and soundness of any plans or 
     proposals described in paragraph (6)(E) or the future 
     prospects of the institution.''; and
       (2) in paragraph (7)(C), by striking ``the financial 
     condition of any acquiring person'' and inserting ``either 
     the financial condition of any acquiring person or the future 
     prospects of the institution''.

     SEC. 706. AMENDMENT TO PROVIDE THE FEDERAL RESERVE BOARD WITH 
                   DISCRETION CONCERNING THE IMPUTATION OF CONTROL 
                   OF SHARES OF A COMPANY BY TRUSTEES.

       Section 2(g)(2) of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1841(g)(2)) is amended by inserting before the period 
     at the end ``, unless

[[Page 21671]]

     the Board determines that such treatment is not appropriate 
     in light of the facts and circumstances of the case and the 
     purposes of this Act''.

     SEC. 707. INTERAGENCY DATA SHARING.

       (a) Federal Banking Agencies.--Section 7(a)(2) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1817(a)(2)) is 
     amended by adding at the end the following:
       ``(C) Data sharing with other agencies and persons.--In 
     addition to reports of examination, reports of condition, and 
     other reports required to be regularly provided to the 
     Corporation (with respect to all insured depository 
     institutions, including a depository institution for which 
     the Corporation has been appointed conservator or receiver) 
     or an appropriate State bank supervisor (with respect to a 
     State depository institution) under subparagraph (A) or (B), 
     a Federal banking agency may, in the discretion of the 
     agency, furnish any report of examination or other 
     confidential supervisory information concerning any 
     depository institution or other entity examined by such 
     agency under authority of any Federal law, to--
       ``(i) any other Federal or State agency or authority with 
     supervisory or regulatory authority over the depository 
     institution or other entity;
       ``(ii) any officer, director, or receiver of such 
     depository institution or entity; and
       ``(iii) any other person that the Federal banking agency 
     determines to be appropriate.''.
       (b) National Credit Union Administration.--Section 202(a) 
     of the Federal Credit Union Act (12 U.S.C. 1782(a)) is 
     amended by adding at the end the following:
       ``(8) Data sharing with other agencies and persons.--In 
     addition to reports of examination, reports of condition, and 
     other reports required to be regularly provided to the Board 
     (with respect to all insured credit unions, including a 
     credit union for which the Corporation has been appointed 
     conservator or liquidating agent) or an appropriate State 
     commission, board, or authority having supervision of a 
     State-chartered credit union, the Board may, in the 
     discretion of the Board, furnish any report of examination or 
     other confidential supervisory information concerning any 
     credit union or other entity examined by the Board under 
     authority of any Federal law, to--
       ``(A) any other Federal or State agency or authority with 
     supervisory or regulatory authority over the credit union or 
     other entity;
       ``(B) any officer, director, or receiver of such credit 
     union or entity; and
       ``(C) any other person that the Board determines to be 
     appropriate.''.

     SEC. 708. CLARIFICATION OF EXTENT OF SUSPENSION, REMOVAL, AND 
                   PROHIBITION AUTHORITY OF FEDERAL BANKING 
                   AGENCIES IN CASES OF CERTAIN CRIMES BY 
                   INSTITUTION-AFFILIATED PARTIES.

       (a) Insured Depository Institutions.--
       (1) In general.--Section 8(g)(1) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1818(g)(1)) is amended--
       (A) in subparagraph (A)--
       (i) by striking ``is charged in any information, 
     indictment, or complaint, with the commission of or 
     participation in'' and inserting ``is the subject of any 
     information, indictment, or complaint, involving the 
     commission of or participation in'';
       (ii) by striking ``may pose a threat to the interests of 
     the depository institution's depositors or may threaten to 
     impair public confidence in the depository institution,'' and 
     insert ``posed, poses, or may pose a threat to the interests 
     of the depositors of, or threatened, threatens, or may 
     threaten to impair public confidence in, any relevant 
     depository institution (as defined in subparagraph (E)),''; 
     and
       (iii) by striking ``affairs of the depository institution'' 
     and inserting ``affairs of any depository institution'';
       (B) in subparagraph (B)(i), by striking ``the depository 
     institution'' and inserting ``any depository institution that 
     the subject of the notice is affiliated with at the time the 
     notice is issued'';
       (C) in subparagraph (C)(i)--
       (i) by striking ``may pose a threat to the interests of the 
     depository institution's depositors or may threaten to impair 
     public confidence in the depository institution,'' and insert 
     ``posed, poses, or may pose a threat to the interests of the 
     depositors of, or threatened, threatens, or may threaten to 
     impair public confidence in, any relevant depository 
     institution (as defined in subparagraph (E)),''; and
       (ii) by striking ``affairs of the depository institution'' 
     and inserting ``affairs of any depository institution'';
       (D) in subparagraph (C)(ii), by striking ``affairs of the 
     depository institution'' and inserting ``affairs of any 
     depository institution'';
       (E) in subparagraph (D)(i), by striking ``the depository 
     institution'' and inserting ``any depository institution that 
     the subject of the order is affiliated with at the time the 
     order is issued''; and
       (F) by adding at the end the following:
       ``(E) Relevant depository institution.--For purposes of 
     this subsection, the term `relevant depository institution' 
     means any depository institution of which the party is or was 
     an institution-affiliated party at the time at which--
       ``(i) the information, indictment, or complaint described 
     in subparagraph (A) was issued; or
       ``(ii) the notice is issued under subparagraph (A) or the 
     order is issued under subparagraph (C)(i).''.
       (2) Clerical amendment.--The subsection heading for section 
     8(g) of the Federal Deposit Insurance Act (12 U.S.C. 1818(g)) 
     is amended to read as follows:
       ``(g) Suspension, Removal, and Prohibition From 
     Participation Orders in the Case of Certain Criminal 
     Offenses.--''.
       (b) Insured Credit Unions.--
       (1) In general.--Section 206(i)(1) of the Federal Credit 
     Union Act (12 U.S.C. 1786(i)(1)) is amended--
       (A) in subparagraph (A), by striking ``the credit union'' 
     each place that term appears and inserting ``any credit 
     union'';
       (B) in subparagraph (B)(i), by inserting ``of which the 
     subject of the order is, or most recently was, an 
     institution-affiliated party'' before the period at the end;
       (C) in subparagraph (C)--
       (i) by striking ``the credit union'' each place such term 
     appears and inserting ``any credit union''; and
       (ii) by striking ``the credit union's'' and inserting ``any 
     credit union's'';
       (D) in subparagraph (D)(i), by striking ``upon such credit 
     union'' and inserting ``upon the credit union of which the 
     subject of the order is, or most recently was, an 
     institution-affiliated party''; and
       (E) by adding at the end the following:
       ``(E) Continuation of authority.--The Board may issue an 
     order under this paragraph with respect to an individual who 
     is an institution-affiliated party at a credit union at the 
     time of an offense described in subparagraph (A) without 
     regard to--
       ``(i) whether such individual is an institution-affiliated 
     party at any credit union at the time the order is considered 
     or issued by the Board; or
       ``(ii) whether the credit union at which the individual was 
     an institution-affiliated party at the time of the offense 
     remains in existence at the time the order is considered or 
     issued by the Board.''.
       (2) Clerical amendment.--Section 206(i) of the Federal 
     Credit Union Act (12 U.S.C. 1786(i)) is amended by striking 
     ``(i)'' at the beginning and inserting the following:
       ``(i) Suspension, Removal, and Prohibition From 
     Participation Orders in the Case of Certain Criminal 
     Offenses.--''.

     SEC. 709. PROTECTION OF CONFIDENTIAL INFORMATION RECEIVED BY 
                   FEDERAL BANKING REGULATORS FROM FOREIGN BANKING 
                   SUPERVISORS.

       Section 15 of the International Banking Act of 1978 (12 
     U.S.C. 3109) is amended by adding at the end the following:
       ``(c) Confidential Information Received From Foreign 
     Supervisors.--
       ``(1) In general.--Except as provided in paragraph (3), a 
     Federal banking agency may not be compelled to disclose 
     information received from aforeign regulatory or supervisory 
     authority if--
       ``(A) the Federal banking agency determines that the 
     foreign regulatory or supervisory authority has, in good 
     faith, determined and represented in writing to such Federal 
     banking agency that public disclosure of the information 
     would violate the laws applicable to that foreign regulatory 
     or supervisory authority; and
       ``(B) the relevant Federal banking agency obtained such 
     information pursuant to--
       ``(i) such procedures as the Federal banking agency may 
     establish for use in connection with the administration and 
     enforcement of Federal banking laws; or
       ``(ii) a memorandum of understanding or other similar 
     arrangement between the Federal banking agency and the 
     foreign regulatory or supervisory authority.
       ``(2) Treatment under title 5, united states code.--For 
     purposes of section 552 of title 5, United States Code, this 
     subsection shall be treated as a statute described in 
     subsection (b)(3)(B) of such section.
       ``(3) Savings provision.--No provision of this section 
     shall be construed as--
       ``(A) authorizing any Federal banking agency to withhold 
     any information from any duly authorized committee of the 
     House of Representatives or the Senate; or
       ``(B) preventing any Federal banking agency from complying 
     with an order of a court of the United States in an action 
     commenced by the United States or such agency.
       ``(4) Federal banking agency defined.--For purposes of this 
     subsection, the term `Federal banking agency' means the 
     Board, the Comptroller of the Currency, the Federal Deposit 
     Insurance Corporation, and the Director of the Office of 
     Thrift Supervision.''.

     SEC. 710. PROHIBITION ON PARTICIPATION BY CONVICTED 
                   INDIVIDUALS.

       (a) Extension of Automatic Prohibition.--Section 19 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1829) is amended by 
     adding at the end the following new subsections:
       ``(d) Bank Holding Companies.--
       ``(1) In general.--Subsections (a) and (b) shall apply to 
     any company (other than a foreign bank) that is a bank 
     holding company and any organization organized and operated 
     under section 25A of the Federal Reserve Act or operating 
     under section 25 of the Federal Reserve Act, as if such bank 
     holding company or organization were an insured depository 
     institution, except that such subsections shall be applied 
     for purposes of this subsection by substituting `Board of 
     Governors of the Federal Reserve System' for `Corporation' 
     each place that term appears in such subsections.
       ``(2) Authority of board.--The Board of Governors of the 
     Federal Reserve System may provide exemptions, by regulation 
     or order, from the application of paragraph (1) if the 
     exemption is consistent with the purposes of this subsection.

[[Page 21672]]

       ``(e) Savings and Loan Holding Companies.--
       ``(1) In general.--Subsections (a) and (b) shall apply to 
     any savings and loan holding company as if such savings and 
     loan holding company were an insured depository institution, 
     except that such subsections shall be applied for purposes of 
     this subsection by substituting `Director of the Office of 
     Thrift Supervision' for `Corporation' each place that term 
     appears in such subsections.
       ``(2) Authority of director.--The Director of the Office of 
     Thrift Supervision may provide exemptions, by regulation or 
     order, from the application of paragraph (1) if the exemption 
     is consistent with the purposes of this subsection.''.
       (b) Enhanced Discretion to Remove Convicted Individuals.--
     Section 8(e)(2)(A) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(e)(2)(A)) is amended--
       (1) by striking ``or'' at the end of clause (ii);
       (2) by striking the comma at the end of clause (iii) and 
     inserting ``; or''; and
       ``(3) by adding at the end the following new clause:
       ``(iv) an institution-affiliated party of a subsidiary 
     (other than a bank) of a bank holding company or of a 
     subsidiary (other than a savings association) of a savings 
     and loan holding company has been convicted of any criminal 
     offense involving dishonesty or a breach of trust or a 
     criminal offense under section 1956, 1957, or 1960 of title 
     18, United States Code, or has agreed to enter into a 
     pretrial diversion or similar program in connection with a 
     prosecution for such an offense,''.

     SEC. 711. COORDINATION OF STATE EXAMINATION AUTHORITY.

       Section 10(h) of the Federal Deposit Insurance Act (12 
     U.S.C. 1820(h)) is amended to read as follows:
       ``(h) Coordination of Examination Authority.--
       ``(1) State bank supervisors of home and host states.--
       ``(A) Home state of bank.--The appropriate State bank 
     supervisor of the home State of an insured State bank has 
     authority to examine and supervise the bank.
       ``(B) Host state branches.--The State bank supervisor of 
     the home State of an insured State bank and any State bank 
     supervisor of an appropriate host State shall exercise its 
     respective authority to supervise and examine the branches of 
     the bank in a host State in accordance with the terms of any 
     applicable cooperative agreement between the home State bank 
     supervisor and the State bank supervisor of the relevant host 
     State.
       ``(C) Supervisory fees.--Except as expressly provided in a 
     cooperative agreement between the State bank supervisors of 
     the home State and any host State of an insured State bank, 
     only the State bank supervisor of the home State of an 
     insured State bank may levy or charge State supervisory fees 
     on the bank.
       ``(2) Host state examination.--
       ``(A) In general.--With respect to a branch operated in a 
     host State by an out-of-State insured State bank that 
     resulted from an interstate merger transaction approved under 
     section 44, or that was established in such State pursuant to 
     section 5155(g) of the Revised Statutes of the United States, 
     the third undesignated paragraph of section 9 of the Federal 
     Reserve Act or section 18(d)(4) of this Act, the appropriate 
     State bank supervisor of such host State may--
       ``(i) with written notice to the State bank supervisor of 
     the bank's home State and subject to the terms of any 
     applicable cooperative agreement with the State bank 
     supervisor of such home State, examine such branch for the 
     purpose of determining compliance with host State laws that 
     are applicable pursuant to section 24(j), including those 
     that govern community reinvestment, fair lending, and 
     consumer protection; and
       ``(ii) if expressly permitted under and subject to the 
     terms of a cooperative agreement with the State bank 
     supervisor of the bank's home State or if such out-of-State 
     insured State bank has been determined to be in a troubled 
     condition by either the State bank supervisor of the bank's 
     home State or the bank's appropriate Federal banking agency, 
     participate in the examination of the bank by the State bank 
     supervisor of the bank's home State to ascertain that the 
     activities of the branch in such host State are not conducted 
     in an unsafe or unsound manner.
       ``(B) Notice of determination.--
       ``(i) In general.--The State bank supervisor of the home 
     State of an insured State bank shall notify the State bank 
     supervisor of each host State of the bank if there has been a 
     final determination that the bank is in a troubled condition.
       ``(ii) Timing of notice.--The State bank supervisor of the 
     home State of an insured State bank shall provide notice 
     under clause (i) as soon as is reasonably possible, but in 
     all cases not later than 15 business days after the date on 
     which the State bank supervisor has made such final 
     determination or has received written notification of such 
     final determination.
       ``(3) Host state enforcement.--If the State bank supervisor 
     of a host State determines that a branch of an out-of-State 
     insured State bank is violating any law of the host State 
     that is applicable to such branch pursuant to section 24(j), 
     including a law that governs community reinvestment, fair 
     lending, or consumer protection, the State bank supervisor of 
     the host State or, to the extent authorized by the law of the 
     host State, a host State law enforcement officer may, with 
     written notice to the State bank supervisor of the bank's 
     home State and subject to the terms of any applicable 
     cooperative agreement with the State bank supervisor of the 
     bank's home State, undertake such enforcement actions and 
     proceedings as would be permitted under the law of the host 
     State as if the branch were a bank chartered by that host 
     State.
       ``(4) Cooperative agreement.--
       ``(A) In general.--The State bank supervisors from 2 or 
     more States may enter into cooperative agreements to 
     facilitate State regulatory supervision of State banks, 
     including cooperative agreements relating to the coordination 
     of examinations and joint participation in examinations.
       ``(B) Definition.--For purposes of this subsection, the 
     term `cooperative agreement' means a written agreement that 
     is signed by the home State bank supervisor and the host 
     State bank supervisor to facilitate State regulatory 
     supervision of State banks, and includes nationwide or multi-
     State cooperative agreements and cooperative agreements 
     solely between the home State and host State.
       ``(C) Rule of construction.--Except for State bank 
     supervisors, no provision of this subsection relating to such 
     cooperative agreements shall be construed as limiting in any 
     way the authority of home State and host State law 
     enforcement officers, regulatory supervisors, or other 
     officials that have not signed such cooperative agreements to 
     enforce host State laws that are applicable to a branch of an 
     out-of-State insured State bank located in the host State 
     pursuant to section 24(j).
       ``(5) Federal regulatory authority.--No provision of this 
     subsection shall be construed as limiting in any way the 
     authority of any Federal banking agency.
       ``(6) State taxation authority not affected.--No provision 
     of this subsection shall be construed as affecting the 
     authority of any State or political subdivision of any State 
     to adopt, apply, or administer any tax or method of taxation 
     to any bank, bank holding company, or foreign bank, or any 
     affiliate of any bank, bank holding company, or foreign bank, 
     to the extent that such tax or tax method is otherwise 
     permissible by or under the Constitution of the United States 
     or other Federal law.
       ``(7) Definitions.--For purpose of this section, the 
     following definitions shall apply:
       ``(A) Host state, home state, out-of-State bank.--The terms 
     `host State', `home State', and `out-of-State bank' have the 
     same meanings as in section 44(g).
       ``(B) State supervisory fees.--The term `State supervisory 
     fees' means assessments, examination fees, branch fees, 
     license fees, and all other fees that are levied or charged 
     by a State bank supervisor directly upon an insured State 
     bank or upon branches of an insured State bank.
       ``(C) Troubled condition.--Solely for purposes of paragraph 
     (2)(B), an insured State bank has been determined to be in 
     `troubled condition' if the bank--
       ``(i) has a composite rating, as determined in its most 
     recent report of examination, of 4 or 5 under the Uniform 
     Financial Institutions Ratings System;
       ``(ii) is subject to a proceeding initiated by the 
     Corporation for termination or suspension of deposit 
     insurance; or
       ``(iii) is subject to a proceeding initiated by the State 
     bank supervisor of the bank's home State to vacate, revoke, 
     or terminate the charter of the bank, or to liquidate the 
     bank, or to appoint a receiver for the bank.
       ``(D) Final determination.--For purposes of paragraph 
     (2)(B), the term `final determination' means the transmittal 
     of a report of examination to the bank or transmittal of 
     official notice of proceedings to the bank.''.

     SEC. 712. DEPUTY DIRECTOR; SUCCESSION AUTHORITY FOR DIRECTOR 
                   OF THE OFFICE OF THRIFT SUPERVISION.

       (a) Establishment of Position of Deputy Director.--Section 
     3(c)(5) of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(5)) 
     is amended to read as follows:
       ``(5) Deputy director.--
       ``(A) In general.--The Secretary of the Treasury shall 
     appoint a Deputy Director, and may appoint not more than 3 
     additional Deputy Directors of the Office.
       ``(B) First deputy director.--If the Secretary of the 
     Treasury appoints more than 1 Deputy Director of the Office, 
     the Secretary shall designate one such appointee as the First 
     Deputy Director.
       ``(C) Duties.--Each Deputy Director appointed under this 
     paragraph shall take an oath of office and perform such 
     duties as the Director shall direct.
       ``(D) Compensation and benefits.--The Director shall fix 
     the compensation and benefits for each Deputy Director in 
     accordance with this Act.''.
       (b) Service of Deputy Director as Acting Director.--Section 
     3(c)(3) of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(3)) 
     is amended--
       (1) by striking ``VACANCY.--A vacancy in the position of 
     Director'' and inserting ``VACANCY.--
       ``(A) In general.--A vacancy in the position of Director''; 
     and
       (2) by adding at the end the following:
       ``(B) Acting director.--
       ``(i) In general.--In the event of a vacancy in the 
     position of Director or during the absence or disability of 
     the Director, the Deputy Director shall serve as Acting 
     Director.
       ``(ii) Succession in case of 2 or more deputy directors.--
     If there are 2 or more Deputy Directors serving at the time a 
     vacancy in the

[[Page 21673]]

     position of Director occurs or the absence or disability of 
     the Director commences, the First Deputy Director shall serve 
     as Acting Director under clause (i) followed by such other 
     Deputy Directors under any order of succession the Director 
     may establish.
       ``(iii) Authority of acting director.--Any Deputy Director, 
     while serving as Acting Director under this subparagraph, 
     shall be vested with all authority, duties, and privileges of 
     the Director under this Act and any other provision of 
     Federal law.''.

     SEC. 713. OFFICE OF THRIFT SUPERVISION REPRESENTATION ON 
                   BASEL COMMITTEE ON BANKING SUPERVISION.

       (a) In General.--Section 912 of the International Lending 
     Supervision Act of 1983 (12 U.S.C. 3911) is amended--
       (1) in the section heading, by inserting at the end the 
     following: ``AND THE OFFICE OF THRIFT SUPERVISION'';
       (2) by striking ``As one of the three'' and inserting the 
     following:
       ``(a) In General.--As one of the 4''; and
       (3) by adding at the end the following:
       ``(b) As one of the 4 Federal bank regulatory and 
     supervisory agencies, the Office of Thrift Supervision shall 
     be given equal representation with the Board of Governors of 
     the Federal Reserve System, the Office of the Comptroller of 
     the Currency, and the Federal Deposit Insurance Corporation 
     on the Committee on Banking Regulations and Supervisory 
     Practices of the Group of Ten Countries and Switzerland.''.
       (b) Conforming Amendments.--Section 910(a) of the 
     International Lending Supervision Act of 1983 (12 U.S.C. 
     3909(a)) is amended--
       (1) in paragraph (2), by striking ``insured bank'' and 
     inserting ``insured depository institution''; and
       (2) in paragraph (3), by striking ``an `insured bank', as 
     such term is used in section 3(h)'' and inserting ``an 
     `insured depository institution', as such term is defined in 
     section 3(c)(2)''.

     SEC. 714. FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL.

       (a) Council Membership.--Section 1004(a) of the Federal 
     Financial Institutions Examination Council Act of 1978 (12 
     U.S.C. 3303(a)) is amended--
       (1) in paragraph (4), by striking ``Thrift'' and all that 
     follows through the end of the paragraph and inserting 
     ``Thrift Supervision,'';
       (2) in paragraph (5) by striking the period at the end and 
     inserting ``, and''; and
       (3) by adding at the end the following:
       ``(6) the Chairman of the State Liaison Committee.''.
       (b) Chairperson of Liaison Committee.--Section 1007 of the 
     Federal Financial Institutions Examination Council Act of 
     1978 (12 U.S.C. 3306) is amended by adding at the end the 
     following: ``Members of the Liaison Committee shall elect a 
     chairperson from among the members serving on the 
     committee.''.

     SEC. 715. TECHNICAL AMENDMENTS RELATING TO INSURED 
                   INSTITUTIONS.

       (a) Technical Amendment to the Federal Deposit Insurance 
     Act.--Section 8(i)(3) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1818(i)(3)) is amended by inserting ``or order'' 
     after ``notice'' each place that term appears.
       (b) Technical Amendment to the Federal Credit Union Act.--
     Section 206(k)(3) of the Federal Credit Union Act (12 U.S.C. 
     1786(k)(3)) is amended by inserting ``or order'' after 
     ``notice'' each place that term appears.

     SEC. 716. CLARIFICATION OF ENFORCEMENT AUTHORITY.

       (a) Actions on Applications, Notices, and Other Requests; 
     Clarification That Change in Control Conditions Are 
     Enforceable.--Section 8 of the Federal Deposit Insurance Act 
     (12 U.S.C. 1818) is amended--
       (1) in subsection (b)(1), in the first sentence, by 
     striking ``the granting of any application or other request 
     by the depository institution'' and inserting ``any action on 
     any application, notice, or other request by the depository 
     institution or institution-affiliated party,'';
       (2) in subsection (e)(1)(A)(i)(III), by striking ``the 
     grant of any application or other request by such depository 
     institution'' and inserting ``any action on any application, 
     notice, or request by such depository institution or 
     institution-affiliated party''; and
       (3) in subsection (i)(2)(A)(iii), by striking ``the grant 
     of any application or other request by such depository 
     institution'' and inserting ``any action on any application, 
     notice, or other request by the depository institution or 
     institution-affiliated party''.
       (b) Clarification That Change in Control Conditions Are 
     Enforceable.--Section 206 of the Federal Credit Union Act (12 
     U.S.C. 1786) is amended--
       (1) in subsection (b)(1), in the first sentence, by 
     striking ``the granting of any application or other request 
     by the credit union'' and inserting ``any action on any 
     application, notice, or other request by the credit union or 
     institution-affiliated party,'';
       (2) in subsection (g)(1)(A)(i)(III), by striking ``the 
     grant of any application or other request by such credit 
     union'' and inserting ``any action on any application, 
     notice, or request by such credit union or institution-
     affiliated party''; and
       (3) in subsection (k)(2)(A)(iii), by striking ``the grant 
     of any application or other request by such credit union'' 
     and inserting ``any action on any application, notice, or 
     other request by the credit union or institution-affiliated 
     party''.

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

       Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 
     1818) is amended--
       (1) in subsection (b)(1), in the 1st sentence--
       (A) by striking ``in writing by the agency'' and inserting 
     ``in writing by a Federal banking agency''; and
       (B) by striking ``the agency may issue and serve'' and 
     inserting ``the appropriate Federal banking agency for the 
     depository institution may issue and serve'';
       (2) in subsection (e)(1)--
       (A) in subparagraph (A)(i)(III), by striking ``in writing 
     by the appropriate Federal banking agency'' and inserting 
     ``in writing by a Federal banking agency''; and
       (B) in the undesignated matter at the end, by striking 
     ``the agency may serve upon such party'' and inserting ``the 
     appropriate Federal banking agency for the depository 
     institution may serve upon such party''; and
       (3) in subsection (i)(2)(A)(iii), by striking ``in writing 
     by the appropriate Federal banking agency'' and inserting 
     ``in writing by a Federal banking agency''.

     SEC. 718. RECEIVER OR CONSERVATOR CONSENT REQUIREMENT.

       (a) Insured Depository Institutions.--Section 11(e)(13) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(13)) is 
     amended by adding at the end the following:
       ``(C) Consent requirement.--
       ``(i) In general.--Except as otherwise provided by this 
     section or section 15, no person may exercise any right or 
     power to terminate, accelerate, or declare a default under 
     any contract to which the depository institution is a party, 
     or to obtain possession of or exercise control over any 
     property of the institution or affect any contractual rights 
     of the institution, without the consent of the conservator or 
     receiver, as appropriate, during the 45-day period beginning 
     on the date of the appointment of the conservator, or during 
     the 90-day period beginning on the date of the appointment of 
     the receiver, as applicable.
       ``(ii) Certain exceptions.--No provision of this 
     subparagraph shall apply to a director or officer liability 
     insurance contract or a depository institution bond, to the 
     rights of parties to certain qualified financial contracts 
     pursuant to paragraph (8), or to the rights of parties to 
     netting contracts pursuant to subtitle A of title IV of the 
     Federal Deposit Insurance Corporation Improvement Act of 1991 
     (12 U.S.C. 4401 et seq.), or shall be construed as permitting 
     the conservator or receiver to fail to comply with otherwise 
     enforceable provisions of such contract.
       ``(iii) Rule of construction.--Nothing in this subparagraph 
     shall be construed to limit or otherwise affect the 
     applicability of title 11, United States Code.''.
       (b) Insured Credit Unions.--Section 207(c)(12) of the 
     Federal Credit Union Act (12 U.S.C. 1787(c)(12)) is amended 
     by adding the following:
       ``(C) Consent requirement.--
       ``(i) In general.--Except as otherwise provided by this 
     section, no person may exercise any right or power to 
     terminate, accelerate, or declare a default under any 
     contract to which the credit union is a party, or to obtain 
     possession of or exercise control over any property of the 
     credit union or affect any contractual rights of the credit 
     union, without the consent of the conservator or liquidating 
     agent, as appropriate, during the 45-day period beginning on 
     the date of the appointment of the conservator, or during the 
     90-day period beginning on the date of the appointment of the 
     liquidating agent, as applicable.
       ``(ii) Certain exceptions.--No provision of this 
     subparagraph shall apply to a director or officer liability 
     insurance contract or a credit union bond, or to the rights 
     of parties to certain qualified financial contracts pursuant 
     to paragraph (8), or shall be construed as permitting the 
     conservator or liquidating agent to fail to comply with 
     otherwise enforceable provisions of such contract.
       ``(iii) Rule of construction.--Nothing in this subparagraph 
     shall be construed to limit or otherwise affect the 
     applicability of title 11, United States Code.''.

     SEC. 719. ACQUISITION OF FICO SCORES.

       Section 604(a) of the Fair Credit Reporting Act (15 U.S.C. 
     1681b(a)) is amended by adding at the end the following:
       ``(6) To the Federal Deposit Insurance Corporation or the 
     National Credit Union Administration as part of its 
     preparation for its appointment or as part of its exercise of 
     powers, as conservator, receiver, or liquidating agent for an 
     insured depository institution or insured credit union under 
     the Federal Deposit Insurance Act or the Federal Credit Union 
     Act, or other applicable Federal or State law, or in 
     connection with the resolution or liquidation of a failed or 
     failing insured depository institution or insured credit 
     union, as applicable.''.

     SEC. 720. ELIMINATION OF CRIMINAL INDICTMENTS AGAINST 
                   RECEIVERSHIPS.

       (a) Insured Depository Institutions.--Section 15(b) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1825(b)) is amended 
     by inserting immediately after paragraph (3) the following:
       ``(4) Exemption from criminal prosecution.--The Corporation 
     shall be exempt from all prosecution by the United States or 
     any State, county, municipality, or local authority for any 
     criminal offense arising under Federal, State, county, 
     municipal, or local law, which was allegedly committed by the 
     institution, or persons acting on behalf of the institution, 
     prior to the appointment of the Corporation as receiver.''.
       (b) Insured Credit Unions.--Section 207(b)(2) of the 
     Federal Credit Union Act (12 U.S.C.

[[Page 21674]]

     1787(b)(2)) is amended by adding at the end the following:
       ``(K) Exemption from criminal prosecution.--The 
     Administration shall be exempt from all prosecution by the 
     United States or any State, county, municipality, or local 
     authority for any criminal offense arising under Federal, 
     State, county, municipal, or local law, which was allegedly 
     committed by a credit union, or persons acting on behalf of a 
     credit union, prior to the appointment of the Administration 
     as liquidating agent.''.

     SEC. 721. RESOLUTION OF DEPOSIT INSURANCE DISPUTES.

       (a) Insured Depository Institutions.--Section 11(f) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1821(f)) is amended 
     by striking paragraphs (3) through (5) and inserting the 
     following:
       ``(3) Resolution of disputes.--A determination by the 
     Corporation regarding any claim for insurance coverage shall 
     be treated as a final determination for purposes of this 
     section. In its discretion, the Corporation may promulgate 
     regulations prescribing procedures for resolving any disputed 
     claim relating to any insured deposit or any determination of 
     insurance coverage with respect to any deposit.
       ``(4) Review of corporation determination.--A final 
     determination made by the Corporation regarding any claim for 
     insurance coverage shall be a final agency action reviewable 
     in accordance with chapter 7 of title 5, United States Code, 
     by the United States district court for the Federal judicial 
     district where the principal place of business of the 
     depository institution is located.
       ``(5) Statute of limitations.--Any request for review of a 
     final determination by the Corporation regarding any claim 
     for insurance coverage shall be filed with the appropriate 
     United States district court not later than 60 days after the 
     date on which such determination is issued.''.
       (b) Insured Credit Unions.--Section 207(d) of the Federal 
     Credit Union Act (12 U.S.C. 1787(d)) is amended by striking 
     paragraphs (3) through (5) and inserting the following:
       ``(3) Resolution of disputes.--A determination by the 
     Administration regarding any claim for insurance coverage 
     shall be treated as a final determination for purposes of 
     this section. In its discretion, the Board may promulgate 
     regulations prescribing procedures for resolving any disputed 
     claim relating to any insured deposit or any determination of 
     insurance coverage with respect to any deposit. A final 
     determination made by the Board regarding any claim for 
     insurance coverage shall be a final agency action reviewable 
     in accordance with chapter 7 of title 5, United States Code, 
     by the United States district court for the Federal judicial 
     district where the principal place of business of the credit 
     union is located.
       ``(4) Statute of limitations.--Any request for review of a 
     final determination by the Board regarding any claim for 
     insurance coverage shall be filed with the appropriate United 
     States district court not later than 60 days after the date 
     on which such determination is issued.''.

     SEC. 722. RECORDKEEPING.

       (a) Insured Depository Institutions.--Section 11(d)(15)(D) 
     of the Federal Deposit Insurance Act (12 U.S.C. 
     1821(d)(15)(D)) is amended--
       (1) by striking ``After the end of the 6-year period'' and 
     inserting the following:
       ``(i) In general.--Except as provided in clause (ii), after 
     the end of the 6-year period''; and
       (2) by adding at the end the following:
       ``(ii) Old records.--Notwithstanding clause (i), the 
     Corporation may destroy records of an insured depository 
     institution which are at least 10 years old as of the date on 
     which the Corporation is appointed as the receiver of such 
     depository institution in accordance with clause (i) at any 
     time after such appointment is final, without regard to the 
     6-year period of limitation contained in clause (i).''.
       (b) Insured Credit Unions.--Section 207(b)(15)(D) of the 
     Federal Credit Union Act (12 U.S.C. 1787(b)(15)(D)) is 
     amended--
       (1) by striking ``After the end of the 6-year period'' and 
     inserting the following:
       ``(i) In general.--Except as provided in clause (ii), after 
     the end of the 6-year period''; and
       (2) by adding at the end the following:
       ``(ii) Old records.--Notwithstanding clause (i) the Board 
     may destroy records of an insured credit union which are at 
     least 10 years old as of the date on which the Board is 
     appointed as liquidating agent of such credit union in 
     accordance with clause (i) at any time after such appointment 
     is final, without regard to the 6-year period of limitation 
     contained in clause (i).''.

     SEC. 723. PRESERVATION OF RECORDS.

       (a) Insured Depository Institutions.--Section 10(f) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1820(f)) is amended 
     to read as follows:
       ``(f) Preservation of Agency Records.--
       ``(1) In general.--A Federal banking agency may cause any 
     and all records, papers, or documents kept by the agency or 
     in the possession or custody of the agency to be--
       ``(A) photographed or microphotographed or otherwise 
     reproduced upon film; or
       ``(B) preserved in any electronic medium or format which is 
     capable of--
       ``(i) being read or scanned by computer; and
       ``(ii) being reproduced from such electronic medium or 
     format by printing any other form of reproduction of 
     electronically stored data.
       ``(2) Treatment as original records.--Any photographs, 
     microphotographs, or photographic film or copies thereof 
     described in paragraph (1)(A) or reproduction of 
     electronically stored data described in paragraph (1)(B) 
     shall be deemed to be an original record for all purposes, 
     including introduction in evidence in all State and Federal 
     courts or administrative agencies, and shall be admissible to 
     prove any act, transaction, occurrence, or event therein 
     recorded.
       ``(3) Authority of the federal banking agencies.--Any 
     photographs, microphotographs, or photographic film or copies 
     thereof described in paragraph (1)(A) or reproduction of 
     electronically stored data described in paragraph (1)(B) 
     shall be preserved in such manner as the Federal banking 
     agency shall prescribe, and the original records, papers, or 
     documents may be destroyed or otherwise disposed of as the 
     Federal banking agency may direct.''.
       (b) Insured Credit Unions.--Section 206(s) of the Federal 
     Credit Union Act (12 U.S.C. 1786(s)) is amended by adding at 
     the end the following:
       ``(9) Preservation of records.--
       ``(A) In general.--The Board may cause any and all records, 
     papers, or documents kept by the Administration or in the 
     possession or custody of the Administration to be--
       ``(i) photographed or microphotographed or otherwise 
     reproduced upon film; or
       ``(ii) preserved in any electronic medium or format which 
     is capable of--

       ``(I) being read or scanned by computer; and
       ``(II) being reproduced from such electronic medium or 
     format by printing or any other form of reproduction of 
     electronically stored data.

       ``(B) Treatment as original records.--Any photographs, 
     micrographs, or photographic film or copies thereof described 
     in subparagraph (A)(i) or reproduction of electronically 
     stored data described in subparagraph (A)(ii) shall be deemed 
     to be an original record for all purposes, including 
     introduction in evidence in all State and Federal courts or 
     administrative agencies, and shall be admissible to prove any 
     act, transaction, occurrence, or event therein recorded.
       ``(C) Authority of the administration.--Any photographs, 
     microphotographs, or photographic film or copies thereof 
     described in subparagraph (A)(i) or reproduction of 
     electronically stored data described in subparagraph (A)(ii) 
     shall be preserved in such manner as the Administration shall 
     prescribe, and the original records, papers, or documents may 
     be destroyed or otherwise disposed of as the Administration 
     may direct.''.

     SEC. 724. TECHNICAL AMENDMENTS TO INFORMATION SHARING 
                   PROVISION IN THE FEDERAL DEPOSIT INSURANCE ACT.

       Section 11(t) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(t)) is amended--
       (1) in paragraph (1), by inserting ``, in any capacity,'' 
     after ``A covered agency''; and
       (2) in paragraph (2)(A)--
       (A) in clause (i), by striking ``appropriate'';
       (B) by striking clause (ii); and
       (C) by redesignating clauses (iii) through (vi) as clauses 
     (ii) through (v), respectively.

     SEC. 725. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO 
                   BANKS OPERATING UNDER THE CODE OF LAW FOR THE 
                   DISTRICT OF COLUMBIA.

       (a) Federal Reserve Act.--The Federal Reserve Act (12 
     U.S.C. 221 et seq.) is amended--
       (1) in the second undesignated paragraph of the first 
     section (12 U.S.C. 221), by adding at the end the following: 
     ``For purposes of this Act, a State bank includes any bank 
     which is operating under the Code of Law for the District of 
     Columbia.''; and
       (2) in the first sentence of the first undesignated 
     paragraph of section 9 (12 U.S.C. 321), by striking 
     ``incorporated by special law of any State, or'' and 
     inserting ``incorporated by special law of any State, 
     operating under the Code of Law for the District of Columbia, 
     or''.
       (b) Bank Conservation Act.--Section 202 of the Bank 
     Conservation Act (12 U.S.C. 202) is amended--
       (1) by striking ``means (1) any national'' and inserting 
     ``means any national''; and
       (2) by striking ``, and (2) any bank or trust company 
     located in the District of Columbia and operating under the 
     supervision of the Comptroller of the Currency''.
       (c) Depository Institution Deregulation and Monetary 
     Control Act of 1980.--Part C of title VII of the Depository 
     Institution Deregulation and Monetary Control Act of 1980 (12 
     U.S.C. 216 et seq.) is amended--
       (1) in paragraph (1) of section 731 (12 U.S.C. 216(1)), by 
     striking ``and closed banks in the District of Columbia''; 
     and
       (2) in paragraph (2) of section 732 (12 U.S.C. 216a(2)), by 
     striking ``or closed banks in the District of Columbia''.
       (d) Federal Deposit Insurance Act.--Section 3(a)(2)(B) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1813(a)(2)(B)) 
     is amended by striking ``(except a national bank)''.
       (e) National Bank Consolidation and Merger Act.--Section 
     7(1) of the National Bank Consolidation and Merger Act (12 
     U.S.C. 215b(1)) is amended by striking ``(except a national 
     banking association located in the District of Columbia)''.
       (f) Act of August 17, 1950.--Section 1(a) of the Act 
     entitled ``An Act to provide for the conversion of national 
     banking associations into and their merger or consolidation 
     with State banks, and for other purposes'' and approved 
     August 17, 1950 (12 U.S.C. 214(a)) is amended by striking 
     ``(except a national banking association)''.
       (g) Federal Trade Commission Act.--Section 18(f)(2) of the 
     Federal Trade Commission Act (15 U.S.C. 57a(f)(2)) is 
     amended--
       (1) in subparagraph (A), by striking ``, banks operating 
     under the code of law for the District of Columbia,''; and

[[Page 21675]]

       (2) in subparagraph (B), by striking ``and banks operating 
     under the code of law for the District of Columbia''.

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

       The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is 
     amended as follows:
       (1) In section 101(3), strike ``and'' after the semicolon.
       (2) In section 101(5), strike the terms ``account account'' 
     and ``account accounts'' each place any such term appears and 
     insert ``account''.
       (3) In section 107(5)(E), strike the period at the end and 
     insert a semicolon.
       (4) In each of paragraphs (6) and (7) of section 107, 
     strike the period at the end and insert a semicolon.
       (5) In section 107(7)(D), strike ``the Federal Savings and 
     Loan Insurance Corporation or''.
       (6) In section 107(7)(E), strike ``the Federal Home Loan 
     Bank Board,'' and insert ``the Federal Housing Finance 
     Board,''.
       (7) In section 107(9), strike ``subchapter III'' and insert 
     ``title III''.
       (8) In section 107(13), strike ``and'' after the semicolon 
     at the end.
       (9) In section 109(c)(2)(A)(i), strike ``(12 U.S.C. 
     4703(16))''.
       (10) In section 120(h), strike ``the Act approved July 30, 
     1947 (6 U.S.C., secs. 6-13),'' and insert ``chapter 93 of 
     title 31, United States Code,''.
       (11) In section 201(b)(5), strike ``section 116 of''.
       (12) In section 202(h)(3), strike ``section 207(c)(1)'' and 
     insert ``section 207(k)(1)''.
       (13) In section 204(b), strike ``such others powers'' and 
     insert ``such other powers''.
       (14) In section 206(e)(3)(D), strike ``and'' after the 
     semicolon at the end.
       (15) In section 206(f)(1), strike ``subsection (e)(3)(B)'' 
     and insert ``subsection (e)(3)''.
       (16) In section 206(g)(7)(D), strike ``and subsection 
     (1)''.
       (17) In section 206(t)(2)(B), insert ``regulations'' after 
     ``as defined in''.
       (18) In section 206(t)(2)(C), strike ``material affect'' 
     and insert ``material effect''.
       (19) In section 206(t)(4)(A)(ii)(II), strike ``or'' after 
     the semicolon at the end.
       (20) In section 206A(a)(2)(A), strike ``regulator agency'' 
     and insert ``regulatory agency''.
       (21) In section 207(c)(5)(B)(i)(I), insert ``and'' after 
     the semicolon at the end.
       (22) In the heading for subparagraph (A) of section 
     207(d)(3), strike ``to'' and insert ``with''.
       (23) In section 207(f)(3)(A), strike ``category or 
     claimants'' and insert ``category of claimants''.
       (24) In section 209(a)(8), strike the period at the end and 
     insert a semicolon.
       (25) In section 216(n), insert ``any action'' before ``that 
     is required''.
       (26) In section 304(b)(3), strike ``the affairs or such 
     credit union'' and insert ``the affairs of such credit 
     union''.
       (27) In section 310, strike ``section 102(e)'' and insert 
     ``section 102(d)''.

     SEC. 727. REPEAL OF OBSOLETE PROVISIONS OF THE BANK HOLDING 
                   COMPANY ACT OF 1956.

       (a) In General.--Section 2 of the Bank Holding Company Act 
     of 1956 (12 U.S.C. 1841) is amended--
       (1) in subsection (c)(2), by striking subparagraphs (I) and 
     (J); and
       (2) by striking subsection (m) and inserting the following:
       ``(m) [Repealed]''.
       (b) Technical and Conforming Amendments.--Paragraphs (1) 
     and (2) of section 4(h) of the Bank Holding Company Act of 
     1956 (12 U.S.C. 1843(h)) are each amended by striking ``(G), 
     (H), (I), or (J) of section 2(c)(2)'' and inserting ``(G), or 
     (H) of section 2(c)(2)''.

     SEC. 728. DEVELOPMENT OF MODEL PRIVACY FORM.

       Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803), 
     as amended by section 609, is amended by adding at the end 
     the following:
       ``(e) Model Forms.--
       ``(1) In general.--The agencies referred to in section 
     504(a)(1) shall jointly develop a model form which may be 
     used, at the option of the financial institution, for the 
     provision of disclosures under this section.
       ``(2) Format.--A model form developed under paragraph (1) 
     shall--
       ``(A) be comprehensible to consumers, with a clear format 
     and design;
       ``(B) provide for clear and conspicuous disclosures;
       ``(C) enable consumers easily to identify the sharing 
     practices of a financial institution and to compare privacy 
     practices among financial institutions; and
       ``(D) be succinct, and use an easily readable type font.
       ``(3) Timing.--A model form required to be developed by 
     this subsection shall be issued in proposed form for public 
     comment not later than 180 days after the date of enactment 
     of this subsection.
       ``(4) Safe harbor.--Any financial institution that elects 
     to provide the model form developed by the agencies under 
     this subsection shall be deemed to be in compliance with the 
     disclosures required under this section.''.

       TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

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

       (a) In General.--The Fair Debt Collection Practices Act (15 
     U.S.C. 1692 et seq.) is amended--
       (1) by redesignating section 818 as section 819; and
       (2) by inserting after section 817 the following:

     ``Sec. 818. Exception for certain bad check enforcement 
       programs operated by private entities

       ``(a) In General.--
       ``(1) Treatment of certain private entities.--Subject to 
     paragraph (2), a private entity shall be excluded from the 
     definition of a debt collector, pursuant to the exception 
     provided in section 803(6), with respect to the operation by 
     the entity of a program described in paragraph (2)(A) under a 
     contract described in paragraph (2)(B).
       ``(2) Conditions of applicability.--Paragraph (1) shall 
     apply if--
       ``(A) a State or district attorney establishes, within the 
     jurisdiction of such State or district attorney and with 
     respect to alleged bad check violations that do not involve a 
     check described in subsection (b), a pretrial diversion 
     program for alleged bad check offenders who agree to 
     participate voluntarily in such program to avoid criminal 
     prosecution;
       ``(B) a private entity, that is subject to an 
     administrative support services contract with a State or 
     district attorney and operates under the direction, 
     supervision, and control of such State or district attorney, 
     operates the pretrial diversion program described in 
     subparagraph (A); and
       ``(C) in the course of performing duties delegated to it by 
     a State or district attorney under the contract, the private 
     entity referred to in subparagraph (B)--
       ``(i) complies with the penal laws of the State;
       ``(ii) conforms with the terms of the contract and 
     directives of the State or district attorney;
       ``(iii) does not exercise independent prosecutorial 
     discretion;
       ``(iv) contacts any alleged offender referred to in 
     subparagraph (A) for purposes of participating in a program 
     referred to in such paragraph--

       ``(I) only as a result of any determination by the State or 
     district attorney that probable cause of a bad check 
     violation under State penal law exists, and that contact with 
     the alleged offender for purposes of participation in the 
     program is appropriate; and
       ``(II) the alleged offender has failed to pay the bad check 
     after demand for payment, pursuant to State law, is made for 
     payment of the check amount;

       ``(v) includes as part of an initial written communication 
     with an alleged offender a clear and conspicuous statement 
     that--

       ``(I) the alleged offender may dispute the validity of any 
     alleged bad check violation;
       ``(II) where the alleged offender knows, or has reasonable 
     cause to believe, that the alleged bad check violation is the 
     result of theft or forgery of the check, identity theft, or 
     other fraud that is not the result of the conduct of the 
     alleged offender, the alleged offender may file a crime 
     report with the appropriate law enforcement agency; and
       ``(III) if the alleged offender notifies the private entity 
     or the district attorney in writing, not later than 30 days 
     after being contacted for the first time pursuant to clause 
     (iv), that there is a dispute pursuant to this subsection, 
     before further restitution efforts are pursued, the district 
     attorney or an employee of the district attorney authorized 
     to make such a determination makes a determination that there 
     is probable cause to believe that a crime has been committed; 
     and

       ``(vi) charges only fees in connection with services under 
     the contract that have been authorized by the contract with 
     the State or district attorney.
       ``(b) Certain Checks Excluded.--A check is described in 
     this subsection if the check involves, or is subsequently 
     found to involve--
       ``(1) a postdated check presented in connection with a 
     payday loan, or other similar transaction, where the payee of 
     the check knew that the issuer had insufficient funds at the 
     time the check was made, drawn, or delivered;
       ``(2) a stop payment order where the issuer acted in good 
     faith and with reasonable cause in stopping payment on the 
     check;
       ``(3) a check dishonored because of an adjustment to the 
     issuer's account by the financial institution holding such 
     account without providing notice to the person at the time 
     the check was made, drawn, or delivered;
       ``(4) a check for partial payment of a debt where the payee 
     had previously accepted partial payment for such debt;
       ``(5) a check issued by a person who was not competent, or 
     was not of legal age, to enter into a legal contractual 
     obligation at the time the check was made, drawn, or 
     delivered; or
       ``(6) a check issued to pay an obligation arising from a 
     transaction that was illegal in the jurisdiction of the State 
     or district attorney at the time the check was made, drawn, 
     or delivered.
       ``(c) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       ``(1) State or district attorney.--The term `State or 
     district attorney' means the chief elected or appointed 
     prosecuting attorney in a district, county (as defined in 
     section 2 of title 1, United States Code), municipality, or 
     comparable jurisdiction, including State attorneys general 
     who act as chief elected or appointed prosecuting attorneys 
     in a district, county (as so defined), municipality or 
     comparable jurisdiction, who may be referred to by a variety 
     of titles such as district attorneys, prosecuting attorneys, 
     commonwealth's attorneys, solicitors, county attorneys, and 
     state's attorneys, and who are responsible for the 
     prosecution of State crimes and violations of jurisdiction-
     specific local ordinances.
       ``(2) Check.--The term `check' has the same meaning as in 
     section 3(6) of the Check Clearing for the 21st Century Act.

[[Page 21676]]

       ``(3) Bad check violation.--The term `bad check violation' 
     means a violation of the applicable State criminal law 
     relating to the writing of dishonored checks.''.
       (b) Clerical Amendment.--The table of sections for the Fair 
     Debt Collection Practices Act (15 U.S.C. 1692 et seq.) is 
     amended--
       (1) by redesignating the item relating to section 818 as 
     section 819; and
       (2) by inserting after the item relating to section 817 the 
     following new item:

``818. Exception for certain bad check enforcement programs operated by 
              private entities.''.

     SEC. 802. OTHER AMENDMENTS.

       (a) Legal Pleadings.--Section 809 of the Fair Debt 
     Collection Practices Act (15 U.S.C. 1692g) is amended by 
     adding at the end the following new subsection:
       ``(d) Legal Pleadings.--A communication in the form of a 
     formal pleading in a civil action shall not be treated as an 
     initial communication for purposes of subsection (a).''.
       (b) Notice Provisions.--Section 809 of the Fair Debt 
     Collection Practices Act (15 U.S.C. 1692g) is amended by 
     adding after subsection (d) (as added by subsection (a) of 
     this section) the following new subsection:
       ``(e) Notice Provisions.--The sending or delivery of any 
     form or notice which does not relate to the collection of a 
     debt and is expressly required by the Internal Revenue Code 
     of 1986, title V of Gramm-Leach-Bliley Act, or any provision 
     of Federal or State law relating to notice of data security 
     breach or privacy, or any regulation prescribed under any 
     such provision of law, shall not be treated as an initial 
     communication in connection with debt collection for purposes 
     of this section.''.
       (c) Establishment of Right to Collect Within the First 30 
     Days.--Section 809(b) of the Fair Debt Collection Practices 
     Act (15 U.S.C. 1692g(b)) is amended by adding at the end the 
     following new sentences: ``Collection activities and 
     communications that do not otherwise violate this title may 
     continue during the 30-day period referred to in subsection 
     (a) unless the consumer has notified the debt collector in 
     writing that the debt, or any portion of the debt, is 
     disputed or that the consumer requests the name and address 
     of the original creditor. Any collection activities and 
     communication during the 30-day period may not overshadow or 
     be inconsistent with the disclosure of the consumer's right 
     to dispute the debt or request the name and address of the 
     original creditor.''.

                TITLE IX--CASH MANAGEMENT MODERNIZATION

     SEC. 901. COLLATERAL MODERNIZATION.

       (a) In General.--Section 9301(2) of title 31, United States 
     Code, is amended to read as follows:
       ``(2) `eligible obligation' means any security designated 
     as acceptable in lieu of a surety bond by the Secretary of 
     the Treasury.''.
       (b) Use of Eligible Obligations Instead of Surety Bonds.--
     Section 9303(a)(2) of title 31, United States Code, is 
     amended to read as follows:
       ``(2) as determined by the Secretary of the Treasury, have 
     a market value that is equal to or greater than the amount of 
     the required surety bond; and''.
       (c) Technical Amendments.--Section 9303 of title 31, United 
     States Code, is amended--
       (1) in the section heading, by striking ``Government 
     obligations'' and inserting ``eligible obligations'';
       (2) in subsection (f), by striking ``Government 
     obligations'' and inserting ``eligible obligations'';
       (3) by striking ``a Government obligation'' each place that 
     term appears and inserting ``an eligible obligation''; and
       (4) by striking ``Government obligation'' each place that 
     term appears and inserting ``eligible obligation''.

                      TITLE X--STUDIES AND REPORTS

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

       (a) In General.--The Comptroller General of the United 
     States shall conduct a study on the volume of currency 
     transaction reports filed with the Secretary of the Treasury 
     under section 5313(a) of title 31, United States Code.
       (b) Purpose.--The purpose of the study required under 
     subsection (a) shall be--
       (1) to evaluate, on the basis of actual filing data, 
     patterns of currency transaction reports filed by depository 
     institutions of all sizes and locations; and
       (2) to identify whether and the extent to which the filing 
     rules for currency transaction reports described in section 
     5313(a) of title 31, United States Code--
       (A) are burdensome; and
       (B) can or should be modified to reduce such burdens 
     without harming the usefulness of such filing rules to 
     Federal, State, and local anti-terrorism, law enforcement, 
     and regulatory operations.
       (c) Period Covered.--The study required under subsection 
     (a) shall cover the period beginning at least 3 calendar 
     years prior to the date of enactment of this section.
       (d) Content.--The study required under subsection (a) shall 
     include a detailed evaluation of--
       (1) the extent to which depository institutions are 
     availing themselves of the exemption system for the filing of 
     currency transaction reports set forth in section 103.22(d) 
     of title 31, Code of Federal Regulations, as in effect during 
     the study period (in this section referred to as the 
     ``exemption system''), including specifically, for the study 
     period--
       (A) the number of currency transaction reports filed (out 
     of the total annual numbers) involving companies that are 
     listed on the New York Stock Exchange or the NASDAQ National 
     Market;
       (B) the number of currency transaction reports filed by the 
     100 largest depository institutions in the United States by 
     asset size, and thereafter in tiers of 100, by asset size;
       (C) the number of currency transaction reports filed by the 
     200 smallest depository institutions in the United States, 
     including the number of such currency transaction reports 
     involving companies listed on the New York Stock Exchange or 
     the NASDAQ National Market; and
       (D) the number of currency transaction reports that would 
     have been filed during the filing period if the exemption 
     system had been used by all depository institutions in the 
     United States;
       (2) what types of depository institutions are using the 
     exemption system, and the extent to which such exemption 
     system is used;
       (3) difficulties that limit the willingness or ability of 
     depository institutions to reduce their currency transaction 
     reports reporting burden by making use of the exemption 
     system, including considerations of cost, especially in the 
     case of small depository institutions;
       (4) the extent to which bank examination difficulties have 
     limited the use of the exemption system, especially with 
     respect to--
       (A) the exemption of privately-held companies permitted 
     under such exemption system; and
       (B) whether, on a sample basis, the reaction of bank 
     examiners to implementation of such exemption system is 
     justified or inhibits use of such exemption system without an 
     offsetting compliance benefit;
       (5) ways to improve the use of the exemption system by 
     depository institutions, including making such exemption 
     system mandatory in order to reduce the volume of currency 
     transaction reports unnecessarily filed; and
       (6) the usefulness of currency transaction reports filed to 
     law enforcement agencies, taking into account--
       (A) advances in information technology;
       (B) the impact, including possible loss of investigative 
     data, that various changes in the exemption system would have 
     on the usefulness of such currency transaction reports; and
       (C) changes that could be made to the exemption system 
     without affecting the usefulness of currency transaction 
     reports.
       (e) Assistance.--The Secretary of the Treasury shall 
     provide such information processing and other assistance, 
     including from the Commissioner of the Internal Revenue 
     Service and the Director of the Financial Crimes Enforcement 
     Network, to the Comptroller General in analyzing currency 
     transaction report filings for the study period described in 
     subsection (c), as is necessary to provide the information 
     required by subsection (a).
       (f) Views.--The study required under subsection (a) shall, 
     if appropriate, include a discussion of the views of a 
     representative sample of Federal, State, and local law 
     enforcement and regulatory officials and officials of 
     depository institutions of all sizes.
       (g) Recommendations.--The study required under subsection 
     (a) shall, if appropriate, include recommendations for 
     changes to the exemption system that would reflect a 
     reduction in unnecessary cost to depository institutions, 
     assuming reasonably full implementation of such exemption 
     system, without reducing the usefulness of the currency 
     transaction report filing system to anti-terrorism, law 
     enforcement, and regulatory operations.
       (h) Report.--Not later than 15 months after the date of 
     enactment of this section, the Comptroller General shall 
     submit a report on the study required under subsection (a) to 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives.

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

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study regarding--
       (1) the vast diversity in the size and complexity of 
     institutions in the banking and financial services sector, 
     including the differences in capital, market share, 
     geographical limitations, product offerings, and general 
     activities;
       (2) the differences in powers among the depository 
     institution charters, including--
       (A) identification of the historical trends in the 
     evolution of depository institution charters;
       (B) an analysis of the impact of charter differences to the 
     overall safety and soundness of the banking industry, and the 
     effectiveness of the applicable depository institution 
     regulator; and
       (C) an analysis of the impact that the availability of 
     options for depository institution charters on the 
     development of the banking industry;
       (3) the impact that differences of size and overall 
     complexity among financial institutions makes with respect to 
     regulatory oversight, efficiency, safety and soundness, and 
     charter options for financial institutions; and
       (4) the aggregate cost and breakdown associated with 
     regulatory compliance for banks, savings associations, credit 
     unions, or any other financial institution, including 
     potential disproportionate impact that the cost of compliance 
     may pose on smaller institutions, given the percentage of 
     personnel that the institution must dedicate solely to 
     compliance.
       (b) Considerations.--In conducting the study under 
     subsection (a), the Comptroller General

[[Page 21677]]

     shall consider the efficacy and efficiency of the 
     consolidation of financial regulators, as well as charter 
     simplification and homogenization.
       (c) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit a report to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives on the 
     results of the study required by this section.


              section 702--insured depository institutions

  Mr. SHELBY. Mr. President, I rise to engage the distinguished 
Senators in a colloquy.
  Section 702 of the Financial Services Regulatory Relief Act of 2006 
clarifies that written conditions in applications and written 
agreements with institution-affiliated parties are enforceable in order 
to protect the safety and soundness of insured depository institutions. 
Institution affiliated parties can include bank directors, officers and 
principal shareholders. This provision was included at the request of 
the regulatory agencies, and we have heard some concerns that the 
regulatory agencies may use this language to require personal 
guarantees from bank directors and officers in inappropriate 
circumstances.
  I ask Senator Crapo if he can explain the legislative intent behind 
Section 702?
  Mr. CRAPO. In adopting this provision, it is our intention that the 
regulatory agencies utilize Section 702 with care and precision. 
Specifically, we do not intend that the regulatory agencies use it 
routinely in connection with corporate applications, notices or 
requests to impose financial or other conditions on bank directors or 
officers that contain a personal guarantee against loss by the 
institution. In particular, it is not our intention that the regulatory 
agencies use it routinely to require directors or officers of insured 
depository institutions to enter into capital maintenance agreements 
with the agencies as a condition of granting a charter or providing 
deposit insurance. Nor is it our intention that the regulatory agencies 
use it routinely to require bank directors or officers to maintain the 
capital of a troubled insured depository institution without the 
director's or officer's agreement.
  In utilizing their authority under Section 702 to enforce agreements 
to protect the deposit insurance fund, banking agencies should be 
mindful of the fact that our national banking policies should encourage 
the participation of highly qualified people on the boards of 
depository institutions. Creation of an environment where the threat of 
personal liability may cause bank directors to resign or keep well-
qualified people from becoming directors in the first place would be 
counterproductive. We intend to monitor closely how this provision is 
applied by the regulatory agencies to ensure that such an environment 
does not result.
  Mr. JOHNSON. I thank the Senator for his explanation. I understand 
that the regulatory agencies, specifically the Office of the 
Comptroller of the Currency, the Board of Governors of the Federal 
Reserve System, the Office of Thrift Supervision, and the Federal 
Deposit Insurance Corporation agree with this interpretation as does 
the House of Representatives.
  Mr. CRAPO. That is correct. I ask unanimous consent to have printed 
in the Record a copy of a joint letter from the regulatory agencies 
confirming this.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

         Office of the Comptroller of the Currency, Board of 
           Governors of the Federal Reserve System, Office of 
           Thrift Supervision, Federal Deposit Insurance 
           Corporation,
                                   Washington, DC, August 7, 2006.
     Hon. Mike Crapo,
     U.S. Senate,
     Washington, DC.
       Dear Senator Crapo: This responds to your letter dated July 
     28, 2006, concerning section 702 of S. 2856, ``The Financial 
     Services Regulatory Relief Act of 2006.''
       We agree completely that banking policies should welcome 
     the participation of qualified individuals on the boards of 
     directors of insured depository institutions. We believe that 
     enactment of this section would be fully consistent with that 
     goal and that the provision should be implemented in that 
     spirit, if enacted.
       Section 702 is intended to enable the appropriate Federal 
     banking agency to enforce conditions imposed in writing in 
     connection with any action on an application, notice or other 
     request, and written agreements between a Federal banking 
     agency and a depository institution or an institution-
     affiliated party, in accordance with the terms of the 
     condition or agreement, without the necessity of showing 
     unjust enrichment or reckless disregard for the law, 
     applicable regulations, or prior order of the appropriate 
     Federal banking agency. The language is intended to address 
     the effect of court decisions in a few cases that questioned 
     the authority of the banking agencies to enforce such 
     conditions or agreements without first establishing that the 
     institution-affiliated party was unjustly enriched or engaged 
     in reckless disregard for the law or previous agency orders.
       It is our intention to utilize this provision with care and 
     precision. Specifically, we do not intend to use it routinely 
     in connection with corporate applications, notices or 
     requests to impose financial or other conditions on bank 
     directors or officers that contain a personal guarantee 
     against loss by the institution. In particular, it is not our 
     intention to use it routinely to require directors or 
     officers of insured depository institutions to enter into 
     capital maintenance agreements with the agencies as a 
     condition of granting a charter or providing deposit 
     insurance. Nor is it our intention to use it routinely to 
     require bank directors or officers to maintain the capital of 
     a troubled insured depository institution without the 
     director's or officer's agreement.
       We hope this addresses your concerns.
     Sincerely,
     John C. Dugan,
       Comptroller of the Currency.
     John M. Reich,
       Director, Office of Thrift Supervision.
     Ben S. Bernanke,
       Chairman, Board of Governors of the Federal Reserve System.
     Sheila C. Bair,
       Chairman, Federal Deposit Insurance Corporation.

  Mr. FRIST. Mr. President, I ask unanimous consent that the Senate 
concur in the House amendment, the motion to reconsider be laid upon 
the table, and any statements relating to the bill be printed in the 
Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________