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[109th Congress Public Law 173]
[From the U.S. Government Printing Office]

[DOCID: f:publ173.109]

[[Page 119 STAT. 3601]]

Public Law 109-173
109th Congress

                                 An Act

 
To enact the technical and conforming amendments necessary to implement 
    the Federal Deposit Insurance Reform Act of 2005, and for other 
            purposes. <<NOTE: Feb. 15, 2006 -  [H.R. 4636]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: Federal Deposit Insurance 
Reform Conforming Amendments Act of 2005. 12 USC 1811 note.>> assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Deposit Insurance Reform 
Conforming Amendments Act of 2005''.

SEC. 2. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Technical and Conforming Amendments Relating to Government 
Deposits.--Section 11(a)(2) of the Federal Deposit Insurance Act (12 
U.S.C. 1821(a)(2)) is amended--
            (1) in subparagraph (A)--
                    (A) by moving the margins of clauses (i) through (v) 
                4 ems to the right;
                    (B) by striking, in the matter following clause (v), 
                ``such depositor shall'' and all that follows through 
                the period; and
                    (C) by striking the semicolon at the end of clause 
                (v) and inserting a period;
            (2) by striking ``(2)(A) Notwithstanding'' and all that 
        follows through ``a depositor who is--'' and inserting the 
        following:
            ``(2) Government depositors.--
                    ``(A) In general.--Notwithstanding any limitation in 
                this Act or in any other provision of law relating to 
                the amount of deposit insurance available to any 1 
                depositor--
                          ``(i) a government depositor shall, for the 
                      purpose of determining the amount of insured 
                      deposits under this subsection, be deemed to be a 
                      depositor separate and distinct from any other 
                      officer, employee, or agent of the United States 
                      or any public unit referred to in subparagraph 
                      (B); and
                          ``(ii) except as provided in subparagraph (C), 
                      the deposits of a government depositor shall be 
                      insured in an amount equal to the standard maximum 
                      deposit insurance amount (as determined under 
                      paragraph (1)).
                    ``(B) Government depositor.--In this paragraph, the 
                term `government depositor' means a depositor that 
                is--'';
            (3) by striking ``(B) The'' and inserting the following:
                    ``(C) Authority to limit deposits.--The''; and

[[Page 119 STAT. 3602]]

            (4) by striking ``depositor referred to in subparagraph (A) 
        of this paragraph'' each place such term appears and inserting 
        ``government depositor''.

    (b) Technical and Conforming Amendment Relating to Insurance of 
Trust Funds.--Paragraphs (1) and (3) of section 7(i) of the Federal 
Deposit Insurance Act (12 U.S.C. 1817(i)) are each amended by striking 
``$100,000'' and inserting ``the standard maximum deposit insurance 
amount (as determined under section 11(a)(1))''.
    (c) Other Technical and Conforming Amendments.--
            (1) Section 11(m)(6) of the Federal Deposit Insurance Act 
        (12 U.S.C. 1821(m)(6)) is amended by striking ``$100,000'' and 
        inserting ``an amount equal to the standard maximum deposit 
        insurance amount''.
            (2) Subsection (a) of section 18 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1828(a)) is amended to read as follows:

    ``(a) Insurance Logo.--
            ``(1) Insured depository institutions.--
                    ``(A) In general.--Each insured depository 
                institution shall display at each place of business 
                maintained by that institution a sign or signs relating 
                to the insurance of the deposits of the institution, in 
                accordance with regulations to be prescribed by the 
                Corporation.
                    ``(B) Statement to be included.--Each sign required 
                under subparagraph (A) shall include a statement that 
                insured deposits are backed by the full faith and credit 
                of the United States Government.
            ``(2) Regulations.--The Corporation shall prescribe 
        regulations to carry out this subsection, including regulations 
        governing the substance of signs required by paragraph (1) and 
        the manner of display or use of such signs.
            ``(3) Penalties.--For each day that an insured depository 
        institution continues to violate this subsection or any 
        regulation issued under this subsection, it shall be subject to 
        a penalty of not more than $100, which the Corporation may 
        recover for its use.''.
            (3) Section 43(d) of the Federal Deposit Insurance Act (12 
        U.S.C. 1831t(d)) is amended by striking ``$100,000'' and 
        inserting ``an amount equal to the standard maximum deposit 
        insurance amount''.
            (4) Section 6 of the International Banking Act of 1978 (12 
        U.S.C. 3104) is amended--
                    (A) by striking ``$100,000'' each place such term 
                appears and inserting ``an amount equal to the standard 
                maximum deposit insurance amount''; and
                    (B) by adding at the end the following new 
                subsection:

    ``(e) Standard Maximum Deposit Insurance Amount Defined.--For 
purposes of this section, the term `standard maximum deposit insurance 
amount' means the amount of the maximum amount of deposit insurance as 
determined under section 11(a)(1) of the Federal Deposit Insurance 
Act.''.
    (d) Conforming Change to Credit Union Share Insurance Fund.--
            (1) In general.--Section 207(k) of the Federal Credit Union 
        Act (12 U.S.C. 1787(k)) is amended--
                    (A) by striking ``(k)(1)'' and all that follows 
                through the end of paragraph (1) and inserting the 
                following:

[[Page 119 STAT. 3603]]

    ``(k) Insured Amounts Payable.--
            ``(1) Net insured amount.--
                    ``(A) In general.--Subject to the provisions of 
                paragraph (2), the net amount of share insurance payable 
                to any member at an insured credit union shall not 
                exceed the total amount of the shares or deposits in the 
                name of the member (after deducting offsets), less any 
                part thereof which is in excess of the standard maximum 
                share insurance amount, as determined in accordance with 
                this paragraph and paragraphs (5) and (6), and 
                consistently with actions taken by the Federal Deposit 
                Insurance Corporation under section 11(a) of the Federal 
                Deposit Insurance Act.
                    ``(B) Aggregation.--Determination of the net amount 
                of share insurance under subparagraph (A), shall be in 
                accordance with such regulations as the Board may 
                prescribe, and, in determining the amount payable to any 
                member, there shall be added together all accounts in 
                the credit union maintained by that member for that 
                member's own benefit, either in the member's own name or 
                in the names of others.
                    ``(C) Authority to define the extent of coverage.--
                The Board may define, with such classifications and 
                exceptions as it may prescribe, the extent of the share 
                insurance coverage provided for member accounts, 
                including member accounts in the name of a minor, in 
                trust, or in joint tenancy.'';
                    (B) in paragraph (2)--
                          (i) in subparagraph (A)--
                                    (I) in clauses (i) through (v), by 
                                moving the margins 4 ems to the right;
                                    (II) in the matter following clause 
                                (v), by striking ``his account'' and all 
                                that follows through the period; and
                                    (III) by striking the semicolon at 
                                the end of clause (v) and inserting a 
                                period;
                          (ii) by striking ``(2)(A) Notwithstanding'' 
                      and all that follows through ``a depositor or 
                      member who 
                      is--'' and inserting the following:
            ``(2) Government depositors or members.--
                    ``(A) In general.--Notwithstanding any limitation in 
                this Act or in any other provision of law relating to 
                the amount of insurance available to any 1 depositor or 
                member, deposits or shares of a government depositor or 
                member shall be insured in an amount equal to the 
                standard maximum share insurance amount (as determined 
                under paragraph (5)), subject to subparagraph (C).
                    ``(B) Government depositor.--In this paragraph, the 
                term `government depositor' means a depositor that 
                is--'';
                          (iii) by striking ``(B) The'' and inserting 
                      the following:
                    ``(C) Authority to limit deposits.--The''; and
                          (iv) by striking ``depositor or member 
                      referred to in subparagraph (A)'' and inserting 
                      ``government depositor or member''; and
                    (C) by adding at the end the following new 
                paragraphs:

[[Page 119 STAT. 3604]]

            ``(4) Coverage for certain employee benefit plan deposits.--
                    ``(A) Pass-through insurance.--The Administration 
                shall provide pass-through share insurance for the 
                deposits or shares of any employee benefit plan.
                    ``(B) Prohibition on acceptance of deposits.--An 
                insured credit union that is not well capitalized or 
                adequately capitalized may not accept employee benefit 
                plan deposits.
                    ``(C) Definitions.--For purposes of this paragraph, 
                the following definitions shall apply:
                          ``(i) Capital standards.--The terms `well 
                      capitalized' and `adequately capitalized' have the 
                      same meanings as in section 216(c).
                          ``(ii) Employee benefit plan.--The term 
                      `employee benefit plan'--
                                    ``(I) has the meaning given to such 
                                term in section 3(3) of the Employee 
                                Retirement Income Security Act of 1974;
                                    ``(II) includes any plan described 
                                in section 401(d) of the Internal 
                                Revenue Code of 1986; and
                                    ``(III) includes any eligible 
                                deferred compensation plan described in 
                                section 457 of the Internal Revenue Code 
                                of 1986.
                          ``(iii) Pass-through share insurance.--The 
                      term `pass-through share insurance' means, with 
                      respect to an employee benefit plan, insurance 
                      coverage based on the interest of each 
                      participant, in accordance with regulations issued 
                      by the Administration.
                    ``(D) Rule of construction.--No provision of this 
                paragraph shall be construed as authorizing an insured 
                credit union to accept the deposits of an employee 
                benefit plan in an amount greater than such credit union 
                is authorized to accept under any other provision of 
                Federal or State law.
            ``(5) Standard maximum share insurance amount defined.--For 
        purposes of this Act, the term `standard maximum share insurance 
        amount' means $100,000, adjusted as provided under section 
        11(a)(1)(F) of the Federal Deposit Insurance Act.''.
            (2) Increase in share insurance for certain retirement 
        accounts.--Section 207(k)(3) of the Federal Credit Union Act (12 
        U.S.C. 1787(k)(3)) is amended by striking ``$100,000'' and 
        inserting `` `$250,000 (which amount shall be subject to 
        inflation adjustments as provided under section 11(a)(1)(F) of 
        the Federal Deposit Insurance Act, except that $250,000 shall be 
        substituted for $100,000 wherever such term appears in such 
        section)' ''.
            (3) Other technical and conforming amendments.--Section 
        205(a) of the Federal Credit Union Act (12 U.S.C. 1785(a)) is 
        amended to read as follows:

    ``(a) Insurance Logo.--
            ``(1) Insured credit unions.--
                    ``(A) In general.--Each insured credit union shall 
                display at each place of business maintained by that 
                credit union a sign or signs relating to the insurance 
                of the

[[Page 119 STAT. 3605]]

                share accounts of the institution, in accordance with 
                regulations to be prescribed by the Board.
                    ``(B) Statement to be included.--Each sign required 
                under subparagraph (A) shall include a statement that 
                insured share accounts are backed by the full faith and 
                credit of the United States Government.
            ``(2) Regulations.--The Board shall prescribe regulations to 
        carry out this subsection, including regulations governing the 
        substance of signs required by paragraph (1) and the manner of 
        display or use of such signs.
            ``(3) Penalties.--For each day that an insured credit union 
        continues to violate this subsection or any regulation issued 
        under this subsection, it shall be subject to a penalty of not 
        more than $100, which the Board may recover for its use.''.

    (e) <<NOTE: 12 USC 1785 note.>> Effective Date.--This section and 
the amendments made by this section shall take effect on the date on 
which the final regulations required under section 2109(a)(2) of the 
Federal Deposit Insurance Reform Act of 2005 take effect.

SEC. 3. CONFORMING AMENDMENTS RELATING TO ASSESSMENTS AND REPEAL OF 
            SPECIAL RULES RELATING TO MINIMUM ASSESSMENTS AND FREE 
            DEPOSIT INSURANCE.

    (a) In General.--The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.) is amended as follows:
            (1) Paragraph (3) of section 7(a) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1817(a)) is amended by striking the 3d 
        sentence and inserting the following: ``Such reports of 
        condition shall be the basis for the certified statements to be 
        filed pursuant to subsection (c).''.
            (2) Subparagraphs (B)(ii) and (C) of section 7(b)(1) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)) are each 
        amended by striking ``semiannual'' where such term appears in 
        each such subparagraph.
            (3) Section 7(b)(2) of the Federal Deposit Insurance Act (12 
        U.S.C. 1817(b)(2)) is amended--
                    (A) by striking subparagraphs (E), (F), and (G);
                    (B) in subparagraph (C), by striking ``semiannual''; 
                and
                    (C) by redesignating subparagraph (H) (as amended by 
                subsection (e)(2) of this section) as subparagraph (E).
            (4) Section 7(b) of the Federal Deposit Insurance Act (12 
        U.S.C. 1817(b)) is amended by striking paragraph (4) and 
        redesignating paragraphs (5) (as amended by subsection (b) of 
        this section), (6), and (7) as paragraphs (4), (5), and (6) 
        respectively.
            (5) Section 7(c) of the Federal Deposit Insurance Act (12 
        U.S.C. 1817(c)) is amended--
                    (A) in paragraph (1)(A), by striking ``semiannual'';
                    (B) in paragraph (2)(A), by striking ``semiannual''; 
                and
                    (C) in paragraph (3), by striking ``semiannual 
                period'' and inserting ``initial assessment period''.
            (6) Section 8(p) of the Federal Deposit Insurance Act (12 
        U.S.C. 1818(p)) is amended by striking ``semiannual''.
            (7) Section 8(q) of the Federal Deposit Insurance Act (12 
        U.S.C. 1818(q)) is amended by striking ``semiannual period'' and 
        inserting ``assessment period''.

[[Page 119 STAT. 3606]]

            (8) Section 13(c)(4)(G)(ii)(II) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1823(c)(4)(G)(ii)(II)) is amended by 
        striking ``semiannual period'' and inserting ``assessment 
        period''.
            (9) Section 232(a) of the Federal Deposit Insurance 
        Corporation Improvement Act of 1991 (12 U.S.C. 1834(a)) is 
        amended--
                    (A) in the matter preceding subparagraph (A) of 
                paragraph (2), by striking ``the Board and'';
                    (B) in subparagraph (J) of paragraph (2), by 
                striking ``the Board'' and inserting ``the 
                Corporation'';
                    (C) by striking subparagraph (A) of paragraph (3) 
                and inserting the following new subparagraph:
                    ``(A) Corporation.--The term `Corporation' means the 
                Federal Deposit Insurance Corporation.''; and
                    (D) in subparagraph (C) of paragraph (3), by 
                striking ``Board'' and inserting ``Corporation''.

    (b) <<NOTE: 12 USC 1817 note.>> Effective Date.--This section and 
the amendments made by this section shall take effect on the date that 
the final regulations required under section 2109(a)(5) of the Federal 
Deposit Insurance Reform Act of 2005 take effect.

SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO REPLACEMENT OF 
            FIXED DESIGNATED RESERVE RATIO WITH RESERVE RANGE.

    (a) In General.--Section 3(y) of the Federal Deposit Insurance Act 
(12 U.S.C. 1813(y)) is amended--
            (1) by striking ``(y) The term'' and inserting the 
        following:

    ``(y) Definitions Relating to Deposit Insurance Fund.--
            ``(1) Deposit insurance fund.--The term''; and
            (2) by inserting after paragraph (1) (as so designated by 
        paragraph (1) of this subsection) the following new paragraph:
            ``(2) Designated reserve ratio.--The term `designated 
        reserve ratio' means the reserve ratio designated by the Board 
        of Directors in accordance with section 7(b)(3).''.

    (b) <<NOTE: 12 USC 1813 note.>> Effective Date.--This section and 
the amendments made by this section shall take effect on the date that 
the final regulations required under section 2109(a)(1) of the Federal 
Deposit Insurance Reform Act of 2005 take effect.

SEC. 5. <<NOTE: 12 USC 1817 note.>> REPORT TO CONGRESS ON REFUNDS, 
            DIVIDENDS, AND CREDITS FROM DEPOSIT INSURANCE FUND.

    (a) Submission.--Any determination under section 7(e)(2)(E) of the 
Federal Deposit Insurance Act, as added by section 2107(a) of the 
Federal Deposit Insurance Reform Act of 2005, shall be submitted to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives, not 
later than 270 days after making such determination.
    (b) Content.--The report submitted under subsection (a) shall 
include--
            (1) a detailed explanation for the determination; and
            (2) a discussion of the factors required to be considered 
        under section 7(e)(2)(F) of the Federal Deposit Insurance Act, 
        as added by section 2107(a) of the Federal Deposit Insurance 
        Reform Act of 2005.

[[Page 119 STAT. 3607]]

SEC. 6. STUDIES OF FDIC STRUCTURE AND EXPENSES AND CERTAIN ACTIVITIES 
            AND FURTHER POSSIBLE CHANGES TO DEPOSIT INSURANCE SYSTEM.

    (a) Study by Comptroller General.--
            (1) Study required.--The Comptroller General shall conduct a 
        study of the following issues:
                    (A) The efficiency and effectiveness of the 
                administration of the prompt corrective action program 
                under section 38 of the Federal Deposit Insurance Act by 
                the Federal banking agencies (as defined in section 3 of 
                such Act), including the degree of effectiveness of such 
                agencies in identifying troubled depository institutions 
                and taking effective action with respect to such 
                institutions, and the degree of accuracy of the risk 
                assessments made by the Corporation.
                    (B) The appropriateness of the organizational 
                structure of the Federal Deposit Insurance Corporation 
                for the mission of the Corporation taking into account--
                          (i) the current size and complexity of the 
                      business of insured depository institutions (as 
                      such term is defined in section 3 of the Federal 
                      Deposit Insurance Act);
                          (ii) the extent to which the organizational 
                      structure contributes to or reduces operational 
                      inefficiencies that increase operational costs; 
                      and
                          (iii) the effectiveness of internal controls.
            (2) Report to the congress.--The Comptroller General shall 
        submit a report to the Congress before the end of the 1-year 
        period beginning on the date of the enactment of this Act 
        containing the findings and conclusions of the Comptroller 
        General with respect to the study required under paragraph (1) 
        together with such recommendations for legislative or 
        administrative action as the Comptroller General may determine 
        to be appropriate.

    (b) Study of Further Possible Changes to Deposit Insurance System.--
            (1) Study required.--The Board of Directors of the Federal 
        Deposit Insurance Corporation and the National Credit Union 
        Administration Board shall each conduct a study of the 
        following:
                    (A) The feasibility of establishing a voluntary 
                deposit insurance system for deposits in excess of the 
                maximum amount of deposit insurance for any depositor 
                and the potential benefits and the potential adverse 
                consequences that may result from the establishment of 
                any such system.
                    (B) The feasibility of increasing the limit on 
                deposit insurance for deposits of municipalities and 
                other units of general local government, and the 
                potential benefits and the potential adverse 
                consequences that may result from any such increase.
                    (C) The feasibility of privatizing all deposit 
                insurance at insured depository institutions and insured 
                credit unions.
            (2) Report.--Before the end of the 1-year period beginning 
        on the date of the enactment of this Act, the Board of Directors 
        of the Federal Deposit Insurance Corporation and the National 
        Credit Union Administration Board shall each submit a report

[[Page 119 STAT. 3608]]

        to the Congress on the study required under paragraph (1) 
        containing the findings and conclusions of the reporting agency 
        together with such recommendations for legislative or 
        administrative changes as the agency may determine to be 
        appropriate.

    (c) Study Regarding Appropriate Deposit Base in Designating Reserve 
Ratio.--
            (1) Study required.--The Federal Deposit Insurance 
        Corporation shall conduct a study of the feasibility of using 
        alternatives to estimated insured deposits in calculating the 
        reserve ratio of the Deposit Insurance Fund and designating a 
        reserve ratio for such Fund.
            (2) Report.--The Federal Deposit Insurance Corporation shall 
        submit a report to the Congress before the end of the 1-year 
        period beginning on the date of the enactment of this Act 
        containing the findings and conclusions of the Corporation with 
        respect to the study required under paragraph (1) together with 
        such recommendations for legislative or administrative action as 
        the Board of Directors of the Corporation may determine to be 
        appropriate.

    (d) Study of Reserve Methodology and Accounting for Loss.--
            (1) Study required.--The Federal Deposit Insurance 
        Corporation shall conduct a study of the reserve methodology and 
        loss accounting used by the Corporation during the period 
        beginning on January 1, 1992, and ending December 31, 2004, with 
        respect to insured depository institutions in a troubled 
        condition (as defined in the regulations prescribed pursuant to 
        section 32(f) of the Federal Deposit Insurance Act). The 
        Corporation shall obtain comments on the design of the study 
        from the Comptroller General.
            (2) Factors to be included.--In conducting the study 
        pursuant to paragraph (1), the Federal Deposit Insurance 
        Corporation shall--
                    (A) consider the overall effectiveness and accuracy 
                of the methodology used by the Corporation for 
                establishing and maintaining reserves and estimating and 
                accounting for losses at insured depository 
                institutions, during the period described in such 
                paragraph;
                    (B) consider the appropriateness and reliability of 
                information and criteria used by the Corporation in 
                deter- mining--
                          (i) whether an insured depository institution 
                      was in a troubled condition; and
                          (ii) the amount of any loss anticipated at 
                      such institution;
                    (C) analyze the actual historical loss experience 
                over the period described in paragraph (1) and the 
                causes of the exceptionally high rate of losses 
                experienced by the Corporation in the final 3 years of 
                that period; and
                    (D) rate the efforts of the Corporation to reduce 
                losses in such 3-year period to minimally acceptable 
                levels and to historical levels.
            (3) Report required.--The Board of Directors of the Federal 
        Deposit Insurance Corporation shall submit a report to the 
        Congress before the end of the 1-year period beginning on the 
        date of the enactment of this Act, containing the findings and 
        conclusions of the Corporation with respect to the study

[[Page 119 STAT. 3609]]

        required under paragraph (1), together with such recommendations 
        for legislative or administrative action as the Board of 
        Directors may determine to be appropriate. Before submitting the 
        report to Congress, the Board of Directors shall provide a draft 
        of the report to the Comptroller General for comment.

    (e) Basel II Study.--
            (1) <<NOTE: Deadline. Reports.>> In general.--Not later than 
        1 year after the date of enactment of this Act, the Comptroller 
        General shall report to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives on the potential impact 
        on the financial system of the United States of the 
        implementation of the new Basel Capital Accord (Basel II) and 
        the proposed revisions to current reserve requirement 
        regulations for non-Basel II banks.
            (2) Factors to be included.--The report required under 
        paragraph (1) shall address the following:
                    (A) The potential impact of Basel II on capital 
                requirements in the United States, including--
                          (i) whether there would be a reduction in 
                      capital requirements;
                          (ii) whether Basel II could hinder enforcement 
                      of prompt corrective action laws and regulations; 
                      and
                          (iii) the potential implications any changes 
                      in capital requirements may have on the safety and 
                      soundness of the financial system in the United 
                      States.
                    (B) By gathering available information, the ability 
                of United States banks and bank regulators to implement 
                and comply with the provisions of Basel II, including--
                          (i) the costs of Basel II for financial 
                      institutions and regulators;
                          (ii) the feasibility and appropriateness of 
                      Basel II's statistical models; and
                          (iii) the ability of regulators to oversee 
                      capital requirement operations of financial 
                      institutions.
                    (C) The ability of the United States financial 
                institution regulatory agencies--
                          (i) to attract and retain sufficient 
                      expertise, both among specialists and examiners; 
                      and
                          (ii) to conduct the necessary oversight of 
                      capital and risk modeling by regulated financial 
                      institutions subject to Basel II.

SEC. 7. BI-ANNUAL FDIC SURVEY AND REPORT ON INCREASING THE DEPOSIT BASE 
            BY ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE 
            UNBANKED.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding at the end the following new section:

``SEC. 49. <<NOTE: 12 USC 1831z.>> BI-ANNUAL FDIC SURVEY AND REPORT ON 
            ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.

    ``(a) Survey Required.--
            ``(1) In general.--The Corporation shall conduct a bi-annual 
        survey on efforts by insured depository institutions to bring 
        those individuals and families who have rarely, if ever, held a 
        checking account, a savings account or other type of transaction 
        or check cashing account at an insured depository

[[Page 119 STAT. 3610]]

        institution (hereafter in this section referred to as the 
        `unbanked') into the conventional finance system.
            ``(2) Factors and questions to consider.--In conducting the 
        survey, the Corporation shall take the following factors and 
        questions into account:
                    ``(A) To what extent do insured depository 
                institutions promote financial education and financial 
                literacy outreach?
                    ``(B) Which financial education efforts appear to be 
                the most effective in bringing `unbanked' individuals 
                and families into the conventional finance system?
                    ``(C) What efforts are insured institutions making 
                at converting `unbanked' money order, wire transfer, and 
                international remittance customers into conventional 
                account holders?
                    ``(D) What cultural, language and identification 
                issues as well as transaction costs appear to most 
                prevent `unbanked' individuals from establishing 
                conventional accounts?
                    ``(E) What is a fair estimate of the size and worth 
                of the `unbanked' market in the United States?

    ``(b) Reports.--The Chairperson of the Board of Directors shall 
submit a bi-annual report to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing the Corporation's findings and 
conclusions with respect to the survey conducted pursuant to subsection 
(a), together with such recommendations for legislative or 
administrative action as the Chairperson may determine to be 
appropriate.''.

SEC. 8. TECHNICAL AND CONFORMING AMENDMENTS TO THE FEDERAL DEPOSIT 
            INSURANCE ACT RELATING TO THE MERGER OF THE BIF AND SAIF.

    (a) In General.--The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.) is amended--
            (1) in section 3 (12 U.S.C. 1813)--
                    (A) by striking subparagraph (B) of subsection 
                (a)(1) and inserting the following new subparagraph:
                    ``(B) includes any former savings association.''; 
                and
                    (B) by striking paragraph (1) of subsection (y) (as 
                so designated by section 4(b) of this title) and 
                inserting the following new paragraph:
            ``(1) Deposit insurance fund.--The term `Deposit Insurance 
        Fund' means the Deposit Insurance Fund established under section 
        11(a)(4).'';
            (2) in section 5(b)(5) (12 U.S.C. 1815(b)(5)), by striking 
        ``the Bank Insurance Fund or the Savings Association Insurance 
        Fund,'' and inserting ``the Deposit Insurance Fund,'';
            (3) in section 5(c)(4), by striking ``deposit insurance 
        fund'' and inserting ``Deposit Insurance Fund'';
            (4) <<NOTE: 12 USC 1815 note.>> in section 5(d) (12 U.S.C. 
        1815(d)), by striking paragraphs (2) and (3) (and any funds 
        resulting from the application of such paragraph (2) prior to 
        its repeal shall be deposited into the general fund of the 
        Deposit Insurance Fund);
            (5) in section 5(d)(1) (12 U.S.C. 1815(d)(1))--
                    (A) in subparagraph (A), by striking ``reserve 
                ratios in the Bank Insurance Fund and the Savings 
                Association

[[Page 119 STAT. 3611]]

                Insurance Fund as required by section 7'' and inserting 
                ``the reserve ratio of the Deposit Insurance Fund'';
                    (B) by striking subparagraph (B) and inserting the 
                following:
            ``(2) Fee credited to the deposit insurance fund.--The fee 
        paid by the depository institution under paragraph (1) shall be 
        credited to the Deposit Insurance Fund.'';
                    (C) by striking ``(1) uninsured institutions.--''; 
                and
                    (D) by redesignating subparagraphs (A) and (C) as 
                paragraphs (1) and (3), respectively, and moving the 
                left margins 2 ems to the left;
            (6) in section 5(e) (12 U.S.C. 1815(e))--
                    (A) in paragraph (5)(A), by striking ``Bank 
                Insurance Fund or the Savings Association Insurance 
                Fund'' and inserting ``Deposit Insurance Fund'';
                    (B) by striking paragraph (6); and
                    (C) by redesignating paragraphs (7), (8), and (9) as 
                paragraphs (6), (7), and (8), respectively;
            (7) in section 6(5) (12 U.S.C. 1816(5)), by striking ``Bank 
        Insurance Fund or the Savings Association Insurance Fund'' and 
        inserting ``Deposit Insurance Fund'';
            (8) in section 7(b) (12 U.S.C. 1817(b))--
                    (A) in paragraph (1)(C), by striking ``deposit 
                insurance fund'' each place that term appears and 
                inserting ``Deposit Insurance Fund'';
                    (B) in paragraph (1)(D), by striking ``each deposit 
                insurance fund'' and inserting ``the Deposit Insurance 
                Fund''; and
                    (C) in paragraph (5) (as so redesignated by section 
                3(d)(4))--
                          (i) by striking ``any such assessment'' and 
                      inserting ``any such assessment is necessary'';
                          (ii) by striking subparagraph (B);
                          (iii) in subparagraph (A)--
                                    (I) by striking ``(A) is necessary--
                                '';
                                    (II) by striking ``Bank Insurance 
                                Fund members'' and inserting ``insured 
                                depository institutions''; and
                                    (III) by redesignating clauses (i), 
                                (ii), and (iii) as subparagraphs (A), 
                                (B), and (C), respectively, and moving 
                                the margins 2 ems to the left; and
                          (iv) in subparagraph (C) (as so 
                      redesignated)--
                                    (I) by inserting ``that'' before 
                                ``the Corporation''; and
                                    (II) by striking ``; and'' and 
                                inserting a period;
            (9) in section 7(j)(7)(F) (12 U.S.C. 1817(j)(7)(F)), by 
        striking ``Bank Insurance Fund or the Savings Association 
        Insurance Fund'' and inserting ``Deposit Insurance Fund'';
            (10) in section 8(t)(2)(C) (12 U.S.C. 1818(t)(2)(C)), by 
        striking ``deposit insurance fund'' and inserting ``Deposit 
        Insurance Fund'';
            (11) in section 11 (12 U.S.C. 1821)--
                    (A) by striking ``deposit insurance fund'' each 
                place that term appears and inserting ``Deposit 
                Insurance Fund'';
                    (B) by striking paragraph (4) of subsection (a) and 
                inserting the following new paragraph:
            ``(4) Deposit insurance fund.--

[[Page 119 STAT. 3612]]

                    ``(A) Establishment.--There is established the 
                Deposit Insurance Fund, which the Corporation shall--
                          ``(i) maintain and administer;
                          ``(ii) use to carry out its insurance 
                      purposes, in the manner provided by this 
                      subsection; and
                          ``(iii) invest in accordance with section 
                      13(a).
                    ``(B) Uses.--The Deposit Insurance Fund shall be 
                available to the Corporation for use with respect to 
                insured depository institutions the deposits of which 
                are insured by the Deposit Insurance Fund.
                    ``(C) Limitation on use.--Notwithstanding any 
                provision of law other than section 13(c)(4)(G), the 
                Deposit Insurance Fund shall not be used in any manner 
                to benefit any shareholder or affiliate (other than an 
                insured depository institution that receives assistance 
                in accordance with the provisions of this Act) of--
                          ``(i) any insured depository institution for 
                      which the Corporation has been appointed 
                      conservator or receiver, in connection with any 
                      type of resolution by the Corporation;
                          ``(ii) any other insured depository 
                      institution in default or in danger of default, in 
                      connection with any type of resolution by the 
                      Corporation; or
                          ``(iii) any insured depository institution, in 
                      connection with the provision of assistance under 
                      this section or section 13 with respect to such 
                      institution, except that this clause shall not 
                      prohibit any assistance to any insured depository 
                      institution that is not in default, or that is not 
                      in danger of default, that is acquiring (as 
                      defined in section 13(f)(8)(B)) another insured 
                      depository institution.
                    ``(D) Deposits.--All amounts assessed against 
                insured depository institutions by the Corporation shall 
                be deposited into the Deposit Insurance Fund.'';
                    (C) by striking paragraphs (5), (6), and (7) of 
                subsection (a); and
                    (D) by redesignating paragraph (8) of subsection (a) 
                as paragraph (5);
            (12) in section 11(f)(1) (12 U.S.C. 1821(f)(1)), by striking 
        ``, except that--'' and all that follows through the end of the 
        paragraph and inserting a period;
            (13) in section 11(i)(3) (12 U.S.C. 1821(i)(3))--
                    (A) by striking subparagraph (B);
                    (B) by redesignating subparagraph (C) as 
                subparagraph (B); and
                    (C) in subparagraph (B) (as so redesignated), by 
                striking ``subparagraphs (A) and (B)'' and inserting 
                ``subparagraph (A)'';
            (14) in section 11(p)(2)(B) (12 U.S.C. 1821(p)(2)(B)), by 
        striking ``institution, any'' and inserting ``institution, 
        the'';
            (15) in section 11A(a) (12 U.S.C. 1821a(a))--
                    (A) in paragraph (2), by striking ``liabilities.--'' 
                and all that follows through ``Except'' and inserting 
                ``liabilities.--Except'';
                    (B) by striking paragraph (2)(B); and

[[Page 119 STAT. 3613]]

                    (C) in paragraph (3), by striking ``the Bank 
                Insurance Fund, the Savings Association Insurance 
                Fund,'' and inserting ``the Deposit Insurance Fund'';
            (16) in section 11A(b) (12 U.S.C. 1821a(b)), by striking 
        paragraph (4);
            (17) in section 11A(f) (12 U.S.C. 1821a(f)), by striking 
        ``Savings Association Insurance Fund'' and inserting ``Deposit 
        Insurance Fund'';
            (18) in section 12(f)(4)(E)(iv) (12 U.S.C. 
        1822(f)(4)(E)(iv)), by striking ``Federal deposit insurance 
        funds'' and inserting ``the Deposit Insurance Fund (or any 
        predecessor deposit insurance fund)'';
            (19) in section 13 (12 U.S.C. 1823)--
                    (A) by striking ``deposit insurance fund'' each 
                place that term appears and inserting ``Deposit 
                Insurance Fund'';
                    (B) in subsection (a)(1), by striking ``Bank 
                Insurance Fund, the Savings Association Insurance 
                Fund,'' and inserting ``Deposit Insurance Fund'';
                    (C) in subsection (c)(4)(E)--
                          (i) in the subparagraph heading, by striking 
                      ``funds'' and inserting ``fund''; and
                          (ii) in clause (i), by striking ``any 
                      insurance fund'' and inserting ``the Deposit 
                      Insurance Fund'';
                    (D) in subsection (c)(4)(G)(ii)--
                          (i) by striking ``appropriate insurance fund'' 
                      and inserting ``Deposit Insurance Fund'';
                          (ii) by striking ``the members of the 
                      insurance fund (of which such institution is a 
                      member)'' and inserting ``insured depository 
                      institutions'';
                          (iii) by striking ``each member's'' and 
                      inserting ``each insured depository 
                      institution's''; and
                          (iv) by striking ``the member's'' each place 
                      that term appears and inserting ``the 
                      institution's'';
                    (E) in subsection (c), by striking paragraph (11);
                    (F) in subsection (h), by striking ``Bank Insurance 
                Fund'' and inserting ``Deposit Insurance Fund'';
                    (G) in subsection (k)(4)(B)(i), by striking 
                ``Savings Association Insurance Fund member'' and 
                inserting ``savings association''; and
                    (H) in subsection (k)(5)(A), by striking ``Savings 
                Association Insurance Fund members'' and inserting 
                ``savings associations'';
            (20) in section 14(a) (12 U.S.C. 1824(a)), in the 5th sen- 
        tence--
                    (A) by striking ``Bank Insurance Fund or the Savings 
                Association Insurance Fund'' and inserting ``Deposit 
                Insurance Fund''; and
                    (B) by striking ``each such fund'' and inserting 
                ``the Deposit Insurance Fund'';
            (21) in section 14(b) (12 U.S.C. 1824(b)), by striking 
        ``Bank Insurance Fund or Savings Association Insurance Fund'' 
        and inserting ``Deposit Insurance Fund'';
            (22) in section 14(c) (12 U.S.C. 1824(c)), by striking 
        paragraph (3);
            (23) in section 14(d) (12 U.S.C. 1824(d))--

[[Page 119 STAT. 3614]]

                    (A) by striking ``Bank Insurance Fund member'' each 
                place that term appears and inserting ``insured 
                depository institution'';
                    (B) by striking ``Bank Insurance Fund members'' each 
                place that term appears and inserting ``insured 
                depository institutions'';
                    (C) by striking ``Bank Insurance Fund'' each place 
                that term appears (other than in connection with a 
                reference to a term amended by subparagraph (A) or (B) 
                of this paragraph) and inserting ``Deposit Insurance 
                Fund'';
                    (D) by striking the subsection heading and inserting 
                the following:

    ``(d) Borrowing for the Deposit Insurance Fund From Insured 
Depository Institutions.--'';
                    (E) in paragraph (3), in the paragraph heading, by 
                striking ``bif'' and inserting ``the deposit insurance 
                fund''; and
                    (F) in paragraph (5), in the paragraph heading, by 
                striking ``bif members'' and inserting ``insured 
                depository institutions'';
            (24) in section 14 (12 U.S.C. 1824), by adding at the end 
        the following new subsection:

    ``(e) Borrowing for the Deposit Insurance Fund From Federal Home 
Loan Banks.--
            ``(1) In general.--The Corporation may borrow from the 
        Federal home loan banks, with the concurrence of the Federal 
        Housing Finance Board, such funds as the Corporation considers 
        necessary for the use of the Deposit Insurance Fund.
            ``(2) Terms and conditions.--Any loan from any Federal home 
        loan bank under paragraph (1) to the Deposit Insurance Fund 
        shall--
                    ``(A) bear a rate of interest of not less than the 
                current marginal cost of funds to that bank, taking into 
                account the maturities involved;
                    ``(B) be adequately secured, as determined by the 
                Federal Housing Finance Board;
                    ``(C) be a direct liability of the Deposit Insurance 
                Fund; and
                    ``(D) be subject to the limitations of section 
                15(c).'';
            (25) in section 15(c)(5) (12 U.S.C. 1825(c)(5))--
                    (A) by striking ``the Bank Insurance Fund or Savings 
                Association Insurance Fund, respectively'' each place 
                that term appears and inserting ``the Deposit Insurance 
                Fund''; and
                    (B) in subparagraph (B), by striking ``the Bank 
                Insurance Fund or the Savings Association Insurance 
                Fund, respectively'' and inserting ``the Deposit 
                Insurance Fund'';
            (26) in section 17(a) (12 U.S.C. 1827(a))--
                    (A) in the subsection heading, by striking ``BIF, 
                SAIF,'' and inserting ``the Deposit Insurance Fund''; 
                and
                    (B) in paragraph (1)--
                          (i) by striking ``the Bank Insurance Fund, the 
                      Savings Association Insurance Fund,'' each place 
                      that term appears and inserting ``the Deposit 
                      Insurance Fund''; and
                          (ii) in subparagraph (D), by striking ``each 
                      insurance fund'' and inserting ``the Deposit 
                      Insurance Fund'';

[[Page 119 STAT. 3615]]

            (27) in section 17(d) (12 U.S.C. 1827(d)), by striking ``, 
        the Bank Insurance Fund, the Savings Association Insurance 
        Fund,'' each place that term appears and inserting ``the Deposit 
        Insurance Fund'';
            (28) in section 18(m)(3) (12 U.S.C. 1828(m)(3))--
                    (A) by striking ``Savings Association Insurance 
                Fund'' in the 1st sentence of subparagraph (A) and 
                inserting ``Deposit Insurance Fund'';
                    (B) by striking ``Savings Association Insurance Fund 
                member'' in the last sentence of subparagraph (A) and 
                inserting ``savings association''; and
                    (C) by striking ``Savings Association Insurance Fund 
                or the Bank Insurance Fund'' in subparagraph (C) and 
                inserting ``Deposit Insurance Fund'';
            (29) in section 18(o) (12 U.S.C. 1828(o)), by striking 
        ``deposit insurance funds'' and ``deposit insurance fund'' each 
        place those terms appear and inserting ``Deposit Insurance 
        Fund'';
            (30) in section 18(p) (12 U.S.C. 1828(p)), by striking 
        ``deposit insurance funds'' and inserting ``Deposit Insurance 
        Fund'';
            (31) in section 24 (12 U.S.C. 1831a)--
                    (A) in subsections (a)(1) and (d)(1)(A), by striking 
                ``appropriate deposit insurance fund'' each place that 
                term appears and inserting ``Deposit Insurance Fund'';
                    (B) in subsection (e)(2)(A), by striking ``risk to'' 
                and all that follows through the period and inserting 
                ``risk to the Deposit Insurance Fund.''; and
                    (C) in subsections (e)(2)(B)(ii) and (f)(6)(B), by 
                striking ``the insurance fund of which such bank is a 
                member'' each place that term appears and inserting 
                ``the Deposit Insurance Fund'';
            (32) in section 28 (12 U.S.C. 1831e), by striking ``affected 
        deposit insurance fund'' each place that term appears and 
        inserting ``Deposit Insurance Fund'';
            (33) by striking section 31 (12 U.S.C. 1831h);
            (34) in section 36(i)(3) (12 U.S.C. 1831m(i)(3)), by 
        striking ``affected deposit insurance fund'' and inserting 
        ``Deposit Insurance Fund'';
            (35) in section 37(a)(1)(C) (12 U.S.C. 1831n(a)(1)(C)), by 
        striking ``insurance funds'' and inserting ``Deposit Insurance 
        Fund'';
            (36) in section 38 (12 U.S.C. 1831o), by striking ``the 
        deposit insurance fund'' each place that term appears and 
        inserting ``the Deposit Insurance Fund'';
            (37) in section 38(a) (12 U.S.C. 1831o(a)), in the 
        subsection heading, by striking ``Funds'' and inserting 
        ``Fund'';
            (38) in section 38(k) (12 U.S.C. 1831o(k))--
                    (A) in paragraph (1), by striking ``a deposit 
                insurance fund'' and inserting ``the Deposit Insurance 
                Fund'';
                    (B) in paragraph (2), by striking ``A deposit 
                insurance fund'' and inserting ``The Deposit Insurance 
                Fund''; and
                    (C) in paragraphs (2)(A) and (3)(B), by striking 
                ``the deposit insurance fund's outlays'' each place that 
                term appears and inserting ``the outlays of the Deposit 
                Insurance Fund''; and
            (39) in section 38(o) (12 U.S.C. 1831o(o))--

[[Page 119 STAT. 3616]]

                    (A) by striking ``associations.--'' and all that 
                follows through ``Subsections (e)(2)'' and inserting 
                ``associations.--Subsections (e)(2)'';
                    (B) by redesignating subparagraphs (A), (B), and (C) 
                as paragraphs (1), (2), and (3), respectively, and 
                moving the margins 2 ems to the left; and
                    (C) in paragraph (1) (as so redesignated), by 
                redesignating clauses (i) and (ii) as subparagraphs (A) 
                and (B), respectively, and moving the margins 2 ems to 
                the left.

    (b) <<NOTE: 12 USC 1813 note.>> Effective Date.--This section and 
the amendments made by this section shall take effect on the day of the 
merger of the Bank Insurance Fund and the Savings Association Insurance 
Fund pursuant to the Federal Deposit Insurance Reform Act of 2005.

SEC. 9. OTHER TECHNICAL AND CONFORMING AMENDMENTS RELATING TO THE MERGER 
            OF THE BIF AND SAIF.

    (a) Section 5136 of the Revised Statutes.--The paragraph designated 
the ``Eleventh'' of section 5136 of the Revised Statutes of the United 
States (12 U.S.C. 24) is amended in the 5th sentence, by striking 
``affected deposit insurance fund'' and inserting ``Deposit Insurance 
Fund''.
    (b) Investments Promoting Public Welfare; Limitations on Aggregate 
Investments.--The 23d undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 338a) is amended in the 4th sentence, by striking 
``affected deposit insurance fund'' and inserting ``Deposit Insurance 
Fund''.
    (c) Advances to Critically Undercapitalized Depository 
Institutions.--Section 10B(b)(3)(A)(ii) of the Federal Reserve Act (12 
U.S.C. 347b(b)(3)(A)(ii)) is amended by striking ``any deposit insurance 
fund in'' and inserting ``the Deposit Insurance Fund of''.
    (d) Amendments to the Federal Home Loan Bank Act.--The Federal Home 
Loan Bank Act (12 U.S.C. 1421 et seq.) is amended--
            (1) in section 11(k) (12 U.S.C. 1431(k))--
                    (A) in the subsection heading, by striking ``SAIF'' 
                and inserting ``the Deposit Insurance Fund''; and
                    (B) by striking ``Savings Association Insurance 
                Fund'' each place such term appears and inserting 
                ``Deposit Insurance Fund'';
            (2) in section 21 (12 U.S.C. 1441)--
                    (A) in subsection (f)(2), by striking ``, except 
                that'' and all that follows through the end of the 
                paragraph and inserting a period; and
                    (B) in subsection (k), by striking paragraph (4);
            (3) in section 21A(b)(4)(B) (12 U.S.C. 1441a(b)(4)(B)), by 
        striking ``affected deposit insurance fund'' and inserting 
        ``Deposit Insurance Fund'';
            (4) in section 21A(b)(6)(B) (12 U.S.C. 1441a(b)(6)(B))--
                    (A) in the subparagraph heading, by striking ``Saif-
                insured banks'' and inserting ``Charter conversions''; 
                and
                    (B) by striking ``Savings Association Insurance Fund 
                member'' and inserting ``savings association'';
            (5) in section 21A(b)(10)(A)(iv)(II) (12 U.S.C. 
        1441a(b)(10)(A)(iv)(II)), by striking ``Savings Association 
        Insurance Fund'' and inserting ``Deposit Insurance Fund'';

[[Page 119 STAT. 3617]]

            (6) <<NOTE: 12 USC 1441a.>> in section 21A(n)(6)(E)(iv) (12 
        U.S.C. 1441(n)(6)(E)(iv)), by striking ``Federal deposit 
        insurance funds'' and inserting ``the Deposit Insurance Fund'';
            (7) in section 21B(e) (12 U.S.C. 1441b(e))--
                    (A) in paragraph (5), by inserting ``as of the date 
                of funding'' after ``Savings Association Insurance Fund 
                members'' each place that term appears; and
                    (B) by striking paragraphs (7) and (8); and
            (8) in section 21B(k) (12 U.S.C. 1441b(k))--
                    (A) by inserting before the colon ``, the following 
                definitions shall apply'';
                    (B) by striking paragraph (8); and
                    (C) by redesignating paragraphs (9) and (10) as 
                paragraphs (8) and (9), respectively.

    (e) Amendments to the Home Owners' Loan Act.--The Home Owners' Loan 
Act (12 U.S.C. 1461 et seq.) is amended--
            (1) in section 5 (12 U.S.C. 1464)--
                    (A) in subsection (c)(5)(A), by striking ``that is a 
                member of the Bank Insurance Fund'';
                    (B) in subsection (c)(6), by striking ``As used in 
                this subsection--'' and inserting ``For purposes of this 
                subsection, the following definitions shall apply:'';
                    (C) in subsection (o)(1), by striking ``that is a 
                Bank Insurance Fund member'';
                    (D) in subsection (o)(2)(A), by striking ``a Bank 
                Insurance Fund member until such time as it changes its 
                status to a Savings Association Insurance Fund member'' 
                and inserting ``insured by the Deposit Insurance Fund'';
                    (E) in subsection (t)(5)(D)(iii)(II), by striking 
                ``affected deposit insurance fund'' and inserting 
                ``Deposit Insurance Fund'';
                    (F) in subsection (t)(7)(C)(i)(I), by striking 
                ``affected deposit insurance fund'' and inserting 
                ``Deposit Insurance Fund''; and
                    (G) in subsection (v)(2)(A)(i), by striking ``the 
                Savings Association Insurance Fund'' and inserting ``or 
                the Deposit Insurance Fund''; and
            (2) in section 10 (12 U.S.C. 1467a)--
                    (A) in subsection (c)(6)(D), by striking ``this 
                title'' and inserting ``this Act'';
                    (B) in subsection (e)(1)(B), by striking ``Savings 
                Association Insurance Fund or Bank Insurance Fund'' and 
                inserting ``Deposit Insurance Fund'';
                    (C) in subsection (e)(2), by striking ``Savings 
                Association Insurance Fund or the Bank Insurance Fund'' 
                and inserting ``Deposit Insurance Fund'';
                    (D) in subsection (e)(4)(B), by striking 
                ``subsection (1)'' and inserting ``subsection (l)'';
                    (E) in subsection (g)(3)(A), by striking ``(5) of 
                this section'' and inserting ``(5) of this subsection'';
                    (F) in subsection (i), by redesignating paragraph 
                (5) as paragraph (4);
                    (G) in subsection (m)(3), by striking subparagraph 
                (E) and by redesignating subparagraphs (F), (G), and (H) 
                as subparagraphs (E), (F), and (G), respectively;
                    (H) in subsection (m)(7)(A), by striking ``during 
                period'' and inserting ``during the period''; and

[[Page 119 STAT. 3618]]

                    (I) in subsection (o)(3)(D), by striking ``sections 
                5(s) and (t) of this Act'' and inserting ``subsections 
                (s) and (t) of section 5''.

    (f) Amendments to the National Housing Act.--The National Housing 
Act (12 U.S.C. 1701 et seq.) is amended--
            (1) in section 317(b)(1)(B) (12 U.S.C. 1723i(b)(1)(B)), by 
        striking ``Bank Insurance Fund for banks or through the Savings 
        Association Insurance Fund for savings associations'' and 
        inserting ``Deposit Insurance Fund''; and
            (2) in section 536(b)(1)(B)(ii) (12 U.S.C. 1735f-
        14(b)(1)(B)(ii)), by striking ``Bank Insurance Fund for banks 
        and through the Savings Association Insurance Fund for savings 
        associations'' and inserting ``Deposit Insurance Fund''.

    (g) Amendments to the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989.--The Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989 (12 U.S.C. 1811 note) is amended--
            (1) in section 951(b)(3)(B) (12 U.S.C. 1833a(b)(3)(B)), by 
        inserting ``and after the merger of such funds, the Deposit 
        Insurance Fund,'' after ``the Savings Association Insurance 
        Fund,''; and
            (2) in section 1112(c)(1)(B) (12 U.S.C. 3341(c)(1)(B)), by 
        striking ``Bank Insurance Fund, the Savings Association 
        Insurance Fund,'' and inserting ``Deposit Insurance Fund''.

    (h) Amendment to the Bank Holding Company Act of 1956.--The Bank 
Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended--
            (1) in section 2(j)(2) (12 U.S.C. 1841(j)(2)), by striking 
        ``Savings Association Insurance Fund'' and inserting ``Deposit 
        Insurance Fund''; and
            (2) in section 3(d)(1)(D)(iii) (12 U.S.C. 
        1842(d)(1)(D)(iii)), by striking ``appropriate deposit insurance 
        fund'' and inserting ``Deposit Insurance Fund''.

    (i) Amendments to the Gramm-Leach-Bliley Act.--Section 114 of the 
Gramm-Leach-Bliley Act (12 U.S.C. 1828a) is amended by striking ``any 
Federal deposit insurance fund'' in subsection (a)(1)(B), paragraphs 
(2)(B) and (4)(B) of subsection (b), and subsection (c)(1)(B), each 
place that term appears and inserting ``the Deposit Insurance Fund''.
    (j) <<NOTE: 12 USC 24 note.>> Effective Date.--This section and the 
amendments made by this section shall take effect on the day of the 
merger of the 

[[Page 119 STAT. 3619]]

Bank Insurance Fund and the Savings Association Insurance Fund pursuant 
to the Federal Deposit Insurance Reform Act of 2005.

    Approved February 15, 2006.

LEGISLATIVE HISTORY--H.R. 4636:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 151 (2005):
            Dec. 18, considered and passed House.
            Dec. 21, considered and passed Senate.

                                  <all>
```