I

104TH CONGRESS

1ST SESSION H. R. 2123

To accelerate capitalization of the Savings Association Insurance Fund, and

for other purposes.

IN THE HOUSE OF REPRESENTATIVES

JULY 27, 1995

Mr. FLAKE introduced the following bill; which was referred to the Committee

on Banking and Financial Services

A BILL

To accelerate capitalization of the Savings Association

Insurance Fund, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

4 (a) SHORT TITLE.—This Act may be cited as the

5 ‘‘Savings Association Insurance Fund Capitalization Act

6 of 1995’’.

7 (b) TABLE OF CONTENTS.—The table of contents for

8 this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Purposes.

Sec. 3. Special assessment; access to loss funds.

Sec. 4. Payment of FICO carrying costs from interest earned on deposit insurance funds.
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Sec. 5. Proportional sharing of Financing Corporation assessments to cover interest shortfall.

Sec. 6. Rebate of amounts in any deposit insurance fund in excess of the fund’s

designated reserve.

Sec. 7. Merger of deposit insurance funds 12 months after recapitalization of

SAIF.

Sec. 8. Study by banking agencies on conversions to a unified charter.

1 SEC. 2. PURPOSES.

2 The purposes of this Act are as follows:

3 (1) To accelerate capitalization of the Savings

4 Association Insurance Fund.

5 (2) To provide that interest earned on deposit

6 insurance funds shall be available to cover the re7 maining debt servicing costs of the Financing Cor8 poration.

9 (3) To distribute among all insured depository

10 institutions any shortfall which exists after the ap11 plying the interest earned on the deposit insurance

12 funds to the remaining debt servicing costs of the

13 Financing Corporation.

14 (4) To provide for refunds of amounts in the

15 deposit insurance funds in excess of the designated

16 reserve ratio.

17 (5) To merge the Bank Insurance Fund and

18 the Savings Association Insurance Fund 12 months

19 after the date on which the Savings Association In20 surance Fund becomes fully capitalized.
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1 (6) To require a study of the feasibility of

2 merging bank and thrift charters and recommenda3 tions and proposals for achieving such merger.

4 SEC. 3. SPECIAL ASSESSMENT; ACCESS TO LOSS FUNDS.

5 (a) SPECIAL ASSESSMENT.—Section 7(b)(6) of the

6 Federal Deposit Insurance Act (12 U.S.C. 1817(b)(6)) is

7 amended—

8 (1) by redesignating clauses (i), (ii), and (iii) of

9 subparagraph (A) as subclauses (I), (II), and (III),

10 respectively;

11 (2) by redesignating subparagraphs (A) and

12 (B) as clauses (i) and (ii), respectively;

13 (3) by moving the left margin of such clauses

14 and subclauses (as so redesignated) 2 ems to the

15 right;

16 (4) by striking ‘‘SPECIAL ASSESSMENTS.—In

17 addition to’’ and inserting ‘‘SPECIAL ASSESS18 MENTS.—

19 ‘‘(A) IN GENERAL.—In addition to’’; and

20 (5) by adding at the end the following new sub21 paragraph:

22 ‘‘(B) SINGLE ADDITIONAL SPECIAL AS23 SESSMENT WITH RESPECT TO CERTAIN AC24 COUNTS.—
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1 ‘‘(i) IN GENERAL.—Before the end of

2 the 120-day period beginning on the date

3 of the enactment of the Savings Associa4 tion Insurance Fund Capitalization Act of

5 1995, the Corporation shall impose a sin6 gle special assessment on—

7 ‘‘(I) each Savings Association In8 surance Fund member (including any

9 Savings Association Insurance Fund

10 member referred to in section

11 5(d)(2)(G)); and

12 ‘‘(II) each Bank Insurance Fund

13 member which has deposits which are

14 treated, under section 5(d)(3), as de15 posits which are insured by the Sav16 ings Association Insurance Fund,

17 in an amount equal to such percentage of

18 the assessment base on which assessments

19 are imposed under the risk-based assess20 ment system established pursuant to para21 graph (1) (or, in the case of an institution

22 described in subclause (II), the adjusted

23 attributable deposit amount determined

24 under subparagraph (C) of section 5(d)(3)

25 for purposes of subparagraph (B)(i) of
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1 such section) as of December 31, 1994, as

2 may be necessary in order for the reserve

3 ratio of the Savings Association Insurance

4 Fund to meet or exceed the designated re5 serve ratio.

6 ‘‘(ii) DEPOSIT OF ASSESSMENT.—The

7 proceeds of any assessment imposed under

8 clause (i) shall be deposited in the Savings

9 Association Insurance Fund.’’.

10 (b) MODIFICATIONS OF CONDITIONS FOR SAIF AC11 CESS TO RTC LOSS FUNDS.—Section 11(a)(6)(F) of the

12 Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)(F))

13 is amended—

14 (1) in that portion of such section which ap15 pears before clause (i), by striking ‘‘2-year period’’

16 and inserting ‘‘before the merger of the Bank Insur17 ance Fund and the Savings Association Insurance

18 Fund pursuant to section 7 of the Savings Associa19 tion Insurance Fund Capitalization Act of 1995’’;

20 (2) by striking clauses (ii) and (iii); and

21 (3) by redesignating clauses (iv) through (viii)

22 as clauses (ii) through (vi), respectively.
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1 SEC. 4. PAYMENT OF FICO CARRYING COSTS FROM INTER2 EST EARNED ON DEPOSIT INSURANCE

3 FUNDS.

4 (a) IN GENERAL.—Section 11(a) of the Federal De5 posit Insurance Act (12 U.S.C. 1821(a)) is amended by

6 adding at the end the following new paragraph:

7 ‘‘(9) AVAILABILITY OF INTEREST FOR FICO

8 CARRYING COSTS.—

9 ‘‘(A) IN GENERAL.—Interest earned on the

10 balance in any deposit insurance fund main11 tained by the Corporation (other than the

12 FSLIC Resolution Fund) shall be available for

13 transfer to the Financing Corporation for pur14 poses of section 21(f)(1) of the Federal Home

15 Loan Bank Act.

16 ‘‘(B) AMOUNT OF INTEREST PROPOR17 TIONAL TO AMOUNT OF INSURED DEPOSITS.—

18 The amount of interest paid to the Financing

19 Corporation from any insurance fund pursuant

20 to subparagraph (A) shall bear the same pro21 portion to the total amount of interest paid

22 pursuant to such subparagraph as the amount

23 of deposits insured by such insurance fund

24 bears to the total amount of insured deposits,

25 as determined by the Corporation on the basis

26 of the most recent certified statements submit-
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1 ted to the Corporation pursuant to section

2 7(c)(1) and such other information as the Cor3 poration may consider appropriate.

4 ‘‘(C) PAYMENT BY CORPORATION.—Upon

5 receiving notice from the Financing Corporation

6 of the amount needed for purposes of section

7 21(f) of the Federal Home Loan Bank Act, the

8 Corporation shall pay such amount from the in9 terest earned on the balances in the deposit in10 surance funds in accordance with subparagraph

11 (B), to the extent available.’’.

12 (b) CONFORMING AMENDMENT TO FEDERAL HOME

13 LOAN BANK ACT.—Section 21(f)(1) of the Federal Home

14 Loan Bank Act (12 U.S.C. 1441(f)(1)) is amended to read

15 as follows:

16 ‘‘(1) INTEREST EARNED ON INSURED DEPOSIT

17 FUNDS.—The interest earned on the balance in any

18 deposit insurance fund maintained by the Federal

19 Deposit Insurance Corporation (other than the

20 FSLIC Resolution Fund) as provided in section

21 11(a)(9) of the Federal Deposit Insurance Act.’’.
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1 SEC. 5. PROPORTIONAL SHARING OF FINANCING COR2 PORATION ASSESSMENTS TO COVER INTER3 EST SHORTFALL.

4 (a) IN GENERAL.—Section 21(f)(2) of the Federal

5 Home Loan Bank Act (12 U.S.C. 1441(f)(2)) is amended

6 to read as follows:

7 ‘‘(2) ASSESSMENT AUTHORITY.—

8 ‘‘(A) IN GENERAL.—If the amount of in9 terest earned on the balance in any deposit in10 surance fund referred to in paragraph (1) is

11 less than such insurance fund’s proportional

12 share of the amount of interest payments, issu13 ance costs, and custodial fees under section

14 11(a)(9)(B) of the Federal Deposit Insurance

15 Act, the Financing Corporation, with the ap16 proval of the Board of Directors of the Federal

17 Deposit Insurance Corporation, shall assess

18 against each member of such fund an assess19 ment (in the same manner as assessments are

20 assessed against such members by the Federal

21 Deposit Insurance Corporation under section 7

22 of the Federal Deposit Insurance Act).

23 ‘‘(B) MAXIMUM AMOUNT OF ASSESS24 MENT.—No assessment under subparagraph

25 (A) with respect to members of a deposit insur26 ance fund maintained by the Federal Deposit
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1 Insurance Corporation may exceed the amount

2 authorized to be assessed against members of

3 such fund pursuant to section 7 of the Federal

4 Deposit Insurance Act.

5 ‘‘(C) PRIORITY.—The Financing Corpora6 tion shall have first priority to make the assess7 ment authorized under subparagraph (A).’’.

8 (b) TECHNICAL AND CONFORMING AMENDMENT TO

9 THE FEDERAL DEPOSIT INSURANCE ACT.—Section

10 7(b)(2)(D) of the Federal Deposit Insurance Act (12

11 U.S.C. 1817(b)(2)(D)) is amended by striking ‘‘Savings

12 Association Insurance Fund members’’ and inserting

13 ‘‘members of a deposit insurance fund’’.

14 (c) TECHNICAL AND CONFORMING AMENDMENT TO

15 THE FEDERAL HOME LOAN BANK ACT.—Section 21(k)

16 of the Federal Home Loan Bank Act (12 U.S.C. 1441(k))

17 is amended—

18 (1) by striking paragraph (1); and

19 (2) by redesignating paragraphs (2) and (3) as

20 paragraphs (1) and (2), respectively.
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1 SEC. 6. REBATE OF AMOUNTS IN ANY DEPOSIT INSURANCE

2 FUND IN EXCESS OF THE FUND’S DES3 IGNATED RESERVE.

4 Subsection (e) of section 7 of the Federal Deposit In5 surance Act (12 U.S.C. 1817(e)) is amended to read as

6 follows:

7 ‘‘(e) REFUNDS.—

8 ‘‘(1) OVERPAYMENTS.—In the case of any pay9 ment of an assessment by an insured depository in10 stitution in excess of the amount due to the Cor11 poration, the Corporation may—

12 ‘‘(A) refund the amount of the excess pay13 ment to the insured depository institution; or

14 ‘‘(B) credit such excess amount toward the

15 payment of subsequent semiannual assessments

16 until such credit is exhausted.

17 ‘‘(2) BALANCE IN INSURANCE FUND IN EXCESS

18 OF DESIGNATED RESERVE.—The amount by which

19 the actual reserves in any insurance fund exceed the

20 balance required to meet the designated reserve ap21 plicable with respect to such fund shall be refunded

22 to members of the fund by the Corporation on such

23 basis as the Board of Directors determines to be ap24 propriate, taking into account the factors considered

25 under the risk-based assessment system.’’.
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1 SEC. 7. MERGER OF DEPOSIT INSURANCE FUNDS 12

2 MONTHS AFTER RECAPITALIZATION OF SAIF.

3 (a) IN GENERAL.—Effective at the end of the 12-

4 month period beginning on the date on which the Savings

5 Association Insurance Fund first achieves the designated

6 reserve ratio applicable with respect to such fund under

7 section 7(b) of the Federal Deposit Insurance Act, the

8 Federal Deposit Insurance Corporation shall—

9 (1) merge the Bank Insurance Fund and the

10 Savings Association Insurance Fund into 1 deposit

11 insurance fund; and

12 (2) publish a notice of such merger in the Fed13 eral Register at the time such merger becomes effec14 tive.

15 (b) TECHNICAL AND CONFORMING AMENDMENTS.—

16 (1) Section 11(a)(5) of the Federal Deposit In17 surance Act (12 U.S.C. 1821(a)(5)) is amended to

18 read as follows:

19 ‘‘(5) DEPOSIT INSURANCE FUND.—

20 ‘‘(A) ESTABLISHMENT.—There is estab21 lished a fund to be known as the deposit insur22 ance fund which shall—

23 ‘‘(i) be maintained and administered

24 by the Corporation; and

25 ‘‘(ii) initially consist of the assets and

26 liabilities of the Bank Insurance Fund and
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1 Savings Association Insurance Fund which

2 have been merged by the Corporation into

3 the deposit insurance fund pursuant to

4 section 7(a) of the Savings Association In5 surance Fund Capitalization Act of 1995.

6 ‘‘(B) USES.—The deposit insurance fund

7 shall be available to the Corporation for use

8 with respect to insured depository institutions.

9 ‘‘(C) DEPOSITS.—All amounts assessed

10 against insured depository institutions by the

11 Corporation shall be deposited into the deposit

12 insurance fund.’’.

13 (2) Section 11(a) of the Federal Deposit Insur14 ance Act (12 U.S.C. 1821(a)) is amended by strik15 ing paragraphs 4(A), (6), and (7).

16 (3) Section 7 of the Federal Deposit Insurance

17 Act (12 U.S.C. 1817) is amended by striking sub18 section (l).

19 (4) Section 7(b)(2) of the Federal Deposit In20 surance Act (12 U.S.C. 1817(b)(2)) is amended—

21 (A) by striking subparagraphs (B), (F),

22 and (G);

23 (B) in clauses (i) and (iv) of subparagraph

24 (A), by striking ‘‘each deposit insurance fund’’

25 and inserting ‘‘the deposit insurance fund’’;
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1 (C) in subparagraph (A)(iii), by striking

2 ‘‘a deposit insurance fund’’ and inserting ‘‘the

3 deposit insurance fund’’; and

4 (D) by inserting after subparagraph (E)

5 the following new subparagraph:

6 ‘‘(F) RESERVE RATIO DEFINED.—For pur7 poses of this subsection, the term ‘reserve ratio’

8 means the ratio of the net worth of the deposit

9 insurance fund to the value of the aggregate es10 timated insured deposits held in all insured de11 pository institutions.’’.

12 (5) Section 7(b)(3) of the Federal Deposit In13 surance Act (12 U.S.C. 1817(b)(3)) is amended—

14 (A) in subparagraph (A) by striking ‘‘any

15 deposit insurance fund’’ and inserting ‘‘the de16 posit insurance fund’’; and

17 (B) by striking subparagraphs (C) and

18 (D).

19 (6) Subparagraph (A) of section 7(b)(6) of the

20 Federal Deposit Insurance Act (as so redesignated

21 by section 3(a) of this Act) is amended—

22 (A) in clause (i) (as so redesignated)—

23 (i) by inserting ‘‘or’’ after the semi24 colon at the end of subclause (I);

25 (ii) by striking subclause (II); and
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1 (iii) by striking ‘‘; and’’ at the end of

2 subclause (III) and inserting a period; and

3 (B) by striking clause (ii) (as so redesig4 nated).

5 (7) Section 7 of the Federal Deposit Insurance

6 Act (12 U.S.C. 1817) is amended by striking sub7 section (l).

8 (8) Section 11(a)(4)(B) of the Federal Deposit

9 Insurance Act (12 U.S.C. 1821(a)(4)(B)) is amend10 ed by striking ‘‘Bank Insurance Fund and the Sav11 ings Association Insurance Fund’’ and inserting ‘‘de12 posit insurance fund’’.

13 (9) Paragraph (1) of section 11(f) of the Fed14 eral Deposit Insurance Act (12 U.S.C. 1821(f)) is

15 amended by striking ‘‘depositor, except that—’’ and

16 all that follows through the period at the end of the

17 paragraph and inserting ‘‘depositor.’’.

18 (10) Section 11(i)(3) of the Federal Deposit In19 surance Act (12 U.S.C. 1821(i)(3)) is amended—

20 (A) by striking subparagraph (B); and

21 (B) in subparagraph (C), by striking ‘‘sub22 paragraphs (A) and (B)’’ and inserting ‘‘sub23 paragraph (A)’’.

24 (11) Section 11A(a)(3) of the Federal Deposit

25 Insurance Act (12 U.S.C. 1821a(a)(3)) is amended
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1 by striking ‘‘Bank Insurance Fund, the Savings As2 sociation Insurance Fund,’’ and inserting ‘‘deposit

3 insurance fund’’.

4 (12) Section 11A(f) of the Federal Deposit In5 surance Act (12 U.S.C. 1821a(f)) is amended by

6 striking ‘‘Savings Association Insurance Fund’’ and

7 inserting ‘‘deposit insurance fund’’.

8 (13) Section 13(a)(1) of the Federal Deposit

9 Insurance Act (12 U.S.C. 1823(a)(1)) is amended

10 by striking ‘‘Bank Insurance Fund, Savings Associa11 tion Insurance Fund,’’ and inserting ‘‘deposit insur12 ance fund’’.

13 (14) Section 13(c)(4)(G) of the Federal Deposit

14 Insurance Act (12 U.S.C. 1823(c)(4)(G)) is amend15 ed—

16 (A) in clause (ii)—

17 (i) by striking ‘‘appropriate insurance

18 fund’’ and inserting ‘‘depository insurance

19 fund’’;

20 (ii) by striking ‘‘the members of the

21 insurance fund (of which such institution

22 is a member)’’ and inserting ‘‘insured de23 pository institutions’’;
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1 (iii) by striking ‘‘each member’s’’ and

2 inserting ‘‘each insured depository institu3 tion’s’’; and

4 (iv) by striking ‘‘the member’s’’ and

5 inserting ‘‘the institution’s’’.

6 (15) Section 13(c) of the Federal Deposit In7 surance Act (12 U.S.C. 1823(c)) is amended by

8 striking paragraph (11).

9 (16) Section 13(h) of the Federal Deposit In10 surance Act (12 U.S.C. 1823(h)) is amended by

11 striking ‘‘Bank Insurance Fund’’ and inserting ‘‘de12 posit insurance fund’’.

13 (17) Section 13(k)(4)(B)(i) of the Federal De14 posit Insurance Act (12 U.S.C. 1823(k)(4)(B)(i)) is

15 amended by striking ‘‘Savings Association Insurance

16 Fund member’’ and inserting ‘‘savings association’’.

17 (18) Section 13(k)(5)(A) of the Federal Deposit

18 Insurance Act (12 U.S.C. 1823(k)(5)(A)) is amend19 ed by striking ‘‘Savings Association Insurance Fund

20 members’’ and inserting ‘‘savings associations’’.

21 (19) The penultimate sentence of section 14(a)

22 of the Federal Deposit Insurance Act (12 U.S.C.

23 1824(a)) is amended—
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1 (A) by striking ‘‘Bank Insurance Fund or

2 the Savings Association Insurance Fund’’ and

3 inserting ‘‘depository institution fund’’; and

4 (B) by striking ‘‘each such fund’’ and in5 serting ‘‘the fund’’.

6 (20) The 1st sentence of section 14(b) of the

7 Federal Deposit Insurance Act (12 U.S.C. 1824(b))

8 is amended by striking ‘‘Bank Insurance Fund or

9 Savings Association Insurance Fund’’ and inserting

10 ‘‘deposit insurance fund’’.

11 (21) Section 14(c) of the Federal Deposit In12 surance Act (12 U.S.C. 1824(c)) is amended by

13 striking paragraph (3).

14 (22) Section 14 of the Federal Deposit Insur15 ance Act (12 U.S.C. 1824) is amended by striking

16 subsection (d).

17 (23) Section 15(c)(5) of the Federal Deposit

18 Insurance Act (12 U.S.C. 1825(c)(5)) is amended—

19 (A) by striking ‘‘Bank Insurance Fund or

20 Savings Association Insurance Fund, respec21 tively,’’ and inserting ‘‘deposit insurance fund’’;

22 (B) by striking ‘‘Bank Insurance Fund or

23 Savings Association Insurance Fund, respec24 tively;’’ and inserting ‘‘deposit insurance fund;’’;

25 and
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1 (C) by striking ‘‘Bank Insurance Fund or

2 the Savings Association Insurance Fund, re3 spectively,’’ and inserting ‘‘deposit insurance

4 fund,’’.

5 (24) Section 17(a)(1) of the Federal Deposit

6 Insurance Act (12 U.S.C. 1827(a)(1)) is amended

7 by striking ‘‘Bank Insurance Fund, the Savings As8 sociation Insurance Fund,’’ each place such term ap9 pears and inserting ‘‘deposit insurance fund’’.

10 (25) Section 17(d) of the Federal Deposit In11 surance Act (12 U.S.C. 1827(d)) is amended by

12 striking ‘‘Bank Insurance Fund, the Savings Asso13 ciation Insurance Fund,’’ each place such term ap14 pears and inserting ‘‘deposit insurance fund’’.

15 (26) The heading for section 17(a) of the Fed16 eral Deposit Insurance Act (12 U.S.C. 1827(a)) is

17 amended by striking ‘‘BIF, SAIF,’’ and inserting

18 ‘‘THE DEPOSIT INSURANCE FUND’’.

19 (27) Section 18(m)(3) of the Federal Deposit

20 Insurance Act (12 U.S.C. 1828(m)(3)) is amend21 ed—

22 (A) in subparagraph (A)—

23 (i) by striking ‘‘Savings Association

24 Insurance Fund.’’ and inserting ‘‘deposit

25 insurance fund.’’; and
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1 (ii) by striking ‘‘Savings Association

2 Insurance Fund member’’ and inserting

3 ‘‘insured savings association’’; and

4 (B) in subparagraph (C), by striking ‘‘Sav5 ings Association Insurance Fund or the Bank

6 Insurance Fund’’ and inserting ‘‘deposit insur7 ance fund’’.

8 (28) Subsections (a)(1) and (d)(1)(A) of section

9 24 of the Federal Deposit Insurance Act (12 U.S.C.

10 1831a) are each amended by striking ‘‘appropriate’’.

11 (29) Section 24(e)(2) of the Federal Deposit

12 Insurance Act (12 U.S.C. 1831a(e)(2)) is amend13 ed—

14 (A) in subparagraph (A), by striking ‘‘of

15 which such banks are members’’; and

16 (B) in subparagraph (B)(ii), by striking

17 ‘‘of which such bank is a member’’.

18 (30) Section 24(f)(6)(B) of the Federal Deposit

19 Insurance Act (12 U.S.C. 1831a(f)(6)(B)) is amend20 ed by striking ‘‘of which such bank is a member’’.

21 (31) Section 28 of the Federal Deposit Insur22 ance Act (12 U.S.C. 1831e) is amended by striking

23 ‘‘affected deposit insurance fund’’ each place such

24 term appears and inserting ‘‘deposit insurance

25 fund’’.
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1 (32) Section 31(a) of the Federal Deposit In2 surance Act (12 U.S.C. 1831h(a)) is amended by

3 striking ‘‘Insurance Fund’’.

4 (33) The heading for section 31 of the Federal

5 Deposit Insurance Act (12 U.S.C. 1831h) is amend6 ed by striking ‘‘INSURANCE FUND’’.

7 (34) Section 31(b)(1) of the Federal Deposit

8 Insurance Act (12 U.S.C. 1831h(b)(1)) is amended

9 by striking ‘‘insured depository institutions that are

10 Savings Association Insurance Fund members’’ and

11 inserting ‘‘insured savings associations’’.

12 (35) Section 31(f)(1) of the Federal Deposit In13 surance Act (12 U.S.C. 1831h(f)(1)) is amended by

14 striking ‘‘insured financial institutions that are

15 members of the Savings Association Insurance

16 Fund’’ and inserting ‘‘insured savings associations’’.

17 (36) Section 36(i)(3) of the Federal Deposit In18 surance Act (12 U.S.C. 1831m(i)(3)) is amended by

19 striking ‘‘affected’’.

20 (37) Section 38(o)(1)(A) of the Federal Deposit

21 Insurance Act (12 U.S.C. 1831o(o)(1)(A)) is amend22 ed by striking ‘‘Savings Association Insurance

23 Fund’’ and inserting ‘‘deposit insurance fund’’.

24 (c) EFFECTIVE DATE OF AMENDMENTS.—The

25 amendments made by subsection (b) shall take effect as
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1 of the end of the 12-month period described in subsection

2 (a).

3 SEC. 8. STUDY BY BANKING AGENCIES ON CONVERSIONS

4 TO A UNIFIED CHARTER.

5 (a) STUDY REQUIRED.—Before the end of the 12-

6 month period beginning on the date of the enactment of

7 this Act, the Federal banking agencies (as defined in sec8 tion 3(z) of the Federal Deposit Insurance Act) shall joint9 ly—

10 (1) conduct a study on—

11 (A) the consolidation of national bank and

12 savings association charters into a unified char13 ter for depository institutions; and

14 (B) the most feasible means for the con15 version of national banks and savings associa16 tions into depository institutions with a unified

17 charter;

18 (2) identify any difficulties or problems which

19 may arise in connection with such conversions; and

20 (3) develop proposals and recommendations for

21 the establishment of a unified charter and the imple22 mentation of such conversions to a unified charter.

23 (b) REPORT TO CONGRESS.—

24 (1) REPORT REQUIRED.—Before the end of the

25 12-month period described in subsection (a), the
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1 agencies referred to in such subsection shall submit

2 a joint report to the Congress on the findings and

3 conclusions of the agencies with respect to the study

4 conducted in accordance with subsection (a).

5 (2) CONTENTS.—The report submitted to the

6 Congress pursuant to paragraph (1) shall contain

7 such recommendations and proposals for legislative

8 or administrative action as the agencies referred to

9 in subsection (a) may determine to be appropriate.

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