# Omnibus Consolidated Appropriations Act, 1997/Division A/Title II
## TITLE II — ECONOMIC GROWTH AND REGULATORY PAPERWORK REDUCTION
### Sec. 2001. Short Title; Table of Contents; Definitions.

    (a) SHORT TITLE.—
       This title may be cited as the ``Economic Growth and Regulatory Paperwork Reduction Act of 1996´´.
    (b) TABLE OF CONTENTS.—
       The table of contents for this title is as follows:
          Sec. 2001. Short Title; Table of Contents; Definitions.
          Subtitle A — Streamlining the Home Mortgage Lending Process
             Sec. 2101. Simplification and Unification of Disclosures Required Under RESPA and TILA for Mortgage Transactions.
             Sec. 2102. General Eexemption Authority for Loans.
             Sec. 2103. Reductions in Real Estate Settlement Procedures Act of 1974 Regulatory Burdens.
             Sec. 2104. Waiver for Certain Borrowers.
             Sec. 2105. Alternative Disclosures for Adjustable Rate Mortgages.
             Sec. 2106. Restitution for Violations of the Truth in Lending Act.
             Sec. 2107. Limitation on Liability Under the Truth in Lending Act.
          Subtitle B — Streamlining Government Regulation
             Chapter 1 — Eliminating Unnecessary Regulatory Requirements and Procedures
                Sec. 2201. Elimination of Redundant Approval Requirement for Oakar Transactions.
                Sec. 2202. Elimination of duplicative requirements imposed upon bank holding companies.
                Sec. 2203. Elimination of the per branch capital requirement for national banks and State member banks.
                Sec. 2204. Elimination of branch application requirements for automatic teller machines.
                Sec. 2205. Elimination of requirement for approval of investments in bank premises for well capitalized and well managed banks.
                Sec. 2206. Elimination of approval requirement for divestitures.
                Sec. 2207. Streamlined nonbanking acquisitions by well capitalized and well managed banking organizations.
                Sec. 2208. Elimination of unnecessary filing for officer and director appointments.
                Sec. 2209. Amendments to the Depository Institution Management Interlocks Act.
                Sec. 2210. Elimination of recordkeeping and reporting requirements for officers.
                Sec. 2211. Repayment of Treasury loan.
                Sec. 2212. Branch closures.
                Sec. 2213. Foreign banks.
                Sec. 2214. Disposition of foreclosed assets.
                Sec. 2215. Exemption authority for antitying provision.
                Sec. 2216. FDIC approval of new State bank powers.
             Chapter 2 — Eliminating Unnecessary Regulatory Burdens
                Sec. 2221. Small bank examination cycle.
                Sec. 2222. Required review of regulations.
                Sec. 2223. Repeal of identification of nonbank financial institution customers.
                Sec. 2224. Repeal of certain reporting requirements.
                Sec. 2225. Increase in home mortgage disclosure exemption threshold.
                Sec. 2226. Elimination of stock loan reporting requirement.
                Sec. 2227. Credit availability assessment.
             Chapter 3 — Regulatory Micromanagement
                Sec. 2241. National bank directors.
                Sec. 2242. Paperwork reduction review.
                Sec. 2243. State bank representation on Board of Directors of the FDIC.
                Sec. 2244. Consultation among examiners.
          Subtitle C — Regulatory Impact on Cost of Credit and Credit Availability
             Sec. 2301. Audit Costs.
             Sec. 2302. Incentives for Self-Testing.
             Sec. 2303. Qualified Thrift Investment Amendments.
             Sec. 2304. Limited Purpose Banks.
             Sec. 2305. Amendment to Fair Debt Collection Practices Act.
             Sec. 2306. Increase in Certain Credit Union Loan Ceilings.
             Sec. 2307. Bank Investments in Edge Act and Agreement Corporations.
          Subtitle D — Consumer Credit
             Chapter 1 — Credit Reporting Reform
                Sec. 2401. Short Title.
                Sec. 2402. Definitions.
                Sec. 2403. Furnishing consumer reports; use for employment purposes.
                Sec. 2404. Use of consumer reports for prescreening and direct marketing; prohibition on unauthorized or uncertified use of information.
                Sec. 2405. Consumer consent required to furnish consumer report containing medical information.
                Sec. 2406. Obsolete information and information contained in consumer reports.
                Sec. 2407. Compliance procedures.
                Sec. 2408. Consumer disclosures.
                Sec. 2409. Procedures in case of the disputed accuracy of any information in a consumer's file.
                Sec. 2410. Charges for certain disclosures.
                Sec. 2411. Duties of users of consumer reports.
                Sec. 2412. Civil liability.
                Sec. 2413. Responsibilities of persons who furnish information to consumer reporting agencies.
                Sec. 2414. Investigative consumer reports.
                Sec. 2415. Increased criminal penalties for obtaining information under false pretenses.
                Sec. 2416. Administrative enforcement.
                Sec. 2417. State enforcement of Fair Credit Reporting Act.
                Sec. 2418. Federal Reserve Board authority.
                Sec. 2419. Preemption of State law.
                Sec. 2420. Effective date.
                Sec. 2421. Relationship to other law.
                Sec. 2422. Federal Reserve Board study.
             Chapter 2 — Credit Repair Organizations
                Sec. 2451. Regulation of Credit Repair Organizations.
                Sec. 2452. Credit Worthiness.
          Subtitle E — Asset Conservation, Lender Liability, and Deposit Insurance Protection
             Sec. 2501. Short Title.
             Sec. 2502. CERCLA Lender and Fiduciary Liability Limitations Amendments.
             Sec. 2503. Conforming Amendment.
             Sec. 2504. Lender Liability Rule.
             Sec. 2505. Effective Date.
          Subtitle F — Miscellaneous
             Sec. 2601. Federal Reserve Board Study.
             Sec. 2602. Treatment of Claims Arising from Breach of Contracts Executed by the Receiver or Conservator.
             Sec. 2603. Criminal Sanctions for Fictitious Financial Instruments and Counterfeiting.
             Sec. 2604. Amendments to the Truth in Savings Act.
             Sec. 2605. Consumer Leasing Act Amendments.
             Sec. 2606. Study of Corporate Credit Unions.
             Sec. 2607. Report on the Reconciliation of Differences Between Regulatory Accounting Principles and Generally Accepted Accounting Principles.
             Sec. 2608. State-by-State and Metropolitan Area-by-Metropolitan Area Study of Bank Fees.
             Sec. 2609. Prospective Application of Gold Clauses in Contracts.
             Sec. 2610. Qualified Family Partnerships.
             Sec. 2611. Cooperative Efforts Between Depository Institutions and Farmers and Ranchers in Drought-Stricken Areas.
             Sec. 2612. Streamlining Process for Determining New Nonbanking Activities.
             Sec. 2613. Authorizing Bank Service Companies to Organize as Limited Liability Partnerships.
             Sec. 2614. Retirement Certificates of Deposits.
             Sec. 2615. Prohibitions on Certain Depository Institution Associations with Government-Sponsored Enterprises.
          Subtitle G — Deposit Insurance Funds
             Sec. 2701. Short Title.
             Sec. 2702. Special Assessment to Capitalize SAIF.
             Sec. 2703. Financing Corporation Funding.
             Sec. 2704. Merger of BIF and SAIF.
             Sec. 2705. Creation of SAIF Special Reserve.
             Sec. 2706. Refund of Amounts in Deposit Insurance Fund in Excess of Designated Reserve Amount.
             Sec. 2707. Assessment Rates for SAIF Members may not be less than Assessment Rates for BIF Members.
             Sec. 2708. Assessments Authorized only if needed to Maintain the Reserve Ratio of a Deposit Insurance Fund.
             Sec. 2709. Treasury study of Common Depository Institution Charter.
             Sec. 2710. Definitions.
             Sec. 2711. Deductions for Special Assessments.
    (c) DEFINITIONS.—
       Except as otherwise specified in this title, the following definitions shall apply for purposes of this title:
          (1) APPRAISAL SUBCOMMITTEE.—
             The term ``Appraisal Subcommittee´´ means the Appraisal Subcommittee established under section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (as in existence on the day before the date of enactment of this Act).
          (2) APPROPRIATE FEDERAL BANKING AGENCY.—
             The term ``appropriate Federal banking agency´´ has the same meaning as in section 3 of the Federal Deposit Insurance Act.
          (3) BOARD.—
             The term ``Board´´ means the Board of Governors of the Federal Reserve System.
          (4) CORPORATION.—
             The term ``Corporation´´ means the Federal Deposit Insurance Corporation.
          (5) COUNCIL.—
             The term ``Council´´ means the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978.
          (6) INSURED CREDIT UNION.—
             The term ``insured credit union´´ has the same meaning as in section 101 of the Federal Credit Union Act.
          (7) INSURED DEPOSITORY INSTITUTION.—
             The term ``insured depository institution´´ has the same meaning as in section 3 of the Federal Deposit Insurance Act.