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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1124 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1124

  To enhance credit availability by streamlining Federal regulations 
     applicable to financial institutions, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                June 17 (legislative day, June 15), 1993

   Mr. D'Amato (for himself, Mr. Bond, Mr. Shelby, Mr. Bennett, Mr. 
 Domenici, and Mr. Mack) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL

 
  To enhance credit availability by streamlining Federal regulations 
     applicable to financial 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 ``Depository 
Institutions Regulatory Improvements Act of 1993''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Incorporated definitions.
                    TITLE I--REGULATORY IMPROVEMENTS

              Subtitle A--Reduction of Regulatory Burdens

Sec. 101. Regulation of real estate lending.
Sec. 102. Real estate appraisal amendment.
Sec. 103. Public deposits.
Sec. 104. Transition periods for new regulations.
Sec. 105. Annual examinations.
Sec. 106. Coordinated examinations.
Sec. 107. Reduction of reports of condition burdens.
Sec. 108. Branch closures.
Sec. 109. Bank Secrecy Act.
Sec. 110. Minimizing regulatory burdens.
Sec. 111. Repeal of outdated statutory provision.
Sec. 112. Elimination of duplicative disclosures for home equity loans.
Sec. 113. Unauthorized electronic fund transfers.
Sec. 114. Homeownership debt counseling notification.
Sec. 115. Clarification of disclosure requirements.
Sec. 116. Exemption of business loans.
Sec. 117. Effective date for inter-affiliate transactions.
                    Subtitle B--Studies and Reports

Sec. 151. Report on capital standards and their impact on the economy.
Sec. 152. Sterile reserves studies.
Sec. 153. Paperwork reduction review.
Sec. 154. Regulatory review of capital compliance burden.
Sec. 155. Streamlined lending process for consumer benefit.
TITLE II--ENHANCED CREDIT AVAILABILITY AND DEPOSIT INSURANCE PROTECTION

Sec. 201. Enhanced credit availability and deposit insurance 
                            protection.
             TITLE III--TECHNICAL AND CONFORMING AMENDMENTS

Sec. 301. Transferred deposits.
Sec. 302. Technical amendment.
Sec. 303. Certified statements.
Sec. 304. Cross reference correction.
Sec. 305. Court costs; bonds; filing fees.
Sec. 306. Deletion of obsolete provision.
Sec. 307. Federal Reserve Act amendment.
Sec. 308. Annual report of Appraisal Subcommittee.
Sec. 309. Insurance of bridge banks.
Sec. 310. Additional technical amendments to the Federal banking and 
                            housing laws.

SEC. 2. INCORPORATED DEFINITIONS.

    Unless otherwise specifically provided in title I of this Act, for 
purposes of title I of this Act--
            (1) the terms ``appropriate Federal banking agency'', 
        ``Federal banking agencies'', and ``insured depository 
        institution'' have the same meanings as in section 3 of the 
        Federal Deposit Insurance Act; and
            (2) the term ``insured credit union'' has the same meaning 
        as in section 101 of the Federal Credit Union Act.

                    TITLE I--REGULATORY IMPROVEMENTS

              Subtitle A--Reduction of Regulatory Burdens

SEC. 101. REGULATION OF REAL ESTATE LENDING.

    Section 18(o) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(o)) is amended--
            (1) by redesignating paragraph (4) as paragraph (5); and
            (2) by inserting after paragraph (3) the following new 
        paragraph:
            ``(4) Consideration of particular impact.--In prescribing 
        standards under paragraph (1), each appropriate Federal banking 
        agency shall--
                    ``(A) consider the impact that such standards have 
                on the availability of credit for small business, 
                residential, and agricultural purposes, and on low- and 
                moderate-income communities; and
                    ``(B) to the extent possible, consistent with 
                safety and soundness principles, seek to minimize the 
                effect that such standards have in reducing the 
                availability of credit for such purposes and in such 
                areas.''.

SEC. 102. REAL ESTATE APPRAISAL AMENDMENT.

    Section 1122 of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3351) is amended--
            (1) by redesignating subsections (b) through (e) as 
        subsections (c) through (f), respectively;
            (2) by inserting after subsection (a) the following new 
        subsection:
    ``(b) Reciprocity.--The Appraisal Subcommittee shall encourage the 
States to develop reciprocity agreements so as to readily authorize 
appraisers that are licensed or certified in one State (and that are in 
good standing with their State appraiser certifying or licensing 
regulatory body) to perform appraisals in other States.''; and
            (3) in subsection (a)--
                    (A) by redesignating paragraphs (1) through (3) as 
                subparagraphs (A) through (C);
                    (B) by striking ``A State'' and inserting the 
                following:
            ``(1) In general.--A State''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(2) Fees for temporary practice.--A State appraiser 
        certifying or licensing regulatory body shall not impose 
        excessive fees or burdensome requirements for temporary 
        practice under this subsection, as determined by the Appraisal 
        Subcommittee.''.

SEC. 103. PUBLIC DEPOSITS.

    Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. 
1823(e)) is amended--
            (1) by redesignating paragraphs (1) through (4) as 
        subparagraphs (A) through (D), respectively;
            (2) by striking ``No agreement'' and inserting the 
        following:
            ``(1) In general.--No agreement''; and
            (3) by adding at the end the following new paragraph:
            ``(2) Exception.--Agreements to provide for the 
        collateralization of or security for deposits made by Federal, 
        State, or local governmental entities shall not be deemed 
        invalid under paragraph (1) solely because the agreements were 
        not made contemporaneously with the acceptance of the 
        deposit.''.

SEC. 104. TRANSITION PERIODS FOR NEW REGULATIONS.

    In determining the effective date for regulations that impose 
additional reporting, disclosure, or other requirements on insured 
depository institutions, each Federal banking agency shall consider--
            (1) the administrative burden that will be placed on the 
        depository institution;
            (2) the ability of depository institutions of different 
        sizes to meet the requirements imposed by the new regulations, 
        giving particular consideration to the more limited resources 
        of smaller depository institutions; and
            (3) the time needed by the depository institutions to 
        generate new computer forms or systems, set up new internal 
        systems, and hire or train personnel to comply with the new 
        regulation.

SEC. 105. ANNUAL EXAMINATIONS.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) by striking paragraphs (3) and (4) and inserting the 
        following:
            ``(3) State examinations acceptable.--The examinations 
        required by paragraph (1) may be satisfied by an examination of 
        the insured depository institution conducted by the State 
        during the 12-month period, if the appropriate Federal banking 
        agency determines that the State examination carries out the 
        purposes of this subsection.
            ``(4) 2-year rule for certain small institutions.--
                    ``(A) In general.--Paragraphs (1), (2), and (3) 
                shall apply with `24-month' substituted for `12-month' 
                if--
                            ``(i) the insured depository institution 
                        has total assets of less than $250,000,000;
                            ``(ii) the institution is well capitalized, 
                        as defined in section 38;
                            ``(iii) when the institution was most 
                        recently examined, it was found to be well 
                        managed, and its composite condition was found 
                        to be outstanding;
                            ``(iv) the insured depository institution 
                        is not currently subject to a formal 
                        enforcement proceeding or order by the 
                        Corporation or the appropriate Federal banking 
                        agency; and
                            ``(v) no person acquired control of the 
                        institution during the 12-month period in which 
                        a full-scope, onsite examination would be 
                        required, but for this paragraph.
                    ``(B) Adjustment required.--The dollar amount 
                referred to in subparagraph (A)(i) shall be adjusted 
                annually after December 31, 1993, by the annual 
                percentage increase in the Consumer Price Index for 
                Urban Wage Earners and Clerical Workers published by 
                the Bureau of Labor Statistics.''; and
            (2) by adding at the end the following new paragraph:
            ``(6) Certain institutions within depository institution 
        holding companies.--At the discretion of the appropriate 
        Federal banking agency, an insured depository institution 
        controlled by a depository institution holding company shall be 
        exempt from the requirements of this subsection if--
                    ``(A) the agency is satisfied that adequate 
                internal controls and examination procedures exist 
                within the holding company structure; or
                    ``(B) the insured depository institutions 
                controlled by the holding company which represent a 
                substantial majority of the total assets of all of the 
                insured depository institution assets controlled by 
                that holding company have been examined pursuant to the 
                requirements of this subsection.''.

SEC. 106. COORDINATED EXAMINATIONS.

    (a) Coordinated Federal and State Examinations.--Section 10(d) of 
the Federal Deposit Insurance Act (12 U.S.C. 1820(d)) is amended by 
adding at the end the following new paragraph:
            ``(7) Coordinated examinations.--To minimize the disruptive 
        effects of examinations on the operations of depository 
        institutions, each appropriate Federal banking agency shall, to 
        the extent practicable--
                    ``(A) coordinate all examinations to be conducted 
                by that agency at an insured depository institution; 
                and
                    ``(B) work with other appropriate Federal banking 
                agencies and appropriate State bank supervisors to 
                coordinate examinations.''.
    (b) Technical and Conforming Amendment.--Section 3(r) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(r)) is amended to read as 
follows:
    ``(r) State Bank Supervisor.--The term `State bank supervisor' 
means any officer, agency, or other entity of any State that has 
primary regulatory authority over State banks or State savings 
associations in such State.''.

SEC. 107. REDUCTION OF REPORTS OF CONDITION BURDENS.

    (a) Regulatory Review of Call Report Burdens.--
            (1) In general.--Not later than 180 days after the date of 
        enactment of this Act, the Federal Financial Institutions 
        Examination Council shall review the regulatory burden and 
        costs incurred by insured depository institutions and insured 
        credit unions in preparing reports of condition.
            (2) Factors to be considered.--In conducting its review, 
        each appropriate Federal banking agency shall consider all 
        relevant factors that it deems necessary to correctly determine 
        the extent of the burden and costs, including--
                    (A) the dollar cost to insured depository 
                institutions and insured credit unions in preparing 
                such reports;
                    (B) the time and resources expended to meet 
                regulatory directives;
                    (C) the frequency with which the agency has 
                modified the type of information required to be 
                reported in such reports and the costs and burdens 
                associated with complying with such modifications; and
                    (D) the extent to which such costs and burdens, 
                viewed within the overall context of the total 
                regulatory costs incurred by the institution, impact 
                upon the availability of credit.
            (3) Corrective measures.--After conducting its review under 
        paragraph (1), each appropriate Federal banking agency shall, 
        consistent with safety and soundness principles, revise its 
        call report requirements to remove any unnecessary burdens and 
        costs.
    (b) Repeal of Publication Requirements.--
            (1) National banks.--Section 5211 of the Revised Statutes 
        (12 U.S.C. 161) is amended--
                    (A) in the fifth sentence of subsection (a), by 
                striking ``; and the statement of resources and 
                liabilities'' and all that follows through ``required 
                by the Comptroller''; and
                    (B) in subsection (c), by striking the fourth 
                sentence.
            (2) State non-member insured banks.--Section 7(a)(1) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1817(a)(1)) is amended 
        by striking the fourth sentence.
            (3) Federal reserve banks.--The last sentence of the sixth 
        undesignated paragraph of section 9 of the Federal Reserve Act 
        (12 U.S.C. 324) is amended by striking ``and shall be 
        published'' and all that follows through ``may prescribe''.
    (c) Change in Form of Report of Condition.--
            (1) National banks.--Section 5211(a) of the Revised 
        Statutes (12 U.S.C. 161(a)) is amended by adding at the end the 
        following: ``In determining the effective date for regulations 
        issued under this subsection, the Comptroller of the Currency 
        shall consider the administrative burden that will be placed on 
        the association, the ability of associations of different sizes 
        to meet the requirements of the new regulations, giving 
        particular consideration to the more limited resources of 
        smaller associations, and the time required for the association 
        to generate new computer forms or systems, set up new internal 
        systems, and hire or train personnel to comply with the new 
        regulations.''.
            (2) State non-member insured banks.--Section 7(a) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by 
        adding at the end the following new paragraph:
            ``(11) Change in form of report of condition.--In 
        determining the effective date for regulations issued under 
        this subsection, the Board of Directors shall consider--
                    ``(A) the administrative burden that will be placed 
                on the insured depository institution;
                    ``(B) the ability of depository institutions of 
                different sizes to meet the requirements of the new 
                regulations, giving particular consideration to the 
                more limited resources of smaller depository 
                institutions; and
                    ``(C) the time required for the depository 
                institution to generate new computer forms or systems, 
                set up new internal systems, and hire or train 
                personnel to comply with the new regulations.''.
            (3) State member banks.--The sixth undesignated paragraph 
        of section 9 of the Federal Reserve Act (12 U.S.C. 324) is 
        amended by adding at the end the following: ``In determining 
        the effective date for regulations issued under this 
        subsection, the Board of Governors of the Federal Reserve 
        System shall consider the administrative burden that will be 
        placed on the bank, the ability of banks of different sizes to 
        meet the requirements of the new regulations, giving particular 
        consideration to the more limited resources of smaller banks, 
        and the time required for the bank to generate new computer 
        forms or systems, set up new internal systems, and hire or 
        train personnel to comply with the new regulations.''.
            (4) Savings associations.--Section 5(v) of the Home Owners' 
        Loan Act (12 U.S.C. 1464(v)) is amended by adding at the end 
        the following new paragraph:
            ``(9) Changes in form of report of condition.--In 
        determining the effective date for regulations issued under 
        this subsection, the Director shall consider--
                    ``(A) the administrative burden that will be placed 
                on the savings association;
                    ``(B) the ability of savings associations of 
                different sizes to meet the requirements of the new 
                regulations, giving particular consideration to the 
                more limited resources of smaller savings associations; 
                and
                    ``(C) the time required for the savings association 
                to generate new computer forms or systems, set up new 
                internal systems, and hire or train personnel to comply 
                with the new regulations.''.

SEC. 108. BRANCH CLOSURES.

    (a) Definition of ``Branch''.--Section 42 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831r-1) is amended by adding at the end the 
following new subsection:
    ``(d) Definitions.--For purposes of this section, the term `branch' 
does not include--
            ``(1) an automated teller machine;
            ``(2) a branch acquired through merger, consolidation, 
        purchase, assumption, or similar method, if such branch is 
        located in a local market area currently served by another 
        branch of the acquiring institution;
            ``(3) a branch that is closed and reopened in another 
        location within the same local market area that would continue 
        to provide banking services to substantially all of the 
        customers served by the branch that is closed; or
            ``(4) a branch that is closed in connection with--
                    ``(A) the sale of an insured depository institution 
                in default, for which the Corporation or the Resolution 
                Trust Corporation has been appointed as receiver;
                    ``(B) an emergency acquisition under--
                            ``(i) section 11(n); or
                            ``(ii) subsections (f) or (k) of section 
                        13; or
                    ``(C) any assistance provided by the Corporation 
                under section 13(c).''.
    (b) Effective Date.--The amendments made by this section shall have 
the same effective date as section 42 of the Federal Deposit Insurance 
Act.

SEC. 109. BANK SECRECY ACT.

    (a) Staff Commentaries.--Chapter 53 of title 31, United States 
Code, is amended by adding at the end the following new section:

``SEC. 5329. STAFF COMMENTARIES.

    ``The Secretary of the Treasury shall review all regulations 
promulgated under this subchapter on an annual basis and seek comment 
from the public pursuant to this review. The Secretary shall publish, 
on an annual basis, all written rulings interpreting this subchapter, 
as well as a staff commentary to the regulations issued under this 
subchapter.''.
    (b) Exemption Process.--Section 5318(a)(5) of title 31, United 
States Code, is amended--
            (1) by inserting ``or exception'' after ``an appropriate 
        exemption''; and
            (2) by inserting the following before the first period: 
        ``after receiving comments from the entities covered by this 
        subchapter. The Secretary shall take into account the effect 
        that changes to the exemption or exception process will have on 
        the cost and efficiency of the reporting process''.
    (c) Inflation Adjustments on CTR Amounts.--Section 5313(a) of title 
31, United States Code, is amended by adding at the end the following: 
``The Secretary shall review the reporting requirements of this 
subsection not later than September 1 of each year to determine if the 
reporting amount prescribed by the Secretary should be adjusted to 
account for inflation, the cost effectiveness of the requirement, or 
the usefulness of the requirement for law enforcement purposes. The 
Secretary shall submit a written report to the Congress in each year 
during which a change is made, disclosing how the reporting threshold 
decision was reached. The report shall include an analysis of how the 
change will affect domestic financial institutions.''.

SEC. 110. MINIMIZING REGULATORY BURDENS.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following new paragraph:
            ``(12) Minimizing regulatory burdens.--In prescribing 
        reporting and other requirements pursuant to this subsection, 
        the Federal banking agencies shall minimize the regulatory 
        burden imposed upon insured depository institutions, consistent 
        with safety and soundness principles.''.

SEC. 111. REPEAL OF OUTDATED STATUTORY PROVISION.

    Section 5204 of the Revised Statutes (12 U.S.C. 56) is amended--
            (1) in the second sentence, by striking ``deducting 
        therefrom its losses and bad debts'' and inserting ``subject to 
        other provisions of law''; and
            (2) by striking the third sentence.

SEC. 112. ELIMINATION OF DUPLICATIVE DISCLOSURES FOR HOME EQUITY LOANS.

    Section 4(a) of the Real Estate Settlement Procedures Act (12 
U.S.C. 2603(a)) is amended by adding at the end the following: 
``Disclosures made under section 127A(a) of the Truth in Lending Act 
may be used in lieu of the standard real estate settlement form 
otherwise required under this section in the case of federally related 
mortgage loans secured by a subordinate lien on residential 
property.''.

SEC. 113. UNAUTHORIZED ELECTRONIC FUND TRANSFERS.

    Section 909(a)(1) of Electronic Fund Transfer Act (15 U.S.C. 
1693g(a)(1)) is amended to read as follows:
            ``(1) $50, or in cases where the cardholder has 
        substantially contributed to the unauthorized use by writing a 
        personal identification or other security code on the card, 
        $500; or''.

SEC. 114. HOMEOWNERSHIP DEBT COUNSELING NOTIFICATION.

    Section 106(c)(5)(B) of the Housing and Urban Development Act of 
1968 (12 U.S.C. 1701x(c)(5)(B)) is amended--
            (1) by redesignating clauses (i) and (ii) as subclauses (I) 
        and (II), respectively;
            (2) by striking ``The notification'' and inserting the 
        following:
                            ``(i) In general.--The notification''; and
            (3) by adding at the end the following:
                            ``(ii) Once yearly requirement for 
                        creditors.--Creditors shall not be required to 
                        provide the notification required under 
                        subparagraph (A) more than once annually.''.

SEC. 115. CLARIFICATION OF DISCLOSURE REQUIREMENTS.

    Section 6(a) of the Real Estate Settlement Procedures Act of 1974 
(12 U.S.C. 2605(a)) is amended--
            (1) in paragraph (1)(B)--
                    (A) by redesignating clauses (i) and (ii) as 
                subclauses (I) and (II), respectively;
                    (B) by striking ``and'' at the end of subclause 
                (II), as so redesignated, and inserting ``or'';
                    (C) by striking ``for each'' and inserting the 
                following: ``at the option of the person making the 
                federally related mortgage loan--
                            ``(i) for each''; and
                    (D) by adding at the end the following new clause:
                            ``(ii) a statement that the person making 
                        the loan has previously assigned, sold, or 
                        transferred the servicing of federally related 
                        mortgage loans; and''; and
            (2) in paragraph (2), by adding at the end the following: 
        ``The Secretary shall permit the person originating the loan, 
        at the option of such person, to provide a statement that the 
        servicing may be assigned, sold, or transferred during the 12-
        month period beginning upon origination in lieu of the 
        percentage estimates otherwise required to be disclosed under 
        this paragraph.''.

SEC. 116. EXEMPTION OF BUSINESS LOANS.

    The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 
et seq.) is amended by inserting after section 6 the following new 
section:

``SEC. 7. EXEMPTED TRANSACTIONS.

    ``This title does not apply to credit transactions involving 
extensions of credit--
            ``(1) primarily for business, commercial, or agricultural 
        purposes; or
            ``(2) to government or governmental agencies or 
        instrumentalities.''.

SEC. 117. EFFECTIVE DATE FOR INTER-AFFILIATE TRANSACTIONS.

    Section 11(a)(2) of the Home Owners' Loan Act (12 U.S.C. 
1468(a)(2)) is amended by adding at the end the following new 
subparagraphs:
                    ``(C) Transition rule for well capitalized savings 
                associations.--
                            ``(i) In general.--A savings association 
                        that is well capitalized (as defined in section 
                        38 of the Federal Deposit Insurance Act), as 
                        determined without including goodwill in 
                        calculating core capital, shall be treated as a 
                        bank for purposes of section 23A(d)(1) and 
                        section 23B of the Federal Reserve Act.
                            ``(ii) Liability of commonly controlled 
                        depository institutions.--Any savings 
                        association that engages under clause (i) in a 
                        transaction that would not otherwise be 
                        permissible under this subsection, and any 
                        affiliated insured bank that is commonly 
                        controlled (as defined in section 5(e)(9) of 
                        the Federal Deposit Insurance Act), shall be 
                        subject to subsection (e) of section 5 of the 
                        Federal Deposit Insurance Act as if paragraph 
                        (6) of that subsection did not apply.''.

                    Subtitle B--Studies and Reports

SEC. 151. REPORT ON CAPITAL STANDARDS AND THEIR IMPACT ON THE ECONOMY.

    (a) In General.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of the Treasury, after 
consultation with the Federal banking agencies, shall report to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Banking, Finance and Urban Affairs of the House of 
Representatives on the effect of the implementation of risk based 
capital standards on--
            (1) the safety and soundness of insured depository 
        institutions; and
            (2) the availability of credit, particularly to consumers 
        and small business concerns.
    (b) Recommendations.--The report required by subsection (a) shall 
contain any recommendations that the Secretary of the Treasury 
considers relevant.

SEC. 152. STERILE RESERVES STUDIES.

    (a) Federal Reserve Study.--Not later than 180 days after the date 
of enactment of this Act, the Board of Governors of the Federal Reserve 
System, in consultation with the Chairperson of the Federal Deposit 
Insurance Corporation, shall conduct a study and report to Congress 
on--
            (1) the necessity, for monetary policy purposes, of 
        continuing to require insured depository institutions to 
        maintain sterile reserves;
            (2) the appropriateness of paying a market rate of interest 
        to insured depository institutions on sterile reserves or, in 
        the alternative, providing payment of this interest into the 
        appropriate deposit insurance fund;
            (3) the monetary impact that the failure to pay interest on 
        sterile reserves has had on insured depository institutions, 
        including an estimate of the total dollar amount of interest 
        and potential income lost by insured depository institutions; 
        and
            (4) the impact that failure to pay interest on sterile 
        reserves has had on the ability of the banking industry to 
        compete with nonbanking providers of financial services and 
        with foreign banks.
    (b) Budgetary Impact Study.--Not later than 180 days after the date 
of enactment of this Act, the Director of the Office of Management and 
Budget and the Congressional Budget Office, in consultation with the 
Committees on the Budget of the Senate and the House of 
Representatives, shall jointly conduct a study and report to the 
Congress on the budgetary impact of--
            (1) paying a market rate of interest to insured depository 
        institutions on sterile reserves; and
            (2) paying such interest into the respective deposit 
        insurance funds.

SEC. 153. PAPERWORK REDUCTION REVIEW.

    Each appropriate Federal banking agency, in consultation with 
insured depository institutions and other interested parties, shall--
            (1) not later than 180 days after the date of enactment of 
        this Act, conduct a review of the extent to which current 
        regulations require insured depository institutions to produce 
        unnecessary internal written policies; and
            (2) take prompt steps to eliminate such requirements, where 
        appropriate.

SEC. 154. REGULATORY REVIEW OF CAPITAL COMPLIANCE BURDEN.

    Not later than 180 days after the date of enactment of this Act, 
the Federal Financial Institutions Examination Council, in consultation 
with insured depository institutions and other interested parties, 
shall--
            (1) review the extent to which current compliance 
        requirements associated with risk-based capital rules have an 
        unnecessarily costly and burdensome effect on community banks; 
        and
            (2) where appropriate, reduce such costs and burdens.

SEC. 155. STREAMLINED LENDING PROCESS FOR CONSUMER BENEFIT.

    (a) Federal Reserve Study.--Not later than 12 months after the date 
of enactment of this Act, the Board of Governors of the Federal Reserve 
System (hereafter in this section referred to as the `Board'), in 
consultation with the Secretary of Housing and Urban Development, shall 
conduct a study and report to the Congress on ways to streamline the 
credit-granting process.
    (b) Focus.--In carrying out subsection (a), the Board shall--
            (1) identify ways to streamline the home mortgage, small 
        business, and consumer lending processes to--
                    (A) reduce consumer inconvenience, cost, and time 
                delays; and
                    (B) minimize cost and burdens on insured depository 
                institutions and credit unions;
            (2) take such regulatory action as appropriate, consistent 
        with safety and soundness principles, to meet the objectives of 
        paragraph (1); and
            (3) provide to the Congress legislative recommendations on 
        changes necessary to carry out this section.
    (c) Comment.--In carrying out this section, the Board shall solicit 
comments from other Federal banking agencies, consumer groups, insured 
depository institutions, credit unions, and other interested parties.

TITLE II--ENHANCED CREDIT AVAILABILITY AND DEPOSIT INSURANCE PROTECTION

SEC. 201. ENHANCED CREDIT AVAILABILITY AND DEPOSIT INSURANCE 
              PROTECTION.

    (a) CERCLA Amendment.--The Comprehensive Environmental Response, 
Compensation, and Liability Act of 1980 (42 U.S.C. 9601 et seq.) is 
amended by inserting after section 126 the following new section:

``SEC. 127. INSURED DEPOSITORY INSTITUTION AND OTHER LENDER LIABILITY.

    ``(a) Liability Limitations.--
            ``(1) In general.--The liability of an insured depository 
        institution or other lender under this Act or subtitle I of the 
        Solid Waste Disposal Act for the release or threatened release 
        of petroleum or a hazardous substance at, from, or in 
        connection with property--
                    ``(A) acquired through foreclosure;
                    ``(B) held, directly or indirectly, in a fiduciary 
                capacity;
                    ``(C) held by a lessor pursuant to the terms of an 
                extension of credit; or
                    ``(D) subject to financial control or financial 
                oversight pursuant to the terms of an extension of 
                credit,
        shall be limited to the actual benefit conferred on such 
        institution or lender by a removal, remedial, or other response 
        action undertaken by another party.
            ``(2) Safe harbor.--An insured depository institution or 
        other lender shall not be liable under this Act or subtitle I 
        of the Solid Waste Disposal Act and shall not be deemed to have 
        participated in management, as described in section 101(20)(A) 
        of this Act or section 9003(h)(9) of the Solid Waste Disposal 
        Act, based solely on the fact that the institution or lender--
                    ``(A) holds a security interest or abandons or 
                releases its security interest in the property before 
                foreclosure;
                    ``(B) has the unexercised capacity to influence 
                operations at or on property in which it has a security 
                interest;
                    ``(C) includes in the terms of an extension of 
                credit (or in the contract relating thereto), 
                covenants, warranties, or other terms and conditions 
                that relate to compliance with environmental laws;
                    ``(D) monitors or enforces the terms and conditions 
                of the extension of credit;
                    ``(E) monitors or undertakes one or more 
                inspections of the property;
                    ``(F) requires cleanup of the property prior to, 
                during, or upon the expiration of the term of the 
                extension of credit;
                    ``(G) provides financial or other advice or 
                counseling in an effort to mitigate, prevent, or cure 
                default or diminution in the value of the property;
                    ``(H) restructures, renegotiates, or otherwise 
                agrees to alter the terms and conditions of the 
                extension of credit;
                    ``(I) exercises whatever other remedies that may be 
                available under applicable law for the breach of any 
                term or condition of the extension of credit; or
                    ``(J) declines to take any of the actions described 
                in this paragraph.
    ``(b) Actual Benefit.--For purposes of this section, the actual 
benefit conferred on an institution or lender by a removal, remedial, 
or other response action shall be equal to the net gain, if any, 
realized by such institution or lender due to such action. For purposes 
of this subsection, the `net gain' shall not exceed the amount realized 
by the institution or lender on the sale of property.
    ``(c) Exclusion.--Notwithstanding subsection (a), but subject to 
the provisions of section 107(d), a depository institution or lender 
that causes or significantly and materially contributes to the release 
of petroleum or a hazardous substance that forms the basis for 
liability described in subsection (a), may be liable for removal, 
remedial, or other response action pertaining to that release.
    ``(d) Environmental Assessments.--
            ``(1) Depository institutions.--The Federal Deposit 
        Insurance Corporation, in consultation with the Administrator 
        of the Environmental Protection Agency, shall promulgate 
        regulations to implement this section. Such regulations shall 
        include requirements for insured depository institutions to 
        develop and implement adequate procedures to evaluate actual 
        and potential environmental risks that may arise from or at 
        property prior to making an extension of credit secured by such 
        property. The regulations may provide for different types of 
        environmental assessments as may be appropriate under the 
        circumstances, in order to account for the levels of risk that 
        may be posed by different classes of collateral. Failure to 
        comply with the environmental assessment regulations 
        promulgated under this subsection shall be deemed to be a 
        violation of a regulation promulgated under the Federal Deposit 
        Insurance Act.
            ``(2) Lenders.--The Federal Deposit Insurance Corporation, 
        in consultation with the Administrator of the Environmental 
        Protection Agency, shall promulgate regulations that are 
        substantially similar to those promulgated under paragraph (1) 
        to assure that lenders develop and implement procedures to 
        evaluate actual and potential environmental risks that may 
        arise from or at property prior to making an extension of 
        credit secured by such property. The regulations may provide 
        for exclusions or different types of environmental assessments 
        in order to take into account the level of risk that may be 
        posed by particular classes of collateral.
            ``(3) Final regulations.--Final regulations required to be 
        promulgated pursuant to paragraphs (1) and (2) shall be issued 
        not later than 180 days after the date of enactment of this 
        section.
    ``(e) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Property acquired through foreclosure.--The term 
        `property acquired through foreclosure' or `acquires property 
        through foreclosure' means property acquired, or the act of 
        acquiring property, from a nonaffiliated party by an insured 
        depository institution or other lender--
                    ``(A) through purchase at sales under judgment or 
                decree, power of sales, nonjudicial foreclosure sales, 
                or from a trustee, deed in lieu of foreclosure, or 
                similar conveyance, or through repossession, if such 
                property was security for an extension of credit 
                previously contracted;
                    ``(B) through conveyance pursuant to an extension 
                of credit previously contracted, including the 
                termination of a lease agreement; or
                    ``(C) through any other formal or informal manner 
                by which the insured depository institution or other 
                lender temporarily acquires, for subsequent 
                disposition, possession of collateral in order to 
                protect its interest.
        Property is not acquired through foreclosure if the insured 
        depository institution or lender does not seek to sell or 
        otherwise divest such property at the earliest practical, 
        commercially reasonable time, taking into account market 
        conditions and legal and regulatory requirements.
            ``(2) Lender.--The term `lender' means--
                    ``(A) a person (other than an insured depository 
                institution) that--
                            ``(i) makes a bona fide extension of credit 
                        to a nonaffiliated party; and
                            ``(ii) substantially and materially 
                        complies with the environmental assessment 
                        requirements imposed under subsection (d), 
                        after final regulations under that subsection 
                        become effective;
                and the successors and assigns of such person;
                    ``(B) the Federal National Mortgage Association, 
                the Federal Home Loan Mortgage Corporation, the Federal 
                Agricultural Mortgage Corporation, or other entity that 
                in a bona fide manner is engaged in the business of 
                buying or selling loans or interests therein, if such 
                Association, Corporation, or entity requires 
                institutions from which it purchases loans (or other 
                obligations) to comply substantially and materially 
                with the requirements of subsection (d), after final 
                regulations under that subsection become effective; and
                    ``(C) any person regularly engaged in the business 
                of insuring or guaranteeing against a default in the 
                repayment of an extension of credit, or acting as a 
                surety with respect to an extension of credit, to 
                nonaffiliated parties.
            ``(3) Fiduciary capacity.--The term `fiduciary capacity' 
        means acting for the benefit of a nonaffiliated person as a 
        bona fide--
                    ``(A) trustee;
                    ``(B) executor;
                    ``(C) administrator;
                    ``(D) custodian;
                    ``(E) guardian of estates;
                    ``(F) receiver;
                    ``(G) conservator;
                    ``(H) committee of estates of lunatics; or
                    ``(I) any similar capacity.
            ``(4) Extension of credit.--The term `extension of credit' 
        includes a lease finance transaction--
                    ``(A) in which the lessor does not initially select 
                the leased property and does not during the lease term 
                control the daily operations or maintenance of the 
                property; or
                    ``(B) which conforms with regulations issued by the 
                appropriate Federal banking agency (as defined in 
                section 3 of the Federal Deposit Insurance Act) or the 
                appropriate State banking regulatory authority.
            ``(5) Insured depository institution.--The term `insured 
        depository institution' has the same meaning as in section 3(c) 
        of the Federal Deposit Insurance Act, and shall also include--
                    ``(A) a federally insured credit union;
                    ``(B) a bank or association chartered under the 
                Farm Credit Act of 1971; and
                    ``(C) a leasing or trust company that is an 
                affiliate of an insured depository institution (as such 
                term is defined in this paragraph).
            ``(6) Release.--The term `release' has the same meaning as 
        in section 101(22), and also includes the threatened release, 
        use, storage, disposal, treatment, generation, or 
        transportation of a hazardous substance.
            ``(7) Hazardous substance.--The term `hazardous substance' 
        has the same meaning as in section 101(14).
            ``(8) Security interest.--The term `security interest' 
        includes rights under a mortgage, deed of trust, assignment, 
        judgment lien, pledge, security agreement, factoring agreement, 
        lease, or any other right accruing to a person to secure the 
        repayment of money, the performance of a duty, or some other 
        obligation.
    ``(f) Savings Clause.--Nothing in this section shall affect the 
rights or immunities or other defenses that are available under this 
Act or other applicable law to any party subject to the provisions of 
this section. Nothing in this section shall be construed to create any 
liability for any party. Nothing in this section shall create a private 
right of action against a depository institution or lender or against a 
Federal banking or lending agency.
    ``(g) Effective Date.--This section shall become effective upon the 
date of its enactment.''.
    (b) Federal Deposit Insurance Act Amendment.--The Federal Deposit 
Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end 
the following new section:

``SEC. 44. FEDERAL BANKING AND LENDING AGENCY LIABILITY.

    ``(a) Governmental Entities.--
            ``(1) Banking and lending agencies.--Except as provided in 
        paragraph (2), a Federal banking or lending agency shall not be 
        liable under any law imposing strict liability for the release 
        or threatened release of petroleum or a hazardous substance at 
        or from property (including any right or interest therein) 
        acquired--
                    ``(A) in connection with the exercise of 
                receivership or conservatorship authority, or the 
                liquidation or winding up of the affairs of an insured 
                depository institution, including any of its 
                subsidiaries;
                    ``(B) in connection with the provision of loans, 
                discounts, advances, guarantees, insurance or other 
                financial assistance; or
                    ``(C) in connection with property received in any 
                civil or criminal proceeding, or administrative 
                enforcement action, whether by settlement or order.
            ``(2) Application of state law.--Nothing in this section 
        shall be construed as preempting, affecting, applying to, or 
        modifying any State law, or any rights, actions, cause of 
        action, or obligations under State law, except that liability 
        under State law shall not exceed the value of the agency's 
        interest in the asset giving rise to such liability. Nothing in 
        this section shall be construed to prevent a Federal banking or 
        lending agency from agreeing with a State to transfer property 
        to such State in lieu of any liability that might otherwise be 
        imposed under State law.
            ``(3) Limitation.--Notwithstanding paragraph (1), and 
        subject to section 107(d) of the Comprehensive Environmental 
        Response, Compensation, and Liability Act of 1980, a Federal 
        banking or lending agency that causes or significantly and 
        materially contributes to the release of petroleum or a 
        hazardous substance that forms the basis for liability 
        described in paragraph (1), may be liable for removal, 
        remedial, or other response action pertaining to that release.
            ``(4) Subsequent purchaser.--The immunity provided by 
        paragraph (1) shall extend to the first subsequent purchaser of 
        property described in such paragraph from a Federal banking or 
        lending agency, unless such purchaser--
                    ``(A) would otherwise be liable or potentially 
                liable for all or part of the costs of the removal, 
                remedial, or other response action due to a prior 
                relationship with the property;
                    ``(B) is or was affiliated with or related to a 
                party described in subparagraph (A);
                    ``(C) fails to agree to take reasonable steps 
                necessary to remedy the release or threatened release 
                in a manner consistent with the purposes of applicable 
                environmental laws; or
                    ``(D) causes or materially and significantly 
                contributes to any additional release or threatened 
                release on the property.
            ``(5) Federal or state action.--Notwithstanding paragraph 
        (4), if a Federal agency or State environmental agency is 
        required to take remedial action due to the failure of a 
        subsequent purchaser to carry out, in good faith, the agreement 
        described in paragraph (4)(C), such subsequent purchaser shall 
        reimburse the Federal or State environmental agency for the 
        costs of such remedial action. However, any such reimbursement 
        shall not exceed the full fair market value of the property 
        following completion of the remedial action.
    ``(b) Lien Exemption.--Notwithstanding any other provision of law, 
any property held by a subsequent purchaser referred to in subsection 
(a)(4) or held by a Federal banking or lending agency shall not be 
subject to any lien for costs or damages associated with the release or 
threatened release of petroleum or a hazardous substance known to exist 
at the time of the transfer.
    ``(c) Exemption From Covenants To Remediate.--A Federal banking or 
lending agency shall be exempt from any law requiring such agency to 
grant covenants warranting that a removal, remedial, or other response 
action has been, or will in the future be, taken with respect to 
property acquired in the manner described in subsection (a)(1).
    ``(d) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Federal banking or lending agency.--The term `Federal 
        banking or lending agency' means the Corporation, the 
        Resolution Trust Corporation, the Board of Governors of the 
        Federal Reserve System, a Federal Reserve Bank, a Federal Home 
        Loan Bank, the Office of the Comptroller of the Currency, the 
        Office of Thrift Supervision, the National Credit Union 
        Administration Board, the Farm Credit Administration, the Farm 
        Credit System Insurance Corporation, the Farm Credit System 
        Assistance Board, the Farmers Home Administration, the Rural 
        Electrification Administration, and the Small Business 
        Administration, in any of their capacities, and their agents.
            ``(2) Hazardous substance.--The term `hazardous substance' 
        has the same meaning as in section 101(14) of the Comprehensive 
        Environmental Response, Compensation, and Liability Act of 
        1980.
            ``(3) Release.--The term `release' has the same meaning as 
        in section 101(22) of the Comprehensive Environmental Response, 
        Compensation, and Liability Act of 1980, and also includes the 
        threatened release, use, storage, disposal, treatment, 
        generation, or transportation of a hazardous substance.
    ``(e) Savings Clause.--Nothing in this section shall affect the 
rights or immunities or other defenses that are available under this 
Act or other applicable law to any party subject to the provisions of 
this section. Nothing in this section shall be construed to create any 
liability for any party. Nothing in this section shall create a private 
right of action against a depository institution or lender or against a 
Federal banking or lending agency.''.

             TITLE III--TECHNICAL AND CONFORMING AMENDMENTS

SEC. 301. TRANSFERRED DEPOSITS.

    Section 3(n) of the Federal Deposit Insurance Act (12 U.S.C. 
1813(n)) is amended by striking ``and assumed'' and inserting ``or 
assumed''.

SEC. 302. TECHNICAL AMENDMENT.

    Section 3(q)(2)(E) of the Federal Deposit Insurance Act (12 U.S.C. 
1813(q)(2)(E)) is amended by striking ``Depository'' and inserting 
``Financial''.

SEC. 303. CERTIFIED STATEMENTS.

    Section 7(a)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)(3)) is amended by striking the third sentence and inserting the 
following new sentence: ``Two dates shall be selected within the 
semiannual period of January to June inclusive, and two dates shall be 
selected within the semiannual period of July to December inclusive.''.

SEC. 304. CROSS REFERENCE CORRECTION.

    Section 8(o) of the Federal Deposit Insurance Act (12 U.S.C. 
1818(o)) is amended in the second sentence by striking ``subsection 
(b)'' and inserting ``subsection (d)''.

SEC. 305. COURT COSTS; BONDS; FILING FEES.

    Section 9(b)(4) of the Federal Deposit Insurance Act (12 U.S.C. 
1819(b)(4)) is amended to read as follows:
            ``(4) Bonds or fees.--The Corporation shall not be required 
        to--
                    ``(A) post any bond or security to--
                            ``(i) initiate or respond to any action for 
                        a temporary restraining order or an injunction; 
                        or
                            ``(ii) pursue any appeal;
                    ``(B) pay any filing fees in United States district 
                courts, bankruptcy courts, or courts of appeal; or
                    ``(C) pay any fees for service of process by the 
                United States Marshal.''.

SEC. 306. DELETION OF OBSOLETE PROVISION.

    Section 18(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(g)(1)) is amended by striking out everything beginning with 
``During the period commencing on October 15, 1968,'' through the 
period at the end.

SEC. 307. FEDERAL RESERVE ACT AMENDMENT.

    Section 2 of the Federal Reserve Act (12 U.S.C. 222) is amended in 
the sixth sentence of the first paragraph by inserting ``, after 
receiving approval from the Board of Directors of the Federal Deposit 
Insurance Corporation pursuant to section 5(a) of the Federal Deposit 
Insurance Act,'' before ``thereupon''.

SEC. 308. ANNUAL REPORT OF APPRAISAL SUBCOMMITTEE.

    Section 1103(a)(4) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3332(a)(4)) is amended by 
striking ``January'' and inserting ``March''.

SEC. 309. INSURANCE OF BRIDGE BANKS.

    Section 5(a)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
1815(a)(3)) is amended--
            (1) by amending the heading to read as follows: 
        ``Application and approval not required in certain cases.--''; 
        and
            (2) by inserting ``any bridge bank or'' before ``any 
        depository institution''.

SEC. 310. ADDITIONAL TECHNICAL AMENDMENTS TO THE FEDERAL BANKING AND 
              HOUSING LAWS.

    (a) Federal Deposit Insurance Act Amendments.--The Federal Deposit 
Insurance Act (12 U.S.C. 1811 et seq.) is amended--
            (1) in section 3--
                    (A) in subsection (i)(1), by striking ``(11)(h)'' 
                and inserting ``(11)(m)''; and
                    (B) in subsection (l)(4), by striking ``bank's'' 
                and inserting ``a bank's'';
            (2) in section 5(b)(5), by striking the semicolon at the 
        end and inserting a comma;
            (3) in section 5(e)(4), by redesignating clauses (i) and 
        (ii) as subparagraphs (A) and (B);
            (4) in section 7(a)(3), by striking ``Chairman of the'' 
        before ``Director of the Office of Thrift Supervision'';
            (5) in section 7(j)(2)(A), in the third sentence--
                    (A) by striking ``this section (j)(2)'' and 
                inserting ``the preceding 2 sentences''; and
                    (B) by striking ``this subsection (j)(2)'' and 
                inserting ``the preceding 2 sentences'';
            (6) in section 7(j)(7)(A), by striking ``monoplize'' and 
        inserting ``monopolize'';
            (7) in section 7(l)(7), by striking ``the ratio of the 
        value of'' and inserting ``the ratio of'';
            (8) in section 7(m)(5)(A) by striking ``savings association 
        institution'' and inserting ``institution'';
            (9) in section 7(m)(7), by inserting ``the'' before 
        ``Federal'';
            (10) in section 8(a)(3), by striking ``subparagraph (B)'' 
        and inserting ``paragraph (2)(B)'';
            (11) in section 8(a)(7)--
                    (A) by inserting a comma after ``Board of 
                Directors''; and
                    (B) by striking ``the period the period'' and 
                inserting ``the period'';
            (12) in section 8(b)(4), by striking ``subparagraph (3) of 
        this subsection'' and inserting ``paragraph (3)'';
            (13) in section 8(b)(6)(F), by inserting ``appropriate 
        Federal'' before ``banking agency'';
            (14) in section 8(c)(2), by striking ``injuction'' and 
        inserting ``injunction'';
            (15) in section 8(g)(2), by striking ``depository 
        institution'' each place it appears and inserting ``bank'';
            (16) in section 8(o), by striking ``board of directors'' 
        each place it appears and inserting ``Board of Directors'';
            (17) in section 8(p), by striking ``banking'' each place it 
        appears and inserting ``depository'';
            (18) in section 8(r)(2), by striking ``therof'' and 
        inserting ``thereof'';
            (19) in section 10(b)(1), by striking ``claim'' and 
        inserting ``claims'';
            (20) in section 10(b)(2)(B), by inserting ``and'' at the 
        end;
            (21) in section 11(d)(2)(B)(iii), by striking ``is'' and 
        inserting ``are'';
            (22) in section 11(d)(8)(B)(ii), by inserting ``provide'' 
        before ``a statement'';
            (23) in section 11(d)(14)(B), by striking ``statute of 
        limitation'' and inserting ``statute of limitations'';
            (24) in section 11(d)(16)(B)(iv), by striking 
        ``dispositions'' and inserting ``disposition'';
            (25) in section 11(e)(8)(D)(v)(I), by inserting a closing 
        parenthesis after ``1934'';
            (26) in section 11(e)(12)(B), by striking ``directors or 
        officers'' and inserting ``director's or officer's'';
            (27) in section 11(f)(3)(A), by striking ``to'' in the 
        heading and inserting ``with'';
            (28) in section 11(i)(3)(A), by striking ``other claimant 
        or category or claimants'' and inserting ``other claimant or 
        category of claimants'';
            (29) in section 11(n)(4)(E)(i), by inserting ``and'' at the 
        end;
            (30) in section 11(n)(12)(A), by striking ``subparagraphs'' 
        and inserting ``subparagraph'';
            (31) in the second sentence of section 11(q)(1), by 
        striking ``decided'' and inserting ``held'';
            (32) in section 13(c)(1)(B), by striking ``a in default 
        insured bank'' and inserting ``an insured bank in default'';
            (33) in section 13(c)(2)(A)--
                    (A) by striking ``another'' and inserting ``an'';
                    (B) by striking ``with an insured institution'' and 
                inserting ``with another insured depository 
                institution''; and
                    (C) by striking ``by an insured institution'' and 
                inserting ``by another insured depository 
                institution'';
            (34) in section 13(f)(2)(B)(i), by striking ``the in 
        default insured bank'' and inserting ``the insured bank in 
        default'';
            (35) in section 13(f)(2)(B)(iii), by striking ``of of'' and 
        inserting ``of'';
            (36) in section 13(f)(3), by striking ``closing'' in the 
        heading and inserting ``Default'';
            (37) in section 13(f)(6)(A), by striking ``bank that has in 
        default'' and inserting ``bank that is in default'';
            (38) in section 13(f)(6)(B)(i), by striking the semicolon 
        at the end and inserting a period;
            (39) in section 13(f)(7)--
                    (A) in subparagraph (A), by striking ``or'' at the 
                end; and
                    (B) in subparagraph (B), by striking the period at 
                the end and inserting ``; or'';
            (40) in section 13(f)(12)(A), by striking ``is less than'' 
        and inserting ``are less than'';
            (41) in section 15(c)(1), by striking ``obligations 
        liabilities'' in the heading and inserting ``obligations, 
        guarantees, and liabilities'';
            (42) in section 18(b), by striking ``if such bank'' and 
        inserting ``if such insured depository institution'';
            (43) in section 18(c)(1)(B), by inserting ``or'' at the 
        end;
            (44) in section 18(c)(4), by striking ``other two banking 
        agencies'' each place it appears and inserting ``other Federal 
        banking agencies'';
            (45) in section 18(c)(6), by striking ``other two banking 
        agencies'' and inserting ``other banking agencies'';
            (46) in section 18(c)(9), by striking ``with the following 
        information:'' and inserting ``with--'';
            (47) in section 18(f)--
                    (A) by striking ``such bank'' and inserting ``such 
                insured depository institution''; and
                    (B) by striking ``the bank'' and inserting ``the 
                insured depository institution'';
            (48) in section 18(k)(4)(A)(ii)(II), by striking ``or'' at 
        the end;
            (49) in section 20(a)(3), by inserting ``or'' at the end;
            (50) in section 21(c), by striking ``the bank'' and 
        inserting ``the insured depository institution'';
            (51) in section 21(d)(2), by striking ``the bank'' and 
        inserting ``the insured depository institution'';
            (52) in section 21(e), by striking ``the bank'' and 
        inserting ``the insured depository institution'';
            (53) in section 25(a), by striking ``the bank'' each place 
        it appears and inserting ``the depository institution, insured 
        branch, or bank'';
            (54) in section 28(c)(2)(A)(i) by striking ``, or'' and 
        inserting ``; or'';
            (55) in section 28(d)(4)(C), by striking ``subparagraphs'' 
        and inserting ``subparagraph'';
            (56) in section 28(e)(4), ``any other'' and inserting ``and 
        any other'';
            (57) in section 30(e)(1)(A), by striking ``venders'' and 
        inserting ``vendors'';
            (58) in section 31(b)(1), by striking ``Board of 
        Directors'' and inserting ``board of directors'';
            (59) in section 33(c)(1), by striking the comma at the end 
        and inserting a semicolon;
            (60) in section 34(a)(1)(A)(iii), by striking ``and'' and 
        inserting ``or'';
            (61) in section 34(a)(2), by inserting the period at the 
        end;
            (62) in section 38(f)(6), by striking ``Commisssion'' and 
        inserting ``Commission'';
            (63) in section 40(c)(4)(A), by striking ``subsections 
        (p)(12)(B) and (C)'' and inserting ``subparagraphs (B) and (C) 
        of subsection (p)(12)''; and
            (64) in section 40(d)(8)(A), by striking ``meeting'' and 
        inserting ``meeting the''.
    (b) Federal Home Loan Bank Act.--Section 21A of the Federal Home 
Loan Bank Act (12 U.S.C. 1441a) is amended--
            (1) in subsection (a), by inserting in the heading ``Thrift 
        Depositor Protection'' before ``Oversight Board'';
            (2) in subsection (a)(6)(C), by inserting a period at the 
        end;
            (3) in subsection (a)(11), by striking ``United States 
        District Court'' and inserting ``United States district 
        court'';
            (4) in subsection (b)(11)(B)(iii), by striking the comma 
        after ``chapter 5'';
            (5) in subsection (b)(11)(E)(iv)(II), by striking 
        ``knowledgable'' and inserting ``knowledgeable'';
            (6) in subsection (b)(11)(G), by inserting ``Advisory 
        personnel.--'' before ``The Corporation shall'';

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