Depository Institutions Disaster Relief Act of 1997

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1997''.

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

    (a) 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 February 28, 1997, 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 1997 flooding of the Red River and its tributaries, 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 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 subsection (a) 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.
    (c) Time Limit on Exceptions.--Any exception made under this 
section shall expire not later than September 1, 1998.
    (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 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, on or after February 
                28, 1997, 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 1997 flooding of the Red River and its tributaries, 
                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) Time Limit on Exceptions.--Any exception made under this 
section shall expire not later than February 28, 1999.
    (c) Definitions.--For purposes of this section:
            (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.--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 
February 28, 1997, 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 1997 flooding of the Red River and 
its tributaries, 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.
    (d) Expiration.--Any exception made under this section shall expire 
not later than February 28, 1998.

SEC. 5. 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 
1997 flooding of the Red River and its tributaries.

SEC. 6. 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 1997 - 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 with respect to transactions and depository institutions located within national disaster areas produced by the 1997 flooding of the Red River and its tributaries, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public that outweigh possible adverse effects. Authorizes the appropriate Federal banking agency to permit an insured depository institution in such a disaster area, which also meets certain other requirements, to subtract the amount of disaster insurance proceeds or governmental assistance from its total assets when calculating compliance with mandatory leverage limits of the Federal Deposit Insurance Act. Authorizes the Board and other Federal banking agencies to disregard specified rulemaking procedural and publication requirements of Federal law with respect to such depository institutions. Expresses the sense of the Congress that specified Federal regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in areas affected by the 1997 flooding of the Red River and its tributaries.