A bill to facilitate recovery from the recent flooding in Georgia, Alabama, and Florida resulting from Tropical Storm Alberto by providing greater flexibility for depository institutions and their regulators, and for other purposes.

Summary: Directs the Board of Governors of the Federal Reserve System to make exceptions to the Truth in Lending Act and the Expedited Funds Availability Act for a specified time for transactions within an area eligible for disaster relief due to the 1994 flood damage from Tropical Storm Alberto (the Storm) in Georgia, Alabama, and Florida (if it determines that this can alleviate hardships to the public that outweigh possible adverse effects). 
Cites circumstances under which the appropriate Federal banking agency may permit an insured depository institution in the disaster area, in calculating compliance with the leverage limit prescribed by the Federal Deposit Insurance Act, to subtract from its total assets an amount not exceeding the qualifying amount attributable to insurance proceeds. 
Expresses the sense of the Congress that specified Federal banking regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in such disaster areas affected by the Storm.

SECTION 1. DEPOSITORY INSTITUTIONS DISASTER RELIEF.

    (a) Truth in Lending Act; Expedited Funds Availability Act.--
            (1) Truth in lending act.--During the 240-day period 
        beginning on the date of enactment of this Act, the Board of 
        Governors of the Federal Reserve System may make exceptions to 
        the Truth in Lending Act for transactions within an area in 
        which the President, pursuant to section 401 of the Robert T. 
        Stafford Disaster Relief and Emergency Assistance Act, has 
        determined, on or after July 1, 1994, that a major disaster 
        exists, or within an area determined to be eligible for 
        disaster relief under other Federal law by reason of damage 
        related to the 1994 flooding in Georgia, Alabama, and Florida 
        resulting from Tropical Storm Alberto, if the Board determines 
        that the exception can reasonably be expected to alleviate 
        hardships to the public resulting from such disaster that 
        outweigh possible adverse effects.
            (2) Expedited funds availability act.--During the 240-day 
        period beginning on the date of enactment of this Act, the 
        Board of Governors of the Federal Reserve System may make 
        exceptions to the Expedited Funds Availability Act for 
        depository institution offices located within any area referred 
        to in paragraph (1) of this section if the Board determines 
        that the exception can reasonably be expected to alleviate 
        hardships to the public resulting from such disaster that 
        outweigh possible adverse effects.
            (3) Time limit on exceptions.--Any exception made under 
        this subsection shall expire not later than January 1, 1996.
            (4) Publication required.--The Board of Governors of the 
        Federal Reserve System shall publish in the Federal Register a 
        statement that--
                    (A) describes any exception made under this 
                subsection; and
                    (B) explains how the exception can reasonably be 
                expected to produce benefits to the public that 
                outweigh possible adverse effects.
    (b) Deposit of Insurance Proceeds.--
            (1) In general.--The appropriate Federal banking agency 
        may, by order, permit an insured depository institution to 
        subtract from the institution's total assets, in calculating 
        compliance with the leverage limit prescribed under section 38 
        of the Federal Deposit Insurance Act, an amount not exceeding 
        the qualifying amount attributable to insurance proceeds, if 
        the agency determines that--
                    (A) the institution--
                            (i) had its principal place of business 
                        within an area in which the President, pursuant 
                        to section 401 of the Robert T. Stafford 
                        Disaster Relief and Emergency Assistance Act, 
                        has determined, on or after July 1, 1994, that 
                        a major disaster exists, or within an area 
                        determined to be eligible for disaster relief 
                        under other Federal law by reason of damage 
                        related to the 1994 flooding in Georgia, 
                        Alabama, and Florida resulting from Tropical 
                        Storm Alberto, on the day before the date of 
                        any such determination;
                            (ii) derives more than 60 percent of its 
                        total deposits from persons who normally reside 
                        within, or whose principal place of business is 
                        normally within, areas of intense devastation 
                        caused by the major disaster;
                            (iii) was adequately capitalized (as 
                        defined in section 38 of the Federal Deposit 
                        Insurance Act) before the major disaster; and
                            (iv) has an acceptable plan for managing 
                        the increase in its total assets and total 
                        deposits; and
                    (B) the subtraction is consistent with the purpose 
                of section 38 of the Federal Deposit Insurance Act.
            (2) Time limit on exceptions.--Any exception made under 
        this subsection shall expire not later than January 1, 1996.
            (3) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    (A) Appropriate federal banking agency.--The term 
                ``appropriate Federal banking agency'' has the same 
                meaning as in section 3 of the Federal Deposit 
                Insurance Act.
                    (B) Insured depository institution.--The term 
                ``insured depository institution'' has the same meaning 
                as in section 3 of the Federal Deposit Insurance Act.
                    (C) Leverage limit.--The term ``leverage limit'' 
                has the same meaning as in section 38 of the Federal 
                Deposit Insurance Act.
                    (D) Qualifying amount attributable to insurance 
                proceeds.--The term ``qualifying amount attributable to 
                insurance proceeds'' means the amount (if any) by which 
                the institution's total assets exceed the institution's 
                average total assets during the calendar quarter ending 
                before the date of any determination referred to in 
                paragraph (1)(A)(i), because of the deposit of 
                insurance payments or governmental assistance made with 
                respect to damage caused by, or other costs resulting 
                from, the major disaster.
    (c) Banking Agency Publication Requirements.--
            (1) In general.--A qualifying regulatory agency may take 
        any of the following actions with respect to depository 
        institutions or other regulated entities whose principal place 
        of business is within, or with respect to transactions or 
        activities within, an area in which the President, pursuant to 
        section 401 of the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act, has determined, on or after July 1, 
        1994, that a major disaster exists, or within an area 
        determined to be eligible for disaster relief under other 
        Federal law by reason of damage related to the 1994 flooding in 
        Georgia, Alabama, and Florida resulting from Tropical Storm 
        Alberto, if the agency determines that the action would 
        facilitate recovery from the major disaster:
                    (A) Procedure.--Exercising the agency's authority 
                under provisions of law other than this subsection 
                without complying with--
                            (i) any requirement of section 553 of title 
                        5, United States Code; or
                            (ii) any provision of law that requires 
                        notice or opportunity for hearing or sets 
                        maximum or minimum time limits with respect to 
                        agency action.
                    (B) Publication requirements.--Making exceptions, 
                with respect to institutions or other entities for 
                which the agency is the primary Federal regulator, to--
                            (i) any publication requirement with 
                        respect to establishing branches or other 
                        deposit-taking facilities; or
                            (ii) any similar publication requirement.
            (2) Publication required.--A qualifying regulatory agency 
        shall publish in the Federal Register a statement that--
                    (A) describes any action taken under this 
                subsection; and
                    (B) explains the need for the action.
            (3) Qualifying regulatory agency defined.--For purposes of 
        this subsection, the term ``qualifying regulatory agency'' 
        means--
                    (A) the Board of Governors of the Federal Reserve 
                System;
                    (B) the Comptroller of the Currency;
                    (C) the Director of the Office of Thrift 
                Supervision;
                    (D) the Federal Deposit Insurance Corporation;
                    (E) the Financial Institutions Examination Council;
                    (F) the National Credit Union Administration; and
                    (G) with respect to chapter 53 of title 31, United 
                States Code, the Secretary of the Treasury.
            (4) Expiration.--Any exception made under this subsection 
        shall expire not later than January 1, 1996.
    (d) Sense of the Congress.--It is the sense of the Congress that 
the Board of Governors of the Federal Reserve System, the Comptroller 
of the Currency, the Director of the Office of Thrift Supervision, the 
Federal Deposit Insurance Corporation, and the National Credit Union 
Administration should encourage depository institutions to meet the 
financial services needs of their communities and customers located in 
areas affected by the 1994 flooding in Georgia, Alabama, and Florida 
resulting from Tropical Storm Alberto.
    (e) Other Authority Not Affected.--Nothing in this section limits 
the authority of any department or agency under any other provision of 
law.

            Passed the Senate August 25 (legislative day, August 18), 
      1994.

            Attest:

                                                MARTHA S. POPE,

                                                             Secretary.