-CITE-
    12 USC CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY
           IMPROVEMENT                                     01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
        CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-MISC1-
    Sec.
    4801.       Incorporated definitions.
    4802.       Administrative consideration of burden with new
                 regulations.
    4803.       Streamlining of regulatory requirements.
    4804.       Elimination of duplicative filings.
    4805.       Call report simplification.
    4805a.      Call report simplification.
    4806.       Regulatory appeals process, ombudsman, and alternative
                 dispute resolution.
    4807.       Time limit on agency consideration of completed
                 applications.
    4808.       Revising regulatory requirements for transfers of all
                 types of assets with recourse.
    4809.       "Plain language" requirement for Federal banking
                 agency rules.
-End-
-CITE-
    12 USC Sec. 4801                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4801. Incorporated definitions
-STATUTE-
      Unless otherwise specifically provided in this chapter, for
    purposes of this chapter -
        (1) the terms "appropriate Federal banking agency", "Federal
      banking agencies", "insured depository institution", and "State
      bank supervisor" have the same meanings as in section 1813 of
      this title; and
        (2) the term "insured credit union" has the same meaning as in
      section 1752 of this title.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 301, Sept. 23, 1994, 108 Stat.
    2214.)
-REFTEXT-
                            REFERENCES IN TEXT
      This chapter, referred to in text, was in original "this title"
    meaning title III of Pub. L. 103-325, Sept. 23, 1994, 108 Stat.
    2214, which enacted this chapter, sections 633 and 2606 of this
    title, and section 5329 of Title 31, Money and Finance, amended
    sections 1, 24, 27, 72, 93, 161, 248, 250, 324, 375a, 375b, 482,
    1462a, 1464, 1468, 1813, 1815, 1817, 1819 to 1821, 1823, 1828,
    1831f, 1831m, 1831p-1, 1831t, 1842, 1843, 1849, 1865, 1953, 2605,
    3201, 3205, 3207, 3351, and 4313 of this title and sections 77c,
    78c, 1667c, and 1681g of Title 15, Commerce and Trade, enacted
    provisions set out as notes under this section, sections 24, 633,
    1468, 1820, 1831p-1, and 1831t of this title, and sections 78c and
    1667c of Title 15, and amended provisions set out as notes under
    sections 1825 and 1828 of this title. For complete classification
    of title III to the Code, see Tables.
-MISC1-
     USE OF SUBORDINATED DEBT TO PROTECT FINANCIAL SYSTEM AND DEPOSIT
                 FUNDS FROM "TOO BIG TO FAIL" INSTITUTIONS
      Pub. L. 106-102, title I, Sec. 108, Nov. 12, 1999, 113 Stat.
    1361, provided that:
      "(a) Study Required. - The Board of Governors of the Federal
    Reserve System and the Secretary of the Treasury shall conduct a
    study of -
        "(1) the feasibility and appropriateness of establishing a
      requirement that, with respect to large insured depository
      institutions and depository institution holding companies the
      failure of which could have serious adverse effects on economic
      conditions or financial stability, such institutions and holding
      companies maintain some portion of their capital in the form of
      subordinated debt in order to bring market forces and market
      discipline to bear on the operation of, and the assessment of the
      viability of, such institutions and companies and reduce the risk
      to economic conditions, financial stability, and any deposit
      insurance fund;
        "(2) if such requirement is feasible and appropriate, the
      appropriate amount or percentage of capital that should be
      subordinated debt consistent with such purposes; and
        "(3) the manner in which any such requirement could be
      incorporated into existing capital standards and other issues
      relating to the transition to such a requirement.
      "(b) Report. - Before the end of the 18-month period beginning on
    the date of the enactment of this Act [Nov. 12, 1999], the Board of
    Governors of the Federal Reserve System and the Secretary of the
    Treasury shall submit a report to the Congress containing the
    findings and conclusions of the Board and the Secretary in
    connection with the study required under subsection (a), together
    with such legislative and administrative proposals as the Board and
    the Secretary may determine to be appropriate.
      "(c) Definitions. - For purposes of subsection (a), the following
    definitions shall apply:
        "(1) Bank holding company. - The term 'bank holding company'
      has the meaning given the term in section 2 of the Bank Holding
      Company Act of 1956 [12 U.S.C. 1841].
        "(2) Insured depository institution. - The term 'insured
      depository institution' has the meaning given the term in section
      3(c) of the Federal Deposit Insurance Act [12 U.S.C. 1813(c)].
        "(3) Subordinated debt. - The term 'subordinated debt' means
      unsecured debt that -
          "(A) has an original weighted average maturity of not less
        than 5 years;
          "(B) is subordinated as to payment of principal and interest
        to all other indebtedness of the bank, including deposits;
          "(C) is not supported by any form of credit enhancement,
        including a guarantee or standby letter of credit; and
          "(D) is not held in whole or in part by any affiliate or
        institution-affiliated party of the insured depository
        institution or bank holding company."
     STUDY AND REPORT ON ADAPTING EXISTING LEGISLATIVE REQUIREMENTS TO
                        ONLINE BANKING AND LENDING
      Pub. L. 106-102, title VII, Sec. 729, Nov. 12, 1999, 113 Stat.
    1476, provided that:
      "(a) Study Required. - The Federal banking agencies shall conduct
    a study of banking regulations regarding the delivery of financial
    services, including those regulations that may assume that there
    will be person-to-person contact during the course of a financial
    services transaction, and report their recommendations on adapting
    those existing requirements to online banking and lending.
      "(b) Report Required. - Before the end of the 2-year period
    beginning on the date of the enactment of this Act [Nov. 12, 1999],
    the Federal banking agencies shall submit a report to the Congress
    on the findings and conclusions of the agencies with respect to the
    study required under subsection (a), together with such
    recommendations for legislative or regulatory action as the
    agencies may determine to be appropriate.
      "(c) Definition. - For purposes of this section, the term
    'Federal banking agencies' means each Federal banking agency (as
    defined in section 3(z) of the Federal Deposit Insurance Act [12
    U.S.C. 1813(z)])."
     TREASURY REPORT ON REDUCED TAXATION AND VIABILITY OF SMALL BANKS
      Pub. L. 105-219, title IV, Sec. 403, Aug. 7, 1998, 112 Stat. 935,
    provided that: "The Secretary [of the Treasury] shall, not later
    than 1 year after the date of enactment of this Act [Aug. 7, 1998],
    submit a report to the Congress containing -
        "(1) recommendations for such legislative and administrative
      action as the Secretary deems appropriate, that would reduce and
      simplify the tax burden for -
          "(A) insured depository institutions having less than
        $1,000,000,000 in assets; and
          "(B) banks having total assets of not less than
        $1,000,000,000 nor more than $10,000,000,000; and
        "(2) any other recommendations that the Secretary deems
      appropriate that would preserve the viability and growth of small
      banking institutions in the United States."
     STUDY AND REPORT ON CAPITAL STANDARDS AND THEIR IMPACT ON ECONOMY
      Section 328 of Pub. L. 103-325 provided that:
      "(a) In General. - The Secretary of the Treasury, in consultation
    with the Federal banking agencies, shall conduct a study of the
    effect that the implementation of risk-based capital standards for
    depository institutions, including the Basle international capital
    standards, is having on -
        "(1) the safety and soundness of insured depository
      institutions;
        "(2) the availability of credit, particularly to individuals
      and small businesses; and
        "(3) economic growth.
      "(b) Report. -
        "(1) In general. - Before the end of the 1-year period
      beginning on the date of enactment of this Act [Sept. 23, 1994],
      the Secretary of the Treasury shall submit a report to the
      Congress on the findings and conclusions of the Secretary with
      respect to the study conducted under subsection (a).
        "(2) Recommendations. - The report shall contain any
      recommendations with respect to capital standards that the
      Secretary of the Treasury may determine to be appropriate."
            STUDY ON IMPACT OF PAYMENT OF INTEREST ON RESERVES
      Section 329 of Pub. L. 103-325 provided that:
      "(a) Federal Reserve Study. - Not later than 180 days after the
    date of enactment of this Act [Sept. 23, 1994], the Board of
    Governors of the Federal Reserve System, in consultation with the
    Federal Deposit Insurance Corporation and the National Credit Union
    Administration Board, shall conduct a study and report to the
    Congress on -
        "(1) the necessity, for monetary policy purposes, of continuing
      to require insured depository institutions to maintain sterile
      reserves;
        "(2) the appropriateness of paying a market rate of interest to
      insured depository institutions on sterile reserves or, in the
      alternative, providing for payment of such interest into the
      appropriate deposit insurance fund;
        "(3) the monetary impact that the failure to pay interest on
      sterile reserves has had on insured depository institutions,
      including an estimate of the total dollar amount of interest and
      the potential income lost by insured depository institutions; and
        "(4) the impact that the failure to pay interest on sterile
      reserves has had on the ability of the banking industry to
      compete with nonbanking providers of financial services and with
      foreign banks.
      "(b) Budgetary Impact Study. - Not later than 180 days after the
    date of enactment of this Act [Sept. 23, 1994], the Director of the
    Office of Management and Budget and the Director of the
    Congressional Budget Office, in consultation with the Committees on
    the Budget of the Senate and the House of Representatives, shall
    jointly conduct a study and report to the Congress on the budgetary
    impact of -
        "(1) paying a market rate of interest to insured depository
      institutions on sterile reserves; and
        "(2) paying such interest into the respective deposit insurance
      funds."
                STUDY AND REPORT ON CONSUMER CREDIT SYSTEM
      Section 330 of Pub. L. 103-325 provided that:
      "(a) Study. - The Secretary of the Treasury, in consultation with
    the Board of Governors of the Federal Reserve System, the
    Administrator of the Small Business Administration, the Secretary
    of Housing and Urban Development, and the other Federal banking
    agencies, shall conduct a study of the process, including any
    Federal laws, by which credit is made available for consumers and
    small businesses in order to identify procedures, including any
    Federal laws, which have the effect of -
        "(1) reducing the amount of credit available for such purposes
      or the number of persons eligible for such credit;
        "(2) increasing the level of consumer inconvenience, cost, and
      time delays in connection with the extension of consumer and
      small business credit without corresponding benefit with respect
      to the protection of consumers or small businesses or the safety
      and soundness of insured depository institutions; and
        "(3) increasing costs and burdens on insured depository
      institutions, insured credit unions, and other lenders without
      corresponding benefit with respect to the protection of consumers
      or small business concerns or to the safety and soundness of
      insured institutions.
      "(b) Report. -
        "(1) In general. - Not later than 1 year after the date of
      enactment of this Act [Sept. 23, 1994], the Secretary of the
      Treasury shall submit a report to the Congress on the findings
      and conclusions of the Secretary with respect to the study
      conducted under subsection (a).
        "(2) Recommendations. - The report required by paragraph (1)
      shall contain any recommendations for administrative action or
      statutory changes that the Secretary of the Treasury may
      determine to be appropriate.
      "(c) Public Participation. - In conducting the study required by
    subsection (a), comments shall be solicited from consumers,
    representatives of consumers, insured depository institutions,
    insured credit unions, other lenders, and other interested
    parties."
                       STUDY ON CHECK-RELATED FRAUD
      Section 333 of Pub. L. 103-325 provided that:
      "(a) Study. - The Board of Governors of the Federal Reserve
    System (hereafter in this section referred to as the 'Board') shall
    conduct a study on the advisability of extending the 1-business-day
    period specified in section 603(b)(1) of the Expedited Funds
    Availability Act [12 U.S.C. 4002(b)(1)], regarding availability of
    funds deposited by local checks, to 2 business days.
      "(b) Considerations. - In conducting the study under subsection
    (a), the Board shall consider -
        "(1) whether there is a pattern of significant increases in
      check-related losses at depository institutions attributable to
      the provisions of the Expedited Funds Availability Act [12 U.S.C.
      4001 et seq.]; and
        "(2) whether extension of the time period referred to in
      subsection (a) is necessary to diminish the volume of any such
      check-related losses.
      "(c) Report to the Congress. - Not later than 2 years after the
    date of enactment of this Act [Sept. 23, 1994], the Board shall
    submit a report to the Congress concerning the results of the study
    conducted under this section and including any recommendations for
    legislative action."
                      FEASIBILITY STUDY OF DATA BANK
      Section 341 of Pub. L. 103-325 provided that:
      "(a) In General. - Not later than 18 months after the date of
    enactment of this Act [Sept. 23, 1994], the Federal Financial
    Institutions Examination Council shall -
        "(1) study the feasibility, including the costs and benefits to
      insured depository institutions, of establishing and maintaining
      a data bank for reports submitted by any depository institution
      to a Federal banking agency; and
        "(2) report the results of such study to the Congress.
      "(b) Additional Factors. - The study required under subsection
    (a) shall consider the feasibility of -
        "(1) permitting depository institutions to file reports
      directly with the data bank; and
        "(2) permitting Federal banking agencies, State bank
      supervisors, and the public to obtain access to any appropriate
      report on file with the data bank which such agency or supervisor
      or the public is otherwise authorized to receive."
                      TIMELY COMPLETION OF CRA REVIEW
      Section 342 of Pub. L. 103-325 provided that: "The comprehensive
    regulatory review of the Community Reinvestment Act of 1977 [12
    U.S.C. 2901 et seq.] that, as of the date of enactment of this Act
    [Sept. 23, 1994], is being conducted by the Federal banking
    agencies, shall be completed at the earliest practicable time."
    WAIVER OF RIGHT OF RESCISSION FOR CERTAIN REFINANCING TRANSACTIONS
      Section 344 of Pub. L. 103-325 provided that: "Not later than 6
    months after the date of enactment of this Act [Sept. 23, 1994],
    the Board of Governors of the Federal Reserve System, in
    consultation with the consumer advisory council to such Board,
    consumers, representatives of consumers, lenders, and other
    interested parties, shall submit recommendations to the Congress
    regarding whether a waiver or modification, at the option of a
    consumer, of the right of rescission under section 125 of the Truth
    in Lending Act [15 U.S.C. 1635] with respect to transactions which
    constitute a refinancing or consolidation (with no new advances) of
    the principal balance then due, and any accrued and unpaid finance
    charges of an existing extension of credit by a different creditor
    secured by an interest in the same property, would benefit
    consumers."
-End-
-CITE-
    12 USC Sec. 4802                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4802. Administrative consideration of burden with new
      regulations
-STATUTE-
    (a) Agency considerations
      In determining the effective date and administrative compliance
    requirements for new regulations that impose additional reporting,
    disclosure, or other requirements on insured depository
    institutions, each Federal banking agency shall consider,
    consistent with the principles of safety and soundness and the
    public interest -
        (1) any administrative burdens that such regulations would
      place on depository institutions, including small depository
      institutions and customers of depository institutions; and
        (2) the benefits of such regulations.
    (b) Adequate transition period for new regulations
      (1) In general
        New regulations and amendments to regulations prescribed by a
      Federal banking agency which impose additional reporting,
      disclosures, or other new requirements on insured depository
      institutions shall take effect on the first day of a calendar
      quarter which begins on or after the date on which the
      regulations are published in final form, unless -
          (A) the agency determines, for good cause published with the
        regulation, that the regulation should become effective before
        such time;
          (B) the regulation is issued by the Board of Governors of the
        Federal Reserve System in connection with the implementation of
        monetary policy; or
          (C) the regulation is required to take effect on a date other
        than the date determined under this paragraph pursuant to any
        other Act of Congress.
      (2) Early compliance
        Any person who is subject to a regulation described in
      paragraph (1) may comply with the regulation before the effective
      date of the regulation.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 302, Sept. 23, 1994, 108 Stat.
    2214.)
-End-
-CITE-
    12 USC Sec. 4803                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4803. Streamlining of regulatory requirements
-STATUTE-
    (a) Review of regulations; regulatory uniformity
      During the 2-year period beginning on September 23, 1994, each
    Federal banking agency shall, consistent with the principles of
    safety and soundness, statutory law and policy, and the public
    interest -
        (1) conduct a review of the regulations and written policies of
      that agency to -
          (A) streamline and modify those regulations and policies in
        order to improve efficiency, reduce unnecessary costs, and
        eliminate unwarranted constraints on credit availability;
          (B) remove inconsistencies and outmoded and duplicative
        requirements; and
          (C) with respect to regulations prescribed pursuant to
        section 1828(o) of this title, consider the impact that such
        standards have on the availability of credit for small
        business, residential, and agricultural purposes, and on low-
        and moderate-income communities;
        (2) review the extent to which existing regulations require
      insured depository institutions and insured credit unions to
      produce unnecessary internal written policies and eliminate such
      requirements, where appropriate;
        (3) work jointly with the other Federal banking agencies to
      make uniform all regulations and guidelines implementing common
      statutory or supervisory policies; and
        (4) submit a joint report to the Congress at the end of such 2-
      year period detailing the progress of the agencies in carrying
      out this subsection.
    (b) Review of disclosures
      The Board of Governors of the Federal Reserve System, in
    consultation with the consumer advisory council to such Board,
    consumers, representatives of consumers, lenders, and other
    interested persons, shall -
        (1) review the regulations and written policies of the Board
      with respect to disclosures pursuant to the Truth in Lending Act
      [15 U.S.C. 1601 et seq.] with regard to variable-rate mortgages
      in order to simplify the disclosures, if necessary, and make the
      disclosures more meaningful and comprehensible to consumers;
        (2) implement any necessary regulatory changes, consistent with
      applicable law; and
        (3) not later than 2 years after completion of the review
      required by paragraph (1), submit a report to the Congress on the
      results of its actions taken in accordance with this subsection
      and any recommended legislative actions.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 303, Sept. 23, 1994, 108 Stat.
    2215; Pub. L. 104-208, div. A, title II, Sec. 2242, Sept. 30, 1996,
    110 Stat. 3009-418.)
-REFTEXT-
                            REFERENCES IN TEXT
      The Truth in Lending Act, referred to in subsec. (b)(1), is title
    I of Pub. L. 90-321, May 29, 1968, 82 Stat. 146, as amended, which
    is classified generally to subchapter I (Sec. 1601 et seq.) of
    chapter 41 of Title 15, Commerce and Trade. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1601 of Title 15 and Tables.
-MISC1-
                                AMENDMENTS
      1996 - Subsec. (a)(2) to (4). Pub. L. 104-208 added par. (2) and
    redesignated former pars. (2) and (3) as (3) and (4), respectively.
         UPDATE ON REVIEW OF REGULATIONS AND PAPERWORK REDUCTIONS
      Pub. L. 105-219, title IV, Sec. 402, Aug. 7, 1998, 112 Stat. 935,
    provided that: "Not later than 1 year after the date of enactment
    of this Act [Aug. 7, 1998], the Federal banking agencies [see 12
    U.S.C. 1813(z)] shall submit a report to the Congress detailing
    their progress in carrying out section 303(a) of the Riegle
    Community Development and Regulatory Improvement Act of 1994 [12
    U.S.C. 4803(a)], since their submission of the report dated
    September 23, 1996, as required by section 303(a)(4) of that Act."
-End-
-CITE-
    12 USC Sec. 4804                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4804. Elimination of duplicative filings
-STATUTE-
      The Federal banking agencies shall work jointly -
        (1) to eliminate, to the extent practicable, duplicative or
      otherwise unnecessary requests for information in connection with
      applications or notices to the agencies; and
        (2) to harmonize, to the extent practicable, any inconsistent
      publication and public notice requirements.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 304, Sept. 23, 1994, 108 Stat.
    2215.)
-End-
-CITE-
    12 USC Sec. 4805                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4805. Call report simplification
-STATUTE-
    (a) Modernization of call report filing and disclosure system
      In order to reduce the administrative requirements pertaining to
    bank reports of condition, savings association financial reports,
    and bank holding company consolidated and parent-only financial
    statements, and to improve the timeliness of such reports and
    statements, the Federal banking agencies shall -
        (1) work jointly to develop a system under which -
          (A) insured depository institutions and their affiliates may
        file such reports and statements electronically; and
          (B) the Federal banking agencies may make such reports and
        statements available to the public electronically; and
        (2) not later than 1 year after September 23, 1994, report to
      the Congress and make recommendations for legislation that would
      enhance efficiency for filers and users of such reports and
      statements.
    (b) Uniform reports and simplification of instructions
      The Federal banking agencies shall, consistent with the
    principles of safety and soundness, work jointly -
        (1) to adopt a single form for the filing of core information
      required to be submitted under Federal law to all such agencies
      in the reports and statements referred to in subsection (a) of
      this section; and
        (2) to simplify instructions accompanying such reports and
      statements and to provide an index to the instructions that is
      adequate to meet the needs of both filers and users.
    (c) Review of call report schedule
      Each Federal banking agency shall -
        (1) review the information required by schedules supplementing
      the core information referred to in subsection (b) of this
      section; and
        (2) eliminate requirements that are not warranted for reasons
      of safety and soundness or other public purposes.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 307, Sept. 23, 1994, 108 Stat.
    2217.)
-COD-
                               CODIFICATION
      Provisions similar to this section are contained in section 4805a
    of this title.
-End-
-CITE-
    12 USC Sec. 4805a                                           01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4805a. Call report simplification
-STATUTE-
    (a) Modernization of call report filing and disclosure system
      In order to reduce the administrative requirements pertaining to
    bank reports of condition, savings association financial reports,
    and bank holding company consolidated and parent-only financial
    statements, and to improve the timeliness of such reports and
    statements, the Federal banking agencies shall -
        (1) work jointly to develop a system under which -
          (A) insured depository institutions and their affiliates may
        file such reports and statements electronically; and
          (B) the Federal banking agencies may make such reports and
        statements available to the public electronically; and
        (2) not later than 1 year after December 27, 2000, report to
      the Congress and make recommendations for legislation that would
      enhance efficiency for filers and users of such reports and
      statements.
    (b) Uniform reports and simplification of instructions
      The Federal banking agencies shall, consistent with the
    principles of safety and soundness, work jointly -
        (1) to adopt a single form for the filing of core information
      required to be submitted under Federal law to all such agencies
      in the reports and statements referred to in subsection (a) of
      this section; and
        (2) to simplify instructions accompanying such reports and
      statements and to provide an index to the instructions that is
      adequate to meet the needs of both filers and users.
    (c) Review of call report schedule
      Each Federal banking agency shall -
        (1) review the information required by schedules supplementing
      the core information referred to in subsection (b) of this
      section; and
        (2) eliminate requirements that are not warranted for reasons
      of safety and soundness or other public purposes.
    (d) Definition
      In this section, the term "Federal banking agency" has the same
    meaning as in section 1813 of this title.
-SOURCE-
    (Pub. L. 106-569, title XII, Sec. 1211, Dec. 27, 2000, 114 Stat.
    3035.)
-COD-
                               CODIFICATION
      Section was enacted as part of the Financial Regulatory Relief
    and Economic Efficiency Act of 2000, and also as part of the
    American Homeownership and Economic Opportunity Act of 2000, and
    not as part of title III of Pub. L. 103-325 which comprises this
    chapter.
      Provisions similar to this section are contained in section 4805
    of this title.
-End-
-CITE-
    12 USC Sec. 4806                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4806. Regulatory appeals process, ombudsman, and alternative
      dispute resolution
-STATUTE-
    (a) In general
      Not later than 180 days after September 23, 1994, each
    appropriate Federal banking agency and the National Credit Union
    Administration Board shall establish an independent intra-agency
    appellate process. The process shall be available to review
    material supervisory determinations made at insured depository
    institutions or at insured credit unions that the agency
    supervises.
    (b) Review process
      In establishing the independent appellate process under
    subsection (a) of this section, each agency shall ensure that -
        (1) any appeal of a material supervisory determination by an
      insured depository institution or insured credit union is heard
      and decided expeditiously; and
        (2) appropriate safeguards exist for protecting the appellant
      from retaliation by agency examiners.
    (c) Comment period
      Not later than 90 days after September 23, 1994, each appropriate
    Federal banking agency and the National Credit Union Administration
    Board shall provide public notice and opportunity for comment on
    proposed guidelines for the establishment of an appellate process
    under this section.
    (d) Agency ombudsman
      (1) Establishment required
        Not later than 180 days after September 23, 1994, each Federal
      banking agency and the National Credit Union Administration Board
      shall appoint an ombudsman.
      (2) Duties of ombudsman
        The ombudsman appointed in accordance with paragraph (1) for
      any agency shall -
          (A) act as a liaison between the agency and any affected
        person with respect to any problem such party may have in
        dealing with the agency resulting from the regulatory
        activities of the agency; and
          (B) assure that safeguards exist to encourage complainants to
        come forward and preserve confidentiality.
    (e) Alternative dispute resolution pilot program
      (1) In general
        Not later than 18 months after September 23, 1994, each Federal
      banking agency and the National Credit Union Administration Board
      shall develop and implement a pilot program for using alternative
      means of dispute resolution of issues in controversy (hereafter
      in this section referred to as the "alternative dispute
      resolution program") that is consistent with the requirements of
      subchapter IV of chapter 5 of title 5 if the parties to the
      dispute, including the agency, agree to such proceeding.
      (2) Standards
        An alternative dispute resolution pilot program developed under
      paragraph (1) shall -
          (A) be fair to all interested parties to a dispute;
          (B) resolve disputes expeditiously; and
          (C) be less costly than traditional means of dispute
        resolution, including litigation.
      (3) Independent evaluation
        Not later than 18 months after the date on which a pilot
      program is implemented under paragraph (1), the Administrative
      Conference of the United States shall submit to the Congress a
      report containing -
          (A) an evaluation of that pilot program;
          (B) the extent to which the pilot programs meet the standards
        established under paragraph (2);
          (C) the extent to which parties to disputes were offered
        alternative means of dispute resolution and the frequency with
        which the parties, including the agencies, accepted or declined
        to use such means; and
          (D) any recommendations of the Conference to improve the
        alternative dispute resolution procedures of the Federal
        banking agencies and the National Credit Union Administration
        Board.
      (4) Implementation of program
        At any time after completion of the evaluation under paragraph
      (3)(A), any Federal banking agency and the National Credit Union
      Administration Board may implement an alternative dispute
      resolution program throughout the agency, taking into account the
      results of that evaluation.
      (5) Coordination with existing agency ADR programs
        (A) Evaluation required
          If any Federal banking agency or the National Credit Union
        Administration maintains an alternative dispute resolution
        program as of September 23, 1994, under any other provision of
        law, the Administrative Conference of the United States shall
        include such program in the evaluation conducted under
        paragraph (3)(A).
        (B) Multiple ADR programs
          No provision of this section shall be construed as precluding
        any Federal banking agency or the National Credit Union
        Administration Board from establishing more than 1 alternative
        means of dispute resolution.
    (f) Definitions
      For purposes of this section, the following definitions shall
    apply:
      (1) Material supervisory determinations
        The term "material supervisory determinations" -
          (A) includes determinations relating to -
            (i) examination ratings;
            (ii) the adequacy of loan loss reserve provisions; and
            (iii) loan classifications on loans that are significant to
          an institution; and
          (B) does not include a determination by a Federal banking
        agency or the National Credit Union Administration Board to
        appoint a conservator or receiver for an insured depository
        institution or a liquidating agent for an insured credit union,
        as the case may be, or a decision to take action pursuant to
        section 1831o of this title or section 1790a of this title, as
        appropriate.
      (2) Independent appellate process
        The term "independent appellate process" means a review by an
      agency official who does not directly or indirectly report to the
      agency official who made the material supervisory determination
      under review.
      (3) Alternative means of dispute resolution
        The term "alternative means of dispute resolution" has the
      meaning given to such term in section 571 of title 5.
      (4) Issues in controversy
        The term "issues in controversy" means -
          (A) any final agency decision involving any claim against an
        insured depository institution or insured credit union for
        which the agency has been appointed conservator or receiver or
        for which a liquidating agent has been appointed, as the case
        may be;
          (B) any final action taken by an agency in the agency's
        capacity as conservator or receiver for an insured depository
        institution or by the liquidating agent appointed for an
        insured credit union; and
          (C) any other issue for which the appropriate Federal banking
        agency or the National Credit Union Administration Board
        determines that alternative means of dispute resolution would
        be appropriate.
    (g) Effect on other authority
      Nothing in this section shall affect the authority of an
    appropriate Federal banking agency or the National Credit Union
    Administration Board to take enforcement or supervisory action.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 309, Sept. 23, 1994, 108 Stat.
    2218.)
-TRANS-
         TERMINATION OF ADMINISTRATIVE CONFERENCE OF UNITED STATES
      For termination of Administrative Conference of United States,
    see provision of title IV of Pub. L. 104-52, set out as a note
    preceding section 591 of Title 5, Government Organization and
    Employees.
-End-
-CITE-
    12 USC Sec. 4807                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4807. Time limit on agency consideration of completed
      applications
-STATUTE-
    (a) In general
      Each Federal banking agency shall take final action on any
    application to the agency before the end of the 1-year period
    beginning on the date on which a completed application is received
    by the agency.
    (b) Waiver by applicant authorized
      Any person submitting an application to a Federal banking agency
    may waive the applicability of subsection (a) of this section with
    respect to such application at any time.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 343, Sept. 23, 1994, 108 Stat.
    2238.)
-End-
-CITE-
    12 USC Sec. 4808                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4808. Revising regulatory requirements for transfers of all
      types of assets with recourse
-STATUTE-
    (a) Review and revision of regulations
      (1) In general
        During the 180-day period beginning on September 23, 1994, each
      appropriate Federal banking agency shall, consistent with the
      principles of safety and soundness and the public interest -
          (A) review the agency's regulations and written policies
        relating to transfers of assets with recourse by insured
        depository institutions; and
          (B) in consultation with the other Federal banking agencies,
        promulgate regulations that better reflect the exposure of an
        insured depository institution to credit risk from transfers of
        assets with recourse.
      (2) Regulations required
        Before the end of the 180-day period beginning on September 23,
      1994, each appropriate Federal banking agency shall prescribe the
      regulations developed pursuant to paragraph (1)(B).
    (b) Regulations required
      (1) In general
        After the end of the 180-day period beginning on September 23,
      1994, the amount of risk-based capital required to be maintained,
      under regulations prescribed by the appropriate Federal banking
      agency, by any insured depository institution with respect to
      assets transferred with recourse by such institution may not
      exceed the maximum amount of recourse for which such institution
      is contractually liable under the recourse agreement.
      (2) Exception for safety and soundness
        The appropriate Federal banking agency may require any insured
      depository institution to maintain risk-based capital in an
      amount greater than the amount determined under paragraph (1), if
      the agency determines, by regulation or order, that such higher
      amount is necessary for safety and soundness reasons.
    (c) Coordination with section 1835(b) of this title
      This section shall not be construed as superseding the
    applicability of section 1835(b) of this title.
    (d) Definitions
      For purposes of this section, the terms "appropriate Federal
    banking agency", "Federal banking agency", and "insured depository
    institution" have the same meanings as in section 1813 of this
    title.
-SOURCE-
    (Pub. L. 103-325, title III, Sec. 350, Sept. 23, 1994, 108 Stat.
    2242.)
-End-
-CITE-
    12 USC Sec. 4809                                            01/03/2007
-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 48 - FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
-HEAD-
    Sec. 4809. "Plain language" requirement for Federal banking agency
      rules
-STATUTE-
    (a) In general
      Each Federal banking agency shall use plain language in all
    proposed and final rulemakings published by the agency in the
    Federal Register after January 1, 2000.
    (b) Report
      Not later than March 1, 2001, each Federal banking agency shall
    submit to the Congress a report that describes how the agency has
    complied with subsection (a) of this section.
    (c) Definition
      For purposes of this section, the term "Federal banking agency"
    has the meaning given that term in section 1813 of this title.
-SOURCE-
    (Pub. L. 106-102, title VII, Sec. 722, Nov. 12, 1999, 113 Stat.
    1471.)
-COD-
                               CODIFICATION
      Section was enacted as part of the Gramm-Leach-Bliley Act, and
    not as part of title III of Pub. L. 103-322 which comprises this
    chapter.
-End-