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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 17 Introduced in House (IH)]

104th CONGRESS
  1st Session
                                 H. R. 17

 To establish the Federal Bank Agency, to abolish the positions of the 
   Comptroller of the Currency and Director of the Office of Thrift 
   Supervision, to consolidate and reform the regulation of insured 
            depository institutions, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

  Mr. Leach introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL

 
 To establish the Federal Bank Agency, to abolish the positions of the 
   Comptroller of the Currency and Director of the Office of Thrift 
   Supervision, to consolidate and reform the regulation of 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 ``Bank Regulatory 
Consolidation and Reform Act of 1995''.
    (b) Table of Contents.--

Sec. 1. Short title; table of contents.
                      TITLE I--FEDERAL BANK AGENCY

Sec. 101. Establishment of the Agency.
Sec. 102. Definitions.
Sec. 103. Administrator of the Federal Bank Agency.
Sec. 104. Authority of the Administrator.
Sec. 105. Personnel.
Sec. 106. Regulations and orders.
Sec. 107. Funding.
  TITLE II--INTERIM PROVISIONS; TRANSFER OF FUNCTIONS, PERSONNEL, AND 
                                PROPERTY

Sec. 201. Interim provisions for the Federal Bank Agency.
Sec. 202. Office of Thrift Supervision abolished.
Sec. 203. Office of the Comptroller of the Currency abolished.
Sec. 204. References in Federal law to Federal banking agencies.
          TITLE III--REGULATORY AND SUPERVISORY RESPONSIBILITY

Sec. 301. Transfer of powers and duties.
Sec. 302. Appropriate Federal banking agency.
       TITLE IV--FEDERAL DEPOSIT INSURANCE CORPORATION AMENDMENTS

Sec. 401. Amendments to the Federal Deposit Insurance Act.
             TITLE V--REORGANIZATION OF BOARDS OF DIRECTORS

Sec. 501. Federal Deposit Insurance Corporation Board of Directors.
Sec. 502. Amendments to the Federal Reserve Act.
Sec. 503. Amendment to the Bank Holding Company Act of 1956.
Sec. 504. Amendment to the Bank Holding Company Amendments Act of 1970.
                    TITLE VI--REGULATORY UNIFORMITY

Sec. 601. Amendments relating to the Financial Institutions Examination 
                            Council.
                        TITLE VII--CREDIT UNIONS

Sec. 701. Comparable supervisory standards for credit unions.

                      TITLE I--FEDERAL BANK AGENCY

SEC. 101. ESTABLISHMENT OF THE AGENCY.

    Effective January 1, 1996, there shall be established the Federal 
Bank Agency which shall be an independent establishment.

SEC. 102. DEFINITIONS.

    The following definitions shall apply for purposes of this title:
            (1) The term ``Administrator'' means the Administrator of 
        the Federal Bank Agency.
            (2) The term ``Agency'' means the Federal Bank Agency.
            (3) The term ``Secretary'' means the Secretary of the 
        Treasury.

SEC. 103. ADMINISTRATOR OF THE FEDERAL BANK AGENCY.

    (a) In General.--The Agency shall have an Administrator who shall 
be the head of the Agency.
    (b) Appointment.--The Administrator shall be appointed by the 
President, by and with the advice and consent of the Senate, from among 
individuals who are citizens of the United States.
    (c) Term.--The Administrator shall be appointed for a term of 5 
years.
    (d) Vacancy.--A vacancy in the position of Administrator which 
occurs before expiration of the term for which an Administrator was 
appointed shall be filled in the manner established in subsection (b), 
and the Administrator appointed to fill such vacancy shall be appointed 
only for the remainder of said term.
    (e) Service After End of Term.--An individual may serve as 
Administrator after the expiration of the term for which appointed 
until a successor Administrator has been appointed.
    (f) Deputy Administrators.--
            (1) Deputy administrator of the agency.--
                    (A) In general.--The Agency shall have a Deputy 
                Administrator who shall be appointed by the President, 
                by and with the advice and consent of the Senate.
                    (B) Duties and powers.--The Deputy Administrator 
                shall--
                            (i) perform such duties and exercise such 
                        powers as the Administrator may prescribe; and
                            (ii) exercise the duties and powers of the 
                        Administrator when the Administrator is absent 
                        or unable to serve or when the position of the 
                        Administrator is vacant.
            (2) Deputy administrator for savings associations.--
                    (A) In general.--The Agency shall have a Deputy 
                Administrator for Savings Associations who shall be 
                appointed by the President, by and with the advice and 
                consent of the Senate.
                    (B) Duties and powers.--The Deputy Administrator 
                for Savings Associations shall--
                            (i) perform such duties and exercise such 
                        powers as the Administrator may prescribe; and
                            (ii) perform the functions which are 
                        transferred to the agency from the Director of 
                        the Office of Thrift Supervision until the 
                        Administrator provides otherwise.
    (g) Effective Date.--This section shall take effect on January 1, 
1996.

SEC. 104. AUTHORITY OF THE ADMINISTRATOR.

    (a) Delegation of Authority.--The Administrator may delegate to any 
employee, representative, or agent of the Agency any authority of the 
Administrator.
    (b) Effective Date.--This section shall take effect on January 1, 
1996.

SEC. 105. PERSONNEL.

    (a) In General.--The Administrator shall fix the number and 
compensation of, and appoint and direct, all employees of the Agency.
    (b) Effective Date.--This section shall take effect on January 1, 
1997.

SEC. 106. REGULATIONS AND ORDERS.

    The Administrator may prescribe such regulations and issue such 
orders as the Administrator may determine to be necessary or 
appropriate for carrying out any law within the Administrator's 
jurisdiction.

SEC. 107. FUNDING.

    (a) Authority To Impose and Collect Assessments, Fees, and Other 
Charges.--
            (1) In general.--The Administrator may impose and collect 
        such assessments, fees, and other charges on any institution or 
        entity (including any affiliates of any such institution or 
        entity) for which the Administrator is the appropriate Federal 
        banking agency, as defined in section 3(q)(1) of the Federal 
        Deposit Insurance Act, as the Administrator determines to be 
        necessary or appropriate to carry out the responsibilities of 
        the Agency.
            (2) No net cost to government.--The amount of any 
        assessment, fee, or other charge shall be not less than the 
        amount necessary to meet the full cost to the Federal 
        Government of the service provided by the Agency.
    (b) Use of Funds.--The Administrator may use the funds obtained 
through assessments, fees, and other charges imposed pursuant to this 
title to pay the full cost to the Federal Government of the services 
provided by the Agency.
    (c) Agency Not Subject to Apportionment of Funds.--Notwithstanding 
any other provision of law, amounts received by the Agency pursuant to 
any assessment, fee, or other charge imposed under this Act or any 
other provision of law and any other money received by the Agency shall 
not be subject to apportionment for the purpose of chapter 15 of title 
31, United States Code, or under any other authority.
    (d) Technical and Conforming Amendment Relating to Sequestration.--
Paragraph (1) of section 255(g) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 is amended--
            (1) by striking the items relating to the Comptroller of 
        the Currency and the Director of the Office of Thrift 
        Supervision; and
            (2) by inserting after the item relating to the Farm Credit 
        System Financial Assistance Corporation, interest payment (20-
        1850-0-1-351) the following new item:
                    ``Federal Bank Agency;''.
    (e) Effective Date.--This section and the amendments made by this 
section shall take effect on Jan- uary 1, 1997.

  TITLE II--INTERIM PROVISIONS; TRANSFER OF FUNCTIONS, PERSONNEL, AND 
                                PROPERTY

SEC. 201. INTERIM PROVISIONS FOR THE FEDERAL BANK AGENCY.

    (a) Interim Authority of the Administrator.--Prior to the date upon 
which the functions of the Office of the Comptroller of the Currency 
and the Office of Thrift Supervision are transferred to the 
Administrator pursuant to this Act, the Administrator shall--
            (1) consult and cooperate with the Director of the Office 
        of Thrift Supervision and the Comptroller of the Currency to 
        facilitate the orderly transfer of functions to the Office; and
            (2) take such actions as may be necessary to provide for 
        the establishment of the Agency and for the orderly 
        implementation of this title.
    (b) Interim Staff.--Prior to the date upon which the Office of the 
Comptroller of the Currency and the Office of Thrift Supervision are 
abolished, each such Office shall detail to the Agency such personnel 
as the Administrator deems appropriate to assist the Administrator in 
carrying out the duties of title I.
    (c) Interim Administrative Services.--The Secretary may provide all 
administrative services necessary to support the Agency prior to the 
date upon which the Office of the Comptroller of the Currency and the 
Office of Thrift Supervision are abolished, and obtain reimbursement 
for the cost of such services pursuant to subsection (d).
    (d) Interim Funding.--Prior to the date upon which the Office of 
the Comptroller of the Currency and the Office of Thrift Supervision 
are abolished, each such Office shall pay to the Secretary one-half of 
the total amount determined by the Secretary to be necessary to fund 
all direct and indirect salary and administrative expenses of the 
Agency, including the salary of the Administrator, through January 1, 
1997, from the funds obtained by such Offices through assessments, 
fees, and other charges which they are authorized to impose by law. The 
Secretary may credit to an appropriation and spend amounts received 
pursuant to this subsection. Upon the appointment of the Administrator, 
the amounts paid to the Secretary under this subsection shall be paid 
by the Secretary to the Administrator.
    (e) Interim Authority of the Secretary.--The Secretary is 
authorized to perform the functions of the Administrator under this 
section until the Administrator is appointed.
    (f) Merger of Transferred Employees.--The Administrator shall, to 
the maximum extent practicable, merge and consolidate the work force 
structures of the Office of the Comptroller of the Currency and the 
Office of Thrift Supervision. In merging the work forces, the 
Administrator shall establish procedures which take into account the 
job experience of, and the compensation and benefits provided to, the 
transferred employees at the prior agency.
    (g) Effective Date.--This section shall take effect on January 1, 
1996.

SEC. 202. OFFICE OF THRIFT SUPERVISION ABOLISHED.

    (a) Office of Thrift Supervision Abolished.--Effective January 1, 
1997, the Office of Thrift Supervision and the position of Director of 
the Office of Thrift Supervision are hereby abolished.
    (b) Disposition of Affairs.--
            (1) In general.--In winding up the affairs of the Office of 
        Thrift Supervision, the Director of the Office of Thrift 
        Supervision shall consult and cooperate with the Administrator 
        of the Agency and the Comptroller of the Currency to facilitate 
        the orderly transfer of the functions to the Agency. Any matter 
        not resolved pursuant to such consultation and cooperation 
        shall be resolved by the Secretary.
            (2) Continuing authority of director of the office of 
        thrift supervision.--Except as provided in paragraph (1) and 
        section 201, nothing in this title shall affect the authority 
        vested in the Director of the Office of Thrift Supervision 
        before the date of enactment of this Act which is necessary to 
        carry out the duties of the position until the date upon which 
        the position of Director of the Office of Thrift Supervision is 
        abolished.
            (3) Continuation of agency services.--Any agency, 
        department, or other instrumentality of the United States, or 
        any successor to any such agency, department, or 
        instrumentality, which was providing support services to the 
        Office of Thrift Supervision on the day before the date the 
        Office of Thrift Supervision is abolished shall--
                    (A) continue to provide such services on a 
                reimbursable basis, in accordance with the terms of the 
                arrangement pursuant to which such services were 
                provided until the arrangement is modified or 
                terminated in accordance with such terms, except that 
                effective Jan- uary 1, 1997, the Agency shall be 
                substituted for the Office of Thrift Supervision as a 
                party to the arrangement; and
                    (B) consult with the Administrator to coordinate 
                and facilitate a prompt and reasonable transition.
    (c) Savings Provisions.--
            (1) Existing rights, duties, and obligations not 
        affected.--No provision of this title shall affect the validity 
        of any right, duty, or obligation of the United States, the 
        Office of Thrift Supervision, or any person, which existed on 
        the day before the date upon which the Office of Thrift 
        Supervision is abolished.
            (2) Continuation of suits.--No action or other proceeding 
        commenced by or against the Office of Thrift Supervision shall 
        abate by reason of enactment of this Act, except that, 
        effective January 1, 1997, the Administrator shall be 
        substituted as a party to any such action or proceeding.
            (3) Continuation of administrative rules.--All orders, 
        resolutions, determinations, regulations, interpretative rules, 
        other interpretations, guidelines, procedures, and other 
        advisory material which--
                    (A) have been issued, made, prescribed, or 
                permitted to become effective by the Office of Thrift 
                Supervision, and
                    (B) are in effect on December 31, 1996, (or become 
                effective after such date pursuant to the terms of the 
                order, resolution, determination, rule, other 
                interpretation, guideline, procedure, and other 
                advisory material, as in effect on such date), shall--
                            (i) continue in effect according to the 
                        terms of such orders, resolutions, 
                        determinations, regulations, interpretative 
                        rules, other interpretations, guidelines, 
                        procedures, or other advisory material;
                            (ii) be administered by the Administrator; 
                        and
                            (iii) be enforceable by or against the 
                        Administrator until modified, terminated, set 
                        aside, or superseded in accordance with 
                        applicable law by the Administrator, by any 
                        court of competent jurisdiction, or by 
                        operation of law.
    (d) Transfer of Property.--Effective January 1, 1997, all property 
of the Office of Thrift Supervision shall be transferred to the Agency.

SEC. 203. OFFICE OF THE COMPTROLLER OF THE CURRENCY ABOLISHED.

    (a) Office of the Comptroller of the Currency Abolished.--Effective 
January 1, 1997, the Office of the Comptroller of the Currency and the 
position of the Comptroller of the Currency are abolished.
    (b) Disposition of Affairs.--
            (1) In general.--In winding up the affairs of the Office of 
        the Comptroller of the Currency, the Comptroller of the 
        Currency shall consult and cooperate with the Administrator of 
        the Federal Bank Agency and the Director of the Office of 
        Thrift Supervision to facilitate the orderly transfer of 
        functions to the Agency. Any matter not resolved pursuant to 
        such consultation and cooperation shall be resolved by the 
        Secretary.
            (2) Continuing authority of the comptroller of the 
        currency.--Except as provided in paragraph (1) and section 201, 
        nothing in this Act shall affect the authority vested in the 
        Comptroller of the Currency before the date of enactment of 
        this Act which is necessary to carry out the duties of the 
        position until the date upon which the position of Comptroller 
        is abolished.
            (3) Continuation of agency services.--Any agency, 
        department, or other instrumentality of the United States, or 
        any successor to any such agency, department, or 
        instrumentality, which was providing support services to the 
        Office of the Comptroller of the Currency on the day before the 
        date the Office of the Comptroller of the Currency is abolished 
        shall--
                    (A) continue to provide such services, on a 
                reimbursable basis, in accordance with the terms of the 
                arrangement pursuant to which such services were 
                provided until the arrangement is modified or 
                terminated in accordance with such terms, except that 
                effective Jan- uary 1, 1997, the Agency shall be 
                substituted for the Office of the Comptroller of the 
                Currency as a party to the arrangement; and
                    (B) consult with the Administrator to coordinate 
                and facilitate a prompt and reasonable transition.
    (c) Savings Provisions.--
            (1) Existing rights, duties, and obligations not 
        affected.--No provision of this title shall affect the validity 
        of any right, duty, or obligation of the United States, the 
        Office of the Comptroller of the Currency, or any person, which 
        existed on the day before the date upon which the Office of the 
        Comptroller of the Currency is abolished by this title.
            (2) Continuation of suits.--No action or other proceeding 
        commenced by or against the Comptroller of the Currency or the 
        Office of the Comptroller of the Currency shall abate by reason 
        of enactment of this Act, except that effective Jan- uary 1, 
        1997, the Administrator shall be substituted as a party to any 
        such action or proceeding.
            (3) Continuation of administrative rules.--All orders, 
        resolutions, determinations, regulations, interpretative rules, 
        other interpretations, guidelines, procedures, and other 
        advisory material which--
                    (A) have been issued, made, prescribed, or 
                permitted to become effective by the Comptroller of the 
                Currency; and
                    (B) are in effect on December 31, 1996, (or become 
                effective after such date pursuant to the terms of the 
                order, resolution, determination, rule, other 
                interpretation, guideline, procedure, and other 
                advisory material, as in effect on such date) shall--
                            (i) continue in effect according to the 
                        terms of such orders, resolutions, 
                        determinations, regulations, interpretative 
                        rules, guidelines, procedures or other advisory 
                        material;
                            (ii) be administered by the Administrator; 
                        and
                            (iii) be enforceable by or against the 
                        Administrator until modified, terminated, set 
                        aside, or superseded in accordance with 
                        applicable law by the Administrator, by any 
                        court of competent jurisdiction, or by 
                        operation of law.
    (d) Transfer of Property.--Effective January 1, 1997, all property 
of the Office of the Comptroller of the Currency shall be transferred 
to the Agency.

SEC. 204. REFERENCES IN FEDERAL LAW TO FEDERAL BANKING AGENCIES.

    Any reference in any Federal law to the Comptroller of the 
Currency, the Office of the Comptroller of the Currency, the Director 
of the Office of Thrift Supervision, or the Office of Thrift 
Supervision shall be deemed to be a reference to the appropriate 
Federal banking agency (as defined in section 3(q) of the Federal 
Deposit Insurance Act).

          TITLE III--REGULATORY AND SUPERVISORY RESPONSIBILITY

SEC. 301. TRANSFER OF POWERS AND DUTIES.

    (a) Director of the Office of Thrift Supervision.--Effective 
January 1, 1997, all powers and duties which were vested in the 
Director of the Office of Thrift Supervision on December 31, 1996, are 
transferred to the Administrator, except as otherwise provided in this 
Act.
    (b) Comptroller of the Currency.--Effective January 1, 1997, all 
powers and duties which were vested in the Comptroller of the Currency 
on December 31, 1996, are transferred to the Administrator, except as 
otherwise provided in this Act.

SEC. 302. APPROPRIATE FEDERAL BANKING AGENCY.

    (a) Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 
1813(q)) is amended to read as follows:
    ``(q) Appropriate Federal Banking Agency.--
            ``(1) In general.--The term `appropriate Federal banking 
        agency' means--
                    ``(A) the Administrator of the Federal Bank Agency 
                in the case of--
                            ``(i) a Federal depository institution and 
                        any subsidiary of any Federal depository 
                        institution, other than--
                                    ``(I) a subsidiary chartered or 
                                regulated by the Board of Governors of 
                                the Federal Reserve System under 
                                section 25 or 25A of the Federal 
                                Reserve Act; or
                                    ``(II) a depository institution 
                                subsidiary of a depository institution 
                                holding company for which the Federal 
                                Deposit Insurance Corporation or the 
                                Board of Governors of the Federal 
                                Reserve System is the appropriate 
                                Federal banking agency;
                            ``(ii) a District bank chartered by the 
                        Administrator, other than a depository 
                        institution subsidiary described in clause (i);
                            ``(iii) a Federal agency of a foreign bank 
                        other than an agency regulated by the Board of 
Governors of the Federal Reserve System;
                            ``(iv) a savings and loan holding company 
                        the principal depository institution subsidiary 
                        of which is a Federal savings association and 
                        each affiliate of such company, including each 
                        depository institution subsidiary of such 
                        company; and
                            ``(v) a bank holding company--
                                    ``(I) which has total consolidated 
                                depository institution assets of less 
                                than $25,000,000,000; and
                                    ``(II) the principal depository 
                                institution subsidiary of which is a 
                                Federal depository institution or a 
                                District bank,
                        and each affiliate of such company, including 
                        each depository institution subsidiary of such 
                        company;
                    ``(B) the Federal Deposit Insurance Corporation in 
                the case of--
                            ``(i) a State depository institution 
                        (except a District bank), other than a State 
                        member bank or a depository institution 
                        subsidiary of a depository institution holding 
                        company for which the Federal Bank Agency or 
                        the Board of Governors of the Federal Reserve 
                        System is the appropriate Federal banking 
                        agency;
                            ``(ii) a foreign bank which--
                                    ``(I) operates an insured branch; 
                                and
                                    ``(II) has total worldwide assets 
                                of less than $25,000,000,000;
                            ``(iii) a bank holding company--
                                    ``(I) which has total consolidated 
                                depository institution assets of less 
                                than $25,000,000,000; and
                                    ``(II) the principal depository 
                                institution subsidiary of which is a 
                                State depository institution (except a 
                                District bank) which is not a State 
                                member bank,
                        and each affiliate of such company, including 
                        each depository institution subsidiary of such 
                        company; and
                            ``(iv) a savings and loan holding company 
                        the principal depository institution subsidiary 
                        of which is a State savings association and 
                        each affiliate of such company, including each 
                        depository institution subsidiary of such 
                        company; and
                    ``(C) the Board of Governors of the Federal Reserve 
                System in the case of--
                            ``(i) a State member bank, other than a 
                        depository institution subsidiary of a 
                        depository institution holding company for 
                        which the Federal Bank Agency or the Federal 
                        Deposit Insurance Corporation is the 
                        appropriate Federal banking agency;
                            ``(ii) any branch or agency of a foreign 
                        bank with respect to any provision of the 
                        Federal Reserve Act which is made applicable 
                        under the International Banking Act of 1978,
                            ``(iii) any foreign bank which does not 
                        operate an insured branch,
                            ``(iv) any agency or commercial lending 
                        company other than a Federal agency,
                            ``(v) supervisory or regulatory proceedings 
                        arising from the authority given to the Board 
                        of Governors under section 7(c)(1) of the 
                        International Banking Act of 1978, including 
                        such proceedings under the Depository 
Institutions Supervisory Act;
                            ``(vi) any bank holding company which has 
                        total consolidated depository institution 
                        assets equal to or greater than $25,000,000,000 
                        or foreign bank with worldwide assets equal to 
                        or greater than $25,000,000,000, and each 
                        affiliate of such company, including each 
                        depository institution subsidiary of such 
                        company; and
                            ``(vii) any bank holding company--
                                    ``(I) which has total consolidated 
                                depository institution assets of less 
                                than $25,000,000,000; and
                                    ``(II) the principal depository 
                                institution subsidiary of which is a 
                                State member bank,
                        and each affiliate of such company, including 
                        each depository institution subsidiary of such 
                        company.
            ``(2) Consolidated assets defined.--For purposes of this 
        subsection, the term `consolidated depository institution 
        assets' means, with respect to any calendar year, the total 
        assets of all insured depository institutions controlled by a 
        depository institution holding company on average for the last 
        day of each quarter of the preceding calendar year;
            ``(3) Determination of principal depository institution 
        subsidiary.--
                    ``(A) Principal depository institution subsidiary 
                defined.--The term `principal depository institution 
                subsidiary' means, with respect to any year--
                            ``(i) the depository institution subsidiary 
                        of a bank holding company that has the greatest 
                        dollar amount of assets, on average, as of the 
                        last day of each quarter of the preceding 
                        calendar year; and
                            ``(ii) in the case of a foreign bank that 
                        is a bank holding company, the depository 
                        institution, branch, agency, or commercial 
                        lending company controlled or operated by a 
                        foreign bank in the United States that has the 
                        greatest dollar amount of assets, on average, 
                        as of the last day of each quarter of the 
                        preceding calendar year.
                    ``(B) Rule in case of multiple depository 
                institution subsidiaries of similar size.--If a 
                depository institution holding company controls 2 or 
                more depository institutions which have substantially 
                equal dollar amounts of assets and such depository 
                institutions are not regulated by the same Federal 
                banking agency, the principal depository institution 
                subsidiary, for purposes of this subsection, shall be 
                the depository institution which has the greatest 
                dollar amount of deposits, on average, for the last day 
                of each quarter of the preceding calendar year.
            ``(4) Calculations.--All determinations regarding equity 
        capital or assets, as appropriate, shall be made based upon 
        those amounts on the last day of each of the four quarters over 
        the preceding calendar year.
            ``(5) Evaluation.--The appropriate Federal banking agency 
        shall evaluate the principal bank subsidiary and the 
        consolidated assets of the depository institution holding 
        company, as the cases may be, as defined in paragraphs (1), 
        (2), and (3) by January 1, 1997, and every 5 years thereafter 
        for the purpose of determining whether a transfer to the other 
        appropriate Federal banking agency is necessary.
            ``(6) Transfer.--
                    ``(A) In general.--In any case in which the 
                appropriate Federal banking agency has changed after 
                evaluation, notice shall be given to the new 
                appropriate Federal banking agency within 30 days after 
                evaluation.
                    ``(B) Examination and other reports.--A copy of the 
                examination reports and any other reports required to 
                be filed by the depository institution holding company 
                pursuant to the Bank Holding Company Act of 1956 or 
                section 10 of the Home Owners' Loan Act for the prior 2 
                years shall be provided to the new appropriate Federal 
                banking agency when notice is provided to such agency.
                    ``(C) Regulation and supervision.--Regulation and 
                supervision of the depository institution holding 
                company shall be transferred to the new appropriate 
                Federal banking agency no later than 90 days after 
                notice has been provided.
            ``(7) Cost-of-living adjustment.--
                    ``(A) In general.--Paragraph (1) shall be applied 
                in any year beginning after December 31, 1996, by 
                increasing the $25,000,000,000 amount in any 
                subparagraph of such paragraph by the cost-of-living 
                adjustment for the year.
                    ``(B) Cost-of-living adjustment.--For purposes of 
                subparagraph (A), the cost-of-living adjustment for any 
                year is the percentage, if any, by which--
                            ``(i) the CPI for the preceding year, 
                        exceeds the CPI for 1995.
                    ``(C) CPI for any year.--For purposes of 
                subparagraph (B), the CPI for any year is the average 
                of the last Consumer Price Index for all-urban 
                consumers published by the Department of Labor during 
                the 12-month period ending on August 31 of such 
                year.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on January 1, 1997.

       TITLE IV--FEDERAL DEPOSIT INSURANCE CORPORATION AMENDMENTS

SEC. 401. AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.

    (a) Amendments to Section 18 of the Federal Deposit Insurance 
Act.--Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) 
is amended--
            (1) in subsection (c)--
                    (A) by striking ``responsible agency'' each place 
                such term appears and inserting ``appropriate Federal 
                banking agency'';
                    (B) by striking ``responsible agencies'' each place 
                such term appears and inserting ``appropriate Federal 
                banking agencies'';
                    (C) by striking ``the other two banking agencies 
                referred to in this subsection'' each place such term 
                appears and inserting ``the other appropriate Federal 
                banking agency'';
                    (D) by striking ``the other two banking agencies'' 
                each place such term appears and inserting ``the other 
                appropriate Federal banking agency'';
                    (E) in paragraph (2), by striking ``written 
                approval'' and all that appears after such term in such 
                paragraph and inserting ``written approval of the 
                appropriate Federal banking agency for the acquiring, 
                assuming, or resulting institution.''; and
                    (F) by striking subparagraph (B) of paragraph (2) 
                and redesignating subsequent subparagraphs accordingly;
            (2) in subsection (g), by striking ``Administrator of the 
        Office of Thrift Supervision'' each place such term appears and 
        inserting ``Administrator of the Federal Bank Agency''; and
            (3) in subsection (i)(2), by striking ``written consent'' 
        and all that appears after such term in such paragraph and 
        inserting ``written consent of the appropriate Federal banking 
        agency for the acquiring, assuming or resulting institution.''.
    (b) Amendments to Section 44.--Section 44 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831u) is amended--
            (1) by striking ``responsible agency'' each place such term 
        appears and inserting ``appropriate Federal banking agency'';
            (2) in subsection (f), by striking paragraph (10) and 
        redesignating paragraph (11) as paragraph (10).

             TITLE V--REORGANIZATION OF BOARDS OF DIRECTORS

SEC. 501. FEDERAL DEPOSIT INSURANCE CORPORATION BOARD OF DIRECTORS.

    (a) Reorganization.--Section 2 of the Federal Deposit Insurance Act 
(12 U.S.C. 1812) is amended--
            (1) by striking ``Comptroller of the Currency'' each place 
        such term appears and inserting ``Administrator of the Federal 
        Bank Agency'';
            (2) by striking ``Director of the Office of Thrift 
        Supervision'' each place such term appears and inserting 
        ``Chairman of the Board of Governors of the Federal Reserve 
        System or a Governor of the Board of Governors of the Federal 
        Reserve System delegated by the Chairman of the Board of 
        Governors''; and
            (3) in subsection (a), by striking paragraph (2).
    (b) Conforming Amendment to the Federal Reserve Act.--Section 11(k) 
of the Federal Reserve Act (12 U.S.C. 248(k)) is amended by adding at 
the end thereof the following: ``The Chairman may delegate the 
authority of the Chairman to serve as a member of the Board of 
Directors of the Federal Deposit Insurance Corporation to any other 
member of the Board.''.
    (c) Effective Date.--The amendments made by this subsection shall 
take effect on January 1, 1997.

SEC. 502. AMENDMENTS TO THE FEDERAL RESERVE ACT.

    (a) The 7th undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 325) is amended to read as follows:
            ``(7) As a condition of membership, such banks shall be 
        subject to examinations made by the appropriate Federal banking 
        agency (as defined in section 3(q) of the Federal Deposit 
        Insurance Act).''.
    (b) The 8th undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 326) is amended by striking ``Whenever'' and all 
that follows through ``; Provided, however, That'' and inserting 
``Whenever the appropriate Federal banking agency (as defined in 
section 3(q) of the Federal Deposit Insurance Act) shall approve the 
examinations made by the State authorities, such examinations and the 
examination reports may be accepted in lieu of examinations made by the 
appropriate Federal banking agency:''.
    (c) The 13th undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 330) is amended by striking the 1st sentence and 
inserting the following new sentence: ``Banks which become members of 
the Federal Reserve System under authority of this section shall be 
subject to the provisions of this section and to the provisions of this 
Act which relate specifically to member banks, and shall subject to 
examination by their appropriate Federal banking agency (as defined in 
section 3(q) of the Federal Deposit Insurance Act)''.
    (d) The 16th undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 333) is amended, in the 1st sentence, by 
inserting ``, by the appropriate Federal banking agency (as defined in 
section 3(q) of the Federal Deposit Insurance Act)'' after 
``examination''.
    (e) The 22d undesignated paragraph of section 9 of the Federal 
Reserve Act (12 U.S.C. 338) is amended to read as follows:
            ``(22) In connection with examinations of State member 
        banks, examiners selected or approved by the appropriate 
        Federal banking agency (as defined in section 3(q) of the 
        Federal Deposit Insurance Act) shall make such examinations of 
        the affairs of all affiliates of such bank as shall be 
        necessary to disclose fully the relations between such banks 
        and their affiliates and the effect of such relations upon the 
        affairs of such banks. The expense of examination of affiliates 
        of any State member bank may, in the discretion of the 
        appropriate Federal regulator, be assessed against such bank 
        and when so assessed, shall be paid by such bank to the 
        appropriate Federal regulator. In the event of the refusal to 
        give any information requested in the course of the examination 
        of any such affiliate, or in the event of the refusal to permit 
        such examination, or in the event of the refusal to pay any 
        expense so assessed, the appropriate Federal regulator shall 
        inform the Board of Governors of the Federal Reserve System of 
        such refusal. The Board of Governors of the Federal Reserve 
        System may, in its discretion, require any or all State member 
        banks affiliated with such affiliate to surrender their stock 
        in the Federal reserve bank and to forfeit all rights and 
        privileges of membership in the Federal Reserve System, as 
        provided in this section.''.
    (f) This section and the amendments made by this section shall take 
effect on January 1, 1997.

SEC. 503. AMENDMENT TO THE BANK HOLDING COMPANY ACT OF 1956.

    (a) Substitution of Appropriate Agency for Board.--
            (1) In general.--The Bank Holding Company Act of 1956 (12 
        U.S.C. 1841 et seq.) is amended by striking ``Board'' each 
        place such term appears (other than in sections 2(f), 2(h), 
        4(c)(9), and 4(c)(13)) and inserting ``appropriate Federal 
        banking agency''.
            (2) Appropriate federal banking agency defined.--Section 
        2(f) of the Bank Holding Company Act of 1956 (1841(f)) is 
        amended to read as follows:
    ``(f) Appropriate Federal Banking Agency.--The term `appropriate 
Federal banking agency' has the meaning given to such term in section 
3(q) of the Federal Deposit Insurance Act.''.
    (b) Reports.--Section 5(c) of the Bank Holding Company Act of 1956 
(12 U.S.C. 1844(c)) is amended by striking the last sentence.

SEC. 504. AMENDMENT TO THE BANK HOLDING COMPANY AMENDMENTS ACT OF 1970.

    Section 106(a) of the Bank Holding Company Act Amendments of 1970 
(12 U.S.C. 1971) is amended by adding the following sentence at the end 
thereof: ``The term `appropriate Federal banking agency' has the same 
meaning as in section 3(q) of the Federal Deposit Insurance Act.''.

                    TITLE VI--REGULATORY UNIFORMITY

SEC. 601. AMENDMENTS RELATING TO THE FINANCIAL INSTITUTIONS EXAMINATION 
              COUNCIL.

    (a) Uniform Examination and Supervision.--Subsection (a) of section 
1006 of the Federal Financial Institutions Examination Council Act of 
1978 is amended to read as follows:
    ``(a) Uniform Examination and Supervision.--The Council shall, 
insofar as is practicable, establish uniform principles and standards 
for the examination and supervision of financial institutions and other 
providers of financial services within the jurisdiction of the member 
agencies, which shall be applied by the member agencies.''.
    (b) Recommendations for Uniformity in Other Supervisory Matters.--
Subsection (b)(1) of section 1006 of the Federal Financial Institutions 
Examination Council Act of 1978 is amended to read as follows:
    ``(b) Uniformity in Other Supervisory Matters.--
            ``(1) In general.--The Council shall make recommendations 
        for uniformity in other supervisory matters, such as 
        identifying financial institutions and other providers of 
        financial services in need of special supervisory attention, 
        the adequacy of supervisory tools for determining the impact of 
        affiliate operations on insured depository institutions and the 
        ability of the member agencies to discover possible fraud or 
        questionable practices.''.
    (c) Uniform Regulations.--Section 1006 of the Federal Financial 
Institutions Examination Council Act of 1978 is amended--
            (1) by redesignating subsections (e) and (f) as subsections 
        (g) and (h), respectively; and
            (2) by inserting after subsection (d) the following new 
        subsections:
    ``(e) Uniform Regulations.--
            ``(1) Submission of each proposed regulation.--Each Federal 
        financial institutions regulatory agency shall submit each 
        proposed regulation relating to the supervision and regulation 
        of financial institutions to the Council for comments and 
        recommendations.
            ``(2) Review and recommendations.--The Council shall review 
        any proposed regulation submitted under subsection (a) and 
        shall provide such comments and recommendations to the 
        appropriate Federal regulatory agency as the Council determines 
        to be appropriate in order to--
                    ``(A) maintain, insofar as is practicable, 
                uniformity in the requirements of the regulations of 
                the appropriate Federal regulatory agencies;
                    ``(B) ensure that such regulations address such 
                unsafe or unsound practices involving depository 
                institution holding companies and their affiliates as 
                the Council may identify based upon the Council's or 
                any appropriate Federal regulatory agency's experience 
                in administering this Act; and
                    ``(C) ensure that such regulations take into 
                account competitive conditions in domestic and 
                international financial markets.
    ``(f) Authority To Issue Regulations.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Council may, by unanimous vote, issue in the name of 
        the Council any uniform regulation, interpretation, guideline, 
        order, or other administrative action which could be taken 
        separately by any of the Federal agencies represented on the 
        Council under the Federal Reserve Act, the Federal Deposit 
        Insurance Act, the Home Owners Loan Act, title LXII of the 
        Revised Statutes of the United States, or the Bank Holding 
        Company Act of 1956.
            ``(2) Judicial review.--Any action taken by the Council 
        under paragraph (1) shall be subject to judicial review as if 
        the action was taken by the member of the Council in whose 
        stead the Council acted.''.
    (d) Technical and Conforming Amendment.--Section 1003(1) of the 
Federal Financial Institutions Examination Council Act of 1978 (12 
U.S.C. 3302(1)) is amended to read as follows:
            ``(1) Federal financial institutions regulatory agencies.--
        The term `Federal financial institutions regulatory agencies' 
        means the Board of Governors of the Federal Reserve System, the 
        Federal Deposit Insurance Corporation, the Federal Bank Agency, 
        and the National Credit Union Administration.''.

                        TITLE VII--CREDIT UNIONS

SEC. 701. COMPARABLE SUPERVISORY STANDARDS FOR CREDIT UNIONS.

    Insured credit unions (as defined in section 101(7) of the Federal 
Credit Union Act) shall be supervised by the National Credit Union 
Administration under standards which are comparable to the standards 
under which Federal depository institutions (as defined in section 3(c) 
of the Federal Deposit Insurance Act) are supervised by the appropriate 
Federal banking agency (as defined in section 3(q) of the Federal 
Deposit Insurance Act, as amended by section 302 of this Act), taking 
into account the unique mission and nature of credit unions.
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