Depository Institutions Disaster Relief Act of 1994

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1994''.

SEC. 2. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT.

    (a) Truth in Lending Act.--During the 180-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 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 earthquakes in 
California, 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.
    (b) Expedited Funds Availability Act.--During the 180-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 subsection (a) of this section if the 
Board determines that the exception can reasonably be expected to 
alleviate hardships to the public resulting from the disaster referred 
to in such subsection that outweigh possible adverse effects.
    (c) Time Limit on Exceptions.--Any exception made under this 
section shall expire not later than the earlier of--
            (1) 1 year after the date of enactment of this Act; or
            (2) 1 year after the date of any determination referred to 
        in subsection (a).
    (d) Publication Required.--The Board of Governors of the Federal 
Reserve System shall publish in the Federal Register a statement that--
            (1) describes any exception made under this section; and
            (2) explains how the exception can reasonably be expected 
        to produce benefits to the public that outweigh possible 
        adverse effects.

SEC. 3. DEPOSIT OF INSURANCE PROCEEDS.

    (a) In General.--The appropriate Federal banking agency may, by 
order, permit an insured depository institution, during the 18-month 
period beginning on the date of enactment of this Act, 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--
            (1) the institution--
                    (A) 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 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 earthquakes in California, 
                on the day before the date of any such determination;
                    (B) 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;
                    (C) was adequately capitalized (as defined in 
                section 38 of the Federal Deposit Insurance Act) before 
                the major disaster; and
                    (D) has an acceptable plan for managing the 
                increase in its total assets and total deposits; and
            (2) the subtraction is consistent with the purpose of 
        section 38 of the Federal Deposit Insurance Act.
    (b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Appropriate federal banking agency.--The term 
        ``appropriate Federal banking agency'' has the same meaning as 
        in section 3 of the Federal Deposit Insurance Act.
            (2) Insured depository institution.--The term ``insured 
        depository institution'' has the same meaning as in section 3 
        of the Federal Deposit Insurance Act.
            (3) Leverage limit.--The term ``leverage limit'' has the 
        same meaning as in section 38 of the Federal Deposit Insurance 
        Act.
            (4) 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 subsection (a)(1)(A), 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.

SEC. 4. BANKING AGENCY PUBLICATION REQUIREMENTS.

    (a) In General.--During the 180-day period beginning on the date of 
enactment of this Act, 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 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 earthquakes in California, if the agency determines that the 
action would facilitate recovery from the major disaster:
            (1) Procedure.--Exercising the agency's authority under 
        provisions of law other than this section without complying 
        with--
                    (A) any requirement of section 553 of title 5, 
                United States Code; or
                    (B) any provision of law that requires notice or 
                opportunity for hearing or sets maximum or minimum time 
                limits with respect to agency action.
            (2) Publication requirements.--Making exceptions, with 
        respect to institutions or other entities for which the agency 
        is the primary Federal regulator, to--
                    (A) any publication requirement with respect to 
                establishing branches or other deposit-taking 
                facilities; or
                    (B) any similar publication requirement.
    (b) Publication Required.--A qualifying regulatory agency shall 
publish in the Federal Register a statement that--
            (1) describes any action taken under this section; and
            (2) explains the need for the action.
    (c) Qualifying Regulatory Agency Defined.--For purposes of this 
section, the term ``qualifying regulatory agency'' means--
            (1) the Board of Governors of the Federal Reserve System;
            (2) the Comptroller of the Currency;
            (3) the Director of the Office of Thrift Supervision;
            (4) the Federal Deposit Insurance Corporation;
            (5) the Financial Institutions Examination Council;
            (6) the National Credit Union Administration; and
            (7) with respect to chapter 53 of title 31, United States 
        Code, the Secretary of the Treasury.

SEC. 5. STUDY; REPORT TO THE CONGRESS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study that--
            (1) examines how the agencies and entities granted 
        authority by the Depository Institutions Disaster Relief Act of 
        1993, and by this Act have exercised such authority;
            (2) evaluates the utility of such Acts in facilitating 
        recovery from disasters consistent with the safety and 
        soundness of depository institutions; and
            (3) contains recommendations with respect to whether the 
        authority granted by this Act should be made permanent.
    (b) Report to the Congress.--Not later than 18 months after the 
date of the enactment of this Act, the Comptroller General of the 
United States shall submit to the Congress a report on the results of 
the study required by subsection (a).

SEC. 6. 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 meet the financial services needs of 
their communities and customers located in areas affected by the 1994 
earthquakes in California.

SEC. 7. OTHER AUTHORITY NOT AFFECTED.

    No provision of this Act shall be construed as limiting the 
authority of any department or agency under any other provision of law.

Summary: Depository Institutions Disaster Relief Act of 1994 - Authorizes 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 transactions within an area determined by the President to be eligible for disaster relief due to the 1994 earthquake damage in California, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweight possible adverse effects. Cites conditions under which: (1) a Federal banking agency may permit an insured depository institution within the earthquake area to subtract from its total assets, for purposes of complying with statutory leverage limits, the qualifying amount attributable to insurance proceeds. And (2) a qualifying regulatory agency may make exceptions to statutory procedural and publication requirements for regulated entities within the earthquake area. Directs the Comptroller General to report to the Congress concerning the effectiveness and possible permanent extension of the authorities granted under this Act. Expresses the sense of the Congress that the Federal regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers within the earthquake areas.