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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2856 Enrolled Bill (ENR)]

        S.2856

                       One Hundred Ninth Congress

                                 of the

                        United States of America

                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
             the third day of January, two thousand and six

                                 An Act

 
   To provide regulatory relief and improve productivity for insured 
            depository institutions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Services 
Regulatory Relief Act of 2006''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.

                         TITLE I--BROKER RELIEF

Sec. 101. Joint rulemaking required for revised definition of broker in 
          the Securities Exchange Act of 1934.

                  TITLE II--MONETARY POLICY PROVISIONS

Sec. 201. Authorization for the Federal Reserve to pay interest on 
          reserves.
Sec. 202. Increased flexibility for the Federal Reserve Board to 
          establish reserve requirements.
Sec. 203. Effective date.

                   TITLE III--NATIONAL BANK PROVISIONS

Sec. 301. Voting in shareholder elections.
Sec. 302. Simplifying dividend calculations for national banks.
Sec. 303. Repeal of obsolete limitation on removal authority of the 
          Comptroller of the Currency.
Sec. 304. Repeal of obsolete provision in the Revised Statutes.
Sec. 305. Enhancing the authority for banks to make community 
          development investments.

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

Sec. 401. Parity for savings associations under the Securities Exchange 
          Act of 1934 and the Investment Advisers Act of 1940.
Sec. 402. Repeal of overlapping rules governing purchased mortgage 
          servicing rights.
Sec. 403. Clarifying citizenship of Federal savings associations for 
          Federal court jurisdiction.
Sec. 404. Repeal of limitation on loans to one borrower.

                    TITLE V--CREDIT UNION PROVISIONS

Sec. 501. Leases of land on Federal facilities for credit unions.
Sec. 502. Increase in general 12-year limitation of term of Federal 
          credit union loans to 15 years.
Sec. 503. Check cashing and money transfer services offered within the 
          field of membership.
Sec. 504. Clarification of definition of net worth under certain 
          circumstances for purposes of prompt corrective action.
Sec. 505. Amendments relating to nonfederally insured credit unions.

               TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

Sec. 601. Reporting requirements relating to insider lending.
Sec. 602. Investments by insured savings associations in bank service 
          companies authorized.
Sec. 603. Authorization for member bank to use pass-through reserve 
          accounts.
Sec. 604. Streamlining reports of condition.
Sec. 605. Expansion of eligibility for 18-month examination schedule for 
          community banks.
Sec. 606. Streamlining depository institution merger application 
          requirements.
Sec. 607. Nonwaiver of privileges.
Sec. 608. Clarification of application requirements for optional 
          conversion for Federal savings associations.
Sec. 609. Exemption from disclosure of privacy policy for accountants.
Sec. 610. Inflation adjustment for the small depository institution 
          exception under the Depository Institution Management 
          Interlocks Act.
Sec. 611. Modification to cross marketing restrictions.

                  TITLE VII--BANKING AGENCY PROVISIONS

Sec. 701. Statute of limitations for judicial review of appointment of a 
          receiver for depository institutions.
Sec. 702. Enhancing the safety and soundness of insured depository 
          institutions.
Sec. 703. Cross guarantee authority.
Sec. 704. Golden parachute authority and nonbank holding companies.
Sec. 705. Amendments relating to change in bank control.
Sec. 706. Amendment to provide the Federal Reserve Board with discretion 
          concerning the imputation of control of shares of a company by 
          trustees.
Sec. 707. Interagency data sharing.
Sec. 708. Clarification of extent of suspension, removal, and 
          prohibition authority of Federal banking agencies in cases of 
          certain crimes by institution-affiliated parties.
Sec. 709. Protection of confidential information received by Federal 
          banking regulators from foreign banking supervisors.
Sec. 710. Prohibition on participation by convicted individuals.
Sec. 711. Coordination of State examination authority.
Sec. 712. Deputy Director; succession authority for Director of the 
          Office of Thrift Supervision.
Sec. 713. Office of Thrift Supervision representation on Basel Committee 
          on Banking Supervision.
Sec. 714. Federal Financial Institutions Examination Council.
Sec. 715. Technical amendments relating to insured institutions.
Sec. 716. Clarification of enforcement authority.
Sec. 717. Federal banking agency authority to enforce deposit insurance 
          conditions.
Sec. 718. Receiver or conservator consent requirement.
Sec. 719. Acquisition of FICO scores.
Sec. 720. Elimination of criminal indictments against receiverships.
Sec. 721. Resolution of deposit insurance disputes.
Sec. 722. Recordkeeping.
Sec. 723. Preservation of records.
Sec. 724. Technical amendments to information sharing provision in the 
          Federal Deposit Insurance Act.
Sec. 725. Technical and conforming amendments relating to banks 
          operating under the Code of Law for the District of Columbia.
Sec. 726. Technical corrections to the Federal Credit Union Act.
Sec. 727. Repeal of obsolete provisions of the Bank Holding Company Act 
          of 1956.
Sec. 728. Development of model privacy forms.

        TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

Sec. 801. Exception for certain bad check enforcement programs.
Sec. 802. Other amendments.

                 TITLE IX--CASH MANAGEMENT MODERNIZATION

Sec. 901. Collateral modernization.

                      TITLE X--STUDIES AND REPORTS

Sec. 1001. Study and report by the Comptroller General on the currency 
          transaction report filing system.
Sec. 1002. Study and report on institution diversity and consolidation.

                         TITLE I--BROKER RELIEF

SEC. 101. JOINT RULEMAKING REQUIRED FOR REVISED DEFINITION OF BROKER IN 
              THE SECURITIES EXCHANGE ACT OF 1934.

    (a) Final Rules Required.--
        (1) Amendment to securities exchange act.--Section 3(a)(4) of 
    the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(4)) is 
    amended by adding at the end the following:
            ``(F) Joint rulemaking required.--The Commission and the 
        Board of Governors of the Federal Reserve System shall jointly 
        adopt a single set of rules or regulations to implement the 
        exceptions in subparagraph (B).''.
        (2) Timing.--Not later than 180 days after the date of the 
    enactment of this Act, the Securities and Exchange Commission (in 
    this section referred to as the ``Commission'') and the Board of 
    Governors of the Federal Reserve System (hereafter in this section 
    referred to as the ``Board'') shall jointly issue a proposed single 
    set of rules or regulations to define the term ``broker'' in 
    accordance with section 3(a)(4) of the Securities Exchange Act of 
    1934, as amended by this subsection.
        (3) Rulemaking supersedes previous rulemaking.--A final single 
    set of rules or regulations jointly adopted in accordance with this 
    section shall supersede any other proposed or final rule issued by 
    the Commission on or after the date of enactment of section 201 of 
    the Gramm-Leach-Bliley Act with regard to the exceptions to the 
    definition of a broker under section 3(a)(4)(B) of the Securities 
    Exchange Act of 1934. No such other rule, whether or not issued in 
    final form, shall have any force or effect on or after that date of 
    enactment.
    (b) Consultation.--Prior to jointly adopting the single set of 
final rules or regulations required by this section, the Commission and 
the Board shall consult with and seek the concurrence of the Federal 
banking agencies concerning the content of such rulemaking in 
implementing section 3(a)(4)(B) of the Securities Exchange Act of 1934, 
as amended by this section and section 201 of the Gramm-Leach-Bliley 
Act.
    (c) Definition.--For purposes of this section, the term ``Federal 
banking agencies'' means the Office of the Comptroller of the Currency, 
the Office of Thrift Supervision, and the Federal Deposit Insurance 
Corporation.

                  TITLE II--MONETARY POLICY PROVISIONS

SEC. 201. AUTHORIZATION FOR THE FEDERAL RESERVE TO PAY INTEREST ON 
              RESERVES.

    (a) In General.--Section 19(b) of the Federal Reserve Act (12 
U.S.C. 461(b)) is amended by adding at the end the following:
        ``(12) Earnings on balances.--
            ``(A) In general.--Balances maintained at a Federal Reserve 
        bank by or on behalf of a depository institution may receive 
        earnings to be paid by the Federal Reserve bank at least once 
        each calendar quarter, at a rate or rates not to exceed the 
        general level of short-term interest rates.
            ``(B) Regulations relating to payments and distributions.--
        The Board may prescribe regulations concerning--
                ``(i) the payment of earnings in accordance with this 
            paragraph;
                ``(ii) the distribution of such earnings to the 
            depository institutions which maintain balances at such 
            banks, or on whose behalf such balances are maintained; and
                ``(iii) the responsibilities of depository 
            institutions, Federal Home Loan Banks, and the National 
            Credit Union Administration Central Liquidity Facility with 
            respect to the crediting and distribution of earnings 
            attributable to balances maintained, in accordance with 
            subsection (c)(1)(A), in a Federal Reserve bank by any such 
            entity on behalf of depository institutions.
            ``(C) Depository institutions defined.--For purposes of 
        this paragraph, the term `depository institution', in addition 
        to the institutions described in paragraph (1)(A), includes any 
        trust company, corporation organized under section 25A or 
        having an agreement with the Board under section 25, or any 
        branch or agency of a foreign bank (as defined in section 1(b) 
        of the International Banking Act of 1978).''.
    (b) Conforming Amendment.--Section 19 of the Federal Reserve Act 
(12 U.S.C. 461) is amended--
        (1) in subsection (b)(4)--
            (A) by striking subparagraph (C); and
            (B) by redesignating subparagraphs (D) and (E) as 
        subparagraphs (C) and (D), respectively; and
        (2) in subsection (c)(1)(A), by striking ``subsection 
    (b)(4)(C)'' and inserting ``subsection (b)''.

SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO 
              ESTABLISH RESERVE REQUIREMENTS.

    Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 
461(b)(2)(A)) is amended--
        (1) in clause (i), by striking ``the ratio of 3 per centum'' 
    and inserting ``a ratio of not greater than 3 percent (and which 
    may be zero)''; and
        (2) in clause (ii), by striking ``and not less than 8 per 
    centum,'' and inserting ``(and which may be zero),''.

SEC. 203. EFFECTIVE DATE.

    The amendments made by this title shall take effect October 1, 
2011.

                  TITLE III--NATIONAL BANK PROVISIONS

SEC. 301. VOTING IN SHAREHOLDER ELECTIONS.

    Section 5144 of the Revised Statutes of the United States (12 
U.S.C. 61) is amended--
        (1) by striking ``or to cumulate'' and inserting ``or, if so 
    provided by the articles of association of the national bank, to 
    cumulate''; and
        (2) by striking the comma after ``his shares shall equal''.

SEC. 302. SIMPLIFYING DIVIDEND CALCULATIONS FOR NATIONAL BANKS.

    (a) In General.--Section 5199 of the Revised Statutes of the United 
States (12 U.S.C. 60) is amended to read as follows:

``SEC. 5199. NATIONAL BANK DIVIDENDS.

    ``(a) In General.--Subject to subsection (b), the directors of any 
national bank may declare a dividend of so much of the undivided 
profits of the bank as the directors judge to be expedient.
    ``(b) Approval Required Under Certain Circumstances.--A national 
bank may not declare and pay dividends in any year in excess of an 
amount equal to the sum of the total of the net income of the bank for 
that year and the retained net income of the bank for the preceding 2 
years, minus the sum of any transfers required by the Comptroller of 
the Currency and any transfers required to be made to a fund for the 
retirement of any preferred stock, unless the Comptroller of the 
Currency approves the declaration and payment of dividends in excess of 
such amount.''.
    (b) Clerical Amendment.--The table of sections for chapter three of 
title LXII of the Revised Statutes of the United States is amended by 
striking the item relating to section 5199 and inserting the following:

``5199. National bank dividends.''.

SEC. 303. REPEAL OF OBSOLETE LIMITATION ON REMOVAL AUTHORITY OF THE 
              COMPTROLLER OF THE CURRENCY.

    Section 8(e)(4) of the Federal Deposit Insurance Act (12 U.S.C. 
1818(e)(4)) is amended by striking the 5th sentence.

SEC. 304. REPEAL OF OBSOLETE PROVISION IN THE REVISED STATUTES.

    Section 5143 of the Revised Statutes of the United States (12 
U.S.C. 59) is amended to read as follows:

``SEC. 5143. REDUCTION OF CAPITAL.

    ``(a) In General.--Subject to the approval of the Comptroller of 
the Currency, a national banking association may, by a vote of 
shareholders owning, in the aggregate, two-thirds of its capital stock, 
reduce its capital.
    ``(b) Shareholder Distributions Authorized.--As part of its capital 
reduction plan approved in accordance with subsection (a), and with the 
affirmative vote of shareholders owning at least two thirds of the 
shares of each class of its stock outstanding (each voting as a class), 
a national banking association may distribute cash or other assets to 
its shareholders.''.

SEC. 305. ENHANCING THE AUTHORITY FOR BANKS TO MAKE COMMUNITY 
              DEVELOPMENT INVESTMENTS.

    (a) National Banks.--The paragraph designated as the ``Eleventh.'' 
of section 5136 of the Revised Statutes of the United States (12 U.S.C. 
24) is amended to read as follows:
    ``Eleventh. To make investments directly or indirectly, each of 
which promotes the public welfare by benefiting primarily low- and 
moderate-income communities or families (such as by providing housing, 
services, or jobs). An association shall not make any such investment 
if the investment would expose the association to unlimited liability. 
The Comptroller of the Currency shall limit an association's 
investments in any 1 project and an association's aggregate investments 
under this paragraph. An association's aggregate investments under this 
paragraph shall not exceed an amount equal to the sum of 5 percent of 
the association's capital stock actually paid in and unimpaired and 5 
percent of the association's unimpaired surplus fund, unless the 
Comptroller determines by order that the higher amount will pose no 
significant risk to the affected deposit insurance fund, and the 
association is adequately capitalized. In no case shall an 
association's aggregate investments under this paragraph exceed an 
amount equal to the sum of 15 percent of the association's capital 
stock actually paid in and unimpaired and 15 percent of the 
association's unimpaired surplus fund. The foregoing standards and 
limitations apply to investments under this paragraph made by a 
national bank directly and by its subsidiaries.''.
    (b) Conforming Amendments for State Member Banks.--The 23rd 
undesignated paragraph of section 9 of the Federal Reserve Act (12 
U.S.C. 338a) is amended to read as follows:
        ``(23) A State member bank may make investments directly or 
    indirectly, each of which promotes the public welfare by benefiting 
    primarily low- and moderate-income communities or families (such as 
    by providing housing, services, or jobs), to the extent permissible 
    under State law. A State member bank shall not make any such 
    investment if the investment would expose the State member bank to 
    unlimited liability. The Board shall limit a State member bank's 
    investment in any 1 project and a State member bank's aggregate 
    investments under this paragraph. The aggregate amount of 
    investments of any State member bank under this paragraph may not 
    exceed an amount equal to the sum of 5 percent of the State member 
    bank's capital stock actually paid in and unimpaired and 5 percent 
    of the State member bank's unimpaired surplus, unless the Board 
    determines, by order, that a higher amount will pose no significant 
    risk to the affected deposit insurance fund; and the State member 
    bank is adequately capitalized. In no case shall the aggregate 
    amount of investments of any State member bank under this paragraph 
    exceed an amount equal to the sum of 15 percent of the State member 
    bank's capital stock actually paid in and unimpaired and 15 percent 
    of the State member bank's unimpaired surplus. The foregoing 
    standards and limitations apply to investments under this paragraph 
    made by a State member bank directly and by its subsidiaries.''.

                TITLE IV--SAVINGS ASSOCIATION PROVISIONS

SEC. 401. PARITY FOR SAVINGS ASSOCIATIONS UNDER THE SECURITIES EXCHANGE 
              ACT OF 1934 AND THE INVESTMENT ADVISERS ACT OF 1940.

    (a) Securities Exchange Act of 1934.--
        (1) Definition of bank.--Section 3(a)(6) of the Securities 
    Exchange Act of 1934 (15 U.S.C. 78c(a)(6)) is amended--
            (A) in subparagraph (A), by inserting ``or a Federal 
        savings association, as defined in section 2(5) of the Home 
        Owners' Loan Act'' after ``a banking institution organized 
        under the laws of the United States''; and
            (B) in subparagraph (C)--
                (i) by inserting ``or savings association, as defined 
            in section 2(4) of the Home Owners' Loan Act'' after 
            ``banking institution''; and
                (ii) by inserting ``or savings associations'' after 
            ``having supervision over banks''.
        (2) Inclusion of ots under the definition of appropriate 
    regulatory agency for certain purposes.--Section 3(a)(34) of the 
    Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(34)) is amended--
            (A) in subparagraph (A)--
                (i) in clause (ii), by striking ``(i) or (iii)'' and 
            inserting ``(i), (iii), or (iv)'';
                (ii) in clause (iii), by striking ``and'' at the end;
                (iii) by redesignating clause (iv) as clause (v); and
                (iv) by inserting after clause (iii) the following:
                ``(iv) the Director of the Office of Thrift 
            Supervision, in the case of a savings association (as 
            defined in section 3(b) of the Federal Deposit Insurance 
            Act (12 U.S.C. 1813(b))), the deposits of which are insured 
            by the Federal Deposit Insurance Corporation, a subsidiary 
            or a department or division of any such savings 
            association, or a savings and loan holding company; and'';
            (B) in subparagraph (B)--
                (i) in clause (ii), by striking ``(i) or (iii)'' and 
            inserting ``(i), (iii), or (iv)'';
                (ii) in clause (iii), by striking ``and'' at the end;
                (iii) by redesignating clause (iv) as clause (v); and
                (iv) by inserting after clause (iii) the following:
                ``(iv) the Director of the Office of Thrift 
            Supervision, in the case of a savings association (as 
            defined in section 3(b) of the Federal Deposit Insurance 
            Act (12 U.S.C. 1813(b))), the deposits of which are insured 
            by the Federal Deposit Insurance Corporation, or a 
            subsidiary of any such savings association, or a savings 
            and loan holding company; and'';
            (C) in subparagraph (C)--
                (i) in clause (ii), by striking ``(i) or (iii)'' and 
            inserting ``(i), (iii), or (iv)'';
                (ii) in clause (iii), by striking ``and'' at the end;
                (iii) by redesignating clause (iv) as clause (v); and
                (iv) by inserting after clause (iii) the following:
                ``(iv) the Director of the Office of Thrift 
            Supervision, in the case of a savings association (as 
            defined in section 3(b) of the Federal Deposit Insurance 
            Act (12 U.S.C. 1813(b))), the deposits of which are insured 
            by the Federal Deposit Insurance Corporation, a savings and 
            loan holding company, or a subsidiary of a savings and loan 
            holding company when the appropriate regulatory agency for 
            such clearing agency is not the Commission; and'';
            (D) in subparagraph (D)--
                (i) in clause (ii), by striking ``and'' at the end;
                (ii) by redesignating clause (iii) as clause (iv); and
                (iii) by inserting after clause (ii) the following:
                ``(iii) the Director of the Office of Thrift 
            Supervision, in the case of a savings association (as 
            defined in section 3(b) of the Federal Deposit Insurance 
            Act (12 U.S.C. 1813(b))) the deposits of which are insured 
            by the Federal Deposit Insurance Corporation; and'';
            (E) in subparagraph (F)--
                (i) by redesignating clauses (ii), (iii), and (iv) as 
            clauses (iii), (iv), and (v), respectively; and
                (ii) by inserting after clause (i) the following:
                ``(ii) the Director of the Office of Thrift 
            Supervision, in the case of a savings association (as 
            defined in section 3(b) of the Federal Deposit Insurance 
            Act (12 U.S.C. 1813(b))), the deposits of which are insured 
            by the Federal Deposit Insurance Corporation; and'';
            (F) by moving subparagraph (H) and inserting such 
        subparagraph immediately after subparagraph (G); and
            (G) by adding at the end of the undesignated matter at the 
        end the following: ``As used in this paragraph, the term 
        `savings and loan holding company' has the same meaning as in 
        section 10(a) of the Home Owners' Loan Act (12 U.S.C. 
        1467a(a)).''.
        (3) Conforming exemption to reporting requirement.--Section 
    23(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 
    78w(b)(1)) is amended by inserting ``other than the Office of 
    Thrift Supervision,'' before ``shall each''.
    (b) Investment Advisers Act of 1940.--
        (1) Definition of bank.--Section 202(a)(2) of the Investment 
    Advisers Act of 1940 (15 U.S.C. 80b-2(a)(2)) is amended--
            (A) in subparagraph (A), by inserting ``or a Federal 
        savings association, as defined in section 2(5) of the Home 
        Owners' Loan Act'' after ``a banking institution organized 
        under the laws of the United States''; and
            (B) in subparagraph (C)--
                (i) by inserting ``, savings association, as defined in 
            section 2(4) of the Home Owners' Loan Act,'' after 
            ``banking institution''; and
                (ii) by inserting ``or savings associations'' after 
            ``having supervision over banks''.
        (2) Conforming amendments.--Section 210A of the Investment 
    Advisers Act of 1940 (15 U.S.C. 80b-10a) is amended in each of 
    subsections (a)(1)(A)(i), (a)(1)(B), (a)(2), and (b), by striking 
    ``bank holding company'' each place that term appears and inserting 
    ``bank holding company or savings and loan holding company''.
    (c) Conforming Amendment to the Investment Company Act of 1940.--
Section 10(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
10(c)) is amended by inserting after ``1956)'' the following: ``or any 
one savings and loan holding company, together with its affiliates and 
subsidiaries (as such terms are defined in section 10 of the Home 
Owners' Loan Act),''.

SEC. 402. REPEAL OF OVERLAPPING RULES GOVERNING PURCHASED MORTGAGE 
              SERVICING RIGHTS.

    Section 5(t) of the Home Owners' Loan Act (12 U.S.C. 1464(t)) is 
amended--
        (1) by striking paragraph (4) and inserting the following:
        ``(4) [Repealed].''; and
        (2) in paragraph (9)(A), by striking ``intangible assets, 
    plus'' and all that follows through the period at the end and 
    inserting ``intangible assets.''.

SEC. 403. CLARIFYING CITIZENSHIP OF FEDERAL SAVINGS ASSOCIATIONS FOR 
              FEDERAL COURT JURISDICTION.

    Section 5 of the Home Owners' Loan Act (12 U.S.C. 1464) is amended 
by adding at the end the following:
    ``(x) Home State Citizenship.--In determining whether a Federal 
court has diversity jurisdiction over a case in which a Federal savings 
association is a party, the Federal savings association shall be 
considered to be a citizen only of the State in which such savings 
association has its home office.''.

SEC. 404. REPEAL OF LIMITATION ON LOANS TO ONE BORROWER.

    Section 5(u)(2)(A) of the Home Owners' Loan Act (12 U.S.C. 
1464(u)(2)(A)) is amended--
        (1) in clause (i)--
            (A) by striking ``for any'' and inserting ``For any''; and
            (B) by striking ``; or'' and inserting a period; and
        (2) in clause (ii)--
            (A) by striking ``to develop domestic'' and inserting ``To 
        develop domestic'';
            (B) by striking subclause (I); and
            (C) by redesignating subclauses (II) through (V) as 
        subclauses (I) through (IV), respectively.

                    TITLE V--CREDIT UNION PROVISIONS

SEC. 501. LEASES OF LAND ON FEDERAL FACILITIES FOR CREDIT UNIONS.

    (a) In General.--Section 124 of the Federal Credit Union Act (12 
U.S.C. 1770) is amended--
        (1) by striking ``Upon application by any credit union'' and 
    inserting ``Notwithstanding any other provision of law, upon 
    application by any credit union'';
        (2) by inserting ``on lands reserved for the use of, and under 
    the exclusive or concurrent jurisdiction of, the United States or'' 
    after ``officer or agency of the United States charged with the 
    allotment of space'';
        (3) by inserting ``lease land or'' after ``such officer or 
    agency may in his or its discretion''; and
        (4) by inserting ``or the facility built on the lease land'' 
    after ``credit union to be served by the allotment of space''.
    (b) Clerical Amendment.--The section heading for section 124 of the 
Federal Credit Union Act (12 U.S.C. 1770) is amended by inserting ``or 
federal land'' after ``buildings''.

SEC. 502. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF FEDERAL 
              CREDIT UNION LOANS TO 15 YEARS.

    Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) 
is amended in the matter preceding subparagraph (A), by striking ``to 
make loans, the maturities of which shall not exceed twelve years'' and 
inserting ``to make loans, the maturities of which shall not exceed 15 
years,''.

SEC. 503. CHECK CASHING AND MONEY TRANSFER SERVICES OFFERED WITHIN THE 
              FIELD OF MEMBERSHIP.

    Section 107(12) of the Federal Credit Union Act (12 U.S.C. 
1757(12)) is amended to read as follows:
        ``(12) in accordance with regulations prescribed by the Board--
            ``(A) to sell, to persons in the field of membership, 
        negotiable checks (including travelers checks), money orders, 
        and other similar money transfer instruments (including 
        international and domestic electronic fund transfers); and
            ``(B) to cash checks and money orders and receive 
        international and domestic electronic fund transfers for 
        persons in the field of membership for a fee;''.

SEC. 504. CLARIFICATION OF DEFINITION OF NET WORTH UNDER CERTAIN 
              CIRCUMSTANCES FOR PURPOSES OF PROMPT CORRECTIVE ACTION.

    Section 216(o)(2)(A) of the Federal Credit Union Act (12 U.S.C. 
1790d(o)(2)(A)) is amended--
        (1) by inserting ``the'' before ``retained earnings balance''; 
    and
        (2) by inserting ``, together with any amounts that were 
    previously retained earnings of any other credit union with which 
    the credit union has combined'' before the semicolon at the end.

SEC. 505. AMENDMENTS RELATING TO NONFEDERALLY INSURED CREDIT UNIONS.

    (a) In General.--Subsection (a) of section 43 of the Federal 
Deposit Insurance Act (12 U.S.C. 1831t(a)) is amended by adding at the 
end the following new paragraph:
        ``(3) Enforcement by appropriate state supervisor.--Any 
    appropriate State supervisor of a private deposit insurer, and any 
    appropriate State supervisor of a depository institution which 
    receives deposits that are insured by a private deposit insurer, 
    may examine and enforce compliance with this subsection under the 
    applicable regulatory authority of such supervisor.''.
        (b) Amendment Relating to Disclosures Required, Periodic 
    Statements, and Account Records.--Section 43(b)(1) of the Federal 
    Deposit Insurance Act (12 U.S.C. 1831t(b)(1)) is amended by 
    striking ``or similar instrument evidencing a deposit'' and 
    inserting ``or share certificate.''.
    (c) Amendments Relating to Disclosures Required, Advertising, 
Premises.--Section 43(b)(2) of the Federal Deposit Insurance Act (12 
U.S.C. 1831t(b)(2)) is amended to read as follows:
        ``(2) Advertising; premises.--
            ``(A) In general.--Include clearly and conspicuously in all 
        advertising, except as provided in subparagraph (B); and at 
        each station or window where deposits are normally received, 
        its principal place of business and all its branches where it 
        accepts deposits or opens accounts (excluding automated teller 
        machines or point of sale terminals), and on its main Internet 
        page, a notice that the institution is not federally insured.
            ``(B) Exceptions.--The following need not include a notice 
        that the institution is not federally insured:
                ``(i) Any sign, document, or other item that contains 
            the name of the depository institution, its logo, or its 
            contact information, but only if the sign, document, or 
            item does not include any information about the 
            institution's products or services or information otherwise 
            promoting the institution.
                ``(ii) Small utilitarian items that do not mention 
            deposit products or insurance if inclusion of the notice 
            would be impractical.''.
        (d) Amendments Relating to Acknowledgment of Disclosure.--
    Section 43(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
    1831t(b)(3)) is amended to read as follows:
        ``(3) Acknowledgment of disclosure.--
            ``(A) New depositors obtained other than through a 
        conversion or merger.--With respect to any depositor who was 
        not a depositor at the depository institution before the 
        effective date of the Financial Services Regulatory Relief Act 
        of 2006, and who is not a depositor as described in 
        subparagraph (B), receive any deposit for the account of such 
        depositor only if the depositor has signed a written 
        acknowledgement that--
                ``(i) the institution is not federally insured; and
                ``(ii) if the institution fails, the Federal Government 
            does not guarantee that the depositor will get back the 
            depositor's money.
            ``(B) New depositors obtained through a conversion or 
        merger.--With respect to a depositor at a federally insured 
        depository institution that converts to, or merges into, a 
        depository institution lacking federal insurance after the 
        effective date of the Financial Services Regulatory Relief Act 
        of 2006, receive any deposit for the account of such depositor 
        only if--
                ``(i) the depositor has signed a written 
            acknowledgement described in subparagraph (A); or
                ``(ii) the institution makes an attempt, as described 
            in subparagraph (D) and sent by mail no later than 45 days 
            after the effective date of the conversion or merger, to 
            obtain the acknowledgment.
            ``(C) Current depositors.--Receive any deposit after the 
        effective date of the Financial Services Regulatory Relief Act 
        of 2006 for the account of any depositor who was a depositor on 
        that date only if--
                ``(i) the depositor has signed a written 
            acknowledgement described in subparagraph (A); or
                ``(ii) the institution has complied with the provisions 
            of subparagraph (E) which are applicable as of the date of 
            the deposit.
            ``(D) Alternative provision of notice to new depositors 
        obtained through a conversion or merger.--
                ``(i) In general.--Transmit to each depositor who has 
            not signed a written acknowledgement described in 
            subparagraph (A)--

                    ``(I) a conspicuous card containing the information 
                described in clauses (i) and (ii) of subparagraph (A), 
                and a line for the signature of the depositor; and
                    ``(II) accompanying materials requesting the 
                depositor to sign the card, and return the signed card 
                to the institution.

            ``(E) Alternative provision of notice to current 
        depositors.--
                ``(i) In general.--Transmit to each depositor who was a 
            depositor before the effective date of the Financial 
            Services Regulatory Relief Act of 2006, and has not signed 
            a written acknowledgement described in subparagraph (A)--

                    ``(I) a conspicuous card containing the information 
                described in clauses (i) and (ii) of subparagraph (A), 
                and a line for the signature of the depositor; and
                    ``(II) accompanying materials requesting the 
                depositor to sign the card, and return the signed card 
                to the institution.

                ``(ii) Manner and timing of notice.--

                    ``(I) First notice.--Make the transmission 
                described in clause (i) via mail not later than three 
                months after the effective date of the Financial 
                Services Regulatory Relief Act of 2006.
                    ``(II) Second notice.--Make a second transmission 
                described in clause (i) via mail not less than 30 days 
                and not more than three months after a transmission to 
                the depositor in accordance with subclause (I), if the 
                institution has not, by the date of such mailing, 
                received from the depositor a card referred to in 
                clause (i) which has been signed by the depositor.''.

    (e) Amendments Relating to Manner and Content of Disclosure.--
Section 43(c) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(c)) 
is amended to read as follows:
    ``(c) Manner and Content of Disclosure.--To ensure that current and 
prospective customers understand the risks involved in foregoing 
Federal deposit insurance, the Federal Trade Commission, by regulation 
or order, shall prescribe the manner and content of disclosure required 
under this section, which shall be presented in such format and in such 
type size and manner as to be simple and easy to understand.''.
    (f) Repeal of Provision Prohibiting Nondepository Institutions From 
Accepting Deposits.--Section 43 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831t) is amended--
        (1) by striking subsection (e); and
        (2) by redesignating subsections (f) and (g) as subsections (e) 
    and (f), respectively.
    (g) Repeal of FTC Authority To Enforce Independent Audit 
Requirement; Concurrent State Enforcement.--Subsection (f) (as so 
redesignated by subsection (e) of this section) of section 43 of the 
Federal Deposit Insurance Act (12 U.S.C. 1831t) is amended to read as 
follows:
    ``(f) Enforcement.--
        ``(1) Limited ftc enforcement authority.--Compliance with the 
    requirements of subsections (b), (c) and (e), and any regulation 
    prescribed or order issued under any such subsection, shall be 
    enforced under the Federal Trade Commission Act by the Federal 
    Trade Commission.
        ``(2) Broad state enforcement authority.--
            ``(A) In general.--Subject to subparagraph (C), an 
        appropriate State supervisor of a depository institution 
        lacking Federal deposit insurance may examine and enforce 
        compliance with the requirements of this section, and any 
        regulation prescribed under this section.
            ``(B) State powers.--For purposes of bringing any action to 
        enforce compliance with this section, no provision of this 
        section shall be construed as preventing an appropriate State 
        supervisor of a depository institution lacking Federal deposit 
        insurance from exercising any powers conferred on such official 
        by the laws of such State.
            ``(C) Limitation on state action while federal action 
        pending.--If the Federal Trade Commission has instituted an 
        enforcement action for a violation of this section, no 
        appropriate State supervisor may, during the pendency of such 
        action, bring an action under this section against any 
        defendant named in the complaint of the Commission for any 
        violation of this section that is alleged in that complaint.''.

              TITLE VI--DEPOSITORY INSTITUTION PROVISIONS

SEC. 601. REPORTING REQUIREMENTS RELATING TO INSIDER LENDING.

    (a) Reporting Requirements Regarding Loans to Executive Officers of 
Member Banks.--Section 22(g) of the Federal Reserve Act (12 U.S.C. 
375a) is amended--
        (1) by striking paragraphs (6) and (9); and
        (2) by redesignating paragraphs (7), (8), and (10) as 
    paragraphs (6), (7), and (8), respectively.
    (b) Reporting Requirements Regarding Loans From Correspondent Banks 
to Executive Officers and Shareholders of Insured Banks.--Section 
106(b)(2) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 
1972(2)) is amended--
        (1) by striking subparagraph (G); and
        (2) by redesignating subparagraphs (H) and (I) as subparagraphs 
    (G) and (H), respectively.

SEC. 602. INVESTMENTS BY INSURED SAVINGS ASSOCIATIONS IN BANK SERVICE 
              COMPANIES AUTHORIZED.

    (a) In General.--Sections 2 and 3 of the Bank Service Company Act 
(12 U.S.C. 1862, 1863) are each amended by striking ``insured bank'' 
each place that term appears and inserting ``insured depository 
institution''.
    (b) Technical and Conforming Amendments.--
        (1) Bank service company act definitions.--Section 1(b) of the 
    Bank Service Company Act (12 U.S.C. 1861(b)) is amended--
            (A) in paragraph (4)--
                (i) by inserting ``, except when such term appears in 
            connection with the term `insured depository 
            institution','' after ``means''; and
                (ii) by striking ``Federal Home Loan Bank Board'' and 
            inserting ``Director of the Office of Thrift Supervision'';
            (B) by striking paragraph (5) and inserting the following:
        ``(5) Insured depository institution.--The term `insured 
    depository institution' has the same meaning as in section 3(c) of 
    the Federal Deposit Insurance Act;'';
            (C) by striking ``and'' at the end of paragraph (7);
            (D) by striking the period at the end of paragraph (8) and 
        inserting ``; and'';
            (E) by adding at the end the following:
        ``(9) the terms `State depository institution', `Federal 
    depository institution', `State savings association' and `Federal 
    savings association' have the same meanings as in section 3 of the 
    Federal Deposit Insurance Act.'';
            (F) in paragraph (2), in subparagraphs (A)(ii) and (B)(ii), 
        by striking ``insured banks'' each place that term appears and 
        inserting ``insured depository institutions''; and
            (G) in paragraph (8)--
                (i) by striking ``insured bank'' and inserting 
            ``insured depository institution'';
                (ii) by striking ``insured banks'' each place that term 
            appears and inserting ``insured depository institutions''; 
            and
                (iii) by striking ``the bank's'' and inserting ``the 
            depository institution's''.
        (2) Amount of investment.--Section 2 of the Bank Service 
    Company Act (12 U.S.C. 1862) is amended by inserting ``or savings 
    associations, other than the limitation on the amount of investment 
    by a Federal savings association contained in section 5(c)(4)(B) of 
    the Home Owners' Loan Act'' after ``relating to banks''.
        (3) Location of services.--Section 4 of the Bank Service 
    Company Act (12 U.S.C. 1864) is amended--
            (A) in subsection (b), by inserting ``as permissible under 
        subsection (c), (d), or (e) or'' after ``Except'';
            (B) in subsection (c), by inserting ``or State savings 
        association'' after ``State bank'' each place that term 
        appears;
            (C) in subsection (d), by inserting ``or Federal savings 
        association'' after ``national bank'' each place that term 
        appears;
            (D) by striking subsection (e) and inserting the following:
    ``(e) Performance Where State Bank and National Bank Are 
Shareholders or Members.--A bank service company may perform--
        ``(1) only those services that each depository institution 
    shareholder or member is otherwise authorized to perform under any 
    applicable Federal or State law; and
        ``(2) such services only at locations in a State in which each 
    such shareholder or member is authorized to perform such 
    services.''; and
            (E) in subsection (f), by inserting ``or savings 
        associations'' after ``location of banks''.
        (4) Prior approval of investments.--Section 5 of the Bank 
    Service Company Act (12 U.S.C. 1865) is amended--
            (A) in subsection (a)--
                (i) by striking ``insured bank'' and inserting 
            ``insured depository institution''; and
                (ii) by striking ``bank's''; and
                (iii) by inserting before the period ``for the insured 
            depository institution'';
            (B) in subsection (b)--
                (i) by striking ``insured bank'' and inserting 
            ``insured depository institution'';
                (ii) by inserting ``authorized only'' after ``performs 
            any service''; and
                (iii) by inserting ``authorized only'' after ``perform 
            any activity''; and
            (C) in subsection (c)--
                (i) by striking ``the bank or banks'' and inserting 
            ``any insured depository institution''; and
                (ii) by striking ``capability of the bank'' and 
            inserting ``capability of the insured depository 
            institution''.
        (5) Regulation and examination.--Section 7 of the Bank Service 
    Company Act (12 U.S.C. 1867) is amended--
            (A) in subsection (b), by striking ``insured bank'' and 
        inserting ``insured depository institution''; and
            (B) in subsection (c)--
                (i) by striking ``a bank'' each place that term appears 
            and inserting ``a depository institution''; and
                (ii) by striking ``the bank'' each place that term 
            appears and inserting ``the depository institution''.

SEC. 603. AUTHORIZATION FOR MEMBER BANK TO USE PASS-THROUGH RESERVE 
              ACCOUNTS.

    Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C. 
461(c)(1)(B)) is amended by striking ``which is not a member bank''.

SEC. 604. STREAMLINING REPORTS OF CONDITION.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following:
        ``(11) Streamlining reports of condition.--
            ``(A) Review of information and schedules.--Before the end 
        of the 1-year period beginning on the date of enactment of the 
        Financial Services Regulatory Relief Act of 2006 and before the 
        end of each 5-year period thereafter, each Federal banking 
        agency shall, in conjunction with the other relevant Federal 
        banking agencies, review the information and schedules that are 
        required to be filed by an insured depository institution in a 
        report of condition required under paragraph (3).
            ``(B) Reduction or elimination of information found to be 
        unnecessary.--After completing the review required by 
        subparagraph (A), a Federal banking agency, in conjunction with 
        the other relevant Federal banking agencies, shall reduce or 
        eliminate any requirement to file information or schedules 
        under paragraph (3) (other than information or schedules that 
        are otherwise required by law) if the agency determines that 
        the continued collection of such information or schedules is no 
        longer necessary or appropriate.''.

SEC. 605. EXPANSION OF ELIGIBILITY FOR 18-MONTH EXAMINATION SCHEDULE 
              FOR COMMUNITY BANKS.

    Section 10(d)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)(4)(A)) is amended by striking ``$250,000,000'' and inserting 
``$500,000,000''.

SEC. 606. STREAMLINING DEPOSITORY INSTITUTION MERGER APPLICATION 
              REQUIREMENTS.

    (a) In General.--Section 18(c)(4) of the Federal Deposit Insurance 
Act (12 U.S.C. 1828(c)(4)) is amended to read as follows:
        ``(4) Reports on competitive factors.--
            ``(A) Request for report.--In the interests of uniform 
        standards and subject to subparagraph (B), before acting on any 
        application for approval of a merger transaction, the 
        responsible agency shall--
                ``(i) request a report on the competitive factors 
            involved from the Attorney General of the United States; 
            and
                ``(ii) provide a copy of the request to the Corporation 
            (when the Corporation is not the responsible agency).
            ``(B) Furnishing of report.--The report requested under 
        subparagraph (A) shall be furnished by the Attorney General to 
        the responsible agency--
                ``(i) not later than 30 calendar days after the date on 
            which the Attorney General received the request; or
                ``(ii) not later than 10 calendar days after such date, 
            if the requesting agency advises the Attorney General that 
            an emergency exists requiring expeditious action.
            ``(C) Exceptions.--A responsible agency may not be required 
        to request a report under subparagraph (A) if--
                ``(i) the responsible agency finds that it must act 
            immediately in order to prevent the probable failure of 1 
            of the insured depository institutions involved in the 
            merger transaction; or
                ``(ii) the merger transaction involves solely an 
            insured depository institution and 1 or more of the 
            affiliates of such depository institution.''.
    (b) Technical and Conforming Amendments.--Section 18(c)(6) of the 
Federal Deposit Insurance Act (12 U.S.C. 1828(c)(6)) is amended--
        (1) in the second sentence, by striking ``banks or savings 
    associations involved and reports on the competitive factors have'' 
    and inserting ``insured depository institutions involved, or if the 
    proposed merger transaction is solely between an insured depository 
    institution and 1 or more of its affiliates, and the report on the 
    competitive factors has''; and
        (2) by striking the penultimate sentence and inserting the 
    following: ``If the agency has advised the Attorney General under 
    paragraph (4)(B)(ii) of the existence of an emergency requiring 
    expeditious action and has requested a report on the competitive 
    factors within 10 days, the transaction may not be consummated 
    before the fifth calendar day after the date of approval by the 
    agency.''.

SEC. 607. NONWAIVER OF PRIVILEGES.

    (a) Insured Depository Institutions.--Section 18 of the Federal 
Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end 
the following:
    ``(x) Privileges Not Affected by Disclosure to Banking Agency or 
Supervisor.--
        ``(1) In general.--The submission by any person of any 
    information to any Federal banking agency, State bank supervisor, 
    or foreign banking authority for any purpose in the course of any 
    supervisory or regulatory process of such agency, supervisor, or 
    authority shall not be construed as waiving, destroying, or 
    otherwise affecting any privilege such person may claim with 
    respect to such information under Federal or State law as to any 
    person or entity other than such agency, supervisor, or authority.
        ``(2) Rule of construction.--No provision of paragraph (1) may 
    be construed as implying or establishing that--
            ``(A) any person waives any privilege applicable to 
        information that is submitted or transferred under any 
        circumstance to which paragraph (1) does not apply; or
            ``(B) any person would waive any privilege applicable to 
        any information by submitting the information to any Federal 
        banking agency, State bank supervisor, or foreign banking 
        authority, but for this subsection.''
    (b) Insured Credit Unions.--Section 205 of the Federal Credit Union 
Act (12 U.S.C. 1785) is amended by adding at the end the following:
    ``(j) Privileges Not Affected by Disclosure to Banking Agency or 
Supervisor.--
        ``(1) In general.--The submission by any person of any 
    information to the Administration, any State credit union 
    supervisor, or foreign banking authority for any purpose in the 
    course of any supervisory or regulatory process of such Board, 
    supervisor, or authority shall not be construed as waiving, 
    destroying, or otherwise affecting any privilege such person may 
    claim with respect to such information under Federal or State law 
    as to any person or entity other than such Board, supervisor, or 
    authority.
        ``(2) Rule of construction.--No provision of paragraph (1) may 
    be construed as implying or establishing that--
            ``(A) any person waives any privilege applicable to 
        information that is submitted or transferred under any 
        circumstance to which paragraph (1) does not apply; or
            ``(B) any person would waive any privilege applicable to 
        any information by submitting the information to the 
        Administration, any State credit union supervisor, or foreign 
        banking authority, but for this subsection.''.

SEC. 608. CLARIFICATION OF APPLICATION REQUIREMENTS FOR OPTIONAL 
              CONVERSION FOR FEDERAL SAVINGS ASSOCIATIONS.

    (a) Home Owners' Loan Act.--Section 5(i)(5) of the Home Owners' 
Loan Act (12 U.S.C. 1464(i)(5)) is amended to read as follows:
        ``(5) Conversion to national or state bank.--
            ``(A) In general.--Any Federal savings association 
        chartered and in operation before the date of enactment of the 
        Gramm-Leach-Bliley Act, with branches in operation before such 
        date of enactment in 1 or more States, may convert, at its 
        option, with the approval of the Comptroller of the Currency 
        for each national bank, and with the approval of the 
        appropriate State bank supervisor and the appropriate Federal 
        banking agency for each State bank, into 1 or more national or 
        State banks, each of which may encompass 1 or more of the 
        branches of the Federal savings association in operation before 
        such date of enactment in 1 or more States subject to 
        subparagraph (B).
            ``(B) Conditions of conversion.--The authority in 
        subparagraph (A) shall apply only if each resulting national or 
        State bank--
                ``(i) will meet all financial, management, and capital 
            requirements applicable to the resulting national or State 
            bank; and
                ``(ii) if more than 1 national or State bank results 
            from a conversion under this subparagraph, has received 
            approval from the Federal Deposit Insurance Corporation 
            under section 5(a) of the Federal Deposit Insurance Act.
            ``(C) No merger application under fdia required.--No 
        application under section 18(c) of the Federal Deposit 
        Insurance Act shall be required for a conversion under this 
        paragraph.
            ``(D) Definitions.--For purposes of this paragraph, the 
        terms `State bank' and `State bank supervisor' have the same 
        meanings as in section 3 of the Federal Deposit Insurance 
        Act.''.
    (b) Federal Deposit Insurance Act.--Section 4(c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1814(c)) is amended--
        (1) by inserting ``of this Act and section 5(i)(5) of the Home 
    Owners' Loan Act'' after ``Subject to section 5(d)''; and
        (2) in paragraph (2), after ``insured State,'' by inserting 
    ``or Federal''.

SEC. 609. EXEMPTION FROM DISCLOSURE OF PRIVACY POLICY FOR ACCOUNTANTS.

    (a) In General.--Section 503 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6803) is amended by adding at the end the following:
    ``(d) Exemption for Certified Public Accountants.--
        ``(1) In general.--The disclosure requirements of subsection 
    (a) do not apply to any person, to the extent that the person is--
            ``(A) a certified public accountant;
            ``(B) certified or licensed for such purpose by a State; 
        and
            ``(C) subject to any provision of law, rule, or regulation 
        issued by a legislative or regulatory body of the State, 
        including rules of professional conduct or ethics, that 
        prohibits disclosure of nonpublic personal information without 
        the knowing and expressed consent of the consumer.
        ``(2) Limitation.--Nothing in this subsection shall be 
    construed to exempt or otherwise exclude any financial institution 
    that is affiliated or becomes affiliated with a certified public 
    accountant described in paragraph (1) from any provision of this 
    section.
        ``(3) Definitions.--For purposes of this subsection, the term 
    `State' means any State or territory of the United States, the 
    District of Columbia, Puerto Rico, Guam, American Samoa, the Trust 
    Territory of the Pacific Islands, the Virgin Islands, or the 
    Northern Mariana Islands.''.
    (b) Clerical Amendments.--Section 503 of the Gramm-Leach-Bliley Act 
(15 U.S.C. 6803) is amended--
        (1) by redesignating subsection (b) as subsection (c); and
        (2) in subsection (a), by striking ``Such disclosures'' and 
    inserting the following:
    ``(b) Regulations.--Disclosures required by subsection (a)''.

SEC. 610. INFLATION ADJUSTMENT FOR THE SMALL DEPOSITORY INSTITUTION 
              EXCEPTION UNDER THE DEPOSITORY INSTITUTION MANAGEMENT 
              INTERLOCKS ACT.

    Section 203(1) of the Depository Institution Management Interlocks 
Act (12 U.S.C. 3202(1)) is amended by striking ``$20,000,000'' and 
inserting ``$50,000,000''.

SEC. 611. MODIFICATION TO CROSS MARKETING RESTRICTIONS.

    Section 4(n)(5)(B) of the Bank Holding Company Act of 1956 (12 
U.S.C. 1843(n)(5)(B)) is amended by striking ``subsection (k)(4)(I)'' 
and inserting ``subparagraph (H) or (I) of subsection (k)(4)''.

                  TITLE VII--BANKING AGENCY PROVISIONS

SEC. 701. STATUTE OF LIMITATIONS FOR JUDICIAL REVIEW OF APPOINTMENT OF 
              A RECEIVER FOR DEPOSITORY INSTITUTIONS.

    (a) National Banks.--Section 2 of the National Bank Receivership 
Act (12 U.S.C. 191) is amended--
        (1) by amending the section heading to read as follows:

``SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL BANK.

    ``(a) In General.--The Comptroller of the Currency''; and
        (2) by adding at the end the following:
    ``(b) Judicial Review.--If the Comptroller of the Currency appoints 
a receiver under subsection (a), the national bank may, within 30 days 
thereafter, bring an action in the United States district court for the 
judicial district in which the home office of such bank is located, or 
in the United States District Court for the District of Columbia, for 
an order requiring the Comptroller of the Currency to remove the 
receiver, and the court shall, upon the merits, dismiss such action or 
direct the Comptroller of the Currency to remove the receiver.''.
    (b) Insured Depository Institutions.--Section 11(c)(7) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(c)(7)) is amended to read 
as follows:
        ``(7) Judicial review.--If the Corporation is appointed 
    (including the appointment of the Corporation as receiver by the 
    Board of Directors) as conservator or receiver of a depository 
    institution under paragraph (4), (9), or (10), the depository 
    institution may, not later than 30 days thereafter, bring an action 
    in the United States district court for the judicial district in 
    which the home office of such depository institution is located, or 
    in the United States District Court for the District of Columbia, 
    for an order requiring the Corporation to be removed as the 
    conservator or receiver (regardless of how such appointment was 
    made), and the court shall, upon the merits, dismiss such action or 
    direct the Corporation to be removed as the conservator or 
    receiver.''.
    (c) Effective Date.--The amendments made by subsections (a) and (b) 
shall apply with respect to conservators or receivers appointed on or 
after the date of enactment of this Act.

SEC. 702. ENHANCING THE SAFETY AND SOUNDNESS OF INSURED DEPOSITORY 
              INSTITUTIONS.

    (a) Clarification Relating to the Enforceability of Agreements and 
Conditions.--The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) 
is amended by adding at the end the following:

``SEC. 50. ENFORCEMENT OF AGREEMENTS.

    ``(a) In General.--Notwithstanding clause (i) or (ii) of section 
8(b)(6)(A) or section 38(e)(2)(E)(i), the appropriate Federal banking 
agency for a depository institution may enforce, under section 8, the 
terms of--
        ``(1) any condition imposed in writing by the agency on the 
    depository institution or an institution-affiliated party in 
    connection with any action on any application, notice, or other 
    request concerning the depository institution; or
        ``(2) any written agreement entered into between the agency and 
    the depository institution or an institution-affiliated party.
    ``(b) Receiverships and Conservatorships.--After the appointment of 
the Corporation as the receiver or conservator for a depository 
institution, the Corporation may enforce any condition or agreement 
described in paragraph (1) or (2) of subsection (a) imposed on or 
entered into with such institution or institution-affiliated party 
through an action brought in an appropriate United States district 
court.''.
    (b) Protection of Capital of Insured Depository Institutions.--
Section 18(u)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(u)(1)) is amended--
        (1) by striking subparagraph (B);
        (2) by redesignating subparagraph (C) as subparagraph (B); and
        (3) in subparagraph (A), by adding ``and'' at the end.
    (c) Conforming Amendments.--Section 8(b) of the Federal Deposit 
Insurance Act (12 U.S.C. 1818(b)) is amended--
        (1) in paragraph (3), by striking ``This subsection and 
    subsections (c) through (s) and subsection (u) of this section'' 
    and inserting ``This subsection, subsections (c) through (s) and 
    subsection (u) of this section, and section 50 of this Act''; and
        (2) in paragraph (4), by striking ``This subsection and 
    subsections (c) through (s) and subsection (u) of this section'' 
    and inserting ``This subsection, subsections (c) through (s) and 
    subsection (u) of this section, and section 50 of this Act''.

SEC. 703. CROSS GUARANTEE AUTHORITY.

    Section 5(e)(9)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
1815(e)(9)(A)) is amended to read as follows:
            ``(A) such institutions are controlled by the same company; 
        or''.

SEC. 704. GOLDEN PARACHUTE AUTHORITY AND NONBANK HOLDING COMPANIES.

    Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(k)) is amended--
        (1) in paragraph (2)(A), by striking ``or depository 
    institution holding company'' and inserting ``or covered company'';
        (2) in paragraph (2), by striking subparagraph (B), and 
    inserting the following:
            ``(B) Whether there is a reasonable basis to believe that 
        the institution-affiliated party is substantially responsible 
        for--
                ``(i) the insolvency of the depository institution or 
            covered company;
                ``(ii) the appointment of a conservator or receiver for 
            the depository institution; or
                ``(iii) the troubled condition of the depository 
            institution (as defined in the regulations prescribed 
            pursuant to section 32(f)).'';
        (3) in paragraph (2)(F), by striking ``depository institution 
    holding company'' and inserting ``covered company,'';
        (4) in paragraph (3) in the matter preceding subparagraph (A), 
    by striking ``depository institution holding company'' and 
    inserting ``covered company'';
        (5) in paragraph (3)(A), by striking ``holding company'' and 
    inserting ``covered company'';
        (6) in paragraph (4)(A)--
            (A) by striking ``depository institution holding company'' 
        each place that term appears and inserting ``covered company''; 
        and
            (B) by striking ``holding company'' each place that term 
        appears (other than in connection with the term referred to in 
        subparagraph (A)) and inserting ``covered company'';
        (7) in paragraph (5)(A), by striking ``depository institution 
    holding company'' and inserting ``covered company'';
        (8) in paragraph (5), by adding at the end the following:
            ``(D) Covered company.--The term `covered company' means 
        any depository institution holding company (including any 
        company required to file a report under section 4(f)(6) of the 
        Bank Holding Company Act of 1956), or any other company that 
        controls an insured depository institution.''; and
        (9) in paragraph (6)--
            (A) by striking ``depository institution holding company'' 
        and inserting ``covered company,''; and
            (B) by striking ``or holding company'' and inserting ``or 
        covered company''.

SEC. 705. AMENDMENTS RELATING TO CHANGE IN BANK CONTROL.

    Section 7(j) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(j)) is amended--
        (1) in paragraph (1)(D)--
            (A) by striking ``is needed to investigate'' and inserting 
        ``is needed--
                ``(i) to investigate'';
            (B) by striking ``United States Code.'' and inserting 
        ``United States Code; or''; and
            (C) by adding at the end the following:
                ``(ii) to analyze the safety and soundness of any plans 
            or proposals described in paragraph (6)(E) or the future 
            prospects of the institution.''; and
        (2) in paragraph (7)(C), by striking ``the financial condition 
    of any acquiring person'' and inserting ``either the financial 
    condition of any acquiring person or the future prospects of the 
    institution''.

SEC. 706. AMENDMENT TO PROVIDE THE FEDERAL RESERVE BOARD WITH 
              DISCRETION CONCERNING THE IMPUTATION OF CONTROL OF SHARES 
              OF A COMPANY BY TRUSTEES.

    Section 2(g)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1841(g)(2)) is amended by inserting before the period at the end ``, 
unless the Board determines that such treatment is not appropriate in 
light of the facts and circumstances of the case and the purposes of 
this Act''.

SEC. 707. INTERAGENCY DATA SHARING.

    (a) Federal Banking Agencies.--Section 7(a)(2) of the Federal 
Deposit Insurance Act (12 U.S.C. 1817(a)(2)) is amended by adding at 
the end the following:
            ``(C) Data sharing with other agencies and persons.--In 
        addition to reports of examination, reports of condition, and 
        other reports required to be regularly provided to the 
        Corporation (with respect to all insured depository 
        institutions, including a depository institution for which the 
        Corporation has been appointed conservator or receiver) or an 
        appropriate State bank supervisor (with respect to a State 
        depository institution) under subparagraph (A) or (B), a 
        Federal banking agency may, in the discretion of the agency, 
        furnish any report of examination or other confidential 
        supervisory information concerning any depository institution 
        or other entity examined by such agency under authority of any 
        Federal law, to--
                ``(i) any other Federal or State agency or authority 
            with supervisory or regulatory authority over the 
            depository institution or other entity;
                ``(ii) any officer, director, or receiver of such 
            depository institution or entity; and
                ``(iii) any other person that the Federal banking 
            agency determines to be appropriate.''.
    (b) National Credit Union Administration.--Section 202(a) of the 
Federal Credit Union Act (12 U.S.C. 1782(a)) is amended by adding at 
the end the following:
        ``(8) Data sharing with other agencies and persons.--In 
    addition to reports of examination, reports of condition, and other 
    reports required to be regularly provided to the Board (with 
    respect to all insured credit unions, including a credit union for 
    which the Corporation has been appointed conservator or liquidating 
    agent) or an appropriate State commission, board, or authority 
    having supervision of a State-chartered credit union, the Board 
    may, in the discretion of the Board, furnish any report of 
    examination or other confidential supervisory information 
    concerning any credit union or other entity examined by the Board 
    under authority of any Federal law, to--
            ``(A) any other Federal or State agency or authority with 
        supervisory or regulatory authority over the credit union or 
        other entity;
            ``(B) any officer, director, or receiver of such credit 
        union or entity; and
            ``(C) any other person that the Board determines to be 
        appropriate.''.

SEC. 708. CLARIFICATION OF EXTENT OF SUSPENSION, REMOVAL, AND 
              PROHIBITION AUTHORITY OF FEDERAL BANKING AGENCIES IN 
              CASES OF CERTAIN CRIMES BY INSTITUTION-AFFILIATED 
              PARTIES.

    (a) Insured Depository Institutions.--
        (1) In general.--Section 8(g)(1) of the Federal Deposit 
    Insurance Act (12 U.S.C. 1818(g)(1)) is amended--
            (A) in subparagraph (A)--
                (i) by striking ``is charged in any information, 
            indictment, or complaint, with the commission of or 
            participation in'' and inserting ``is the subject of any 
            information, indictment, or complaint, involving the 
            commission of or participation in'';
                (ii) by striking ``may pose a threat to the interests 
            of the depository institution's depositors or may threaten 
            to impair public confidence in the depository 
            institution,'' and insert ``posed, poses, or may pose a 
            threat to the interests of the depositors of, or 
            threatened, threatens, or may threaten to impair public 
            confidence in, any relevant depository institution (as 
            defined in subparagraph (E)),''; and
                (iii) by striking ``affairs of the depository 
            institution'' and inserting ``affairs of any depository 
            institution'';
            (B) in subparagraph (B)(i), by striking ``the depository 
        institution'' and inserting ``any depository institution that 
        the subject of the notice is affiliated with at the time the 
        notice is issued'';
            (C) in subparagraph (C)(i)--
                (i) by striking ``may pose a threat to the interests of 
            the depository institution's depositors or may threaten to 
            impair public confidence in the depository institution,'' 
            and insert ``posed, poses, or may pose a threat to the 
            interests of the depositors of, or threatened, threatens, 
            or may threaten to impair public confidence in, any 
            relevant depository institution (as defined in subparagraph 
            (E)),''; and
                (ii) by striking ``affairs of the depository 
            institution'' and inserting ``affairs of any depository 
            institution'';
            (D) in subparagraph (C)(ii), by striking ``affairs of the 
        depository institution'' and inserting ``affairs of any 
        depository institution'';
            (E) in subparagraph (D)(i), by striking ``the depository 
        institution'' and inserting ``any depository institution that 
        the subject of the order is affiliated with at the time the 
        order is issued''; and
            (F) by adding at the end the following:
            ``(E) Relevant depository institution.--For purposes of 
        this subsection, the term `relevant depository institution' 
        means any depository institution of which the party is or was 
        an institution-affiliated party at the time at which--
                ``(i) the information, indictment, or complaint 
            described in subparagraph (A) was issued; or
                ``(ii) the notice is issued under subparagraph (A) or 
            the order is issued under subparagraph (C)(i).''.
        (2) Clerical amendment.--The subsection heading for section 
    8(g) of the Federal Deposit Insurance Act (12 U.S.C. 1818(g)) is 
    amended to read as follows:
    ``(g) Suspension, Removal, and Prohibition From Participation 
Orders in the Case of Certain Criminal Offenses.--''.
    (b) Insured Credit Unions.--
        (1) In general.--Section 206(i)(1) of the Federal Credit Union 
    Act (12 U.S.C. 1786(i)(1)) is amended--
            (A) in subparagraph (A), by striking ``the credit union'' 
        each place that term appears and inserting ``any credit 
        union'';
            (B) in subparagraph (B)(i), by inserting ``of which the 
        subject of the order is, or most recently was, an institution-
        affiliated party'' before the period at the end;
            (C) in subparagraph (C)--
                (i) by striking ``the credit union'' each place such 
            term appears and inserting ``any credit union''; and
                (ii) by striking ``the credit union's'' and inserting 
            ``any credit union's'';
            (D) in subparagraph (D)(i), by striking ``upon such credit 
        union'' and inserting ``upon the credit union of which the 
        subject of the order is, or most recently was, an institution-
        affiliated party''; and
            (E) by adding at the end the following:
            ``(E) Continuation of authority.--The Board may issue an 
        order under this paragraph with respect to an individual who is 
        an institution-affiliated party at a credit union at the time 
        of an offense described in subparagraph (A) without regard to--
                ``(i) whether such individual is an institution-
            affiliated party at any credit union at the time the order 
            is considered or issued by the Board; or
                ``(ii) whether the credit union at which the individual 
            was an institution-affiliated party at the time of the 
            offense remains in existence at the time the order is 
            considered or issued by the Board.''.
        (2) Clerical amendment.--Section 206(i) of the Federal Credit 
    Union Act (12 U.S.C. 1786(i)) is amended by striking ``(i)'' at the 
    beginning and inserting the following:
    ``(i) Suspension, Removal, and Prohibition From Participation 
Orders in the Case of Certain Criminal Offenses.--''.

SEC. 709. PROTECTION OF CONFIDENTIAL INFORMATION RECEIVED BY FEDERAL 
              BANKING REGULATORS FROM FOREIGN BANKING SUPERVISORS.

    Section 15 of the International Banking Act of 1978 (12 U.S.C. 
3109) is amended by adding at the end the following:
    ``(c) Confidential Information Received From Foreign Supervisors.--
        ``(1) In general.--Except as provided in paragraph (3), a 
    Federal banking agency may not be compelled to disclose information 
    received from a foreign regulatory or supervisory authority if--
            ``(A) the Federal banking agency determines that the 
        foreign regulatory or supervisory authority has, in good faith, 
        determined and represented in writing to such Federal banking 
        agency that public disclosure of the information would violate 
        the laws applicable to that foreign regulatory or supervisory 
        authority; and
            ``(B) the relevant Federal banking agency obtained such 
        information pursuant to--
                ``(i) such procedures as the Federal banking agency may 
            establish for use in connection with the administration and 
            enforcement of Federal banking laws; or
                ``(ii) a memorandum of understanding or other similar 
            arrangement between the Federal banking agency and the 
            foreign regulatory or supervisory authority.
        ``(2) Treatment under title 5, united states code.--For 
    purposes of section 552 of title 5, United States Code, this 
    subsection shall be treated as a statute described in subsection 
    (b)(3)(B) of such section.
        ``(3) Savings provision.--No provision of this section shall be 
    construed as--
            ``(A) authorizing any Federal banking agency to withhold 
        any information from any duly authorized committee of the House 
        of Representatives or the Senate; or
            ``(B) preventing any Federal banking agency from complying 
        with an order of a court of the United States in an action 
        commenced by the United States or such agency.
        ``(4) Federal banking agency defined.--For purposes of this 
    subsection, the term `Federal banking agency' means the Board, the 
    Comptroller of the Currency, the Federal Deposit Insurance 
    Corporation, and the Director of the Office of Thrift 
    Supervision.''.

SEC. 710. PROHIBITION ON PARTICIPATION BY CONVICTED INDIVIDUALS.

    (a) Extension of Automatic Prohibition.--Section 19 of the Federal 
Deposit Insurance Act (12 U.S.C. 1829) is amended by adding at the end 
the following new subsections:
    ``(d) Bank Holding Companies.--
        ``(1) In general.--Subsections (a) and (b) shall apply to any 
    company (other than a foreign bank) that is a bank holding company 
    and any organization organized and operated under section 25A of 
    the Federal Reserve Act or operating under section 25 of the 
    Federal Reserve Act, as if such bank holding company or 
    organization were an insured depository institution, except that 
    such subsections shall be applied for purposes of this subsection 
    by substituting `Board of Governors of the Federal Reserve System' 
    for `Corporation' each place that term appears in such subsections.
        ``(2) Authority of board.--The Board of Governors of the 
    Federal Reserve System may provide exemptions, by regulation or 
    order, from the application of paragraph (1) if the exemption is 
    consistent with the purposes of this subsection.
    ``(e) Savings and Loan Holding Companies.--
        ``(1) In general.--Subsections (a) and (b) shall apply to any 
    savings and loan holding company as if such savings and loan 
    holding company were an insured depository institution, except that 
    such subsections shall be applied for purposes of this subsection 
    by substituting `Director of the Office of Thrift Supervision' for 
    `Corporation' each place that term appears in such subsections.
        ``(2) Authority of director.--The Director of the Office of 
    Thrift Supervision may provide exemptions, by regulation or order, 
    from the application of paragraph (1) if the exemption is 
    consistent with the purposes of this subsection.''.
    (b) Enhanced Discretion To Remove Convicted Individuals.--Section 
8(e)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
1818(e)(2)(A)) is amended--
        (1) by striking ``or'' at the end of clause (ii);
        (2) by striking the comma at the end of clause (iii) and 
    inserting ``; or''; and
        ``(3) by adding at the end the following new clause:
                ``(iv) an institution-affiliated party of a subsidiary 
            (other than a bank) of a bank holding company or of a 
            subsidiary (other than a savings association) of a savings 
            and loan holding company has been convicted of any criminal 
            offense involving dishonesty or a breach of trust or a 
            criminal offense under section 1956, 1957, or 1960 of title 
            18, United States Code, or has agreed to enter into a 
            pretrial diversion or similar program in connection with a 
            prosecution for such an offense,''.

SEC. 711. COORDINATION OF STATE EXAMINATION AUTHORITY.

    Section 10(h) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(h)) is amended to read as follows:
    ``(h) Coordination of Examination Authority.--
        ``(1) State bank supervisors of home and host states.--
            ``(A) Home state of bank.--The appropriate State bank 
        supervisor of the home State of an insured State bank has 
        authority to examine and supervise the bank.
            ``(B) Host state branches.--The State bank supervisor of 
        the home State of an insured State bank and any State bank 
        supervisor of an appropriate host State shall exercise its 
        respective authority to supervise and examine the branches of 
        the bank in a host State in accordance with the terms of any 
        applicable cooperative agreement between the home State bank 
        supervisor and the State bank supervisor of the relevant host 
        State.
            ``(C) Supervisory fees.--Except as expressly provided in a 
        cooperative agreement between the State bank supervisors of the 
        home State and any host State of an insured State bank, only 
        the State bank supervisor of the home State of an insured State 
        bank may levy or charge State supervisory fees on the bank.
        ``(2) Host state examination.--
            ``(A) In general.--With respect to a branch operated in a 
        host State by an out-of-State insured State bank that resulted 
        from an interstate merger transaction approved under section 
        44, or that was established in such State pursuant to section 
        5155(g) of the Revised Statutes of the United States, the third 
        undesignated paragraph of section 9 of the Federal Reserve Act 
        or section 18(d)(4) of this Act, the appropriate State bank 
        supervisor of such host State may--
                ``(i) with written notice to the State bank supervisor 
            of the bank's home State and subject to the terms of any 
            applicable cooperative agreement with the State bank 
            supervisor of such home State, examine such branch for the 
            purpose of determining compliance with host State laws that 
            are applicable pursuant to section 24(j), including those 
            that govern community reinvestment, fair lending, and 
            consumer protection; and
                ``(ii) if expressly permitted under and subject to the 
            terms of a cooperative agreement with the State bank 
            supervisor of the bank's home State or if such out-of-State 
            insured State bank has been determined to be in a troubled 
            condition by either the State bank supervisor of the bank's 
            home State or the bank's appropriate Federal banking 
            agency, participate in the examination of the bank by the 
            State bank supervisor of the bank's home State to ascertain 
            that the activities of the branch in such host State are 
            not conducted in an unsafe or unsound manner.
            ``(B) Notice of determination.--
                ``(i) In general.--The State bank supervisor of the 
            home State of an insured State bank shall notify the State 
            bank supervisor of each host State of the bank if there has 
            been a final determination that the bank is in a troubled 
            condition.
                ``(ii) Timing of notice.--The State bank supervisor of 
            the home State of an insured State bank shall provide 
            notice under clause (i) as soon as is reasonably possible, 
            but in all cases not later than 15 business days after the 
            date on which the State bank supervisor has made such final 
            determination or has received written notification of such 
            final determination.
        ``(3) Host state enforcement.--If the State bank supervisor of 
    a host State determines that a branch of an out-of-State insured 
    State bank is violating any law of the host State that is 
    applicable to such branch pursuant to section 24(j), including a 
    law that governs community reinvestment, fair lending, or consumer 
    protection, the State bank supervisor of the host State or, to the 
    extent authorized by the law of the host State, a host State law 
    enforcement officer may, with written notice to the State bank 
    supervisor of the bank's home State and subject to the terms of any 
    applicable cooperative agreement with the State bank supervisor of 
    the bank's home State, undertake such enforcement actions and 
    proceedings as would be permitted under the law of the host State 
    as if the branch were a bank chartered by that host State.
        ``(4) Cooperative agreement.--
            ``(A) In general.--The State bank supervisors from 2 or 
        more States may enter into cooperative agreements to facilitate 
        State regulatory supervision of State banks, including 
        cooperative agreements relating to the coordination of 
        examinations and joint participation in examinations.
            ``(B) Definition.--For purposes of this subsection, the 
        term `cooperative agreement' means a written agreement that is 
        signed by the home State bank supervisor and the host State 
        bank supervisor to facilitate State regulatory supervision of 
        State banks, and includes nationwide or multi-State cooperative 
        agreements and cooperative agreements solely between the home 
        State and host State.
            ``(C) Rule of construction.--Except for State bank 
        supervisors, no provision of this subsection relating to such 
        cooperative agreements shall be construed as limiting in any 
        way the authority of home State and host State law enforcement 
        officers, regulatory supervisors, or other officials that have 
        not signed such cooperative agreements to enforce host State 
        laws that are applicable to a branch of an out-of-State insured 
        State bank located in the host State pursuant to section 24(j).
        ``(5) Federal regulatory authority.--No provision of this 
    subsection shall be construed as limiting in any way the authority 
    of any Federal banking agency.
        ``(6) State taxation authority not affected.--No provision of 
    this subsection shall be construed as affecting the authority of 
    any State or political subdivision of any State to adopt, apply, or 
    administer any tax or method of taxation to any bank, bank holding 
    company, or foreign bank, or any affiliate of any bank, bank 
    holding company, or foreign bank, to the extent that such tax or 
    tax method is otherwise permissible by or under the Constitution of 
    the United States or other Federal law.
        ``(7) Definitions.--For purpose of this section, the following 
    definitions shall apply:
            ``(A) Host state, home state, out-of-State bank.--The terms 
        `host State', `home State', and `out-of-State bank' have the 
        same meanings as in section 44(g).
            ``(B) State supervisory fees.--The term `State supervisory 
        fees' means assessments, examination fees, branch fees, license 
        fees, and all other fees that are levied or charged by a State 
        bank supervisor directly upon an insured State bank or upon 
        branches of an insured State bank.
            ``(C) Troubled condition.--Solely for purposes of paragraph 
        (2)(B), an insured State bank has been determined to be in 
        `troubled condition' if the bank--
                ``(i) has a composite rating, as determined in its most 
            recent report of examination, of 4 or 5 under the Uniform 
            Financial Institutions Ratings System;
                ``(ii) is subject to a proceeding initiated by the 
            Corporation for termination or suspension of deposit 
            insurance; or
                ``(iii) is subject to a proceeding initiated by the 
            State bank supervisor of the bank's home State to vacate, 
            revoke, or terminate the charter of the bank, or to 
            liquidate the bank, or to appoint a receiver for the bank.
            ``(D) Final determination.--For purposes of paragraph 
        (2)(B), the term `final determination' means the transmittal of 
        a report of examination to the bank or transmittal of official 
        notice of proceedings to the bank.''.

SEC. 712. DEPUTY DIRECTOR; SUCCESSION AUTHORITY FOR DIRECTOR OF THE 
              OFFICE OF THRIFT SUPERVISION.

    (a) Establishment of Position of Deputy Director.--Section 3(c)(5) 
of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(5)) is amended to read 
as follows:
        ``(5) Deputy director.--
            ``(A) In general.--The Secretary of the Treasury shall 
        appoint a Deputy Director, and may appoint not more than 3 
        additional Deputy Directors of the Office.
            ``(B) First deputy director.--If the Secretary of the 
        Treasury appoints more than 1 Deputy Director of the Office, 
        the Secretary shall designate one such appointee as the First 
        Deputy Director.
            ``(C) Duties.--Each Deputy Director appointed under this 
        paragraph shall take an oath of office and perform such duties 
        as the Director shall direct.
            ``(D) Compensation and benefits.--The Director shall fix 
        the compensation and benefits for each Deputy Director in 
        accordance with this Act.''.
    (b) Service of Deputy Director as Acting Director.--Section 3(c)(3) 
of the Home Owners' Loan Act (12 U.S.C. 1462a(c)(3)) is amended--
        (1) by striking ``vacancy.--A vacancy in the position of 
    Director'' and inserting ``vacancy.--
            ``(A) In general.--A vacancy in the position of Director''; 
        and
        (2) by adding at the end the following:
            ``(B) Acting director.--
                ``(i) In general.--In the event of a vacancy in the 
            position of Director or during the absence or disability of 
            the Director, the Deputy Director shall serve as Acting 
            Director.
                ``(ii) Succession in case of 2 or more deputy 
            directors.--If there are 2 or more Deputy Directors serving 
            at the time a vacancy in the position of Director occurs or 
            the absence or disability of the Director commences, the 
            First Deputy Director shall serve as Acting Director under 
            clause (i) followed by such other Deputy Directors under 
            any order of succession the Director may establish.
                ``(iii) Authority of acting director.--Any Deputy 
            Director, while serving as Acting Director under this 
            subparagraph, shall be vested with all authority, duties, 
            and privileges of the Director under this Act and any other 
            provision of Federal law.''.

SEC. 713. OFFICE OF THRIFT SUPERVISION REPRESENTATION ON BASEL 
              COMMITTEE ON BANKING SUPERVISION.

    (a) In General.--Section 912 of the International Lending 
Supervision Act of 1983 (12 U.S.C. 3911) is amended--
        (1) in the section heading, by inserting at the end the 
    following: ``and the office of thrift supervision'';
        (2) by striking ``As one of the three'' and inserting the 
    following:
    ``(a) In General.--As one of the 4''; and
        (3) by adding at the end the following:
    ``(b) As one of the 4 Federal bank regulatory and supervisory 
agencies, the Office of Thrift Supervision shall be given equal 
representation with the Board of Governors of the Federal Reserve 
System, the Office of the Comptroller of the Currency, and the Federal 
Deposit Insurance Corporation on the Committee on Banking Regulations 
and Supervisory Practices of the Group of Ten Countries and 
Switzerland.''.
    (b) Conforming Amendments.--Section 910(a) of the International 
Lending Supervision Act of 1983 (12 U.S.C. 3909(a)) is amended--
        (1) in paragraph (2), by striking ``insured bank'' and 
    inserting ``insured depository institution''; and
        (2) in paragraph (3), by striking ``an `insured bank', as such 
    term is used in section 3(h)'' and inserting ``an `insured 
    depository institution', as such term is defined in section 
    3(c)(2)''.

SEC. 714. FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL.

    (a) Council Membership.--Section 1004(a) of the Federal Financial 
Institutions Examination Council Act of 1978 (12 U.S.C. 3303(a)) is 
amended--
        (1) in paragraph (4), by striking ``Thrift'' and all that 
    follows through the end of the paragraph and inserting ``Thrift 
    Supervision,'';
        (2) in paragraph (5) by striking the period at the end and 
    inserting ``, and''; and
        (3) by adding at the end the following:
        ``(6) the Chairman of the State Liaison Committee.''.
    (b) Chairperson of Liaison Committee.--Section 1007 of the Federal 
Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3306) 
is amended by adding at the end the following: ``Members of the Liaison 
Committee shall elect a chairperson from among the members serving on 
the committee.''.

SEC. 715. TECHNICAL AMENDMENTS RELATING TO INSURED INSTITUTIONS.

    (a) Technical Amendment to the Federal Deposit Insurance Act.--
Section 8(i)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
1818(i)(3)) is amended by inserting ``or order'' after ``notice'' each 
place that term appears.
    (b) Technical Amendment to the Federal Credit Union Act.--Section 
206(k)(3) of the Federal Credit Union Act (12 U.S.C. 1786(k)(3)) is 
amended by inserting ``or order'' after ``notice'' each place that term 
appears.

SEC. 716. CLARIFICATION OF ENFORCEMENT AUTHORITY.

    (a) Actions on Applications, Notices, and Other Requests; 
Clarification That Change in Control Conditions Are Enforceable.--
Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is 
amended--
        (1) in subsection (b)(1), in the first sentence, by striking 
    ``the granting of any application or other request by the 
    depository institution'' and inserting ``any action on any 
    application, notice, or other request by the depository institution 
    or institution-affiliated party,'';
        (2) in subsection (e)(1)(A)(i)(III), by striking ``the grant of 
    any application or other request by such depository institution'' 
    and inserting ``any action on any application, notice, or request 
    by such depository institution or institution-affiliated party''; 
    and
        (3) in subsection (i)(2)(A)(iii), by striking ``the grant of 
    any application or other request by such depository institution'' 
    and inserting ``any action on any application, notice, or other 
    request by the depository institution or institution-affiliated 
    party''.
    (b) Clarification That Change in Control Conditions Are 
Enforceable.--Section 206 of the Federal Credit Union Act (12 U.S.C. 
1786) is amended--
        (1) in subsection (b)(1), in the first sentence, by striking 
    ``the granting of any application or other request by the credit 
    union'' and inserting ``any action on any application, notice, or 
    other request by the credit union or institution-affiliated 
    party,'';
        (2) in subsection (g)(1)(A)(i)(III), by striking ``the grant of 
    any application or other request by such credit union'' and 
    inserting ``any action on any application, notice, or request by 
    such credit union or institution-affiliated party''; and
        (3) in subsection (k)(2)(A)(iii), by striking ``the grant of 
    any application or other request by such credit union'' and 
    inserting ``any action on any application, notice, or other request 
    by the credit union or institution-affiliated party''.

SEC. 717. FEDERAL BANKING AGENCY AUTHORITY TO ENFORCE DEPOSIT INSURANCE 
              CONDITIONS.

    Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is 
amended--
        (1) in subsection (b)(1), in the 1st sentence--
            (A) by striking ``in writing by the agency'' and inserting 
        ``in writing by a Federal banking agency''; and
            (B) by striking ``the agency may issue and serve'' and 
        inserting ``the appropriate Federal banking agency for the 
        depository institution may issue and serve'';
        (2) in subsection (e)(1)--
            (A) in subparagraph (A)(i)(III), by striking ``in writing 
        by the appropriate Federal banking agency'' and inserting ``in 
        writing by a Federal banking agency''; and
            (B) in the undesignated matter at the end, by striking 
        ``the agency may serve upon such party'' and inserting ``the 
        appropriate Federal banking agency for the depository 
        institution may serve upon such party''; and
        (3) in subsection (i)(2)(A)(iii), by striking ``in writing by 
    the appropriate Federal banking agency'' and inserting ``in writing 
    by a Federal banking agency''.

SEC. 718. RECEIVER OR CONSERVATOR CONSENT REQUIREMENT.

    (a) Insured Depository Institutions.--Section 11(e)(13) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(e)(13)) is amended by 
adding at the end the following:
            ``(C) Consent requirement.--
                ``(i) In general.--Except as otherwise provided by this 
            section or section 15, no person may exercise any right or 
            power to terminate, accelerate, or declare a default under 
            any contract to which the depository institution is a 
            party, or to obtain possession of or exercise control over 
            any property of the institution or affect any contractual 
            rights of the institution, without the consent of the 
            conservator or receiver, as appropriate, during the 45-day 
            period beginning on the date of the appointment of the 
            conservator, or during the 90-day period beginning on the 
            date of the appointment of the receiver, as applicable.
                ``(ii) Certain exceptions.--No provision of this 
            subparagraph shall apply to a director or officer liability 
            insurance contract or a depository institution bond, to the 
            rights of parties to certain qualified financial contracts 
            pursuant to paragraph (8), or to the rights of parties to 
            netting contracts pursuant to subtitle A of title IV of the 
            Federal Deposit Insurance Corporation Improvement Act of 
            1991 (12 U.S.C. 4401 et seq.), or shall be construed as 
            permitting the conservator or receiver to fail to comply 
            with otherwise enforceable provisions of such contract.
                ``(iii) Rule of construction.--Nothing in this 
            subparagraph shall be construed to limit or otherwise 
            affect the applicability of title 11, United States 
            Code.''.
    (b) Insured Credit Unions.--Section 207(c)(12) of the Federal 
Credit Union Act (12 U.S.C. 1787(c)(12)) is amended by adding the 
following:
            ``(C) Consent requirement.--
                ``(i) In general.--Except as otherwise provided by this 
            section, no person may exercise any right or power to 
            terminate, accelerate, or declare a default under any 
            contract to which the credit union is a party, or to obtain 
            possession of or exercise control over any property of the 
            credit union or affect any contractual rights of the credit 
            union, without the consent of the conservator or 
            liquidating agent, as appropriate, during the 45-day period 
            beginning on the date of the appointment of the 
            conservator, or during the 90-day period beginning on the 
            date of the appointment of the liquidating agent, as 
            applicable.
                ``(ii) Certain exceptions.--No provision of this 
            subparagraph shall apply to a director or officer liability 
            insurance contract or a credit union bond, or to the rights 
            of parties to certain qualified financial contracts 
            pursuant to paragraph (8), or shall be construed as 
            permitting the conservator or liquidating agent to fail to 
            comply with otherwise enforceable provisions of such 
            contract.
                ``(iii) Rule of construction.--Nothing in this 
            subparagraph shall be construed to limit or otherwise 
            affect the applicability of title 11, United States 
            Code.''.

SEC. 719. ACQUISITION OF FICO SCORES.

    Section 604(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681b(a)) is amended by adding at the end the following:
        ``(6) To the Federal Deposit Insurance Corporation or the 
    National Credit Union Administration as part of its preparation for 
    its appointment or as part of its exercise of powers, as 
    conservator, receiver, or liquidating agent for an insured 
    depository institution or insured credit union under the Federal 
    Deposit Insurance Act or the Federal Credit Union Act, or other 
    applicable Federal or State law, or in connection with the 
    resolution or liquidation of a failed or failing insured depository 
    institution or insured credit union, as applicable.''.

SEC. 720. ELIMINATION OF CRIMINAL INDICTMENTS AGAINST RECEIVERSHIPS.

    (a) Insured Depository Institutions.--Section 15(b) of the Federal 
Deposit Insurance Act (12 U.S.C. 1825(b)) is amended by inserting 
immediately after paragraph (3) the following:
        ``(4) Exemption from criminal prosecution.--The Corporation 
    shall be exempt from all prosecution by the United States or any 
    State, county, municipality, or local authority for any criminal 
    offense arising under Federal, State, county, municipal, or local 
    law, which was allegedly committed by the institution, or persons 
    acting on behalf of the institution, prior to the appointment of 
    the Corporation as receiver.''.
    (b) Insured Credit Unions.--Section 207(b)(2) of the Federal Credit 
Union Act (12 U.S.C. 1787(b)(2)) is amended by adding at the end the 
following:
            ``(K) Exemption from criminal prosecution.--The 
        Administration shall be exempt from all prosecution by the 
        United States or any State, county, municipality, or local 
        authority for any criminal offense arising under Federal, 
        State, county, municipal, or local law, which was allegedly 
        committed by a credit union, or persons acting on behalf of a 
        credit union, prior to the appointment of the Administration as 
        liquidating agent.''.

SEC. 721. RESOLUTION OF DEPOSIT INSURANCE DISPUTES.

    (a) Insured Depository Institutions.--Section 11(f) of the Federal 
Deposit Insurance Act (12 U.S.C. 1821(f)) is amended by striking 
paragraphs (3) through (5) and inserting the following:
        ``(3) Resolution of disputes.--A determination by the 
    Corporation regarding any claim for insurance coverage shall be 
    treated as a final determination for purposes of this section. In 
    its discretion, the Corporation may promulgate regulations 
    prescribing procedures for resolving any disputed claim relating to 
    any insured deposit or any determination of insurance coverage with 
    respect to any deposit.
        ``(4) Review of corporation determination.--A final 
    determination made by the Corporation regarding any claim for 
    insurance coverage shall be a final agency action reviewable in 
    accordance with chapter 7 of title 5, United States Code, by the 
    United States district court for the Federal judicial district 
    where the principal place of business of the depository institution 
    is located.
        ``(5) Statute of limitations.--Any request for review of a 
    final determination by the Corporation regarding any claim for 
    insurance coverage shall be filed with the appropriate United 
    States district court not later than 60 days after the date on 
    which such determination is issued.''.
    (b) Insured Credit Unions.--Section 207(d) of the Federal Credit 
Union Act (12 U.S.C. 1787(d)) is amended by striking paragraphs (3) 
through (5) and inserting the following:
        ``(3) Resolution of disputes.--A determination by the 
    Administration regarding any claim for insurance coverage shall be 
    treated as a final determination for purposes of this section. In 
    its discretion, the Board may promulgate regulations prescribing 
    procedures for resolving any disputed claim relating to any insured 
    deposit or any determination of insurance coverage with respect to 
    any deposit. A final determination made by the Board regarding any 
    claim for insurance coverage shall be a final agency action 
    reviewable in accordance with chapter 7 of title 5, United States 
    Code, by the United States district court for the Federal judicial 
    district where the principal place of business of the credit union 
    is located.
        ``(4) Statute of limitations.--Any request for review of a 
    final determination by the Board regarding any claim for insurance 
    coverage shall be filed with the appropriate United States district 
    court not later than 60 days after the date on which such 
    determination is issued.''.

SEC. 722. RECORDKEEPING.

    (a) Insured Depository Institutions.--Section 11(d)(15)(D) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(d)(15)(D)) is amended--
        (1) by striking ``After the end of the 6-year period'' and 
    inserting the following:
                ``(i) In general.--Except as provided in clause (ii), 
            after the end of the 6-year period''; and
        (2) by adding at the end the following:
                ``(ii) Old records.--Notwithstanding clause (i), the 
            Corporation may destroy records of an insured depository 
            institution which are at least 10 years old as of the date 
            on which the Corporation is appointed as the receiver of 
            such depository institution in accordance with clause (i) 
            at any time after such appointment is final, without regard 
            to the 6-year period of limitation contained in clause 
            (i).''.
    (b) Insured Credit Unions.--Section 207(b)(15)(D) of the Federal 
Credit Union Act (12 U.S.C. 1787(b)(15)(D)) is amended--
        (1) by striking ``After the end of the 6-year period'' and 
    inserting the following:
                ``(i) In general.--Except as provided in clause (ii), 
            after the end of the 6-year period''; and
        (2) by adding at the end the following:
                ``(ii) Old records.--Notwithstanding clause (i) the 
            Board may destroy records of an insured credit union which 
            are at least 10 years old as of the date on which the Board 
            is appointed as liquidating agent of such credit union in 
            accordance with clause (i) at any time after such 
            appointment is final, without regard to the 6-year period 
            of limitation contained in clause (i).''.

SEC. 723. PRESERVATION OF RECORDS.

    (a) Insured Depository Institutions.--Section 10(f) of the Federal 
Deposit Insurance Act (12 U.S.C. 1820(f)) is amended to read as 
follows:
    ``(f) Preservation of Agency Records.--
        ``(1) In general.--A Federal banking agency may cause any and 
    all records, papers, or documents kept by the agency or in the 
    possession or custody of the agency to be--
            ``(A) photographed or microphotographed or otherwise 
        reproduced upon film; or
            ``(B) preserved in any electronic medium or format which is 
        capable of--
                ``(i) being read or scanned by computer; and
                ``(ii) being reproduced from such electronic medium or 
            format by printing any other form of reproduction of 
            electronically stored data.
        ``(2) Treatment as original records.--Any photographs, 
    microphotographs, or photographic film or copies thereof described 
    in paragraph (1)(A) or reproduction of electronically stored data 
    described in paragraph (1)(B) shall be deemed to be an original 
    record for all purposes, including introduction in evidence in all 
    State and Federal courts or administrative agencies, and shall be 
    admissible to prove any act, transaction, occurrence, or event 
    therein recorded.
        ``(3) Authority of the federal banking agencies.--Any 
    photographs, microphotographs, or photographic film or copies 
    thereof described in paragraph (1)(A) or reproduction of 
    electronically stored data described in paragraph (1)(B) shall be 
    preserved in such manner as the Federal banking agency shall 
    prescribe, and the original records, papers, or documents may be 
    destroyed or otherwise disposed of as the Federal banking agency 
    may direct.''.
    (b) Insured Credit Unions.--Section 206(s) of the Federal Credit 
Union Act (12 U.S.C. 1786(s)) is amended by adding at the end the 
following:
        ``(9) Preservation of records.--
            ``(A) In general.--The Board may cause any and all records, 
        papers, or documents kept by the Administration or in the 
        possession or custody of the Administration to be--
                ``(i) photographed or microphotographed or otherwise 
            reproduced upon film; or
                ``(ii) preserved in any electronic medium or format 
            which is capable of--

                    ``(I) being read or scanned by computer; and
                    ``(II) being reproduced from such electronic medium 
                or format by printing or any other form of reproduction 
                of electronically stored data.

            ``(B) Treatment as original records.--Any photographs, 
        micrographs, or photographic film or copies thereof described 
        in subparagraph (A)(i) or reproduction of electronically stored 
        data described in subparagraph (A)(ii) shall be deemed to be an 
        original record for all purposes, including introduction in 
        evidence in all State and Federal courts or administrative 
        agencies, and shall be admissible to prove any act, 
        transaction, occurrence, or event therein recorded.
            ``(C) Authority of the administration.--Any photographs, 
        microphotographs, or photographic film or copies thereof 
        described in subparagraph (A)(i) or reproduction of 
        electronically stored data described in subparagraph (A)(ii) 
        shall be preserved in such manner as the Administration shall 
        prescribe, and the original records, papers, or documents may 
        be destroyed or otherwise disposed of as the Administration may 
        direct.''.

SEC. 724. TECHNICAL AMENDMENTS TO INFORMATION SHARING PROVISION IN THE 
              FEDERAL DEPOSIT INSURANCE ACT.

    Section 11(t) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(t)) is amended--
        (1) in paragraph (1), by inserting ``, in any capacity,'' after 
    ``A covered agency''; and
        (2) in paragraph (2)(A)--
            (A) in clause (i), by striking ``appropriate'';
            (B) by striking clause (ii); and
            (C) by redesignating clauses (iii) through (vi) as clauses 
        (ii) through (v), respectively.

SEC. 725. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO BANKS 
              OPERATING UNDER THE CODE OF LAW FOR THE DISTRICT OF 
              COLUMBIA.

    (a) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et 
seq.) is amended--
        (1) in the second undesignated paragraph of the first section 
    (12 U.S.C. 221), by adding at the end the following: ``For purposes 
    of this Act, a State bank includes any bank which is operating 
    under the Code of Law for the District of Columbia.''; and
        (2) in the first sentence of the first undesignated paragraph 
    of section 9 (12 U.S.C. 321), by striking ``incorporated by special 
    law of any State, or'' and inserting ``incorporated by special law 
    of any State, operating under the Code of Law for the District of 
    Columbia, or''.
    (b) Bank Conservation Act.--Section 202 of the Bank Conservation 
Act (12 U.S.C. 202) is amended--
        (1) by striking ``means (1) any national'' and inserting 
    ``means any national''; and
        (2) by striking ``, and (2) any bank or trust company located 
    in the District of Columbia and operating under the supervision of 
    the Comptroller of the Currency''.
    (c) Depository Institution Deregulation and Monetary Control Act of 
1980.--Part C of title VII of the Depository Institution Deregulation 
and Monetary Control Act of 1980 (12 U.S.C. 216 et seq.) is amended--
        (1) in paragraph (1) of section 731 (12 U.S.C. 216(1)), by 
    striking ``and closed banks in the District of Columbia''; and
        (2) in paragraph (2) of section 732 (12 U.S.C. 216a(2)), by 
    striking ``or closed banks in the District of Columbia''.
    (d) Federal Deposit Insurance Act.--Section 3(a)(2)(B) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(a)(2)(B)) is amended by 
striking ``(except a national bank)''.
    (e) National Bank Consolidation and Merger Act.--Section 7(1) of 
the National Bank Consolidation and Merger Act (12 U.S.C. 215b(1)) is 
amended by striking ``(except a national banking association located in 
the District of Columbia)''.
    (f) Act of August 17, 1950.--Section 1(a) of the Act entitled ``An 
Act to provide for the conversion of national banking associations into 
and their merger or consolidation with State banks, and for other 
purposes'' and approved August 17, 1950 (12 U.S.C. 214(a)) is amended 
by striking ``(except a national banking association)''.
    (g) Federal Trade Commission Act.--Section 18(f)(2) of the Federal 
Trade Commission Act (15 U.S.C. 57a(f)(2)) is amended--
        (1) in subparagraph (A), by striking ``, banks operating under 
    the code of law for the District of Columbia,''; and
        (2) in subparagraph (B), by striking ``and banks operating 
    under the code of law for the District of Columbia''.

SEC. 726. TECHNICAL CORRECTIONS TO THE FEDERAL CREDIT UNION ACT.

    The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended as 
follows:
        (1) In section 101(3), strike ``and'' after the semicolon.
        (2) In section 101(5), strike the terms ``account account'' and 
    ``account accounts'' each place any such term appears and insert 
    ``account''.
        (3) In section 107(5)(E), strike the period at the end and 
    insert a semicolon.
        (4) In each of paragraphs (6) and (7) of section 107, strike 
    the period at the end and insert a semicolon.
        (5) In section 107(7)(D), strike ``the Federal Savings and Loan 
    Insurance Corporation or''.
        (6) In section 107(7)(E), strike ``the Federal Home Loan Bank 
    Board,'' and insert ``the Federal Housing Finance Board,''.
        (7) In section 107(9), strike ``subchapter III'' and insert 
    ``title III''.
        (8) In section 107(13), strike ``and'' after the semicolon at 
    the end.
        (9) In section 109(c)(2)(A)(i), strike ``(12 U.S.C. 
    4703(16))''.
        (10) In section 120(h), strike ``the Act approved July 30, 1947 
    (6 U.S.C., secs. 6-13),'' and insert ``chapter 93 of title 31, 
    United States Code,''.
        (11) In section 201(b)(5), strike ``section 116 of''.
        (12) In section 202(h)(3), strike ``section 207(c)(1)'' and 
    insert ``section 207(k)(1)''.
        (13) In section 204(b), strike ``such others powers'' and 
    insert ``such other powers''.
        (14) In section 206(e)(3)(D), strike ``and'' after the 
    semicolon at the end.
        (15) In section 206(f)(1), strike ``subsection (e)(3)(B)'' and 
    insert ``subsection (e)(3)''.
        (16) In section 206(g)(7)(D), strike ``and subsection (1)''.
        (17) In section 206(t)(2)(B), insert ``regulations'' after ``as 
    defined in''.
        (18) In section 206(t)(2)(C), strike ``material affect'' and 
    insert ``material effect''.
        (19) In section 206(t)(4)(A)(ii)(II), strike ``or'' after the 
    semicolon at the end.
        (20) In section 206A(a)(2)(A), strike ``regulator agency'' and 
    insert ``regulatory agency''.
        (21) In section 207(c)(5)(B)(i)(I), insert ``and'' after the 
    semicolon at the end.
        (22) In the heading for subparagraph (A) of section 207(d)(3), 
    strike ``to'' and insert ``with''.
        (23) In section 207(f)(3)(A), strike ``category or claimants'' 
    and insert ``category of claimants''.
        (24) In section 209(a)(8), strike the period at the end and 
    insert a semicolon.
        (25) In section 216(n), insert ``any action'' before ``that is 
    required''.
        (26) In section 304(b)(3), strike ``the affairs or such credit 
    union'' and insert ``the affairs of such credit union''.
        (27) In section 310, strike ``section 102(e)'' and insert 
    ``section 102(d)''.

SEC. 727. REPEAL OF OBSOLETE PROVISIONS OF THE BANK HOLDING COMPANY ACT 
              OF 1956.

    (a) In General.--Section 2 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1841) is amended--
        (1) in subsection (c)(2), by striking subparagraphs (I) and 
    (J); and
        (2) by striking subsection (m) and inserting the following:
    ``(m) [Repealed]''.
    (b) Technical and Conforming Amendments.--Paragraphs (1) and (2) of 
section 4(h) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1843(h)) are each amended by striking ``(G), (H), (I), or (J) of 
section 2(c)(2)'' and inserting ``(G), or (H) of section 2(c)(2)''.

SEC. 728. DEVELOPMENT OF MODEL PRIVACY FORM.

    Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803), as 
amended by section 609, is amended by adding at the end the following:
    ``(e) Model Forms.--
        ``(1) In general.--The agencies referred to in section 
    504(a)(1) shall jointly develop a model form which may be used, at 
    the option of the financial institution, for the provision of 
    disclosures under this section.
        ``(2) Format.--A model form developed under paragraph (1) 
    shall--
            ``(A) be comprehensible to consumers, with a clear format 
        and design;
            ``(B) provide for clear and conspicuous disclosures;
            ``(C) enable consumers easily to identify the sharing 
        practices of a financial institution and to compare privacy 
        practices among financial institutions; and
            ``(D) be succinct, and use an easily readable type font.
        ``(3) Timing.--A model form required to be developed by this 
    subsection shall be issued in proposed form for public comment not 
    later than 180 days after the date of enactment of this subsection.
        ``(4) Safe harbor.--Any financial institution that elects to 
    provide the model form developed by the agencies under this 
    subsection shall be deemed to be in compliance with the disclosures 
    required under this section.''.

       TITLE VIII--FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS

SEC. 801. EXCEPTION FOR CERTAIN BAD CHECK ENFORCEMENT PROGRAMS.

    (a) In General.--The Fair Debt Collection Practices Act (15 U.S.C. 
1692 et seq.) is amended--
        (1) by redesignating section 818 as section 819; and
        (2) by inserting after section 817 the following:

``Sec. 818. Exception for certain bad check enforcement programs 
            operated by private entities

    ``(a) In General.--
        ``(1) Treatment of certain private entities.--Subject to 
    paragraph (2), a private entity shall be excluded from the 
    definition of a debt collector, pursuant to the exception provided 
    in section 803(6), with respect to the operation by the entity of a 
    program described in paragraph (2)(A) under a contract described in 
    paragraph (2)(B).
        ``(2) Conditions of applicability.--Paragraph (1) shall apply 
    if--
            ``(A) a State or district attorney establishes, within the 
        jurisdiction of such State or district attorney and with 
        respect to alleged bad check violations that do not involve a 
        check described in subsection (b), a pretrial diversion program 
        for alleged bad check offenders who agree to participate 
        voluntarily in such program to avoid criminal prosecution;
            ``(B) a private entity, that is subject to an 
        administrative support services contract with a State or 
        district attorney and operates under the direction, 
        supervision, and control of such State or district attorney, 
        operates the pretrial diversion program described in 
        subparagraph (A); and
            ``(C) in the course of performing duties delegated to it by 
        a State or district attorney under the contract, the private 
        entity referred to in subparagraph (B)--
                ``(i) complies with the penal laws of the State;
                ``(ii) conforms with the terms of the contract and 
            directives of the State or district attorney;
                ``(iii) does not exercise independent prosecutorial 
            discretion;
                ``(iv) contacts any alleged offender referred to in 
            subparagraph (A) for purposes of participating in a program 
            referred to in such paragraph--

                    ``(I) only as a result of any determination by the 
                State or district attorney that probable cause of a bad 
                check violation under State penal law exists, and that 
                contact with the alleged offender for purposes of 
                participation in the program is appropriate; and
                    ``(II) the alleged offender has failed to pay the 
                bad check after demand for payment, pursuant to State 
                law, is made for payment of the check amount;

                ``(v) includes as part of an initial written 
            communication with an alleged offender a clear and 
            conspicuous statement that--

                    ``(I) the alleged offender may dispute the validity 
                of any alleged bad check violation;
                    ``(II) where the alleged offender knows, or has 
                reasonable cause to believe, that the alleged bad check 
                violation is the result of theft or forgery of the 
                check, identity theft, or other fraud that is not the 
                result of the conduct of the alleged offender, the 
                alleged offender may file a crime report with the 
                appropriate law enforcement agency; and
                    ``(III) if the alleged offender notifies the 
                private entity or the district attorney in writing, not 
                later than 30 days after being contacted for the first 
                time pursuant to clause (iv), that there is a dispute 
                pursuant to this subsection, before further restitution 
                efforts are pursued, the district attorney or an 
                employee of the district attorney authorized to make 
                such a determination makes a determination that there 
                is probable cause to believe that a crime has been 
                committed; and

                ``(vi) charges only fees in connection with services 
            under the contract that have been authorized by the 
            contract with the State or district attorney.
    ``(b) Certain Checks Excluded.--A check is described in this 
subsection if the check involves, or is subsequently found to involve--
        ``(1) a postdated check presented in connection with a payday 
    loan, or other similar transaction, where the payee of the check 
    knew that the issuer had insufficient funds at the time the check 
    was made, drawn, or delivered;
        ``(2) a stop payment order where the issuer acted in good faith 
    and with reasonable cause in stopping payment on the check;
        ``(3) a check dishonored because of an adjustment to the 
    issuer's account by the financial institution holding such account 
    without providing notice to the person at the time the check was 
    made, drawn, or delivered;
        ``(4) a check for partial payment of a debt where the payee had 
    previously accepted partial payment for such debt;
        ``(5) a check issued by a person who was not competent, or was 
    not of legal age, to enter into a legal contractual obligation at 
    the time the check was made, drawn, or delivered; or
        ``(6) a check issued to pay an obligation arising from a 
    transaction that was illegal in the jurisdiction of the State or 
    district attorney at the time the check was made, drawn, or 
    delivered.
    ``(c) Definitions.--For purposes of this section, the following 
definitions shall apply:
        ``(1) State or district attorney.--The term `State or district 
    attorney' means the chief elected or appointed prosecuting attorney 
    in a district, county (as defined in section 2 of title 1, United 
    States Code), municipality, or comparable jurisdiction, including 
    State attorneys general who act as chief elected or appointed 
    prosecuting attorneys in a district, county (as so defined), 
    municipality or comparable jurisdiction, who may be referred to by 
    a variety of titles such as district attorneys, prosecuting 
    attorneys, commonwealth's attorneys, solicitors, county attorneys, 
    and state's attorneys, and who are responsible for the prosecution 
    of State crimes and violations of jurisdiction-specific local 
    ordinances.
        ``(2) Check.--The term `check' has the same meaning as in 
    section 3(6) of the Check Clearing for the 21st Century Act.
        ``(3) Bad check violation.--The term `bad check violation' 
    means a violation of the applicable State criminal law relating to 
    the writing of dishonored checks.''.
    (b) Clerical Amendment.--The table of sections for the Fair Debt 
Collection Practices Act (15 U.S.C. 1692 et seq.) is amended--
        (1) by redesignating the item relating to section 818 as 
    section 819; and
        (2) by inserting after the item relating to section 817 the 
    following new item:

``818. Exception for certain bad check enforcement programs operated by 
          private entities.''.

SEC. 802. OTHER AMENDMENTS.

    (a) Legal Pleadings.--Section 809 of the Fair Debt Collection 
Practices Act (15 U.S.C. 1692g) is amended by adding at the end the 
following new subsection:
    ``(d) Legal Pleadings.--A communication in the form of a formal 
pleading in a civil action shall not be treated as an initial 
communication for purposes of subsection (a).''.
    (b) Notice Provisions.--Section 809 of the Fair Debt Collection 
Practices Act (15 U.S.C. 1692g) is amended by adding after subsection 
(d) (as added by subsection (a) of this section) the following new 
subsection:
    ``(e) Notice Provisions.--The sending or delivery of any form or 
notice which does not relate to the collection of a debt and is 
expressly required by the Internal Revenue Code of 1986, title V of 
Gramm-Leach-Bliley Act, or any provision of Federal or State law 
relating to notice of data security breach or privacy, or any 
regulation prescribed under any such provision of law, shall not be 
treated as an initial communication in connection with debt collection 
for purposes of this section.''.
    (c) Establishment of Right To Collect Within the First 30 Days.--
Section 809(b) of the Fair Debt Collection Practices Act (15 U.S.C. 
1692g(b)) is amended by adding at the end the following new sentences: 
``Collection activities and communications that do not otherwise 
violate this title may continue during the 30-day period referred to in 
subsection (a) unless the consumer has notified the debt collector in 
writing that the debt, or any portion of the debt, is disputed or that 
the consumer requests the name and address of the original creditor. 
Any collection activities and communication during the 30-day period 
may not overshadow or be inconsistent with the disclosure of the 
consumer's right to dispute the debt or request the name and address of 
the original creditor.''.

                TITLE IX--CASH MANAGEMENT MODERNIZATION

SEC. 901. COLLATERAL MODERNIZATION.

    (a) In General.--Section 9301(2) of title 31, United States Code, 
is amended to read as follows:
        ``(2) `eligible obligation' means any security designated as 
    acceptable in lieu of a surety bond by the Secretary of the 
    Treasury.''.
    (b) Use of Eligible Obligations Instead of Surety Bonds.--Section 
9303(a)(2) of title 31, United States Code, is amended to read as 
follows:
        ``(2) as determined by the Secretary of the Treasury, have a 
    market value that is equal to or greater than the amount of the 
    required surety bond; and''.
    (c) Technical Amendments.--Section 9303 of title 31, United States 
Code, is amended--
        (1) in the section heading, by striking ``Government 
    obligations'' and inserting ``eligible obligations'';
        (2) in subsection (f), by striking ``Government obligations'' 
    and inserting ``eligible obligations'';
        (3) by striking ``a Government obligation'' each place that 
    term appears and inserting ``an eligible obligation''; and
        (4) by striking ``Government obligation'' each place that term 
    appears and inserting ``eligible obligation''.

                      TITLE X--STUDIES AND REPORTS

SEC. 1001. STUDY AND REPORT BY THE COMPTROLLER GENERAL ON THE CURRENCY 
              TRANSACTION REPORT FILING SYSTEM.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study on the volume of currency transaction reports filed 
with the Secretary of the Treasury under section 5313(a) of title 31, 
United States Code.
    (b) Purpose.--The purpose of the study required under subsection 
(a) shall be--
        (1) to evaluate, on the basis of actual filing data, patterns 
    of currency transaction reports filed by depository institutions of 
    all sizes and locations; and
        (2) to identify whether and the extent to which the filing 
    rules for currency transaction reports described in section 5313(a) 
    of title 31, United States Code--
            (A) are burdensome; and
            (B) can or should be modified to reduce such burdens 
        without harming the usefulness of such filing rules to Federal, 
        State, and local anti-terrorism, law enforcement, and 
        regulatory operations.
    (c) Period Covered.--The study required under subsection (a) shall 
cover the period beginning at least 3 calendar years prior to the date 
of enactment of this section.
    (d) Content.--The study required under subsection (a) shall include 
a detailed evaluation of--
        (1) the extent to which depository institutions are availing 
    themselves of the exemption system for the filing of currency 
    transaction reports set forth in section 103.22(d) of title 31, 
    Code of Federal Regulations, as in effect during the study period 
    (in this section referred to as the ``exemption system''), 
    including specifically, for the study period--
            (A) the number of currency transaction reports filed (out 
        of the total annual numbers) involving companies that are 
        listed on the New York Stock Exchange or the NASDAQ National 
        Market;
            (B) the number of currency transaction reports filed by the 
        100 largest depository institutions in the United States by 
        asset size, and thereafter in tiers of 100, by asset size;
            (C) the number of currency transaction reports filed by the 
        200 smallest depository institutions in the United States, 
        including the number of such currency transaction reports 
        involving companies listed on the New York Stock Exchange or 
        the NASDAQ National Market; and
            (D) the number of currency transaction reports that would 
        have been filed during the filing period if the exemption 
        system had been used by all depository institutions in the 
        United States;
        (2) what types of depository institutions are using the 
    exemption system, and the extent to which such exemption system is 
    used;
        (3) difficulties that limit the willingness or ability of 
    depository institutions to reduce their currency transaction 
    reports reporting burden by making use of the exemption system, 
    including considerations of cost, especially in the case of small 
    depository institutions;
        (4) the extent to which bank examination difficulties have 
    limited the use of the exemption system, especially with respect 
    to--
            (A) the exemption of privately-held companies permitted 
        under such exemption system; and
            (B) whether, on a sample basis, the reaction of bank 
        examiners to implementation of such exemption system is 
        justified or inhibits use of such exemption system without an 
        offsetting compliance benefit;
        (5) ways to improve the use of the exemption system by 
    depository institutions, including making such exemption system 
    mandatory in order to reduce the volume of currency transaction 
    reports unnecessarily filed; and
        (6) the usefulness of currency transaction reports filed to law 
    enforcement agencies, taking into account--
            (A) advances in information technology;
            (B) the impact, including possible loss of investigative 
        data, that various changes in the exemption system would have 
        on the usefulness of such currency transaction reports; and
            (C) changes that could be made to the exemption system 
        without affecting the usefulness of currency transaction 
        reports.
    (e) Assistance.--The Secretary of the Treasury shall provide such 
information processing and other assistance, including from the 
Commissioner of the Internal Revenue Service and the Director of the 
Financial Crimes Enforcement Network, to the Comptroller General in 
analyzing currency transaction report filings for the study period 
described in subsection (c), as is necessary to provide the information 
required by subsection (a).
    (f) Views.--The study required under subsection (a) shall, if 
appropriate, include a discussion of the views of a representative 
sample of Federal, State, and local law enforcement and regulatory 
officials and officials of depository institutions of all sizes.
    (g) Recommendations.--The study required under subsection (a) 
shall, if appropriate, include recommendations for changes to the 
exemption system that would reflect a reduction in unnecessary cost to 
depository institutions, assuming reasonably full implementation of 
such exemption system, without reducing the usefulness of the currency 
transaction report filing system to anti-terrorism, law enforcement, 
and regulatory operations.
    (h) Report.--Not later than 15 months after the date of enactment 
of this section, the Comptroller General shall submit a report on the 
study required under subsection (a) to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives.

SEC. 1002. STUDY AND REPORT ON INSTITUTION DIVERSITY AND CONSOLIDATION.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study regarding--
        (1) the vast diversity in the size and complexity of 
    institutions in the banking and financial services sector, 
    including the differences in capital, market share, geographical 
    limitations, product offerings, and general activities;
        (2) the differences in powers among the depository institution 
    charters, including--
            (A) identification of the historical trends in the 
        evolution of depository institution charters;
            (B) an analysis of the impact of charter differences to the 
        overall safety and soundness of the banking industry, and the 
        effectiveness of the applicable depository institution 
        regulator; and
            (C) an analysis of the impact that the availability of 
        options for depository institution charters on the development 
        of the banking industry;
        (3) the impact that differences of size and overall complexity 
    among financial institutions makes with respect to regulatory 
    oversight, efficiency, safety and soundness, and charter options 
    for financial institutions; and
        (4) the aggregate cost and breakdown associated with regulatory 
    compliance for banks, savings associations, credit unions, or any 
    other financial institution, including potential disproportionate 
    impact that the cost of compliance may pose on smaller 
    institutions, given the percentage of personnel that the 
    institution must dedicate solely to compliance.
    (b) Considerations.--In conducting the study under subsection (a), 
the Comptroller General shall consider the efficacy and efficiency of 
the consolidation of financial regulators, as well as charter 
simplification and homogenization.
    (c) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit a 
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 results of the study required by this section.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
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