[House Report 115-577]
[From the U.S. Government Publishing Office]


115th Congress    }                                     {      Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                     {     115-577

======================================================================



 
                  COMMUNITY BANK REPORTING RELIEF ACT

                                _______
                                

 February 23, 2018.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______
                                

       Mr. Hensarling, from the Committee on Financial Services, 
                        submitted the following

                              R E P O R T

                        [To accompany H.R. 4725]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 4725) to amend the Federal Deposit Insurance Act 
to require short form call reports for certain depository 
institutions, having considered the same, report favorably 
thereon without amendment and recommend that the bill do pass.

                          Purpose and Summary

    Introduced by Representative Randy Hultgren on December 21, 
2017, H.R. 4725, the ``Community Bank Reporting Relief Act'' 
amends the Federal Deposit Insurance Act to require the 
appropriate federal banking agencies (the Comptroller of the 
Currency (OCC), Board of Governors of the Federal Reserve 
System (Federal Reserve), or Federal Deposit Insurance 
Corporation (FDIC)) to issue regulations that allow for reduced 
reporting requirements for depository institutions--with less 
than $5 billion in consolidated assets and that meet such other 
criteria as agencies deem appropriate--when they make the first 
and third report of condition for a year.

                  Background and Need for Legislation

    All national banks, state member banks, insured state 
nonmember banks, and savings associations are required--on a 
recurring basis--to file Consolidated Reports of Condition and 
Income, or ``Call Reports,'' with the Federal Financial 
Institutions Examination Council (FFIEC) on the last day of 
each quarter. The FFIEC is a formal interagency body empowered 
to prescribe uniform principles, standards, and report forms 
for federal examination of financial institutions. Banking 
regulators including the OCC, the Federal Reserve, and the FDIC 
are FFIEC member agencies.
    Call reports are a primary source of data for banking 
regulators and the public\1\ related to banks' financial 
conditions. The FFIEC requires banks to report data on various 
aspects of their operations and must use a standard format so 
it can be easily compared to other banks. The Call report 
collects basic financial data of commercial banks in the form 
of a balance sheet, an income statement, and supporting 
schedules. For example, the Report of Condition schedule 
provides details on assets, liabilities, and capital accounts. 
The Report of Income schedule provides details on income and 
expenses. In addition, Call reports are the source of the most 
current statistical data available to the financial regulators 
to identify areas of focus for both on-site examinations and 
off-site monitoring, and are used to calculate deposit 
insurance assessments and semiannual assessment fees.
---------------------------------------------------------------------------
    \1\Call reports can be publicly accessed at https://cdr.ffiec.gov/
public/.
---------------------------------------------------------------------------
    The Call report form contains hundreds of individual items, 
but the specific reporting requirements depend upon the size of 
the financial institution, the nature of its activities, and 
whether it has any foreign offices.
    Smaller financial institutions argue that requirements to 
report hundreds of data points on a semi-annual basis are 
highly burdensome, as the reporting forms themselves contain 
many items that do not apply to smaller institutions. In the 
past year, the federal regulators have shown a willingness to 
streamline Call reports; however some institutions believe that 
the federal regulators need to extend additional regulatory 
relief to small institutions.
    For example, in a June 2017 report issued by the Treasury 
Department pursuant to the President's Executive Order from 
February 3, 2017, entitled, ``A Financial System That Creates 
Economic Opportunities--Banks and Credit Unions,'' which 
informs the Administration's perspective on regulating the 
financial system, the Treasury Department stated:

          Currently, the bank Call Report form is over 80 pages 
        and contains a substantial amount of data fields which 
        are not applicable to community banks and their 
        business model. The regulators have already taken steps 
        to simplify Call Reports for smaller banks (those with 
        under $1 billion in assets), but further changes are 
        needed. Treasury recommends that the regulators 
        continue to streamline current regulatory reporting 
        requirements for all community financial institutions.

                                Hearings

    The Committee on Financial Services held a hearing 
examining matters relating to H.R. 4725 on April 26, 2017 and 
April 28, 2017.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
January 18, 2018 and ordered H.R. 4725 to be reported favorably 
by a recorded vote of 55 yeas to 0 nays (Record vote no. FC-
143), a quorum being present.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. The 
sole recorded vote was on a motion by Chairman Hensarling to 
report the bill favorably to the House without amendment. The 
motion was agreed to by a recorded vote of 55 yeas to 0 nays 
(Record vote no. FC-143), a quorum being present.


                      Committee Oversight Findings

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the findings and recommendations of 
the Committee based on oversight activities under clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
are incorporated in the descriptive portions of this report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee states that H.R. 4725 
would allow a reduced reporting requirement for depository 
institutions meeting certain criteria when making the first and 
third report of condition for a year.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee adopts as its 
own the estimate of new budget authority, entitlement 
authority, or tax expenditures or revenues contained in the 
cost estimate prepared by the Director of the Congressional 
Budget Office pursuant to section 402 of the Congressional 
Budget Act of 1974.

                 Congressional Budget Office Estimates

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:

                                     U.S. Congress,
                               Congressional Budget Office,
                                 Washington, DC, February 13, 2018.
Hon. Jeb Hensarling,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 4725, the 
Community Bank Reporting Relief Act.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Sarah Puro.
            Sincerely,
                                                Keith Hall,
                                                          Director.
    Enclosure.

H.R. 4725--Community Bank Reporting Relief Act

    H.R. 4725 would permit banks and credit unions with assets 
of less than $5 billion to reduce, from quarterly to 
semiannually, the number of times each year they must file 
information about their balance sheets with federal regulators. 
Those institutions account for about 95 percent of financial 
institutions but hold roughly 10 percent of industry assets. 
The bill would require the federal banking regulators to write 
regulations to implement the provision.
    Using information from those regulators, CBO expects that 
the provisions of H.R. 4725 would not significantly affect the 
risk that the affected institutions would fail. As a result, 
CBO estimates that enacting the bill would not significantly 
affect outlays of the Federal Deposit Insurance Corporation 
(FDIC) or the National Credit Union Administration (NCUA), 
which incur costs when banks or credit unions fail. Costs 
incurred by those entities are recorded in the budget as direct 
spending.
    Additional regulations developed under H.R. 4725 could 
impose costs on the FDIC, the NCUA, the Office of the 
Comptroller of the Currency (OCC), and the Federal Reserve. 
However, CBO estimates that the cost to complete the 
regulations would not be significant. Administrative costs 
incurred by the FDIC, the NCUA, and the OCC are recorded in the 
budget as increases in direct spending, but those agencies are 
authorized to collect premiums and fees from insured depository 
institutions to cover administrative expenses. Thus, CBO 
expects that the net effect on direct spending would be 
negligible. Administrative costs to the Federal Reserve are 
reflected in the federal budget as a reduction in remittances 
to the Treasury (which are recorded in the budget as revenues).
    Because enacting H.R. 4725 could affect direct spending and 
revenues, pay-as-you-go procedures apply. However as discussed 
above, any such impacts would not be significant.
    CBO estimates that enacting H.R. 4725 would not increase 
net direct spending or on-budget deficits in any of the four 
consecutive 10-year periods beginning in 2028.
    H.R. 4725 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act.
    The CBO staff contacts for this estimate are Sarah Puro 
(for federal costs) and Nathaniel Frentz (for revenues). The 
estimate was approved by H. Samuel Papenfuss, Deputy Assistant 
Director for Budget Analysis.

                       Federal Mandates Statement

    This information is provided in accordance with section 423 
of the Unfunded Mandates Reform Act of 1995.
    The Committee has determined that the bill does not contain 
Federal mandates on the private sector. The Committee has 
determined that the bill does not impose a Federal 
intergovernmental mandate on State, local, or tribal 
governments.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of the section 
102(b)(3) of the Congressional Accountability Act.

                         Earmark Identification

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill and states that the provisions of 
the bill do not contain any congressional earmarks, limited tax 
benefits, or limited tariff benefits within the meaning of the 
rule.

                    Duplication of Federal Programs

    In compliance with clause 3(c)(5) of rule XIII of the Rules 
of the House of Representatives, the Committee states that no 
provision of the bill establishes or reauthorizes: (1) a 
program of the Federal Government known to be duplicative of 
another Federal program; (2) a program included in any report 
from the Government Accountability Office to Congress pursuant 
to section 21 of Public Law 111-139; or (3) a program related 
to a program identified in the most recent Catalog of Federal 
Domestic Assistance, published pursuant to the Federal Program 
Information Act (Pub. L. No. 95-220, as amended by Pub. L. No. 
98-169).

                   Disclosure of Directed Rulemaking

    Pursuant to section 3(i) of H. Res. 5, (115th Congress), 
the following statement is made concerning directed 
rulemakings: The Committee estimates that the bill requires one 
directed rulemakings within the meaning of such section.
    The rulemaking directs the FDIC, the NCUA, the OCC, and the 
Federal Reserve to issue regulations to reduce, from quarterly 
to semiannually, the number of times each year banks and credit 
unions with assets of less than $5 billion must file 
information about their balance sheets with federal regulators.

             Section-by-Section Analysis of the Legislation


Section 1. Short title

    This section cites H.R. 4725 as the ``Community Bank 
Reporting Relief Act.''

Section 2. Short form call reports

    This section amends the Federal Deposit Insurance Act to 
direct federal banking agencies to issue regulations that allow 
a reduced reporting requirement for depository institutions 
with less than $5,000,000,000 in total consolidated assets, and 
satisfying other criteria the appropriate Federal banking 
agencies determine appropriate.

         Changes in Existing Law Made by the Bill, as Reported

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic and existing law in which no change 
is proposed is shown in roman):

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (new matter is 
printed in italic and existing law in which no change is 
proposed is shown in roman):

                     FEDERAL DEPOSIT INSURANCE ACT




           *       *       *       *       *       *       *
  Sec. 7. (a)(1) Each insured State nonmember bank and each 
foreign bank having an insured branch which is not a Federal 
branch shall make to the Corporation reports of condition which 
shall be in such form and shall contain such information as the 
Board of Directors may require. Such reports shall be made to 
the Corporation on the dates selected as provided in paragraph 
(3) of this subsection and the deposit liabilities shall be 
reported therein in accordance with and pursuant to paragraphs 
(4) and (5) of this subsection. The Board of Directors may call 
for additional reports of condition on dates to be fixed by it 
and may call for such other reports as the Board may from time 
to time require. Any such bank which (A) maintains procedures 
reasonably adapted to avoid any inadvertent error and, 
unintentionally and as a result of such an error, fails to make 
or publish any report required under this paragraph, within the 
period of time specified by the Corporation, or submits or 
publishes any false or misleading report or information, or (B) 
inadvertently transmits or publishes any report which is 
minimally late, shall be subject to a penalty of not more than 
$2,000 for each day during which such failure continues or such 
false or misleading information is not corrected. Such bank 
shall have the burden of proving that an error was inadvertent 
and that a report was inadvertently transmitted or published 
late. Any such bank which fails to make or publish any report 
required under this paragraph, within the period of time 
specified by the Corporation, or submits or publishes any false 
or misleading report or information, in a manner not described 
in the 2nd preceding sentence shall be subject to a penalty of 
not more than $20,000 for each day during which such failure 
continues or such false or misleading information is not 
corrected. Notwithstanding the preceding sentence, if any such 
bank knowingly or with reckless disregard for the accuracy of 
any information or report described in such sentence submits or 
publishes any false or misleading report or information, the 
Corporation may assess a penalty of not more than $1,000,000 or 
1 percent of total assets of such bank, whichever is less, per 
day for each day during which such failure continues or such 
false or misleading information is not corrected. Any penalty 
imposed under any of the 4 preceding sentences shall be 
assessed and collected by the Corporation in the manner 
provided in subparagraphs (E), (F), (G), and (I) of section 
8(i)(2) (for penalties imposed under such section) and any such 
assessment (including the determination of the amount of the 
penalty) shall be subject to the provisions of such section. 
Any such bank against which any penalty is assessed under this 
subsection shall be afforded an agency hearing if such bank 
submits a request for such hearing within 20 days after the 
issuance of the notice of assessment. Section 8(h) shall apply 
to any proceeding under this paragraph.
  (2)(A) The Corporation and, with respect to any State 
depository institution, any appropriate State bank supervisor 
for such institution, shall have access to reports of 
examination made by, and reports of condition made to, the 
Comptroller of the Currency, the Federal Housing Finance 
Agency, any Federal home loan bank, or any Federal Reserve bank 
and to all revisions of reports of condition made to any of 
them, and they shall promptly advise the Corporation of any 
revisons or changes in respect to deposit liabilities made or 
required to be made in any report of condition. The Corporation 
may accept any report made by or to any commission, board, or 
authority having supervision of a depository institution, and 
may furnish to the Comptroller of the Currency, to the Federal 
Housing Finance Agency, to any Federal home loan bank, to any 
Federal Reserve bank, and to any such commission, board, or 
authority, reports of examinations made on behalf of, and 
reports of condition made to, the Corporation.
          (B) Additional reports.--The Board of Directors may 
        from time to time require any insured depository 
        institution to file such additional reports as the 
        Corporation, after consultation with the Comptroller of 
        the Currency and the Board of Governors of the Federal 
        Reserve System, as appropriate, may deem advisable for 
        insurance purposes.
          (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.
  (3) Each insured depository institution shall make to the 
appropriate Federal banking agency 4 reports of condition 
annually upon dates which shall be selected by the Chairman of 
the Board of Directors, the Comptroller of the Currency, and 
the Chairman of the Board of Governors of the Federal Reserve 
System. The dates selected shall be the same for all insured 
depository institutions, except that when any of said reporting 
dates is a nonbusiness day for any depository institution, the 
preceding business day shall be its reporting date. Such 
reports of condition shall be the basis for the certified 
statements to be filed pursuant to subsection (c). The deposit 
liabilities shall be reported in said reports of condition in 
accordance with and pursuant to paragraphs (4) and (5) of this 
subsection, and such other information shall be reported 
therein as may be required by the respective agencies. Each 
said report of condition shall contain a declaration by the 
president, a vice president, the cashier or the treasurer, or 
by any other officer designated by the board of directors or 
trustees of the reporting depository institution to make such 
declaration, that the report is true and correct to the best of 
his knowledge and belief. The correctness of said report of 
conditions shall be attested by the signatures of at least two 
directors or trustees of the reporting depository institution 
other than the officer making such declaration, with a 
declaration that the report has been examined by them and to 
the best of their knowledge and belief is true and correct. At 
the time of making said reports of condition each insured 
depository institution shall furnish to the Corporation a copy 
thereof containing such signed declaration and attestations. 
Nothing herein shall preclude any of the foregoing agencies 
from requiring the banks or savings associations under its 
jurisdiction to make additional reports of condition at any 
time.
  (4) In the reports of condition required to be made by 
paragraph (3) of this subsection, each insured depository 
institution shall report the total amount of the liability of 
the depository institution for deposits in the main office and 
in any branch located in any State of the United States, the 
District of Columbia, any Territory of the United States, 
Puerto Rico, Guam, American Samoa, the Trust Territory of the 
Pacific Islands, or the Virgin Islands, according to the 
definition of the term ``deposit'' in and pursuant to 
subsection (1) of section 3 of this Act, without any deduction 
for indebtedness of depositors or creditors or any deduction 
for cash items in the process of collection drawn on others 
than the reporting depository institution: Provided, That the 
depository institution in reporting such deposits may (i) 
subtract from the deposit balance due to any depository 
institution the deposit balance due from the same depository 
institution (other than trust funds deposited by either 
depository institution) and any cash items in the process of 
collection due from or due to such depository institutions 
shall be included in determining such net balance, except that 
balances of time deposits of any depository institution and any 
balances standing to the credit of private depository 
institutions, of depository institutions in foreign countries, 
of foreign branches of other American depository institutions, 
and of American branches of foreign banks shall be reported 
gross without any such subtraction, and (ii) exclude any 
deposits received in any office of the depository institution 
for deposit in any other office of the depository institution: 
And provided further, That outstanding drafts (including 
advices and authorizations to charge depository institution's 
balance in another depository institution) drawn in the regular 
course of business by the reporting depository institution on 
depository institutions need not be reported as deposit 
liabilities. The amount of trust funds held in the depository 
institution's own trust department, which the reporting 
depository institution keeps segregated and apart from its 
general assets and does not use in the conduct of its business, 
shall not be included in the total deposits in such reports, 
but shall be separately stated in such reports. Deposits which 
are accumulated for the payment of personal loans and are 
assigned or pledged to assure payment of loans at maturity 
shall not be included in the total deposits in such reports, 
but shall be deducted from the loans for which such deposits 
are assigned or pledged to assure repayment.
  (5) The deposits to be reported on such reports of condition 
shall be segregated between (i) time and savings deposits and 
(ii) demand deposits. For this purpose, the time and savings 
deposits shall consist of time certificates of deposit, time 
deposits-open account and savings deposits; and demand deposits 
shall consist of all deposits other than time and savings 
deposits.
          (6) Lifeline account deposits.--In the reports of 
        condition required to be reported under this 
        subsection, the deposits in lifeline accounts (as 
        defined in section 232(a)(3)(D) of the Bank Enterprise 
        Act of 1991) shall be reported separately.
  (7) The Board of Directors, after consultation with the 
Comptroller of the Currency and the Board of Governors of the 
Federal Reserve System, may by regulation define the terms 
``cash items'' and ``process of collection'', and shall 
classify deposits as ``time,''``savings,'' and ``demand'' 
deposits, for the purposes of this section.
  (8) In respect of any report required or authorized to be 
supplied or published pursuant to this subsection or any other 
provision of law, the Board of Directors or the Comptroller of 
the Currency, as the case may be, may differentiate between 
domestic banks and foreign banks to such extent as, in their 
judgment, may be reasonably required to avoid hardship and can 
be done without substantial compromise of insurance risk or 
supervisory and regulatory effectiveness.
          (9) Data collections.--In addition to or in 
        connection with any other report required under this 
        subsection, the Corporation shall take such action as 
        may be necessary to ensure that--
                  (A) each insured depository institution 
                maintains; and
                  (B) the Corporation receives on a regular 
                basis from such institution,
        information on the total amount of all insured 
        deposits, preferred deposits, and uninsured deposits at 
        the institution. In prescribing reporting and other 
        requirements for the collection of actual and accurate 
        information pursuant to this paragraph, the Corporation 
        shall minimize the regulatory burden imposed upon 
        insured depository institutions that are well 
        capitalized (as defined in section 38) while taking 
        into account the benefit of the information to the 
        Corporation, including the use of the information to 
        enable the Corporation to more accurately determine the 
        total amount of insured deposits in each insured 
        depository institution for purposes of compliance with 
        this Act.
          (10) A Federal banking agency may not, by regulation 
        or otherwise, designate, or require an insured 
        institution or an affiliate to designate, a corporation 
        as highly leveraged or a transaction with a corporation 
        as a highly leveraged transaction solely because such 
        corporation is or has been a debtor or bankrupt under 
        title 11, United States Code, if, after confirmation of 
        a plan of reorganization, such corporation would not 
        otherwise be highly leveraged.
          (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.
          (12) Short form reporting.--
                  (A) In general.--The appropriate Federal 
                banking agencies shall issue regulations that 
                allow for a reduced reporting requirement for a 
                covered depository institution when the 
                institution makes the first and third report of 
                condition for a year, as required under 
                paragraph (3).
                  (B) Definition.--In this paragraph, the term 
                ``covered depository institution'' means an 
                insured depository institution that--
                          (i) has less than $5,000,000,000 in 
                        total consolidated assets; and
                          (ii) satisfies such other criteria as 
                        the appropriate Federal banking 
                        agencies determine appropriate.
  (b) Assessments.--
          (1) Risk-based assessment system.--
                  (A) Risk-based assessment system required.--
                The Board of Directors shall, by regulation, 
                establish a risk-based assessment system for 
                insured depository institutions.
                  (B) Private reinsurance authorized.--In 
                carrying out this paragraph, the Corporation 
                may--
                          (i) obtain private reinsurance 
                        covering not more than 10 percent of 
                        any loss the Corporation incurs with 
                        respect to an insured depository 
                        institution; and
                          (ii) base that institution's 
                        assessment (in whole or in part) on the 
                        cost of the reinsurance.
                  (C) Risk-based assessment system defined.--
                For purposes of this paragraph, the term 
                ``risk-based assessment system'' means a system 
                for calculating a depository institution's 
                assessment based on--
                          (i) the probability that the Deposit 
                        Insurance Fund will incur a loss with 
                        respect to the institution, taking into 
                        consideration the risks attributable 
                        to--
                                  (I) different categories and 
                                concentrations of assets;
                                  (II) different categories and 
                                concentrations of liabilities, 
                                both insured and uninsured, 
                                contingent and noncontingent; 
                                and
                                  (III) any other factors the 
                                Corporation determines are 
                                relevant to assessing such 
                                probability;
                          (ii) the likely amount of any such 
                        loss; and
                          (iii) the revenue needs of the 
                        Deposit Insurance Fund.
                  (D) Separate assessment systems.--The Board 
                of Directors may establish separate risk-based 
                assessment systems for large and small members 
                of the Deposit Insurance Fund.
                  (E) Information concerning risk of loss and 
                economic conditions.--
                          (i) Sources of information.--For 
                        purposes of determining risk of losses 
                        at insured depository institutions and 
                        economic conditions generally affecting 
                        depository institutions, the 
                        Corporation shall collect information, 
                        as appropriate, from all sources the 
                        Board of Directors considers 
                        appropriate, including reports of 
                        condition, inspection reports, and 
                        other information from all Federal 
                        banking agencies, any information 
                        available from State bank supervisors, 
                        State insurance and securities 
                        regulators, the Securities and Exchange 
                        Commission (including information 
                        described in section 35), the Secretary 
                        of the Treasury, the Commodity Futures 
                        Trading Commission, the Farm Credit 
                        Administration, the Federal Trade 
                        Commission, any Federal reserve bank or 
                        Federal home loan bank, and other 
                        regulators of financial institutions, 
                        and any information available from 
                        private economic, credit, or business 
                        analysts.
                          (ii) Consultation with federal 
                        banking agencies.--
                                  (I) In general.--Except as 
                                provided in subclause (II), in 
                                assessing the risk of loss to 
                                the Deposit Insurance Fund with 
                                respect to any insured 
                                depository institution, the 
                                Corporation shall consult with 
                                the appropriate Federal banking 
                                agency of such institution.
                                  (II) Treatment on aggregate 
                                basis.--In the case of insured 
                                depository institutions that 
                                are well capitalized (as 
                                defined in section 38) and, in 
                                the most recent examination, 
                                were found to be well managed, 
                                the consultation under 
                                subclause (I) concerning the 
                                assessment of the risk of loss 
                                posed by such institutions may 
                                be made on an aggregate basis.
                          (iii) Rule of construction.--No 
                        provision of this paragraph shall be 
                        construed as providing any new 
                        authority for the Corporation to 
                        require submission of information by 
                        insured depository institutions to the 
                        Corporation.
                  (F) Modifications to the risk-based 
                assessment system allowed only after notice and 
                comment.--In revising or modifying the risk-
                based assessment system at any time after the 
                date of the enactment of the Federal Deposit 
                Insurance Reform Act of 2005, the Board of 
                Directors may implement such revisions or 
                modification in final form only after notice 
                and opportunity for comment.
          (2) Setting assessments.--
                  (A) In general.--The Board of Directors shall 
                set assessments for insured depository 
                institutions in such amounts as the Board of 
                Directors may determine to be necessary or 
                appropriate, subject to subparagraph (D).
                  (B) Factors to be considered.--In setting 
                assessments under subparagraph (A), the Board 
                of Directors shall consider the following 
                factors:
                          (i) The estimated operating expenses 
                        of the Deposit Insurance Fund.
                          (ii) The estimated case resolution 
                        expenses and income of the Deposit 
                        Insurance Fund.
                          (iii) The projected effects of the 
                        payment of assessments on the capital 
                        and earnings of insured depository 
                        institutions.
                          (iv) The risk factors and other 
                        factors taken into account pursuant to 
                        paragraph (1) under the risk-based 
                        assessment system, including the 
                        requirement under such paragraph to 
                        maintain a risk-based system.
                          (v) Any other factors the Board of 
                        Directors may determine to be 
                        appropriate.
                  (D) Notice of assessments.--The Corporation 
                shall notify each insured depository 
                institution of that institution's assessment.
                  (E) Bank enterprise act requirement.--The 
                Corporation shall design the risk-based 
                assessment system so that, insofar as the 
                system bases assessments, directly or 
                indirectly, on deposits, the portion of the 
                deposits of any insured depository institution 
                which are attributable to lifeline accounts 
                established in accordance with the Bank 
                Enterprise Act of 1991 shall be subject to 
                assessment at a rate determined in accordance 
                with such Act.
          (3) Designated reserve ratio.--
                  (A) Establishment.--
                          (i) In general.--Before the beginning 
                        of each calendar year, the Board of 
                        Directors shall designate the reserve 
                        ratio applicable with respect to the 
                        Deposit Insurance Fund and publish the 
                        reserve ratio so designated.
                          (ii) Rulemaking requirement.--Any 
                        change to the designated reserve ratio 
                        shall be made by the Board of Directors 
                        by regulation after notice and 
                        opportunity for comment.
                  (B) Minimum reserve ratio.--The reserve ratio 
                designated by the Board of Directors for any 
                year may not be less than 1.35 percent of 
                estimated insured deposits, or the comparable 
                percentage of the assessment base set forth in 
                paragraph (2)(C).
                  (C) Factors.--In designating a reserve ratio 
                for any year, the Board of Directors shall--
                          (i) take into account the risk of 
                        losses to the Deposit Insurance Fund in 
                        such year and future years, including 
                        historic experience and potential and 
                        estimated losses from insured 
                        depository institutions;
                          (ii) take into account economic 
                        conditions generally affecting insured 
                        depository institutions so as to allow 
                        the designated reserve ratio to 
                        increase during more favorable economic 
                        conditions and to decrease during less 
                        favorable economic conditions, 
                        notwithstanding the increased risks of 
                        loss that may exist during such less 
                        favorable conditions, as determined to 
                        be appropriate by the Board of 
                        Directors;
                          (iii) seek to prevent sharp swings in 
                        the assessment rates for insured 
                        depository institutions; and
                          (iv) take into account such other 
                        factors as the Board of Directors may 
                        determine to be appropriate, consistent 
                        with the requirements of this 
                        subparagraph.
                  (D) Publication of proposed change in 
                ratio.--In soliciting comment on any proposed 
                change in the designated reserve ratio in 
                accordance with subparagraph (A), the Board of 
                Directors shall include in the published 
                proposal a thorough analysis of the data and 
                projections on which the proposal is based.
                  (E) DIF restoration plans.--
                          (i) In general.--Whenever--
                                  (I) the Corporation projects 
                                that the reserve ratio of the 
                                Deposit Insurance Fund will, 
                                within 6 months of such 
                                determination, fall below the 
                                minimum amount specified in 
                                subparagraph (B)(ii) for the 
                                designated reserve ratio; or
                                  (II) the reserve ratio of the 
                                Deposit Insurance Fund actually 
                                falls below the minimum amount 
                                specified in subparagraph 
                                (B)(ii) for the designated 
                                reserve ratio without any 
                                determination under subclause 
                                (I) having been made,
                        the Corporation shall establish and 
                        implement a Deposit Insurance Fund 
                        restoration plan within 90 days that 
                        meets the requirements of clause (ii) 
                        and such other conditions as the 
                        Corporation determines to be 
                        appropriate.
                          (ii) Requirements of restoration 
                        plan.--A Deposit Insurance Fund 
                        restoration plan meets the requirements 
                        of this clause if the plan provides 
                        that the reserve ratio of the Fund will 
                        meet or exceed the minimum amount 
                        specified in subparagraph (B)(ii) for 
                        the designated reserve ratio before the 
                        end of the 8-year period beginning upon 
                        the implementation of the plan (or such 
                        longer period as the Corporation may 
                        determine to be necessary due to 
                        extraordinary circumstances).
                          (iii) Restriction on assessment 
                        credits.--As part of any restoration 
                        plan under this subparagraph, the 
                        Corporation may elect to restrict the 
                        application of assessment credits 
                        provided under subsection (e)(3) for 
                        any period that the plan is in effect.
                          (iv) Limitation on restriction.--
                        Notwithstanding clause (iii), while any 
                        restoration plan under this 
                        subparagraph is in effect, the 
                        Corporation shall apply credits 
                        provided to an insured depository 
                        institution under subsection (e)(3) 
                        against any assessment imposed on the 
                        institution for any assessment period 
                        in an amount equal to the lesser of--
                                  (I) the amount of the 
                                assessment; or
                                  (II) the amount equal to 3 
                                basis points of the 
                                institution's assessment base.
                          (v) Transparency.--Not more than 30 
                        days after the Corporation establishes 
                        and implements a restoration plan under 
                        clause (i), the Corporation shall 
                        publish in the Federal Register a 
                        detailed analysis of the factors 
                        considered and the basis for the 
                        actions taken with regard to the plan.
          (4) Depository institution required to maintain 
        assessment-related records.--Each insured depository 
        institution shall maintain all records that the 
        Corporation may require for verifying the correctness 
        of any assessment on the insured depository institution 
        under this subsection until the later of--
                  (A) the end of the 3-year period beginning on 
                the due date of the assessment; or
                  (B) in the case of a dispute between the 
                insured depository institution and the 
                Corporation with respect to such assessment, 
                the date of a final determination of any such 
                dispute.
          (5) Emergency special assessments.--In addition to 
        the other assessments imposed on insured depository 
        institutions under this subsection, the Corporation may 
        impose 1 or more special assessments on insured 
        depository institutions in an amount determined by the 
        Corporation if the amount of any such assessment is 
        necessary--
                  (A) to provide sufficient assessment income 
                to repay amounts borrowed from the Secretary of 
                the Treasury under section 14(a) in accordance 
                with the repayment schedule in effect under 
                section 14(c) during the period with respect to 
                which such assessment is imposed;
                  (B) to provide sufficient assessment income 
                to repay obligations issued to and other 
                amounts borrowed from insured depository 
                institutions under section 14(d); or
                  (C) for any other purpose that the 
                Corporation may deem necessary.
          (6) Community enterprise credits.--The Corporation 
        shall allow a credit against any semiannual assessment 
        to any insured depository institution which satisfies 
        the requirements of the Community Enterprise Assessment 
        Credit Board under section 233(a)(1) of the Bank 
        Enterprise Act of 1991 in the amount determined by such 
        Board by regulation.
  (c) Certified Statements; Payments.--
          (1) Certified statements required.--
                  (A) In general.--Each insured depository 
                institution shall file with the Corporation a 
                certified statement containing such information 
                as the Corporation may require for determining 
                the institution's assessment.
                  (B) Form of certification.--The certified 
                statement required under subparagraph (A) 
                shall--
                          (i) be in such form and set forth 
                        such supporting information as the 
                        Board of Directors shall prescribe; and
                          (ii) be certified by the president of 
                        the depository institution or any other 
                        officer designated by its board of 
                        directors or trustees that to the best 
                        of his or her knowledge and belief, the 
                        statement is true, correct and 
                        complete, and in accordance with this 
                        Act and regulations issued hereunder.
          (2) Payments required.--
                  (A) In general.--Each insured depository 
                institution shall pay to the Corporation the 
                assessment imposed under subsection (b).
                  (B) Form of payment.--The payments required 
                under subparagraph (A) shall be made in such 
                manner and at such time or times as the Board 
                of Directors shall prescribe by regulation.
          (3) Newly insured institutions.--To facilitate the 
        administration of this section, the Board of Directors 
        may waive the requirements of paragraphs (1) and (2) 
        for the initial assessment period in which a depository 
        institution becomes insured.
          (4) Penalty for failure to make accurate certified 
        statement.--
                  (A) First tier.--Any insured depository 
                institution which--
                          (i) maintains procedures reasonably 
                        adapted to avoid any inadvertent error 
                        and, unintentionally and as a result of 
                        such an error, fails to submit the 
                        certified statement under paragraph (1) 
                        within the period of time required 
                        under paragraph (1) or submits a false 
                        or misleading certified statement; or
                          (ii) submits the statement at a time 
                        which is minimally after the time 
                        required in such paragraph,
                shall be subject to a penalty of not more than 
                $2,000 for each day during which such failure 
                continues or such false and misleading 
                information is not corrected. The institution 
                shall have the burden of proving that an error 
                was inadvertent or that a statement was 
                inadvertently submitted late.
                  (B) Second tier.--Any insured depository 
                institution which fails to submit the certified 
                statement under paragraph (1) within the period 
                of time required under paragraph (1) or submits 
                a false or misleading certified statement in a 
                manner not described in subparagraph (A) shall 
                be subject to a penalty of not more than 
                $20,000 for each day during which such failure 
                continues or such false and misleading 
                information is not corrected.
                  (C) Third tier.--Notwithstanding 
                subparagraphs (A) and (B), if any insured 
                depository institution knowingly or with 
                reckless disregard for the accuracy of any 
                certified statement described in paragraph (1) 
                submits a false or misleading certified 
                statement under paragraph (1), the Corporation 
                may assess a penalty of not more than 
                $1,000,000 or not more than 1 percent of the 
                total assets of the institution, whichever is 
                less, per day for each day during which the 
                failure continues or the false or misleading 
                information in such statement is not corrected.
                  (D) Assessment procedure.--Any penalty 
                imposed under this paragraph shall be assessed 
                and collected by the Corporation in the manner 
                provided in subparagraphs (E), (F), (G), and 
                (I) of section 8(i)(2) (for penalties imposed 
                under such section) and any such assessment 
                (including the determination of the amount of 
                the penalty) shall be subject to the provisions 
                of such section.
                  (E) Hearing.--Any insured depository 
                institution against which any penalty is 
                assessed under this paragraph shall be afforded 
                an agency hearing if the institution submits a 
                request for such hearing within 20 days after 
                the issuance of the notice of the assessment. 
                Section 8(h) shall apply to any proceeding 
                under this subparagraph.
  (d) Corporation Exempt From Apportionment.--Notwithstanding 
any other provision of law, amounts received pursuant to any 
assessment under this section and any other amounts received by 
the Corporation shall not be subject to apportionment for the 
purposes of chapter 15 of title 31, United States Code, or 
under any other authority.
  (e) Refunds, Dividends, and Credits.--
          (1) Refunds of overpayments.--In the case of any 
        payment of an assessment by an insured depository 
        institution in excess of the amount due to the 
        Corporation, the Corporation may--
                  (A) refund the amount of the excess payment 
                to the insured depository institution; or
                  (B) credit such excess amount toward the 
                payment of subsequent assessments until such 
                credit is exhausted.
          (2) Dividends from excess amounts in deposit 
        insurance fund.--
                  (A) Reserve ratio in excess of 1.5 percent of 
                estimated insured deposits.--If, at the end of 
                a calendar year, the reserve ratio of the 
                Deposit Insurance Fund exceeds 1.5 percent of 
                estimated insured deposits, the Corporation 
                shall declare the amount in the Fund in excess 
                of the amount required to maintain the reserve 
                ratio at 1.5 percent of estimated insured 
                deposits, as dividends to be paid to insured 
                depository institutions.
                  (B) Limitation.--The Board of Directors may, 
                in its sole discretion, suspend or limit the 
                declaration of payment of dividends under 
                subparagraph (A).
                  (C) Notice and opportunity for comment.--The 
                Corporation shall prescribe, by regulation, 
                after notice and opportunity for comment, the 
                method for the declaration, calculation, 
                distribution, and payment of dividends under 
                this paragraph
          (3) One-time credit based on total assessment base at 
        year-end 1996.--
                  (A) In general.--Before the end of the 270-
                day period beginning on the date of the 
                enactment of the Federal Deposit Insurance 
                Reform Act of 2005, the Board of Directors 
                shall, by regulation after notice and 
                opportunity for comment, provide for a credit 
                to each eligible insured depository institution 
                (or a successor insured depository 
                institution), based on the assessment base of 
                the institution on December 31, 1996, as 
                compared to the combined aggregate assessment 
                base of all eligible insured depository 
                institutions, taking into account such factors 
                as the Board of Directors may determine to be 
                appropriate.
                  (B) Credit limit.--The aggregate amount of 
                credits available under subparagraph (A) to all 
                eligible insured depository institutions shall 
                equal the amount that the Corporation could 
                collect if the Corporation imposed an 
                assessment of 10.5 basis points on the combined 
                assessment base of the Bank Insurance Fund and 
                the Savings Association Insurance Fund as of 
                December 31, 2001.
                  (C) Eligible insured depository institution 
                defined.--For purposes of this paragraph, the 
                term ``eligible insured depository 
                institution'' means any insured depository 
                institution that--
                          (i) was in existence on December 31, 
                        1996, and paid a deposit insurance 
                        assessment prior to that date; or
                          (ii) is a successor to any insured 
                        depository institution described in 
                        clause (i).
                  (D) Application of credits.--
                          (i) In general.--Subject to clause 
                        (ii), the amount of a credit to any 
                        eligible insured depository institution 
                        under this paragraph shall be applied 
                        by the Corporation, subject to 
                        subsection (b)(3)(E), to the 
                        assessments imposed on such institution 
                        under subsection (b) that become due 
                        for assessment periods beginning after 
                        the effective date of regulations 
                        prescribed under subparagraph (A).
                          (ii) Temporary restriction on use of 
                        credits.--The amount of a credit to any 
                        eligible insured depository institution 
                        under this paragraph may not be applied 
                        to more than 90 percent of the 
                        assessments imposed on such institution 
                        under subsection (b) that become due 
                        for assessment periods beginning in 
                        fiscal years 2008, 2009, and 2010.
                          (iii) Regulations.--The regulations 
                        prescribed under subparagraph (A) shall 
                        establish the qualifications and 
                        procedures governing the application of 
                        assessment credits pursuant to clause 
                        (i).
                  (E) Limitation on amount of credit for 
                certain depository institutions.--In the case 
                of an insured depository institution that 
                exhibits financial, operational, or compliance 
                weaknesses ranging from moderately severe to 
                unsatisfactory, or is not adequately 
                capitalized (as defined in section 38) at the 
                beginning of an assessment period, the amount 
                of any credit allowed under this paragraph 
                against the assessment on that depository 
                institution for such period may not exceed the 
                amount calculated by applying to that 
                depository institution the average assessment 
                rate on all insured depository institutions for 
                such assessment period.
                  (F) Successor defined.--The Corporation shall 
                define the term ``successor'' for purposes of 
                this paragraph, by regulation, and may consider 
                any factors as the Board may deem appropriate.
          (4) Administrative review.--
                  (A) In general.--The regulations prescribed 
                under paragraphs (2) and (3) shall include 
                provisions allowing an insured depository 
                institution a reasonable opportunity to 
                challenge administratively the amount of the 
                credit or dividend determined under paragraph 
                (2) or (3) for such institution.
                  (B) Administrative review.--Any review under 
                subparagraph (A) of any determination of the 
                Corporation under paragraph (2) or (3) shall be 
                final and not subject to judicial review.
  (f) Any insured depository institution which fails to make 
any report of condition under subsection (a) of this section or 
to file any certified statement required to be filed by it in 
connection with determining the amount of any assessment 
payable by the depository institution to the Corporation may be 
compelled to make such report or file such statement by 
mandatory injunction or other appropriate remedy in a suit 
brought for such purpose by the Corporation against the 
depository institution and any officer or officers thereof in 
any court of the United States of competent jurisdiction in the 
District or Territory in which such depository institution is 
located.
  (g) Assessment Actions.--
          (1) In general.--The Corporation, in any court of 
        competent jurisdiction, shall be entitled to recover 
        from any insured depository institution the amount of 
        any unpaid assessment lawfully payable by such insured 
        depository institution.
          (2) Statute of limitations.--The following provisions 
        shall apply to actions relating to assessments, 
        notwithstanding any other provision in Federal law, or 
        the law of any State:
                  (A) Any action by an insured depository 
                institution to recover from the Corporation the 
                overpaid amount of any assessment shall be 
                brought within 3 years after the date the 
                assessment payment was due, subject to the 
                exception in subparagraph (E).
                  (B) Any action by the Corporation to recover 
                from an insured depository institution the 
                underpaid amount of any assessment shall be 
                brought within 3 years after the date the 
                assessment payment was due, subject to the 
                exceptions in subparagraphs (C) and (E).
                  (C) If an insured depository institution has 
                made a false or fraudulent statement with 
                intent to evade any or all of its assessment, 
                the Corporation shall have until 3 years after 
                the date of discovery of the false or 
                fraudulent statement in which to bring an 
                action to recover the underpaid amount.
                  (D) Except as provided in subparagraph (C), 
                assessment deposit information contained in 
                records no longer required to be maintained 
                pursuant to subsection (b)(4) shall be 
                considered conclusive and not subject to 
                change.
                  (E) Any action for the underpaid or overpaid 
                amount of any assessment that became due before 
                the amendment to this subsection under the 
                Federal Deposit Insurance Reform Act of 2005 
                took effect shall be subject to the statute of 
                limitations for assessments in effect at the 
                time the assessment became due.
  (h) Should any national member bank or any insured national 
nonmember bank fail to make any report of condition under 
subsection (a) of this section or to file any certified 
statement required to be filed by such bank under any provision 
of this section, or fail to pay any assessment required to be 
paid by such bank under any provision of this Act, and should 
the bank not correct such failure within thirty days after 
written notice has been given by the Corporation to an officer 
of the bank, citing this subsection, and stating that the bank 
has failed to make any report of condition under subsection (a) 
of this section or to file or pay as required by law, all the 
rights, privileges, and franchises of the bank granted to it 
under the National Bank Act, as amended, the Federal Reserve 
Act, as amended, or this Act, shall be thereby forfeited. 
Whether or not the penalty provided in this subsection has been 
incurred shall be determined and adjudged in the manner 
provided in the sixth paragraph of section 2 of the Federal 
Reserve Act, as amended. The remedies provided in this 
subsection and in the two preceding subsections shall not be 
construed as limiting any other remedies against any insured 
depository institution, but shall be in addition thereto.
  (i) Insurance of Trust Funds.--
          (1) In general.--Trust funds held on deposit by an 
        insured depository institution in a fiduciary capacity 
        as trustee pursuant to any irrevocable trust 
        established pursuant to any statute or written trust 
        agreement shall be insured in an amount not to exceed 
        the standard maximum deposit insurance amount (as 
        determined under section 11(a)(1)) for each trust 
        estate.
          (2) Interbank deposits.--Trust funds described in 
        paragraph (1) which are deposited by the fiduciary 
        depository institution in another insured depository 
        institution shall be similarly insured to the fiduciary 
        depository institution according to the trust estates 
        represented.
          (3) Bank deposit financial assistance program.--
        Notwithstanding paragraph (1), funds deposited by an 
        insured depository institution pursuant to the Bank 
        Deposit Financial Assistance Program of the Department 
        of Energy shall be separately insured in an amount not 
        to exceed the standard maximum deposit insurance amount 
        (as determined under section 11(a)(1)) for each insured 
        depository institution depositing such funds.
          (4) Regulations.--The Board of Directors may 
        prescribe such regulations as may be necessary to 
        clarify the insurance coverage under this subsection 
        and to prescribe the manner of reporting and depositing 
        such trust funds.
  (j)(1) No person, acting directly or indirectly or through or 
in concert with one or more other persons, shall acquire 
control of any insured depository institution through a 
purchase, assignment, transfer, pledge, or other disposition of 
voting stock of such insured depository institution unless the 
appropriate Federal banking agency has been given sixty days' 
prior written notice of such proposed acquisition and within 
that time period the agency has not issued a notice 
disapproving the proposed acquisition or, in the discretion of 
the agency, extending for an additional 30 days the period 
during which such a disapproval may issue.The period for 
disapproval under the preceding sentence may be extended not to 
exceed 2 additional times for not more than 45 days each time 
if--
          (A) the agency determines that any acquiring party 
        has not furnished all the information required under 
        paragraph (6);
          (B) in the agency's judgment, any material 
        information submitted is substantially inaccurate;
          (C) the agency has been unable to complete the 
        investigation of an acquiring party under paragraph 
        (2)(B) because of any delay caused by, or the 
        inadequate cooperation of, such acquiring party; or
          (D) the agency determines that additional time is 
        needed--
                  (i) to investigate and determine that no 
                acquiring party has a record of failing to 
                comply with the requirements of subchapter II 
                of chapter 53 of title 31, United States Code; 
                or
                  (ii) to analyze the safety and soundness of 
                any plans or proposals described in paragraph 
                (6)(E) or the future prospects of the 
                institution.
An acquisition may be made prior to expiration of the 
disapproval period if the agency issues written notice of its 
intent not to disapprove the action.
  (2)(A) Notice to State Agency.--Upon receiving any notice 
under this subsection, the appropriate Federal banking agency 
shall forward a copy thereof to the appropriate State 
depository institution supervisory agency if the depository 
institution the voting shares of which are sought to be 
acquired is a State depository institution, and shall allow 
thirty days within which the views and recommendations of such 
State depository institution supervisory agency may be 
submitted. The appropriate Federal banking agency shall give 
due consideration to the views and recommendations of such 
State agency in determining whether to disapprove any proposed 
acquisition. Notwithstanding the provisions of this paragraph, 
if the appropriate Federal banking agency determines that it 
must act immediately upon any notice of a proposed acquisition 
in order to prevent the probable default of the depository 
institution involved in the proposed acquisition, such Federal 
banking agency may dispense with the requirements of this 
paragraph or, if a copy of the notice is forwarded to the State 
depository institution supervisory agency, such Federal banking 
agency may request that the views and recommendations of such 
State depository institution supervisory agency be submitted 
immediately in any form or by any means acceptable to such 
Federal banking agency.
  (B) Investigation of Principals Required.--Upon receiving any 
notice under this subsection, the appropriate Federal banking 
agency shall--
          (i) conduct an investigation of the competence, 
        experience, integrity, and financial ability of each 
        person named in a notice of a proposed acquisition as a 
        person by whom or for whom such acquisition is to be 
        made; and
          (ii) make an independent determination of the 
        accuracy and completeness of any information described 
        in paragraph (6) with respect to such person.
  (C) Report.--The appropriate Federal banking agency shall 
prepare a written report of any investigation under 
subparagraph (B) which shall contain, at a minimum, a summary 
of the results of such investigation. The agency shall retain 
such written report as a record of the agency.
  (D) Public Comment.--Upon receiving notice of a proposed 
acquisition, the appropriate Federal banking agency shall, 
unless such agency determines that an emergency exists, within 
a reasonable period of time--
          (i) publish the name of the insured depository 
        institution proposed to be acquired and the name of 
        each person identified in such notice as a person by 
        whom or for whom such acquisition is to be made; and
          (ii) solicit public comment on such proposed 
        acquisition, particularly from persons in the 
        geographic area where the bank proposed to be acquired 
        is located, before final consideration of such notice 
        by the agency,
unless the agency determines in writing that such disclosure or 
solicitation would seriously threaten the safety or soundness 
of such bank.
  (3) Within three days after its decision to disapprove any 
proposed acquisition, the appropriate Federal banking agency 
shall notify the acquiring party in writing of the disapproval. 
Such notice shall provide a statement of the basis for the 
disapproval.
  (4) Within ten days of receipt of such notice of disapproval, 
the acquiring party may request an agency hearing on the 
proposed acquisition. In such hearing all issues shall be 
determined on the record pursuant to section 554 of title 5, 
United States Code. The length of the hearing shall be 
determined by the appropriate Federal banking agency. At the 
conclusion thereof, the appropriate Federal banking agency 
shall by order approve or disapprove the proposed acquisition 
on the basis of the record made at such hearing.
  (5) Any person whose proposed acquisition is disapproved 
after agency hearings under this subsection may obtain review 
by the United States court of appeals for the circuit in which 
the home office of the bank to be acquired is located, or the 
United States Court of Appeals for the District of Columbia 
Circuit, by filing a notice of appeal in such court within ten 
days from the date of such order, and simultaneously sending a 
copy of such notice by registered or certified mail to the 
appropriate Federal banking agency. The appropriate Federal 
banking agency shall promptly certify and file in such court 
the record upon which the disapproval was based. The findings 
of the appropriate Federal banking agency shall be set aside if 
found to be arbitrary or capricious or if found to violate 
procedures established by this subsection.
  (6) Except as otherwise provided by regulation of the 
appropriate Federal banking agency, a notice filed pursuant to 
this subsection shall contain the following information:
          (A) The identity, personal history, business 
        background and experience of each person by whom or on 
        whose behalf the acquisition is to be made, including 
        his material business activities and affiliations 
        during the past five years, and a description of any 
        material pending legal or administrative proceedings in 
        which he is a party and any criminal indictment or 
        conviction of such person by a State or Federal court.
          (B) A statement of the assets and liabilities of each 
        person by whom or on whose behalf the acquisition is to 
        be made, as of the end of the fiscal year for each of 
        five fiscal years immediately preceding the date of the 
        notice, together with related statements of income and 
        source and application of funds for each of the fiscal 
        years then concluded, all prepared in accordance with 
        generally accepted accounting principles consistently 
        applied, and an interim statement of the assets and 
        liabilities for each such person, together with related 
        statements of income and source and application of 
        funds, as of a date not more than ninety days prior to 
        the date of the filing of the notice.
          (C) The terms and conditions of the proposed 
        acquisition and the manner in which the acquisition is 
        to be made.
          (D) The identity, source and amount of the funds or 
        other consideration used or to be used in making the 
        acquisition, and if any part of these funds or other 
        consideration has been or is to be borrowed or 
        otherwise obtained for the purpose of making the 
        acquisition, a description of the transaction, the 
        names of the parties, and any arrangements, agreements, 
        or understandings with such persons.
          (E) Any plans or proposals which any acquiring party 
        making the acquisition may have to liquidate the bank, 
        to sell its assets or merge it with any company or to 
        make any other major change in its business or 
        corporate structure or management.
          (F) The identification of any person employed, 
        retained, or to be compensated by the acquiring party, 
        or by any person on his behalf, to make solicitations 
        or recommendations to stockholders for the purpose of 
        assisting in the acquisition, and a brief description 
        of the terms of such employment, retainer, or 
        arrangement for compensation.
          (G) Copies of all invitations or tenders or 
        advertisements making a tender offer to stockholders 
        for purchase of their stock to be used in connection 
        with the proposed acquisition.
          (H) Any additional relevant information in such form 
        as the appropriate Federal banking agency may require 
        by regulation or by specific request in connection with 
        any particular notice.
  (7) The appropriate Federal banking agency may disapprove any 
proposed acquisition if--
          (A) the proposed acquisition of control would result 
        in a monopoly or would be in furtherance of any 
        combination or conspiracy to monopolize or to attempt 
        to monopolize the business of banking in any part of 
        the United States;
          (B) the effect of the proposed acquisition of control 
        in any section of the country may be substantially to 
        lessen competition or to tend to create a monopoly or 
        the proposed acquisition of control would in any other 
        manner be in restraint of trade, and the 
        anticompetitive effects of the proposed acquisition of 
        control are not clearly outweighed in the public 
        interest by the probable effect of the transaction in 
        meeting the convenience and needs of the community to 
        be served;
          (C) either the financial condition of any acquiring 
        person or the future prospects of the institution is 
        such as might jeopardize the financial stability of the 
        bank or prejudice the interests of the depositors of 
        the bank;
          (D) the competence, experience, or integrity of any 
        acquiring person or of any of the proposed management 
        personnel indicates that it would not be in the 
        interest of the depositors of the bank, or in the 
        interest of the public to permit such person to control 
        the bank;
          (E) any acquiring person neglects, fails, or refuses 
        to furnish the appropriate Federal banking agency all 
        the information required by the appropriate Federal 
        banking agency; or
          (F) the appropriate Federal banking agency determines 
        that the proposed transaction would result in an 
        adverse effect on the Deposit Insurance Fund.
  (8) For the purposes of this subsection, the term--
          (A) ``person'' means an individual or a corporation, 
        partnership, trust, association, joint venture, pool, 
        syndicate, sole proprietorship, unincorporated 
        organization, or any other form of entity not 
        specifically listed herein; and
          (B) ``control'' means the power, directly or 
        indirectly, to direct the management or policies of an 
        insured depository institution or to vote 25 per centum 
        or more of any class of voting securities of an insured 
        depository institution.
          (9) Reporting of stock loans.--
                  (A) Report required.--Any foreign bank, or 
                any affiliate thereof, that has credit 
                outstanding to any person or group of persons 
                which is secured, directly or indirectly, by 
                shares of an insured depository institution 
                shall file a consolidated report with the 
                appropriate Federal banking agency for such 
                insured depository institution if the 
                extensions of credit by the foreign bank or any 
                affiliate thereof, in the aggregate, are 
                secured, directly or indirectly, by 25 percent 
                or more of any class of shares of the same 
                insured depository institution.
                  (B) Definitions.--For purposes of this 
                paragraph, the following definitions shall 
                apply:
                          (i) Foreign bank.--The terms 
                        ``foreign bank'' and ``affiliate'' have 
                        the same meanings as in section 1 of 
                        the International Banking Act of 1978.
                          (ii) Credit outstanding.--The term 
                        ``credit outstanding'' includes--
                                  (I) any loan or extension of 
                                credit,
                                  (II) the issuance of a 
                                guarantee, acceptance, or 
                                letter of credit, including an 
                                endorsement or standby letter 
                                of credit, and
                                  (III) any other type of 
                                transaction that extends credit 
                                or financing to the person or 
                                group of persons.
                          (iii) Group of persons.--The term 
                        ``group of persons'' includes any 
                        number of persons that the foreign bank 
                        or any affiliate thereof reasonably 
                        believes--
                                  (I) are acting together, in 
                                concert, or with one another to 
                                acquire or control shares of 
                                the same insured depository 
                                institution, including an 
                                acquisition of shares of the 
                                same insured depository 
                                institution at approximately 
                                the same time under 
                                substantially the same terms; 
                                or
                                  (II) have made, or propose to 
                                make, a joint filing under 
                                section 13 of the Securities 
                                Exchange Act of 1934 regarding 
                                ownership of the shares of the 
                                same insured depository 
                                institution.
                  (C) Inclusion of shares held by the financial 
                institution.--Any shares of the insured 
                depository institution held by the foreign bank 
                or any affiliate thereof as principal shall be 
                included in the calculation of the number of 
                shares in which the foreign bank or any 
                affiliate thereof has a security interest for 
                purposes of subparagraph (A).
                  (D) Report requirements.--
                          (i) Timing of report.--The report 
                        required under this paragraph shall be 
                        a consolidated report on behalf of the 
                        foreign bank and all affiliates 
                        thereof, and shall be filed in writing 
                        within 30 days of the date on which the 
                        foreign bank or affiliate thereof first 
                        believes that the security for any 
                        outstanding credit consists of 25 
                        percent or more of any class of shares 
                        of an insured depository institution.
                          (ii) Content of report.--The report 
                        under this paragraph shall indicate the 
                        number and percentage of shares 
                        securing each applicable extension of 
                        credit, the identity of the borrower, 
                        and the number of shares held as 
                        principal by the foreign bank and any 
                        affiliate thereof.
                          (iii) Copy to other agencies.--A copy 
                        of any report under this paragraph 
                        shall be filed with the appropriate 
                        Federal banking agency for the foreign 
                        bank or any affiliate thereof (if other 
                        than the agency receiving the report 
                        under this paragraph).
                          (iv) Other information.--Each 
                        appropriate Federal banking agency may 
                        require any additional information 
                        necessary to carry out the agency's 
                        supervisory responsibilities.
                  (E) Exceptions.--
                          (i) Exception where information 
                        provided by borrower.--Notwithstanding 
                        subparagraph (A), a foreign bank or any 
                        affiliate thereof shall not be required 
                        to report a transaction under this 
                        paragraph if the person or group of 
                        persons referred to in such 
                        subparagraph has disclosed the amount 
                        borrowed from such foreign bank or any 
                        affiliate thereof and the security 
                        interest of the foreign bank or any 
                        affiliate thereof to the appropriate 
                        Federal banking agency for the insured 
                        depository institution in connection 
                        with a notice filed under this 
                        subsection, an application filed under 
                        the Bank Holding Company Act of 1956, 
                        section 10 of the Home Owners' Loan 
                        Act, or any other application filed 
                        with the appropriate Federal banking 
                        agency for the insured depository 
                        institution as a substitute for a 
                        notice under this subsection, such as 
                        an application for deposit insurance, 
                        membership in the Federal Reserve 
                        System, or a national bank charter.
                          (ii) Exception for shares owned for 
                        more than 1 year.--Notwithstanding 
                        subparagraph (A), a foreign bank and 
                        any affiliate thereof shall not be 
                        required to report a transaction 
                        involving--
                                  (I) a person or group of 
                                persons that has been the owner 
                                or owners of record of the 
                                stock for a period of 1 year or 
                                more; or
                                  (II) stock issued by a newly 
                                chartered bank before the 
                                bank's opening.
  (10) The reports required by paragraph (9) of this subsection 
shall contain such of the information referred to in paragraph 
(6) of this subsection, and such other relevant information, as 
the appropriate Federal banking agency may require by 
regulation or by specific request in connection with any 
particular report.
  (11) The Federal banking agency receiving a notice or report 
filed pursuant to paragraph (1) or (9) shall immediately 
furnish to the other Federal banking agencies a copy of such 
notice or report.
  (12) Whenever such a change in control occurs, each insured 
depository institution shall report promptly to the appropriate 
Federal banking agency any changes or replacement of its chief 
executive officer or of any director occurring in the next 
twelve-month period, including in its report a statement of the 
past and current business and professional affiliations of the 
new chief executive officer or directors.
  (13) The appropriate Federal banking agencies are authorized 
to issue rules and regulations to carry out this subsection.
  (14) Within two years after the effective date of the Change 
in Bank Control Act of 1978, and each year thereafter in each 
appropriate Federal banking agency's annual report to the 
Congress, the appropriate Federal banking agency shall report 
to the Congress the results of the administration of this 
subsection, and make any recommendations as to changes in the 
law which in the opinion of the appropriate Federal banking 
agency would be desirable.
  (15) Investigative and Enforcement Authority.--
          (A) Investigations.--The appropriate Federal banking 
        agency may exercise any authority vested in such agency 
        under section 8(n) in the course of conducting any 
        investigation under paragraph (2)(B) or any other 
        investigation which the agency, in its discretion, 
        determines is necessary to determine whether any person 
        has filed inaccurate, incomplete, or misleading 
        information under this subsection or otherwise is 
        violating, has violated, or is about to violate any 
        provision of this subsection or any regulation 
        prescribed under this subsection.
          (B) Enforcement.--Whenever it appears to the 
        appropriate Federal banking agency that any person is 
        violating, has violated, or is about to violate any 
        provision of this subsection or any regulation 
        prescribed under this subsection, the agency may, in 
        its discretion, apply to the appropriate district court 
        of the United States or the United States court of any 
        territory for--
                  (i) a temporary or permanent injunction or 
                restraining order enjoining such person from 
                violating this subsection or any regulation 
                prescribed under this subsection; or
                  (ii) such other equitable relief as may be 
                necessary to prevent any such violation 
                (including divestiture).
          (C) Jurisdiction.--
                  (i) The district courts of the United States 
                and the United States courts in any territory 
                shall have the same jurisdiction and power in 
                connection with any exercise of any authority 
                by the appropriate Federal banking agency under 
                subparagraph (A) as such courts have under 
                section 8(n).
                  (ii) The district courts of the United States 
                and the United States courts of any territory 
                shall have jurisdiction and power to issue any 
                injunction or restraining order or grant any 
                equitable relief described in subparagraph (B). 
                When appropriate, any injunction, order, or 
                other equitable relief granted under this 
                paragraph shall be granted without requiring 
                the posting of any bond. The resignation, 
                termination of employment or participation, 
                divestiture of control, or separation of or by 
                an institution-affiliated party (including a 
                separation caused by the closing of a 
                depository institution) shall not affect the 
                jurisdiction and authority of the appropriate 
                Federal banking agency to issue any notice and 
                proceed under this subsection against any such 
                party, if such notice is served before the end 
                of the 6-year period beginning on the date such 
                party ceased to be such a party with respect to 
                such depository institution (whether such date 
                occurs before, on, or after the date of the 
                enactment of this sentence).
          (16) Civil money penalty.--
                  (A) First tier.--Any person who violates any 
                provision of this subsection, or any regulation 
                or order issued by the appropriate Federal 
                banking agency under this subsection, shall 
                forfeit and pay a civil penalty of not more 
                than $5,000 for each day during which such 
                violation continues.
                  (B) Second tier.--Notwithstanding 
                subparagraph (A), any person who--
                          (i)(I) commits any violation 
                        described in any clause of subparagraph 
                        (A);
                          (II) recklessly engages in an unsafe 
                        or unsound practice in conducting the 
                        affairs of a depository institution; or
                          (III) breaches any fiduciary duty;
                          (ii) which violation, practice, or 
                        breach--
                                  (I) is part of a pattern of 
                                misconduct;
                                  (II) causes or is likely to 
                                cause more than a minimal loss 
                                to such institution; or
                                  (III) results in pecuniary 
                                gain or other benefit to such 
                                person,
                shall forfeit and pay a civil penalty of not 
                more than $25,000 for each day during which 
                such violation, practice, or breach continues.
                  (C) Third tier.--Notwithstanding 
                subparagraphs (A) and (B), any person who--
                          (i) knowingly--
                                  (I) commits any violation 
                                described in any clause of 
                                subparagraph (A);
                                  (II) engages in any unsafe or 
                                unsound practice in conducting 
                                the affairs of a depository 
                                institution; or
                                  (III) breaches any fiduciary 
                                duty; and
                          (ii) knowingly or recklessly causes a 
                        substantial loss to such institution or 
                        a substantial pecuniary gain or other 
                        benefit to such person by reason of 
                        such violation, practice, or breach,
                shall forfeit and pay a civil penalty in an 
                amount not to exceed the applicable maximum 
                amount determined under subparagraph (D) for 
                each day during which such violation, practice, 
                or breach continues.
                  (D) Maximum amounts of penalties for any 
                violation described in subparagraph (c).--The 
                maximum daily amount of any civil penalty which 
                may be assessed pursuant to subparagraph (C) 
                for any violation, practice, or breach 
                described in such subparagraph is--
                          (i) in the case of any person other 
                        than a depository institution, an 
                        amount to not exceed $1,000,000; and
                          (ii) in the case of a depository 
                        institution, an amount not to exceed 
                        the lesser of--
                                  (I) $1,000,000; or
                                  (II) 1 percent of the total 
                                assets of such institution.
                  (E) Assessment; etc.--Any penalty imposed 
                under subparagraph (A), (B), or (C) shall be 
                assessed and collected by the appropriate 
                Federal banking agency in the manner provided 
                in subparagraphs (E), (F), (G), and (I) of 
                section 8(i)(2) for penalties imposed (under 
                such section) and any such assessment shall be 
                subject to the provisions of such section.
                  (F) Hearing.--The depository institution or 
                other person against whom any penalty is 
                assessed under this paragraph shall be afforded 
                an agency hearing if such institution or other 
                person submits a request for such hearing 
                within 20 days after the issuance of the notice 
                of assessment. Section 8(h) shall apply to any 
                proceeding under this paragraph.
                  (G) Disbursement.--All penalties collected 
                under authority of this paragraph shall be 
                deposited into the Treasury.
          (17) Exceptions.--This subsection shall not apply 
        with respect to a transaction which is subject to--
                  (A) section 3 of the Bank Holding Company Act 
                of 1956;
                  (B) section 18(c) of this Act; or
                  (C) section 10 of the Home Owners' Loan Act.
          (18) Applicability of change in control provisions to 
        other institutions.--For purposes of this subsection, 
        the term ``insured depository institution'' includes--
                  (A) any depository institution holding 
                company; and
                  (B) any other company which controls an 
                insured depository institution and is not a 
                depository institution holding company.
  (k) The appropriate Federal banking agencies are authorized 
to issue rules and regulations, including definitions of terms, 
to require the reporting and public disclosure of information 
by a bank or any executive officer or prinicipal shareholder 
thereof concerning extensions of credit by the bank to any of 
its executive officers or principal shareholders, or the 
related interests of such persons.
  (l) Designation of Fund Membership for Newly Insured 
Depository Institutions; Definitions.--For purposes of this 
section:
          (1) Bank insurance fund.--Any institution which--
                  (A) becomes an insured depository 
                institution; and
                  (B) does not become a Savings Association 
                Insurance Fund member pursuant to paragraph 
                (2),
        shall be a Bank Insurance Fund member.
          (2) Savings association insurance fund.--Any savings 
        association, other than any Federal savings bank 
        chartered pursuant to section 5(o) of the Home Owners' 
        Loan Act, which becomes an insured depository 
        institution shall be a Savings Association Insurance 
        Fund member.
          (3) Transition provision.--
                  (A) Bank insurance fund.--Any depository 
                institution the deposits of which were insured 
                by the Federal Deposit Insurance Corporation on 
                the day before the date of the enactment of the 
                Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989, including--
                          (i) any Federal savings bank 
                        chartered pursuant to section 5(o) of 
                        the Home Owners' Loan Act; and
                          (ii) any cooperative bank,
                shall be a Bank Insurance Fund member as of 
                such date of enactment.
                  (B) Savings association insurance fund.--Any 
                savings association which is an insured 
                depository institution by operation of section 
                4(a)(2) shall be a Savings Association 
                Insurance Fund member as of the date of the 
                enactment of the Financial Institutions Reform, 
                Recovery, and Enforcement Act of 1989.
          (4) Bank insurance fund member.--The term ``Bank 
        Insurance Fund member'' means any depository 
        institution the deposits of which are insured by the 
        Bank Insurance Fund.
          (5) Savings association insurance fund member.--The 
        term ``Savings Association Insurance Fund member'' 
        means any depository institution the deposits of which 
        are insured by the Savings Association Insurance Fund.
          (6) Bank insurance fund reserve ratio.--The term 
        ``Bank Insurance Fund reserve ratio'' means the ratio 
        of the net worth of the Bank Insurance Fund to the 
        value of the aggregate estimated insured deposits held 
        in all Bank Insurance Fund members.
          (7) Savings association insurance fund reserve 
        ratio.--The term ``Savings Association Insurance Fund 
        reserve ratio'' means the ratio of the net worth of the 
        Savings Association Insurance Fund to the value of the 
        aggregate estimated insured deposits held in all 
        Savings Association Insurance Fund members.
  (m) Secondary Reserve Offsets Against Premiums.--
          (1) Offsets in calendar years beginning before 
        1993.--Subject to the maximum amount limitation 
        contained in paragraph (2) and notwithstanding any 
        other provision of law, any insured savings association 
        may offset such association's pro rata share of the 
        statutorily prescribed amount against any premium 
        assessed against such association under subsection (b) 
        of this section for any calendar year beginning before 
        1993.
          (2) Annual maximum amount limitation.--The amount of 
        any offset allowed for any savings association under 
        paragraph (1) for any calendar year beginning before 
        1993 shall not exceed an amount which is equal to 20 
        percent of such association's pro rata share of the 
        statutorily prescribed amount (as computed for such 
        calendar year).
          (3) Offsets in calendar years beginning after 1992.--
        Notwithstanding any other provision of law, a savings 
        association may offset such association's pro rata 
        share of the statutorily prescribed amount against any 
        premium assessed against such association under 
        subsection (b) for any calendar year beginning after 
        1992.
          (4) Transferability.--No right, title, or interest of 
        any insured depository institution in or with respect 
        to its pro rata share of the secondary reserve shall be 
        assignable or transferable whether by operation of law 
        or otherwise, except to the extent that the Corporation 
        may provide for transfer of such pro rata share in 
        cases of merger or consolidation, transfer of bulk 
        assets or assumption of liabilities, and similar 
        transactions, as defined by the Corporation for 
        purposes of this paragraph.
          (5) Pro rata distribution on termination of insured 
        status.--If--
                  (A) the status of any savings association as 
                an insured depository institution is terminated 
                pursuant to any provision of section 8 or the 
                insurance of accounts of any such institution 
                is otherwise terminated;
                  (B) a receiver or other legal custodian is 
                appointed for the purpose of liquidation or 
                winding up the affairs of any savings 
                association; or
                  (C) the Corporation makes a determination 
                that for the purposes of this subsection any 
                savings association has otherwise gone into 
                liquidation,
        the Corporation shall pay in cash to such institution 
        its pro rata share of the secondary reserve, in 
        accordance with such terms and conditions as the 
        Corporation may prescribe, or, at the option of the 
        Corporation, the Corporation may apply the whole or any 
        part of the amount which would otherwise be paid in 
        cash toward the payment of any indebtedness or 
        obligation, whether matured or not, of such institution 
        to the Corporation, existing or arising before such 
        payment in cash. Such payment or such application need 
        not be made to the extent that the provisions of the 
        exception in paragraph (4) are applicable.
          (6) Statutorily prescribed amount defined.--For 
        purposes of this subsection, the term ``statutorily 
        prescribed amount'' means, with respect to any calendar 
        year which ends after the date of the enactment of the 
        Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989--
                  (A) $823,705,000, minus
                  (B) the sum of--
                          (i) the aggregate amount of offsets 
                        made before such date of enactment by 
                        all insured institutions under section 
                        404(e)(2) of the National Housing Act 
                        (as in effect before such date of 
                        enactment); and
                          (ii) the aggregate amount of offsets 
                        made by all savings associations under 
                        this subsection before the beginning of 
                        such calendar year.
          (7) Savings association's pro rata amount.--For 
        purposes of this subsection, any savings association's 
        pro rata share of the statutorily prescribed amount is 
        the percentage which is equal to such association's 
        share of the secondary reserve as determined under 
        section 404(e) of the National Housing Act on the day 
        before the date on which the Federal Savings and Loan 
        Insurance Corporation ceased to recognize the secondary 
        reserve (as such Act was in effect on the day before 
        such date).
          (8) Year of enactment rule.--With respect to the 
        calendar year in which the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 is 
        enacted, the Corporation shall make such adjustments as 
        may be necessary--
                  (A) in the computation of the statutorily 
                prescribed amount which shall be applicable for 
                the remainder of such calendar year after 
                taking into account the aggregate amount of 
                offsets by all insured institutions under 
                section 404(e)(2) of the National Housing Act 
                (as in effect before the date of the enactment 
                of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989) after the 
                beginning of such calendar year and before such 
                date of enactment; and
                  (B) in the computation of the maximum amount 
                of any savings association's offset for such 
                calendar year under paragraph (1) after taking 
                into account--
                          (i) the amount of any offset by such 
                        savings association under section 
                        404(e)(2) of the National Housing Act 
                        (as in effect before such date of 
                        enactment) after the beginning of such 
                        calendar year and before such date of 
                        enactment; and
                          (ii) the change of such association's 
                        premium year from the 1-year period 
                        applicable under section 404(b) of the 
                        National Housing Act (as in effect 
                        before such date of enactment) to a 
                        calendar year basis.
  (n) Collections on Behalf of the Comptroller of the 
Currency.--When requested by the Comptroller of the Currency, 
the Corporation shall collect on behalf of the Comptroller 
assessments on Federal savings associations levied by the 
Comptroller under section 9 of the Home Owners' Loan Act. The 
Corporation shall be reimbursed for its actual costs for the 
collection of such assessments. Any such assessments by the 
Comptroller shall be in addition to any amounts assessed by the 
Corporation.

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