II

103D CONGRESS

2D SESSION S. 1895

To consolidate under a new Federal Banking Commission the supervision

of all depository institutions insured under the Federal Deposit Insurance

Act, and for other purposes.

IN THE SENATE OF THE UNITED STATES

MARCH 7 (legislative day, FEBRUARY 22), 1994

Mr. RIEGLE (by request) introduced the following bill; which was read twice

and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To consolidate under a new Federal Banking Commission

the supervision of all depository institutions insured

under the Federal Deposit Insurance Act, 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 ‘‘Regulatory Consolidation Act of 1994’’.

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

7 this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Purposes.

Sec. 3. Definitions.
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TITLE I—FEDERAL BANKING COMMISSION ESTABLISHED

Sec. 101. Establishment.

Sec. 102. Membership.

Sec. 103. Chairperson and vice chairperson.

Sec. 104. Appointed commissioners’ terms.

Sec. 105. Political affiliation.

Sec. 106. Vacancies.

Sec. 107. Employment and other restrictions on commissioners.

Sec. 108. Appointed commissioners’ compensation.

TITLE II—POWERS AND DUTIES TRANSFERRED TO FEDERAL

BANKING COMMISSION

Sec. 201. Powers and duties transferred.

Sec. 202. Designated transfer date.

Sec. 203. Office of Comptroller of the Currency abolished.

Sec. 204. Office of Thrift Supervision abolished.

Sec. 205. Federal Financial Institutions Examination Council abolished.

Sec. 206. Savings provisions.

TITLE III—OPERATIONS OF FEDERAL BANKING COMMISSION

Sec. 301. Regulations and orders.

Sec. 302. Delegation of authority.

Sec. 303. Personnel.

Sec. 304. Litigation Authority.

Sec. 305. Funding.

Sec. 306. Contracting and leasing authority.

Sec. 307. Access to Commission’s records.

Sec. 308. Federal Reserve’s participation in examinations.

Sec. 309. Federal Reserve’s authority to take enforcement action against largest banking organizations.

Sec. 310. Commission’s supervision of certain State depository institutions.

Sec. 311. Advisory councils.

Sec. 312. Regulatory appeals process.

Sec. 313. Inspector General.

Sec. 314. Legislative and regulatory coordination.

TITLE IV—TRANSITIONAL PROVISIONS

Sec. 401. Commission’s interim authority.

Sec. 402. Federal banking agencies’ interim responsibilities.

Sec. 403. Employees transferred.

Sec. 404. Property transferred.

Sec. 405. Funds transferred.

Sec. 406. Disposition of affairs.

Sec. 407. Continuation of services.

TITLE V—CONFORMING AMENDMENTS TO FEDERAL DEPOSIT

INSURANCE ACT

Sec. 501. Amendments to section 2.

Sec. 502. Amendments to section 3.

Sec. 503. Amendments to section 5.

Sec. 504. Amendments to section 7.

Sec. 505. Amendments to section 8.
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Sec. 506. Amendments to section 10.

Sec. 507. Amendments to section 11.

Sec. 508. Amendment to section 12.

Sec. 509. Amendments to section 13.

Sec. 510. Amendment to section 14.

Sec. 511. Amendments to section 18.

Sec. 512. Amendment to section 20.

Sec. 513. Amendment to section 28.

Sec. 514. Amendment to section 30.

Sec. 515. Amendments to section 32.

Sec. 516. Amendment to section 33.

Sec. 517. Amendments to section 34.

Sec. 518. Amendments to section 35.

Sec. 519. Amendments to section 36.

Sec. 520. Amendments to section 37.

Sec. 521. Amendments to section 38.

Sec. 522. Amendments to section 39.

Sec. 523. Amendment to section 41.

Sec. 524. Amendment to section 42.

TITLE VI—CONFORMING AMENDMENTS TO OTHER BANKING

STATUTES

Sec. 601. Amendments to the Act of June 30, 1876.

Sec. 602. Amendments to the Act of March 29, 1886.

Sec. 603. Amendments to the Act of May 1, 1886.

Sec. 604. Amendments to the Act of November 7, 1918.

Sec. 605. Amendments to the Act of February 25, 1930.

Sec. 606. Amendments to the Act of March 9, 1933.

Sec. 607. Amendments to the Act of August 17, 1950.

Sec. 608. Amendments to the Act of September 8, 1959.

Sec. 609. Amendments to the Act of September 28, 1962.

Sec. 610. Amendments to the Alternative Mortgage Transaction Parity Act of

1982.

Sec. 611. Amendments to the Bank Conservation Act.

Sec. 612. Amendments to the Bank Enterprise Act of 1991.

Sec. 613. Amendments to the Bank Holding Company Act of 1956.

Sec. 614. Amendments to the Bank Holding Company Act Amendments of

1970.

Sec. 615. Amendments to the Bank Protection Act of 1968.

Sec. 616. Amendments to the Bank Service Corporation Act.

Sec. 617. Amendments to the Banking Act of 1933.

Sec. 618. Amendments to the Banking Act of 1935.

Sec. 619. Amendments to the Community Reinvestment Act of 1977.

Sec. 620. Amendments to the Competitive Equality Banking Act of 1987.

Sec. 621. Amendments to the Depository Institutions Deregulation and Monetary Control Act of 1980.

Sec. 622. Amendments to the Depository Institutions Disaster Relief Act of

1992.

Sec. 623. Amendments to the Depository Institutions Disaster Relief Act of

1993.

Sec. 624. Amendments to the Depository Institution Management Interlocks

Act.

Sec. 625. Amendments to the Electronic Fund Transfer Act.

Sec. 626. Amendments to the Emergency Homeowners’ Relief Act.
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Sec. 627. Amendments to the Equal Credit Opportunity Act.

Sec. 628. Amendments to the Expedited Funds Availability Act.

Sec. 629. Amendments to the Fair Credit Reporting Act.

Sec. 630. Amendments to the Fair Debt Collection Practices Act.

Sec. 631. Amendments to the Federal Credit Union Act.

Sec. 632. Amendments to the Federal Deposit Insurance Corporation Improvement Act of 1991.

Sec. 633. Amendments to the Federal Financial Institutions Examination

Council Act of 1978.

Sec. 634. Amendments to the Federal Home Loan Bank Act.

Sec. 635. Amendments to the Federal Reserve Act.

Sec. 636. Amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Sec. 637. Amendments to the Home Mortgage Disclosure Act of 1975.

Sec. 638. Amendments to the Home Owners’ Loan Act.

Sec. 639. Amendments to the Housing Act of 1948.

Sec. 640. Amendments to the Housing and Community Development Act of

1992.

Sec. 641. Amendments to the Housing and Urban Rural Recovery Act of 1983.

Sec. 642. Amendments to the International Banking Act of 1978.

Sec. 643. Amendments to the International Lending Supervision Act of 1983.

Sec. 644. Amendments to the National Housing Act.

Sec. 645. Amendments to the Real Estate Settlement Procedures Act.

Sec. 646. Amendments to the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991.

Sec. 647. Amendments to the Revised Statutes.

Sec. 648. Amendments to the Right to Financial Privacy Act of 1978.

Sec. 649. Amendments to the Truth in Lending Act.

Sec. 650. Amendments to the Truth in Savings Act.

Sec. 651. Comptroller’s currency-related functions repealed.

TITLE VII—CONFORMING AMENDMENTS TO OTHER STATUTES

Sec. 701. Amendments to the Balanced Budget and Emergency Deficit Control

Act of 1985.

Sec. 702. Amendments to the Bankruptcy Code.

Sec. 703. Amendments to the Commodity Exchange Act.

Sec. 704. Amendments to the Crime Control Act of 1990.

Sec. 705. Amendments to the Energy Conservation and Production Act.

Sec. 706. Amendments to the Farm Credit Act of 1971.

Sec. 707. Amendments to the Federal Trade Commission Act.

Sec. 708. Amendments to the Financial Reports Act of 1988.

Sec. 709. Amendments to the Flood Disaster Protection Act of 1973.

Sec. 710. Amendments to the Internal Revenue Code of 1986.

Sec. 711. Amendments to the Investment Advisers Act of 1940.

Sec. 712. Amendments to the Investment Company Act of 1940.

Sec. 713. Amendments to the Neighborhood Reinvestment Corporation Act.

Sec. 714. Amendments to the Paperwork Reduction Act of 1980.

Sec. 715. Amendments to the Securities and Exchange Act of 1934.

Sec. 716. Amendments to the Small Business Investment Act of 1958.

Sec. 717. Amendments to the title 5, United States Code.

Sec. 718. Amendments to the title 18, United States Code.

Sec. 719. Amendments to the title 25, United States Code.

Sec. 720. Amendments to the title 28, United States Code.

Sec. 721. Amendments to the title 31, United States Code.
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Sec. 722. Amendments to the title 44, United States Code.

Sec. 723. Amendments to the Trust Indenture Act of 1939.

1 SEC. 2. PURPOSES.

2 The purposes of this Act are as follows:

3 (1) To promote the safety and soundness of in4 sured depository institutions.

5 (2) To protect the deposit insurance funds.

6 (3) To improve the supervision and examination

7 of insured depository institutions and their affiliates.

8 (4) To preserve and enhance the dual banking

9 system.

10 (5) To reduce the cost of regulating depository

11 institutions and their affiliates.

12 (6) To eliminate needless regulatory burdens,

13 thus allowing insured depository institutions to com14 pete more effectively and better serve consumers.

15 (7) To eliminate overlap, confusion, and incon16 sistency in supervision and regulation of insured de17 pository institutions and their affiliates.

18 (8) To take better account of diferences among

19 insured depository institutions.

20 (9) To eliminate unwarranted impediments to

21 credit availability for businesses (including small

22 businesses) and consumers.
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1 (10) To promote stable, predictable, and fair

2 supervision of insured depository institutions and

3 their affiliates.

4 SEC. 3. DEFINITIONS.

5 For purposes of titles I through IV of this Act, the

6 following definitions shall apply:

7 (1) APPOINTED COMMISSIONER.—The term

8 ‘‘appointed commissioner’’ or ‘‘appointed commis9 sioners’’ means a commissioner or commissioners

10 appointed by the President under section 102(3).

11 (2) BOARD OF GOVERNORS.—The term ‘‘Board

12 of Governors’’ means the Board of Governors of the

13 Federal Reserve System.

14 (3) CHAIRPERSON.—The term ‘‘Chairperson’’

15 means the Chairperson of the Federal Banking

16 Commission.

17 (4) COMMISSION.—The term ‘‘Commission’’

18 means the Federal Banking Commission.

19 (5) DESIGNATED TRANSFER DATE.—The term

20 ‘‘designated transfer date’’ means the date des21 ignated under section 202.

22 (6) SECRETARY.—The term ‘‘Secretary’’ means

23 the Secretary of the Treasury.

24 (7) CERTAIN OTHER TERMS.—The terms ‘‘affil25 iate’’, ‘‘bank holding company’’, ‘‘control’’ (when
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1 used with respect to a depository institution), ‘‘de2 pository institution’’, ‘‘including’’, ‘‘insured branch’’,

3 ‘‘insured depository institution’’, ‘‘national member

4 bank’’, ‘‘State bank supervisor’’, ‘‘State depository

5 institution’’, ‘‘State member bank’’, ‘‘State

6 nonmember bank’’, and ‘‘subsidiary’’ have the same

7 meanings as in section 3 of the Federal Deposit In8 surance Act.

9 TITLE I—FEDERAL BANKING COMMISSION

10 ESTABLISHED

11 SEC. 101. ESTABLISHMENT.

12 There is established the Federal Banking Commis13 sion as an independent establishment in the executive

14 branch.

15 SEC. 102. MEMBERSHIP.

16 The Commission shall consist of the following 5 com17 missioners:

18 (1) The Secretary (or the Secretary’s designee).

19 (2) The Board of Governors, acting through a

20 member of the Board of Governors designated as a

21 commissioner by resolution of the Board of Gov22 ernors.

23 (3) 3 commissioners appointed by the Presi24 dent, by and with the advice and consent of the Sen25 ate—
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1 (A) from among individuals who are citi2 zens of the United States; and

3 (B) at least 1 of whom (other than the

4 commissioner designated as the Chairperson

5 under section 103(a)(1)) shall be a person who

6 has demonstrated knowledge of, and com7 petence in, State supervision and regulation of

8 depository institutions.

9 SEC. 103. CHAIRPERSON AND VICE CHAIRPERSON.

10 (a) CHAIRPERSON.—

11 (1) DESIGNATION.—The President shall, by

12 and with the advice and consent of the Senate, des13 ignate 1 of the appointed commissioners, at the time

14 of that person’s appointment to the Commission, to

15 serve as the Chairperson of the Commission.

16 (2) CHIEF EXECUTIVE OFFICER.—The Chair17 person shall be the Commission’s chief executive offi18 cer, subject to the supervision of the Commission.

19 (b) VICE CHAIRPERSON.—

20 (1) SELECTION.—The Commission shall select

21 a Vice Chairperson from among its members.

22 (2) ACTING CHAIRPERSON.—The Vice Chair23 person shall act as Chairperson if—

24 (A) the position of Chairperson is vacant;

25 or
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1 (B) the Chairperson is absent or unable to

2 perform the functions of Chairperson.

3 SEC. 104. APPOINTED COMMISSIONERS’ TERMS.

4 (a) CHAIRPERSON.—The Chairperson shall be ap5 pointed for a term expiring 4 years after the term of the

6 predecessor Chairperson expires.

7 (b) OTHER APPOINTED COMMISSIONERS.—Each of

8 the other 2 appointed commissioners shall be appointed

9 for a term of 5 years.

10 (c) REMOVAL ONLY FOR CAUSE.—The President

11 may remove any appointed commissioner for inefficiency,

12 neglect of duty, or malfeasance in office.

13 (d) UNEXPIRED TERMS.—Any commissioner ap14 pointed to fill a vacancy occurring before the end of the

15 term to which the commissioner’s predecessor was ap16 pointed shall be appointed only for the remainder of the

17 term.

18 (e) CONTINUATION OF SERVICE.—

19 (1) IN GENERAL.—Each appointed commis20 sioner may continue to serve after the expiration of

21 the term of office to which the commissioner was ap22 pointed until a successor has been appointed and

23 qualified.

24 (2) CONTINUATION NOT TO AFFECT CHAIR25 PERSON’S TERM.—Any continuation of service by
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1 the Chairperson under paragraph (1) shall not cause

2 the successor Chairperson’s term to expire later than

3 as provided under subsection (a).

4 (f) INITIAL APPOINTMENTS STAGGERED.—Notwith5 standing subsections (a) and (b)—

6 (1) the first Chairperson shall be appointed for

7 a term that expires March 31, 1997; and

8 (2) of the first 2 other appointed commis9 sioners—

10 (A) 1 shall be appointed for a term that

11 expires 5 years after the designated transfer

12 date; and

13 (B) 1 shall be appointed for a term that

expires 21 14 ⁄2 years after the designated transfer

15 date,

16 as designated by the President at the time of their

17 appointments.

18 SEC. 105. POLITICAL AFFILIATION.

19 Not more than 2 of the appointed commissioners may

20 be members of the same political party.

21 SEC. 106. VACANCIES.

22 Any vacancy on the Commission shall be filled in the

23 same manner in which the original appointment was made.
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1 SEC. 107. EMPLOYMENT AND OTHER RESTRICTIONS ON

2 COMMISSIONERS.

3 During service on the Commission, no commissioner

4 may—

5 (1) hold any office or position, or otherwise be

6 employed by, any insured depository institution or

7 company having control of an insured depository in8 stitution;

9 (2) hold stock of any insured depository institu10 tion or company having control of an insured deposi11 tory institution; or

12 (3) serve as an officer, director, or employee of

13 any Federal reserve bank or Federal home loan

14 bank.

15 SEC. 108. APPOINTED COMMISSIONERS’ COMPENSATION.

16 (a) CHAIRPERSON.—The Chairperson shall receive

17 compensation at the rate prescribed for Level II of the

18 Executive Schedule under section 5313 of title 5, United

19 States Code.

20 (b) OTHER APPOINTED COMMISSIONERS.—The 2

21 other appointed commissioners shall each receive com22 pensation at the rate prescribed for Level III of the Execu23 tive Schedule under section 5314 of title 5, United States

24 Code.
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1 TITLE II—POWERS AND DUTIES TRANS2 FERRED TO FEDERAL BANKING COM3 MISSION

4 SEC. 201. POWERS AND DUTIES TRANSFERRED.

5 (a) COMPTROLLER OF THE CURRENCY.—

6 (1) TRANSFER OF FUNCTIONS.—All functions

7 of the Comptroller of the Currency are transferred

8 to the Commission.

9 (2) COMMISSION’S AUTHORITY.—The Commis10 sion shall have all powers and duties that were vest11 ed in the Comptroller of the Currency on the day be12 fore the designated transfer date.

13 (b) DIRECTOR OF THE OFFICE OF THRIFT SUPER14 VISION.—

15 (1) TRANSFER OF FUNCTIONS.—All functions

16 of the Director of the Office of Thrift Supervision

17 are transferred to the Commission.

18 (2) COMMISSION’S AUTHORITY.—The Commis19 sion shall have all powers and duties that were vest20 ed in the Director of the Office of Thrift Supervision

21 on the day before the designated transfer date.

22 (c) BOARD OF GOVERNORS.—

23 (1) TRANSFER OF FUNCTIONS.—

24 (A) IN GENERAL.—Except as provided in

25 subparagraph (B), all functions of the Board of
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1 Governors (and any Federal reserve bank) re2 lating to the supervision and regulation of the

3 following entities are transferred to the Com4 mission:

5 (i) National member banks and State

6 member banks.

7 (ii) Bank holding companies and their

8 affiliates, and other companies having con9 trol over depository institutions.

10 (iii) Foreign banks and branches,

11 agencies, and representative offices of for12 eign banks (as those terms are defined in

13 section 1 of the International Banking Act

14 of 1978), and affiliates of foreign banks.

15 (iv) Commercial lending companies

16 (as that term is defined in section 1 of the

17 International Banking Act of 1978).

18 (v) Companies operating under the

19 International Banking Act of 1978 and

20 sections 25 and 25A of the Federal Re21 serve Act.

22 (vi) Companies that are subject to su23 pervision or regulation by the Board of

24 Governors under any title of the Consumer
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1 Credit Protection Act or any other

2 consumer protection statute.

3 (B) FUNCTIONS NOT TRANSFERRED.—

4 Notwithstanding subparagraph (A), the func5 tions of the Board of Governors relating to

6 monetary policy and open market operations,

7 administration of the payment system, and dis8 count window operations are not transferred to

9 the Commission.

10 (2) COMMISSION’S AUTHORITY.—The Commis11 sion shall have all powers and duties that, on the

12 day before the designated transfer date, were vested

13 in the Board of Governors (and any Federal reserve

14 bank) relating to the supervision and regulation of

15 the entities listed in paragraph (1)(A).

16 (d) FEDERAL DEPOSIT INSURANCE CORPORATION.—

17 (1) TRANSFER OF FUNCTIONS.—

18 (A) IN GENERAL.—Except as provided in

19 subparagraph (B), all functions of the Federal

20 Deposit Insurance Corporation (and its Board

21 of Directors) relating to the supervision and

22 regulation of State nonmember banks and in23 sured branches are transferred to the Commis24 sion.
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1 (B) FUNCTIONS NOT TRANSFERRED.—

2 Notwithstanding subparagraph (A), the func3 tions of the Federal Deposit Insurance Corpora4 tion relating to deposit insurance,

5 conservatorship, or receivership are not trans6 ferred to the Commission.

7 (2) COMMISSION’S AUTHORITY.—The Commis8 sion shall have all powers and duties that, on the

9 day before the designated transfer date, were vested

10 in the Federal Deposit Insurance Corporation (or its

11 Board of Directors) relating to the supervision and

12 regulation of State nonmember banks and insured

13 branches.

14 (e) SCHOOLS FOR EXAMINERS.—All functions of the

15 Federal Financial Institutions Examination Council relat16 ing to the conduct of schools for examiners and assistant

17 examiners under section 1006(d) of the Federal Financial

18 Institutions Examination Council Act of 1978 are trans19 ferred to the Commission.

20 (f) EFFECTIVE DATE.—Subsections (a) through (e)

21 shall become effective on the designated transfer date.

22 SEC. 202. DESIGNATED TRANSFER DATE.

23 (a) IN GENERAL.—Not later than 60 days after the

24 date of enactment of this Act, the Secretary—
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1 (1) shall, in consultation with the Comptroller

2 of the Currency, the Director of the Office of Thrift

3 Supervision, the Chairman of the Board of Gov4 ernors, and the Chairperson of the Federal Deposit

5 Insurance Corporation, designate a single calendar

6 date for the transfer of functions to the Commission

7 under section 201; and

8 (2) shall publish notice of that designation in

9 the Federal Register.

10 (b) CHANGING DESIGNATION.—The Secretary—

11 (1) may, in consultation with the Comptroller of

12 the Currency, the Director of the Office of Thrift

13 Supervision, the Chairman of the Board of Gov14 ernors, and the Chairperson of the Federal Deposit

15 Insurance Corporation, change the date designated

16 under subsection (a); and

17 (2) shall publish notice of any changed designa18 tion in the Federal Register.

19 (c) PERMISSIBLE DATES.—

20 (1) IN GENERAL.—Except as provided in para21 graph (2), any date designated under this section

22 shall be not earlier than 120 days nor later than 1

23 year after the date of enactment of this Act.

24 (2) EXTENSION OF TIME.—The Secretary may

25 designate a date that is later than 1 year after the
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1 date of enactment of this Act if the Secretary trans2 mits to the Committee on Banking, Housing, and

3 Urban Affairs of the Senate and the Committee on

4 Banking, Finance and Urban Affairs of the House

5 of Representatives—

6 (A) a written certification that orderly im7 plementation of this Act is not feasible before

8 the last date designated under this section;

9 (B) an explanation of why orderly imple10 mentation of this Act is not feasible before the

11 last date designated under this section;

12 (C) a description of the steps that have

13 been taken to effect an orderly implementation

14 of this Act—

15 (i) within the period described in

16 paragraph (1); or

17 (ii) if the Secretary has previously

18 designated a date under this paragraph,

19 before that date; and

20 (D) a description of the steps that will be

21 taken to effect an orderly and timely implemen22 tation of this Act.

23 (3) EXTENSION LIMITED.—In no case shall any

24 date designated under this section be later than 18

25 months after the date of enactment of this Act.
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1 SEC. 203. OFFICE OF COMPTROLLER OF THE CURRENCY

2 ABOLISHED.

3 Effective 90 days after the designated transfer date,

4 the Office of the Comptroller of the Currency and the posi5 tion of Comptroller of the Currency are abolished.

6 SEC. 204. OFFICE OF THRIFT SUPERVISION ABOLISHED.

7 Effective 90 days after the designated transfer date,

8 the Office of Thrift Supervision and the position of Direc9 tor of the Office of Thrift Supervision are abolished.

10 SEC. 205. FEDERAL FINANCIAL INSTITUTIONS EXAMINA11 TION COUNCIL ABOLISHED.

12 (a) IN GENERAL.—Effective on the designated trans13 fer date, the Federal Financial Institutions Examination

14 Council is abolished.

15 (b) APPRAISAL SUBCOMMITTEE RECONSTITUTED

16 APPRAISAL COMMITTEE.—

17 (1) IN GENERAL.—Effective on the designated

18 transfer date, the Appraisal Subcommittee estab19 lished by section 1011 of the Federal Financial In20 stitutions Examination Council Act of 1978 is redes21 ignated as the ‘‘Appraisal Committee’’ and reconsti22 tuted in accordance with paragraphs (2) and (3).

23 (2) FEDERAL FINANCIAL INSTITUTIONS EXAM24 INATION COUNCIL ACT AMENDED.—Effective on the

25 designated transfer date, section 1011 of the Fed-
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1 eral Financial Institutions Examination Council Act

2 of 1978 is amended to read as follows:

3 ‘‘SEC. 1011. ESTABLISHMENT OF APPRAISAL COMMITTEE.

4 ‘‘There shall be a committee to be known as the ‘Ap5 praisal Committee’, which shall consist of the designees

6 of the Chairperson of the Federal Banking Commission,

7 the Chairperson of the Federal Deposit Insurance Cor8 poration, and the Chairman of the National Credit Union

9 Administration Board. Each such designee shall be a per10 son who has demonstrated knowledge and competence con11 cerning the appraisal profession.’’.

12 (3) FINANCIAL INSTITUTIONS REFORM, RECOV13 ERY, AND ENFORCEMENT ACT AMENDED.—Effective

14 on the designated transfer date, section 1104 of the

15 Financial Institutions Reform, Recovery, and En16 forcement Act of 1989 is amended—

17 (A) in the heading, by striking ‘‘AP18 PRAISAL SUBCOMMITTEE’’ and inserting

19 ‘‘APPRAISAL COMMITTEE’’;

20 (B) by amending subsection (a) to read as

21 follows:

22 ‘‘(a) CHAIRPERSON.—The members of the Appraisal

23 Committee shall select the first chairperson of the Ap24 praisal Committee. Thereafter the chair shall rotate
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1 among the members of the Appraisal Committee. The

2 term of the Chairperson shall be 2 years’’; and

3 (C) in subsection (b), by striking ‘‘Ap4 praisal Subcommittee’’ each place it appears

5 and inserting ‘‘Appraisal Committee’’.

6 SEC. 206. SAVINGS PROVISIONS.

7 (a) OFFICE OF THE COMPTROLLER OF THE CUR8 RENCY.—

9 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA10 TIONS NOT AFFECTED.—Sections 201(a)(1) and 203

11 shall not affect the validity of any right, duty, or ob12 ligation of the United States, the Comptroller of the

13 Currency, the Office of the Comptroller of the Cur14 rency, or any other person, that existed on the day

15 before the designated transfer day.

16 (2) CONTINUATION OF SUITS.—This Act shall

17 not abate any proceeding commenced by or against

18 the Comptroller of the Currency or the Office of the

19 Comptroller of the Currency before the designated

20 transfer date, except that the Commission shall be

21 substituted for the Comptroller or the Office of the

22 Comptroller of the Currency as a party to any such

23 proceeding as of the designated transfer date.

24 (b) OFFICE OF THRIFT SUPERVISION.—
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1 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA2 TIONS NOT AFFECTED.—Sections 201(b)(1) and 204

3 shall not affect the validity of any right, duty, or ob4 ligation of the United States, the Director of the Of5 fice of Thrift Supervision, the Office of Thrift Su6 pervision, or any other person, that existed on the

7 day before the designated transfer date.

8 (2) CONTINUATION OF SUITS.—This Act shall

9 not abate any proceeding commenced by or against

10 the Director of the Office of Thrift Supervision or

11 the Office of Thrift Supervision before the des12 ignated transfer date, except that the Commission

13 shall be substituted for the Director or the Office of

14 Thrift Supervision as a party to any such proceeding

15 as of the designated transfer date.

16 (c) BOARD OF GOVERNORS.—

17 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA18 TIONS NOT AFFECTED.—Section 201(c)(1) shall not

19 affect the validity of any right, duty, or obligation of

20 the United States, the Board of Governors (or any

21 Federal reserve bank), or any other person that—

22 (A) arises under any provision of law relat23 ing to the supervision and regulation of the en24 tities listed in section 201(c)(1)(A); and
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1 (B) existed on the day before the des2 ignated transfer date.

3 (2) CONTINUATION OF SUITS.—This Act shall

4 not abate any proceeding commenced by or against

5 the Board of Governors (or any Federal reserve

6 bank) before the designated transfer date with re7 spect to any function of the Board of Governors (or

8 any Federal reserve bank) transferred to the Com9 mission by this Act, except that the Commission

10 shall be substituted for the Board of Governors (or

11 Federal reserve bank) as a party to any such pro12 ceeding as of the designated transfer date.

13 (d) FEDERAL DEPOSIT INSURANCE CORPORATION.—

14 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA15 TIONS NOT AFFECTED.—Section 201(d)(1) shall not

16 affect the validity of any right, duty, or obligation of

17 the United States, the Federal Deposit Insurance

18 Corporation, the Board of Directors of that Corpora19 tion, or any other person, that—

20 (A) arises under any provision of law relat21 ing to the supervision and regulation of State

22 nonmember banks or insured branches; and

23 (B) existed on the day before the des24 ignated transfer date.
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1 (2) CONTINUATION OF SUITS.—This Act shall

2 not abate any proceeding commenced by or against

3 the Federal Deposit Insurance Corporation or the

4 Board of Directors of that Corporation before the

5 designated transfer date with respect to any function

6 of the Corporation or Board of Directors transferred

7 to the Commission by this Act, except that the Com8 mission shall be substituted for the Corporation or

9 Board of Directors, as the case may be, as a party

10 to any such proceeding as of the designated transfer

11 date.

12 (e) CONTINUATION OF EXISTING ORDERS, RESOLU13 TIONS, DETERMINATIONS, AGREEMENTS, AND REGULA14 TIONS.—All orders, resolutions, determinations, agree15 ments, and regulations, that have been issued, made, pre16 scribed, or allowed to become effective by the Office of

17 the Comptroller of the Currency, the Office of Thrift Su18 pervision, the Board of Governors (or any Federal reserve

19 bank), or the Federal Deposit Insurance Corporation (in20 cluding orders, resolutions, determinations, and regula21 tions that relate to the conduct of conservatorships and

22 receiverships), or by a court of competent jurisdiction, in

23 the performance of functions that are transferred by this

24 Act and that are in effect on the day before the designated

25 transfer date, shall continue in effect according to the
24

S 1895 IS

1 terms of those orders, resolutions, determinations, agree2 ments, and regulations, and shall be enforceable by or

3 against the Federal Banking Commisssion until modified,

4 terminated, set aside, or superseded in accordance with

5 applicable law by the Commission, by any court of com6 petent jurisdiction, or by operation of law.

7 (f) IDENTIFICATION OF REGULATIONS CONTIN8 UED.—Not later than the designated transfer date, the

9 Commission—

10 (1) shall, after consultation with the Chairman

11 of the Board of Governors and the Chairperson of

12 the Federal Deposit Insurance Corporation, identify

13 the regulations continued under subsection (e) that

14 will be enforced by the Commission; and

15 (2) shall publish a list of such regulations in

16 the Federal Register.

17 (g) STATUS OF REGULATIONS PROPOSED OR NOT

18 YET EFFECTIVE.—

19 (1) PROPOSED REGULATIONS.—Any proposed

20 regulation of the Office of the Comptroller of the

21 Currency, the Office of Thrift Supervision, the

22 Board of Governors, or the Federal Deposit Insur23 ance Corporation, which that agency, in performing

24 functions transferred by this Act, has proposed be25 fore the designated transfer date but has not pub-
25

S 1895 IS

1 lished as a final regulation before that date, shall be

2 deemed to be a proposed regulation of the Commis3 sion.

4 (2) REGULATIONS NOT YET EFFECTIVE.—Any

5 interim or final regulation of the Office of the

6 Comptroller of the Currency, the Office of Thrift

7 Supervision, the Board of Governors, or the Federal

8 Deposit Insurance Corporation, which that agency,

9 in performing functions transferred by this Act, has

10 published before the designated transfer date but

11 which has not become effective before that date,

12 shall become effective as a regulation of the Com13 mission according to its terms.

14 TITLE III—OPERATIONS OF FEDERAL

15 BANKING COMMISSION

16 SEC. 301. REGULATIONS AND ORDERS.

17 In addition to any powers transferred to the Commis18 sion by this Act, the Commission may prescribe such regu19 lations and issue such orders as the Commission deter20 mines to be appropriate to carry out this Act and the pow21 ers and duties transferred to the Commission by this Act.

22 SEC. 302. DELEGATION OF AUTHORITY.

23 (a) IN GENERAL.—The Commission may delegate

24 any authority of the Commission to—

25 (1) any commissioner;
26

S 1895 IS

1 (2) any employee or agent of the Commission;

2 or

3 (3) an administrative law judge.

4 (b) DELEGATIONS MAY BE CONDITIONAL.—The

5 Commission may impose on any delegation under sub6 section (a) such conditions as the Commission determines

7 to be appropriate, including reservation to the Commission

8 of a right of review.

9 SEC. 303. PERSONNEL.

10 (a) APPOINTMENT.—The Commission may fix the

11 number of, and appoint and direct all employees of the

12 Commission.

13 (b) COMPENSATION: PAY AND BENEFITS.—

14 (1) PAY.—The Commission shall fix, adjust,

15 and administer the pay of all employees of the Com16 mission without regard to the provisions of other

17 laws (other than this Act) applicable to officers or

18 employees of the United States, including establish19 ing a position classification system without regard to

20 the provisions of chapter 51 of title 5, United States

21 Code.

22 (2) ADDITIONAL BENEFITS.—The Commission

23 may provide benefits to Commission employees in

24 addition to the retirement, health insurance, and life

25 insurance benefits provided to other employees of
27

S 1895 IS

1 the United States under title 5, United States Code,

2 without regard to the provisions of other laws (other

3 than this Act) applicable to officers or employees of

4 the United States.

5 (3) ANNUAL REPORT REQUIRED.—The Com6 mission shall report annually to the Congress on the

7 structure of pay and benefits for employees of the

8 Commission.

9 SEC. 304. LITIGATION AUTHORITY.

10 The Commission may employ attorneys to conduct

11 litigation brought by or against the Commission, its offi12 cers, or employees, or in which the Commission has an

13 interest, but such litigation may be conducted only with

14 the prior consent of the Attorney General of the United

15 States and subject to the Attorney General’s direction and

16 control.

17 SEC. 305. FUNDING.

18 (a) AUTHORITY TO IMPOSE AND COLLECT ASSESS19 MENTS, FEES, AND OTHER CHARGES.—

20 (1) 1-BASIS POINT FEE IN LIEU OF CURRENT

21 FDIC SPENDING FROM DEPOSIT INSURANCE FUNDS

22 FOR SUPERVISION.—

23 (A) IN GENERAL.—When collecting semi24 annual assessments under section 7(b) of the

25 Federal Deposit Insurance Act, the Federal De-
28

S 1895 IS

1 posit Insurance Corporation shall collect from

2 insured depository institutions an amount equal

3 to one-half basis point per dollar of domestic

4 deposits of all insured depository institutions.

5 (B) REMITTANCE.—The Federal Deposit

6 Insurance Corporation shall, not later than 75

7 days after the close of each semiannual period

8 (as defined in section 7(b) of the Federal De9 posit Insurance Act), remit to the Commission

10 the amounts collected under subparagraph (A).

11 (C) EFFECTIVE DATE.—This paragraph

12 shall become effective with respect to the semi13 annual period in which the designated transfer

14 date occurs.

15 (D) SPECIAL RULE UNTIL BANK INSUR16 ANCE FUND ACHIEVES DESIGNATED RESERVE

17 RATIO.—For purposes of section 7(b)(2)(E) of

18 the Federal Deposit Insurance Act, the

19 amounts collected by the Federal Deposit Insur20 ance Corporation from Bank Insurance Fund

21 members under this paragraph shall be included

22 in the total amount raised by semiannual as23 sessments on members of the fund.

24 (2) TRANSITIONAL PAYMENT REFLECTING SAV25 INGS TO FEDERAL RESERVE.—
29

S 1895 IS

1 (A) PAYMENTS BY BOARD OF GOV2 ERNORS.—The Board of Governors shall make

3 annual payments to the Commission not later

4 than December 31 of each calendar year, as

5 follows:

6 (i) INITIAL 5-YEAR PERIOD.—For

7 each of the first 5 calendar years begin8 ning with the calendar year that includes

9 the designated transfer date, the Board of

10 Governors shall pay the identified savings

11 amount for that calendar year.

12 (ii) PAYMENT TO DECREASE OVER

13 SUBSEQUENT 9-YEAR PERIOD.—For each

14 of the 9 calendar years following the expi15 ration of the 5-year period referred to in

16 clause (i), the Board of Governors shall

17 pay the applicable percentage of the identi18 fied savings amount for that calendar year,

19 as set forth in the following table:

For the following The applicable

period: percentage is:

First Year ............................................ 90 percent

Second Year ......................................... 80 percent

Third Year ........................................... 70 percent

Fourth Year ......................................... 60 percent

Fifth Year ............................................ 50 percent

Sixth Year ............................................ 40 percent

Seventh Year ........................................ 30 percent

Eighth Year ......................................... 20 percent

Ninth Year ........................................... 10 percent

Thereafter ............................................ 0 percent.
30

S 1895 IS

1 (B) IDENTIFIED SAVINGS AMOUNT DE2 FINED.—

3 (i) IN GENERAL.—The term ‘‘identi4 fied savings amount’’ means $ (i.e.

5 the net amount by which this Act will re6 duce the expenses of the Board of Gov7 ernors for each of the 14 calendar years

8 referred to in subparagraph (A), currently

9 estimated at over $300,000,000).

10 (ii) IDENTIFIED SAVINGS AMOUNT AD11 JUSTED FOR INFLATION.—The dollar

12 amount referred to in clause (i) shall be

13 adjusted annually and cumulatively using

14 the percent by which the average urban

15 consumer price index for the quarter pre16 ceding the date of the payment differs

17 from the average of that index for the

18 same quarter in the prior year.

19 (3) FEES AND OTHER CHARGES.—

20 (A) IN GENERAL.—The Commission may

21 assess fees and other charges against any insti22 tution or entity supervised or regulated by the

23 Commission, as the Commission deems nec24 essary or appropriate to carry out its duties and

25 recover its costs.
31

S 1895 IS

1 (B) SUPERVISORY FEES ON INSURED DE2 POSITORY INSTITUTIONS.—

3 (i) IN GENERAL.—The Commission

4 shall assess fees at rates based on an in5 sured depository institution’s total assets,

6 taking into account the extent to which

7 large institutions are, per dollar of assets,

8 less costly to supervise.

9 (ii) SPECIAL RULE FOR STATE

10 BANKS.—Fees on State member banks and

11 State nonmember banks shall be at rates

12 that—

13 (I) do not exceed 50 percent of

14 the rate applied to national banks of

15 comparable size; and

16 (II) are not applied to the first

17 $1 billion of the bank’s total assets.

18 (iii) AGGREGATION OF BANK AS19 SETS.—For purposes of the

20 $1,000,000,000 threshold referred to in

21 clause (ii)(II), the total assets of State

22 member banks and State nonmember

23 banks commonly controlled by a bank hold24 ing company shall be aggregated.
32

S 1895 IS

1 (C) PROCESSING FEES.—The Commission

2 may assess against any person who submits to

3 the Commission an application, filing, notice,

4 request, or similar submission, fees to recover

5 the Commission’s cost of processing the submis6 sion.

7 (4) INTERIM COLLECTIONS FROM THE COR8 PORATION OR THE BOARD OF GOVERNORS DURING

9 TRANSITION.—

10 (A) IN GENERAL.—During the 5-year pe11 riod following the designated transfer date, the

12 Federal Deposit Insurance Corporation shall

13 make payments under paragraph (1) and the

14 Board of Governors shall make payments under

15 paragraph (2) before the payment dates speci16 fied in those paragraphs if the Commission cer17 tifies that earlier payments are needed to meet

18 the Commission’s operating expenses.

19 (B) RECONCILIATION OF EARLY PAY20 MENTS.—The Commission shall make adjust21 ments to subsequent payments due under para22 graphs (1) and (2) as necessary to reconcile any

23 underpayment or overpayment of payments

24 made under subparagraph (A).

25 (b) FEDERAL BANKING COMMISSION FUND.—
33

S 1895 IS

1 (1) SEPARATE FUND IN TREASURY ESTAB2 LISHED.—There is established in the Treasury a

3 separate fund called the ‘‘Federal Banking Commis4 sion Fund’’.

5 (2) ALL TRANSFERRED FUNDS DEPOSITED.—

6 All amounts transferred to the Commission under

7 section 405 shall be deposited into the Federal

8 Banking Commission Fund.

9 (3) ALL RECEIPTS DEPOSITED.—The Commis10 sion shall deposit into the Federal Banking Commis11 sion Fund all moneys that it receives, whether ob12 tained under subsection (a) or otherwise.

13 (c) USE OF FUNDS.—

14 (1) IN GENERAL.—Funds transferred to, or de15 posited into, the Federal Banking Commission Fund

16 shall be immediately available to the Commission,

17 and remain available until expended, to pay the

18 Commission’s expenses in carrying out its duties and

19 responsibilities.

20 (2) ASSESSMENTS AND OTHER FUNDS NOT

21 GOVERNMENT FUNDS.—Funds transferred to, or de22 posited in, the Federal Banking Commission Fund

23 shall not be construed to be Government funds or

24 appropriated monies.
34

S 1895 IS

1 (3) AMOUNTS IN FUND NOT SUBJECT TO AP2 PORTIONMENT.—Notwithstanding any other provi3 sion of law, amounts in the Federal Banking Com4 mission Fund shall not be subject to appointment

5 for purposes of chapter 15 of title 31, United States

6 Code, or under any other authority.

7 SEC. 306. CONTRACTING AND LEASING AUTHORITY.

8 The Commission may—

9 (1) enter into and perform contracts, execute

10 instruments, and acquire, in any lawful manner,

11 such goods and services, or personal or real property

12 (or property interest) as the Commission deems nec13 essary or convenient to carry out the Commission’s

14 duties and responsibilities; and

15 (2) hold, maintain, sell, lease, or otherwise dis16 pose of that property (or property interest),

17 without regard to the Federal Property and Administra18 tive Services Act of 1949 and other laws of a similar type

19 governing the procurement of goods and services or the

20 acquisition or disposition of personal or real property (or

21 property interest) by executive agencies.

22 SEC. 307. ACCESS TO COMMISSION’S RECORDS.

23 (a) ACCESS BY BOARDS OF GOVERNORS.—For the

24 purposes of carrying out its functions under the Federal

25 Reserve Act (as amended by this Act), the Board of Gov-
35

S 1895 IS

1 ernors shall have access, without any deletions, to all of

2 the following:

3 (1) All books, accounts, records, reports, files,

4 memoranda, and papers belonging to or in use by

5 the Commission;

6 (2) all reports of examination; and

7 (3) all work papers and correspondence files re8 lated to the documents described in paragraph (1)

9 and (2),

10 that relate to insured depository institutions or other de11 pository institutions (as defined in section 19(b)(1)(A) of

12 the Federal Reserve Act) or companies having control of

13 insured depository institutions or other depository institu14 tions or subsidiaries of these companies.

15 (b) ACCESS BY FEDERAL DEPOSIT INSURANCE COR16 PORATION.—For the purpose of carrying out its functions

17 under the Federal Deposit Insurance Act (as amended by

18 this Act), the Federal Deposit Insurance Corporation shall

19 have access, without any deletions, to all of the following:

20 (1) All books, accounts records, reports, files,

21 memoranda, and papers belonging to or in use by

22 the Commission;

23 (2) all reports of examination;
36

S 1895 IS

1 (3) all work papers and correspondence files re2 lated to the documents described in paragraphs (1)

3 and (2),

4 that relate to insured depository institutions or companies

5 have control of insured depository institutions.

6 (c) ACCESS BY OFFICE OF MANAGEMENT AND BUDG7 ET.—

8 (1) IN GENERAL.—For the purpose of prepar9 ing budget estimates, the Director of the Office of

10 Management and Budget shall have access to—

11 (A) financial data collected by the Commis12 sion, or derived by the Commission from data

13 so collected, relating to insured depository insti14 tutions or companies having control of insured

15 depository institutions;

16 (B) the Commission’s financial operating

17 plans and forecasts as prepared by the Commis18 sion in the ordinary course of its operations or

19 at the request of the Director of the Office of

20 Management and Budget; and

21 (C) any reports of the Commission’s finan22 cial condition and results of operations as pre23 pared by the Commission in the ordinary course

24 of its operations.
37

S 1895 IS

1 (2) DATA AGGREGATION PERMITTED.—In pro2 viding access to financial data under paragraph

3 (1)(A), the Commission may aggregate data by size

4 or type of depository institution or by geographic

5 region.

6 (d) ACCESS BY EMPLOYEES.—The Board of Gov7 ernors, the Federal Deposit Insurance Corporation, and

8 the Director of the Office of Management and Budget may

9 each permit their employees to have access to Commission

10 information on the same terms on which they have access.

11 (e) NO PRIVILEGE WAIVED.—The Commission does

12 not waive any privilege by providing access to its records

13 under this section.

14 SEC. 308. FEDERAL RESERVE’S PARTICIPATION IN EXAMI15 NATIONS.

16 (a) JOINT EXAMINATIONS OF LARGE ORGANIZA17 TIONS.—

18 (1) IN GENERAL.—The Board of Governors

19 may select for joint examinations during any cal20 ender year not more than 10 of the 20 largest bank21 ing organizations, if the total assets of the insured

22 depository institution subsidiaries of the banking or23 ganizations selected do not exceed 25 percent of the

24 total assets of all insured depository institutions.
38

S 1895 IS

1 (2) LARGEST BANKING ORGANIZATIONS JOINT2 LY DETERMINED.—The Commission and the Board

3 of Governors shall jointly determine not less than

4 once each calendar year the 20 largest banking orga5 nizations based on the total assets of each banking

6 organization’s insured depository institution subsidi7 aries.

8 (3) LEAD ROLE IN JOINT EXAMINATIONS OF

9 LARGE BANKING ORGANIZATIONS.—

10 (A) IN GENERAL.—Except as provided in

11 subparagraph (B), the Commission shall be the

12 lead agency in joint examinations of banking

13 organizations selected under paragraph (1).

14 (B) EXCEPTION FOR CERTAIN BANKING

15 ORGANIZATIONS.—The Board of Governors may

16 elect to be the lead agency in the joint examina17 tion of any banking organization selected under

18 paragraph (1) that has a majority of the total

19 assets of its insured depository institution sub20 sidiaries in State member banks, if the total as21 sets of the insured depository insitituion sub22 sidiaries of all such banking organizations with

23 respect to which the Board of Governors makes

24 such an election for any calendar year do not
39

S 1895 IS

1 exceed 10 percent of the total assets of all in2 sured depository institutions.

3 (b) JOINT EXAMINATIONS OF SMALLER INSTITU4 TIONS.—

5 (1) IN GENERAL.—The Board of Governors

6 may select for joint examinations State member

7 banks and their affiliates that are not subsidiaries of

8 any of the 20 largest banking organizations, as de9 termined under subsection (a)(2), if the total assets

10 of the State member banks selected for any calendar

11 year (and any affiliated insured depository institu12 tions) do not exceed 5 percent of the total assets of

13 all insured depository institutions.

14 (2) LEAD ROLE IN JOINT EXAMINATIONS OF

15 SMALLER INSTITUTIONS.—The Commission shall be

16 the lead agency in joint examinations conducted

17 under this subsection.

18 (c) SCOPE OF PARTICIPATION IN JOINT EXAMINA19 TIONS.—In any joint examination conducted under this

20 section the lead agency shall include examiners from the

21 other agency in—

22 (1) planning the scope and timing of, and the

23 respective examiners’ roles in, the examination, sub24 ject to the overall direction and management of the

25 examiner-in-charge of the lead agency; and
40

S 1895 IS

1 (2) any meetings between examiners of the lead

2 agency and the senior management and board of di3 rectors of the examined organization or institution

4 when examination findings are transmitted.

5 (d) PROCEDURES.—The Commission and the Board

6 of Governors shall jointly establish procedures under

7 which the Board of Governors may—

8 (1) select banking organizations and State

9 member banks for joint examinations under sub10 sections (a) and (b); and

11 (2) elect to be the lead agency under subsection

12 (a)(3)(B).

13 (e) BANKING ORGANIZATION DEFINED.—For pur14 poses of this section, the term ‘‘banking organization’’

15 means a bank holding company and its subsidiaries.

16 SEC. 309. FEDERAL RESERVE’S AUTHORITY TO TAKE EN17 FORCEMENT ACTION AGAINST LARGEST

18 BANKING ORGANIZATIONS.

19 (a) RECOMMENDING ACTION BY COMMISSION.—The

20 Board of Governors may recommend in writing to the

21 Commission that the Commission take any enforcement

22 action authorized to be taken by the Commission with re23 spect to any banking organization that is one of the 20

24 largest banking organizations as determined under section

25 308(a)(2). The recommendation shall be accompanied by
41

S 1895 IS

1 a written explanation of the concerns giving rise to the

2 recommendation.

3 (b) AUTHORITY TO ACT IF COMMISSION FAILS TO

4 TAKE ACTION.—If the Commission does not, before the

5 end of the 60-day period beginning on the date on which

6 the Commission receives a recommendation under sub7 section (a), take the enforcement action recommended by

8 the Board of Governors or provide a plan acceptable to

9 the Board of Governors for responding to its concerns, the

10 Board of Governors may take the recommended enforce11 ment action if the Board of Governors determines, upon

12 a vote of its members, that—

13 (1) the banking organization is in an unsafe or

14 unsound condition; or

15 (2) the banking organization’s current prac16 tices, if continued, are likely to render the banking

17 organization in an unsafe and unsound condition in

18 the foreseeable future.

19 (c) EFFECTIVE OF EXIGENT CIRCUMSTANCES.—

20 (1) AUTHORITY TO ACT.—The Board of Gov21 ernors may, upon a vote of its members, and after

22 notice to the Commission, exercise its authority

23 under subsection (b) in exigent circumstances with24 out regard to the time period set forth in subsection

25 (b).
42

S 1895 IS

1 (2) AGREEMENT ON EXIGENT CIR2 CUMSTANCES.—The Board of Governors shall, by

3 agreement with the Commission, set forth those exi4 gent circumstances in which the Board of Governors

5 may act under paragraph (1).

6 (d) POWER AND DUTIES.—For purposes of this sub7 section—

8 (1) the Board of Governors shall have the same

9 powers with respect to any banking organization as

10 the Commission has with respect to the banking or11 ganization; and

12 (2) the banking organization shall have the

13 same duties and obligations with respect to the

14 Board of Governors as the banking organization has

15 with respect to the Commission.

16 SEC. 310. COMMISSION’S SUPERVISION OF CERTAIN STATE

17 DEPOSITORY INSTITUTIONS.

18 (a) AMENDMENTS TO FEDERAL DEPOSIT INSURANCE

19 ACT.—Section 10(d) of the Federal Deposit Insurance Act

20 is amended—

21 (1) in paragraph (1), by striking ‘‘appropriate

22 Federal banking agency’’ and inserting ‘‘Commis23 sion’’;
43

S 1895 IS

1 (2) in paragraph (3), by striking ‘‘appropriate

2 Federal banking agency’’ and inserting ‘‘Commis3 sion’’;

4 (3) by redesignating paragraph (5) as para5 graph (6); and

6 (4) by inserting after paragraph (4) a new

7 paragraph (5) as follows:

8 ‘‘(5) EXAMINATION OF CERTAIN SMALL INSTI9 TUTIONS BY CERTIFIED STATES ACCEPTABLE.—

10 ‘‘(A) IN GENERAL.—For purposes of dis11 charging its responsibility under paragraph (1)

12 with respect to an insured State depository in13 stitution, the Commission may accept an exam14 ination of the institution conducted by a State

15 bank supervisor during the preceding 12-month

16 period if—

17 ‘‘(i) the State depository institution—

18 ‘‘(I) has total assets of less than

19 $250,000,000; and

20 ‘‘(II) is well capitalized, as de21 fined in section 38; and

22 ‘‘(ii) the State bank supervisor that

23 conducted the examination has been cer24 tified by the Commission under section
44

S 1895 IS

1 310(b) of the Regulatory Consolidation Act

2 of 1994.

3 ‘‘(B) AGGREGATION OF BANK ASSETS.—

4 For purposes of the $250,000,000 level referred

5 to in subparagraph (A)(i)(I), the total assets of

6 State depository institutions commonly con7 trolled by a bank holding company shall be ag8 gregated.’’.

9 (b) COMMISSION CERTIFICATION OF STATE BANK

10 SUPERVISORS.—

11 (1) IN GENERAL.—For purposes of discharging

12 the Commission’s responsibility under section

13 10(d)(5) of the Federal Deposit Insurance Act, the

14 Commission may certify a State bank supervisor to

15 examine State depository institutions on behalf of

16 the Commission.

17 (2) SCOPE OF CERTIFICATION.—The Commis18 sion may certify a State bank supervisor to deter19 mine—

20 (A) the condition of depository institutions

21 chartered by that State, including whether the

22 operations of the institutions are being con23 ducted safely and soundly;

24 (B) whether the operations of depository

25 institutions chartered by that State are being
45

S 1895 IS

1 conducted in compliance with applicable Federal

2 consumer protection and community investment

3 laws; or

4 (C) both (A) and (B).

5 (3) CONDITIONS AND PROCEDURES FOR CER6 TIFICATIONS.—The Commission may establish such

7 conditions and procedures for certifying State bank

8 supervisors under this subsection as the Commission

9 deems appropriate.

10 (4) PERIODIC REVIEW OF CERTIFICATIONS;

11 REVOCATION.—

12 (A) PERIODIC REVIEW.—The Commission

13 shall periodically review each certification of a

14 State bank supervisor under this subsection to

15 determine whether that agency continues to sat16 isfy the conditions established by the Commis17 sion under paragraph (3); and

18 (B) REVOCATION.—The Commission may

19 revoke its certification of a State bank super20 visor.

21 (c) FEDERAL LAW VIOLATIONS REFERRED TO COM22 MISSION.—Whenever a certified State bank supervisor dis23 covers, in the course of conducting an examination of an

24 insured State depository institution on behalf of the Com25 mission, evidence of a violation of—
46

S 1895 IS

1 (1) any Federal law;

2 (2) any order of any Federal banking agency

3 which has become final;

4 (3) any condition imposed in writing by any

5 Federal banking agency in connection with the grant

6 of any application or other request by such institu7 tion; or

8 (4) any written agreement between the institu9 tion and any Federal banking agency, the State

10 bank supervisor shall refer that violation to the

11 Commission.

12 (d) COMMISSION’S PARTICIPATION IN STATE EXAMI13 NATIONS PERMITTED.—Notwithstanding the Commis14 sion’s certification of any State bank supervisor under this

15 section, examiners from the Commission may participate

16 in—

17 (1) any examination of any insured State de18 pository institution conducted by a certified State

19 bank supervisor;

20 (2) planning the scope and timing of, and the

21 Commission’s role in, the examination; and

22 (3) any meetings between the State bank super23 visor examiners and the senior management and

24 board of directors of the examined institution when

25 the examination findings are transmitted.
47

S 1895 IS

1 SEC. 311. ADVISORY COUNCILS.

2 The Commission shall establish the following advisory

3 councils:

4 (1) An Advisory Council on Consumer Affairs,

5 to advise the Commission on matters affecting con6 sumers.

7 (2) An Advisory Council on Community Deposi8 tory Institutions, to advise the Commission on mat9 ters affecting community banks and savings associa10 tions, which council shall have a membership bal11 anced in proportion to the ratio of Federal deposi12 tory institutions to State depository institutions.

13 (3) An Advisory Council on Savings Associa14 tions, to advise the Commission on matters affecting

15 savings associations.

16 (4) An Advisory Council on Small Businesses,

17 to advise the Commission on matters affecting small

18 businesses.

19 SEC. 312. REGULATORY APPEALS PROCESS.

20 (a) IN GENERAL.—Not later than 120 days after the

21 designated transfer date, the Commission shall establish

22 an independent appellate process available for reviewing

23 material supervisory determinations made by Commission

24 examiners or officials with respect to insured depository

25 institutions.
48

S 1895 IS

1 (b) REVIEW PROCESS.—In establishing the independ2 ent appellate process under subsection (a), the Commis3 sion shall ensure—

4 (1) that any appeal by an insured depository in5 stitution of a material supervisory determination is

6 heard and decided expeditiously; and

7 (2) that appropriate safeguards exist for pro8 tecting the appellant from retaliation by Commission

9 examiners or officials.

10 (c) COMMENT PERIOD.—Not later than 60 days after

11 the designated transfer date, the Commission shall provide

12 public notice and opportunity for comment on proposed

13 guidelines for the establishment of an independent appel14 late process under this section.

15 (d) DEFINITIONS.—For purposes of this section, the

16 following definitions shall apply:

17 (1) The term ‘‘material supervisory determina18 tions’’ includes determinations relating to—

19 (A) examination ratings;

20 (B) the adequacy of loan loss reserve pro21 visions; and

22 (C) loan classifications on loans that are

23 significant to the institution.

24 (2) The term ‘‘independent appellate process’’

25 means a review by a Commission official who does
49

S 1895 IS

1 not directly or indirectly report to the Commission

2 examiner or official who made the material super3 visory determination under review.

4 (e) EFFECT ON OTHER AUTHORITY.—Nothing in

5 this section shall affect the authority of the Commission

6 to take enforcement or supervisory action against an insti7 tution.

8 SEC. 313. INSPECTOR GENERAL.

9 (a) OFFICE OF THE INSPECTOR GENERAL ESTAB10 LISHED.—

11 (1) IN GENERAL.—The Commission shall estab12 lish and maintain an Office of the Inspector Gen13 eral.

14 (2) INSPECTOR GENERAL ACT AMENDED.—Sec15 tion 11 of the Inspector General Act of 1978 is

16 amended—

17 (A) in paragraph (1), by inserting ‘‘or the

18 Federal Banking Commission,’’ after ‘‘the

19 Chairperson of the Thrift Depositor Protection

20 Oversight Board’’; and

21 (B) in paragraph (2), by inserting ‘‘the

22 Federal Banking Commission,’’ after ‘‘the Envi23 ronmental Protection Agency,’’.

24 (b) CERTAIN LIMITATIONS OF INSPECTOR GENERAL

25 ACT INAPPLICABLE.—
50

S 1895 IS

1 (1) IN GENERAL.—Notwithstanding section

2 6(a)(7) of the Inspector General Act of 1978, the

3 Inspector General of the Commission, in carrying

4 out the provisions of the Inspector General Act of

5 1978, may select, appoint, and employ such officers

6 and employees as may be necessary for carrying out

7 the functions, powers, and duties of the Office of the

8 Inspector General without regard to the provisions

9 of chapter 51 and subchapter III of chapter 53 of

10 title 5, United States Code, relating to position clas11 sification and General Schedule pay rates.

12 (2) REPORTING REQUIREMENT.—The annual

13 report required by section 303(b)(3) of this Act (re14 lating to the pay structure for employees of the

15 Commission) shall set forth the position classifica16 tions and pay rates for employees of the Office of

17 the Inspector General.

18 (c) CERTAIN SPECIAL PROVISIONS OF INSPECTOR

19 GENERAL ACT APPLICABLE.—Section 8C(a) of the In20 spector General Act of 1978 (other than the provisions

21 of subparagraphs (A), (B), (C), and (E) of section

22 8C(a)(1)) shall apply to the Inspector General of the Com23 mission and to the Commission in the same manner as

24 it applies to the Inspector General of the Department of
51

S 1895 IS

1 the Treasury and the Secretary of the Treasury, respec2 tively.

3 SEC. 314. LEGISLATIVE AND REGULATORY COORDINATION.

4 (a) LEGISLATIVE RECOMMENDATIONS, TESTIMONY,

5 AND COMMENTS.—The Commission shall be considered to

6 be an agency within the Executive branch for purposes

7 of the coordination and clearance of legislative rec8 ommendations, testimony, and comments respecting mat9 ters of a general policy nature.

10 (b) REGULATIONS.—

11 (1) IN GENERAL.—The Commission shall sub12 mit to the Director of the Office of Management and

13 Budget for review any significant proposed or final

14 regulation before publishing it.

15 (2) OMB RECOMMENDATIONS.—The Director

16 may recommend changes to the proposed or final

17 regulation submitted to him under paragraph (1).

18 (3) COMMISSION PREROGATIVE.—The Commis19 sion may, by a majority vote of its members, decline

20 to incorporate the changes recommended by the Di21 rector under paragraph (2).

22 (4) REPORT TO THE PRESIDENT.—If the Com23 mission declines to incorporate the recommended

24 changes of the Director, the Commission shall com25 municate the reasons for doing so to the President.
52

S 1895 IS

1 TITLE IV—TRANSITIONAL PROVISIONS

2 SEC. 401. COMMISSION’S INTERIM AUTHORITY.

3 Before the designated transfer date, the Commission

4 shall—

5 (1) consult and cooperate with the Comptroller

6 of the Currency, the Director of the Office of Thrift

7 Supervision, the Chairman of the Board of Gov8 ernors, and the Chairperson of the Federal Deposit

9 Insurance Corporation to facilitate the orderly trans10 fer of functions to the Commission;

11 (2) determine and redetermine, from time to

12 time—

13 (A) the amount of funds necessary to pay

14 the expenses of the Commission (including ex15 penses for personnel, property, and administra16 tive services) during the period beginning on

17 the date of enactment of this Act and ending on

18 the designated transfer date;

19 (B) what personnel are appropriate to fa20 cilitate the orderly transfer of functions by this

21 Act; and

22 (C) what property and administrative serv23 ices are necessary to support the Commission

24 during the period beginning on the date of en-
53

S 1895 IS

1 actment of this Act and ending on the des2 ignated transfer date; and

3 (3) take such actions as may be necessary to

4 provide for the orderly implementation of this Act.

5 SEC. 402. FEDERAL BANKING AGENCIES’ INTERIM RESPON6 SIBILITIES.

7 (a) IN GENERAL.—When requested by the Commis8 sion to do so before the designated transfer date, the Of9 fice of the Comptroller of the Currency, the Office of

10 Thrift Supervision, the Board of Governors, and the Fed11 eral Deposit Insurance Corporation shall each—

12 (1) pay to the Commission, from funds obtained

13 by those agencies through assessments, fees, or

14 other charges that they are authorized by law to im15 pose, one-quarter of the total amount that the Com16 mission determines to be necessary under section

17 401(2)(A);

18 (2) detail to the Commission such personnel as

19 the Commission determines to be appropriate under

20 section 401(2)(B), subject to reimbursement; and

21 (3) make available to the Commission such

22 property and provide the Commission such adminis23 trative services as the Commission determines to be

24 necessary under section 401(2)(C), in each case sub25 ject to reimbursement.
54

S 1895 IS

1 (b) NOTICE REQUIRED.—The Commission shall give

2 the Office of the Comptroller of the Currency, the Office

3 of Thrift Supervision, the Board of Governors, and the

4 Federal Deposit Insurance Corporation reasonable prior

5 notice of any request that the Commission intends to make

6 under subsection (a).

7 SEC. 403. EMPLOYEES TRANSFERRED.

8 (a) IN GENERAL.—

9 (1) ALL OCC AND OTS EMPLOYEES TRANS10 FERRED.—All employees of the Office of the Comp11 troller of the Currency and the Office of Thrift Su12 pervision shall be transferred to the Commission for

13 employment.

14 (2) CERTAIN FEDERAL RESERVE SYSTEM EM15 PLOYEES TRANSFERRED.—

16 (A) IDENTIFYING EMPLOYEES FOR TRANS17 FER.—The Commission and the Board of Gov18 ernors shall—

19 (i) jointly determine the number of

20 employees of the Board necessary to per21 form or support the functions of the Board

22 of Governors that are transferred to the

23 Commission by this Act; and

24 (ii) consistent with the number deter25 mined under clause (i), jointly identify em-
55

S 1895 IS

1 ployees of the Board of Governors for

2 transfer to the Commission in a manner

3 that the Commission and the Board of

4 Governors, in their sole discretion, deem

5 equitable.

6 (B) IDENTIFIED EMPLOYEES TRANS7 FERRED.—All employees of the Board of Gov8 ernors identified under subparagraph (A)(ii)

9 shall be transferred to the Commission for em10 ployment.

11 (C) FEDERAL RESERVE BANK EMPLOY12 EES.—Employees of any Federal reserve bank

13 who, on the day before the designated transfer

14 date, are performing functions on behalf of the

15 Board of Governors shall be treated as employ16 ees of the Board of Governors for purposes of

17 subparagraphs (A) and (B).

18 (D) SPECIAL RULE FOR ANY JOINT DE19 TERMINATION BEFORE FIRST APPOINTED COM20 MISSIONER IS APPOINTED.—Until the first ap21 pointed commissioner is appointed and quali22 fied, the commissioner from the Board of Gov23 ernors shall not participate in the Commission’s

24 part of the joint determination to be made

25 under subparagraph (A).
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S 1895 IS

1 (3) CERTAIN FDIC EMPLOYEES TRANS2 FERRED.—

3 (A) IDENTIFYING EMPLOYEES FOR TRANS4 FER.—The Commission and the Board of Di5 rectors of the Federal Deposit Insurance Cor6 poration shall—

7 (i) jointly determine the number of

8 employees of that Corporation necessary to

9 perform or support the functions of the

10 Corporation that are transferred to the

11 Commission by this Act; and

12 (ii) consistent with the number deter13 mined under clause (i), jointly identify em14 ployees of the Corporation for transfer to

15 the Commission in a manner that the

16 Commission and the Board of Directors of

17 the Corporation, in their sole discretion,

18 deem equitable.

19 (B) IDENTIFIED EMPLOYEES TRANS20 FERRED.—All employees of the Corporation

21 identified under subparagraph (A)(ii) shall be

22 transferred to the Commission for employment.

23 (4) CERTAIN FFIEC EMPLOYEES TRANS24 FERRED.—All employees of the Federal Financial

25 Institutions Examination Council, other than the
57

S 1895 IS

1 employees of the Appraisal Committee (as redesig2 nated by section 205 of this Act), shall be trans3 ferred to the Commission for employment.

4 (b) TIMING OF TRANSFERS AND POSITION ASSIGN5 MENTS.—Each employee to be transferred under this sec6 tion shall—

7 (1) be transferred not later than 90 days after

8 the designated transfer date; and

9 (2) receive notice of his or her position assign10 ment not later than 120 days after the effective date

11 of his or her transfer.

12 (c) TRANSFER OF FUNCTION.—

13 (1) IN GENERAL.—Notwithstanding any other

14 provision of law, the transfer of employees shall be

15 deemed a transfer of functions for the purpose of

16 section 3503 of title 5, United States Code.

17 (2) PRIORITY OF THIS ACT.—If any protection

18 provided under this Act conflicts with any protection

19 provided to transferred employees under section

20 3503 of title 5, United States Code, the provisions

21 of this Act shall control.

22 (d) EMPLOYEES’ STATUS AND ELIGIBILITY.—

23 (1) EMPLOYEES OF ABOLISHED AGENCIES.—

24 The transfer of functions and employees under this

25 Act, and the abolition of the Office of the Comptrol-
58

S 1895 IS

1 ler of the Currency, the Office of Thrift Supervision,

2 and the Federal Financial Institutions Examination

3 Council, shall not affect the status of the transferred

4 employees as employees of an agency of the United

5 States under any provision of law.

6 (2) NON-CITIZEN EMPLOYEES.—Non-citizen

7 employees transferred under this section shall, while

8 employed by the Commission, be eligible for competi9 tive appointments if other employees performing the

10 same functions receive competitive appointments.

11 (e) EQUAL STATUS AND TENURE POSITIONS.—

12 (1) EMPLOYEES TRANSFERRED FROM OCC, OTS,

13 FDIC, AND FFIEC.—Each employee transferred from

14 the Office of the Comptroller of the Currency, the

15 Office of Thrift Supervision, the Federal Deposit In16 surance Corporation, or the Federal Financial Insti17 tutions Examination Council shall be placed in a po18 sition with the same status and tenure as that held

19 on the day before the designated transfer date.

20 (2) EMPLOYEES TRANSFERRED FROM THE

21 FEDERAL RESERVE SYSTEM.—

22 (A) COMPARABILITY.—Each employee

23 transferred from the Board of Governors or

24 from a Federal reserve bank shall be placed in

25 a position with the same status and tenure as
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1 that of employees transferring to the Commis2 sion from the Office of the Comptroller of the

3 Currency who perform similar functions and

4 have similar periods of service.

5 (B) SERVICE PERIODS CREDITED.—For

6 purposes of this paragraph, periods of service

7 with the Board of Governors or a Federal re8 serve bank shall be credited as periods of serv9 ice with a Federal agency.

10 (f) ADDITIONAL CERTIFICATION REQUIREMENTS

11 LIMITED.—Examiners transferred to the Commission

12 shall not be subject to any additional training or certifi13 cation requirements before being placed in a comparable

14 examiner’s position at the Commission examining the

15 same types of institutions as they examined before they

16 were transferred.

17 (g) PERSONNEL ACTIONS LIMITED.—

18 (1) 1-YEAR PROTECTION.—Except as provided

19 in paragraph (2), each transferred employee holding

20 a permanent position shall not, during the 1-year pe21 riod beginning on the designated transfer date, be

22 involuntarily separated, or involuntarily reassigned

23 outside his or her local commuting area.

24 (2) EXCEPTIONS.—Paragraph (1) does not

25 limit the Commission’s right to—
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S 1895 IS

1 (A) separate an employee for cause or for

2 unacceptable performance;

3 (B) terminate an appointment to a position

4 excepted from the competitive service because of

5 its confidential policy-making, policy-determin6 ing, or policy-advocating character; or

7 (C) reassign a supervisory employee out8 side his or her local commuting area when the

9 Commission determines that the reassignment

10 is necessary for the Commission’s efficient oper11 ation.

12 (h) PAY.—

13 (1) 1-YEAR PROTECTION.—Except as provided

14 in paragraph (2), each transferred employee shall,

15 during the 1-year period beginning on the des16 ignated transfer date, receive pay at a rate not less

17 than the basic rate of pay (including any geographic

18 differential) that the employee received during the 1-

19 year period immediately before the transfer.

20 (2) EXCEPTIONS.—Paragraph (1) does not

21 limit the Commission’s right to reduce a transferred

22 employee’s rate of basic pay—

23 (A) for cause;

24 (B) for unacceptable performance; or

25 (C) with the employee’s consent.
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S 1895 IS

1 (3) PROTECTION ONLY WHILE EMPLOYED.—

2 Paragraph (1) applies to a transferred employee

3 only while that employee remains employed by the

4 Commission.

5 (4) PAY INCREASES PERMITTED.—Paragraph

6 (1) does not limit the authority of the Commission

7 to increase a transferred employee’s pay.

8 (i) REORGANIZATION.—

9 (1) BETWEEN 1ST AND 3RD YEAR.—

10 (A) IN GENERAL.—If the Commission de11 termines, during the period beginning 1 year

12 after the designated transfer date and ending 3

13 years after the designated transfer date, that a

14 reorganization of the Commission’s staff is re15 quired—

16 (i) that reorganization shall be

17 deemed a ‘‘major reorganization’’ for pur18 poses of affording affected employees re19 tirement under section 8336(d) or

20 8414(b)(1)(B) of title 5, United States

21 Code;

22 (ii) before the reorganization occurs,

23 all employees in the same commuting area

24 shall be placed in a uniform position classi25 fication system; and
62

S 1895 IS

1 (iii) any resulting reduction in force

2 shall be governed by the provisions of

3 chapter 35 of title 5, United States Code,

4 except that the Commission shall—

5 (I) establish competitive areas

6 (as that term is defined in regulations

7 issued by the Office of Personnel

8 Management) to include at a mini9 mum all employees in the same com10 muting area;

11 (II) establish competitive levels

12 (as that term is defined in regulations

13 issued by the Office of Personnel

14 Management) without regard to

15 whether the particular employees have

16 been appointed to positions in the

17 competitive service or the excepted

18 service; and

19 (III) afford employees appointed

20 to positions in the excepted service

21 (other than to a position excepted

22 from the competitive service because

23 of its confidential policy-making, pol24 icy-determining, or policy-advocating

25 character) the same assignment rights
63

S 1895 IS

1 to positions within the Commission as

2 employees appointed to positions in

3 the competitive service.

4 (B) SERVICE CREDIT FOR REDUCTIONS IN

5 FORCE.—For purposes of this paragraph, peri6 ods of service with a Federal home loan bank,

7 a joint office of the Federal home loan banks,

8 the Board of Governors, a Federal reserve

9 bank, the Federal Deposit Insurance Corpora10 tion, or the Federal Financial Institutions Ex11 amination Council shall be credited as periods

12 of service with a Federal agency.

13 (2) AFTER 3RD YEAR.—

14 (A) IN GENERAL.—If the Commission de15 termines, at any time after the 3-year period

16 beginning on the designated transfer date, that

17 a reorganization of the Commission’s staff is re18 quired, any resulting reduction in force shall be

19 governed by the provisions of chapter 35 of title

20 5, United States Code, except that the Commis21 sion shall—

22 (i) establish competitive levels (as that

23 term is defined in regulations issued by the

24 Office of Personnel Management) without

25 regard to types of appointment held by
64

S 1895 IS

1 particular employees transferred under this

2 section; and

3 (ii) afford employees transferred

4 under this section who were appointed to

5 positions in the excepted service (other

6 than to a position excepted from the com7 petitive service because of its confidential

8 policy-making, policy-determining, or pol9 icy-advocating character) the same assign10 ment rights to positions within the Com11 mission as employees appointed to posi12 tions in the competitive service.

13 (B) SERVICE CREDIT FOR REDUCTIONS IN

14 FORCE.—For purposes of this paragraph, peri15 ods of service with a Federal home loan bank,

16 a joint office of the Federal home loan banks,

17 the Board of Governors, a Federal reserve

18 bank, the Federal Deposit Insurance Corpora19 tion, or the Federal Financial Institutions Ex20 amination Council shall be credited as periods

21 of service with a Federal agency.

22 (j) BENEFITS.—

23 (1) RETIREMENT BENEFITS FOR TRANSFERRED

24 EMPLOYEES.—

25 (A) IN GENERAL.—
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S 1895 IS

1 (i) CONTINUATION OF EXISTING RE2 TIREMENT PLAN.—Except as provided in

3 subparagraph (B), each transferred em4 ployee shall remain enrolled in his or her

5 existing retirement plan as long as he or

6 she remains employed by the Commission.

7 (ii) EMPLOYER’S CONTRIBUTION.—

8 The Commission shall pay any employer

9 contributions to the existing retirement

10 plan of each transferred employee as re11 quired under that plan.

12 (B) OPTION FOR EMPLOYEES TRANS13 FERRED FROM FEDERAL RESERVE SYSTEM OR

14 FFIEC TO BE SUBJECT TO FEDERAL EMPLOYEE

15 RETIREMENT PROGRAM.—

16 (i) ELECTION.—Any transferred em17 ployee who was enrolled in a Federal Re18 serve System retirement plan on the day

19 before his or her transfer to the Commis20 sion may, during the period beginning 6

21 months after the designated transfer date

22 and ending 1 year after the designated

23 transfer date, elect to be subject to the

24 Federal employee retirement program.
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S 1895 IS

1 (ii) EFFECTIVE DATE OF COV2 ERAGE.—For any employee making an

3 election under clause (i), coverage by the

4 Federal employee retirement program shall

5 begin 1 year after the designated transfer

6 date.

7 (C) COMMISSION PARTICIPATION IN FED8 ERAL RESERVE SYSTEM RETIREMENT PLAN.

9 (i) SEPARATE ACCOUNT IN FEDERAL

10 RESERVE SYSTEM RETIREMENT PLAN ES11 TABLISHED.—A separate account in the

12 Federal Reserve System retirement plan

13 shall be established for Commission em14 ployees who do not make the election

15 under subparagraph (B).

16 (ii) FUNDS ATTRIBUTABLE TO TRANS17 FERRED EMPLOYEES REMAINING IN FED18 ERAL RESERVE SYSTEM RETIREMENT

19 PLAN TRANSFERRED.—The proportionate

20 share of funds in the Federal Reserve Sys21 tem retirement plan, including the propor22 tionate share of any funding surplus in

23 that plan, attributable to a transferred em24 ployee who does not make the election

25 under subparagraph (B), shall be trans-
67

S 1895 IS

1 ferred to the account established under

2 clause (i).

3 (iii) EMPLOYER CONTRIBUTIONS DE4 POSITED.—The Commission shall deposit

5 into the account established under clause

6 (i) the employer contributions that the

7 Commission makes on behalf of employees

8 who do not make the election under sub9 paragraph (B).

10 (iv) ACCOUNT ADMINISTRATION.—The

11 Commission shall administer the account

12 established under clause (i) as a participat13 ing employer in the Federal Reserve Sys14 tem retirement plan.

15 (D) DEFINITIONS.—For purposes of this

16 paragraph, the following definitions shall apply:

17 (i) The term ‘‘existing retirement

18 plan’’ means, with respect to any employee

19 transferred under this section, the particu20 lar retirement plan (including the Finan21 cial Institutions Retirement Fund) and any

22 associated thrift savings plan of the agency

23 or Federal reserve bank from which the

24 employee was transferred, which the em-
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S 1895 IS

1 ployee was enrolled in on the day before

2 the designated transfer date.

3 (ii) The term ‘‘Federal employee re4 tirement program’’ means the retirement

5 program for Federal employees established

6 by chapters 83 and 84 of title 5, United

7 States Code.

8 (2) BENEFITS OTHER THAN RETIREMENT BEN9 EFITS.—

10 (A) FOR TRANSFERRED EMPLOYEES.—

11 (i) DURING 1ST YEAR.—

12 (I) EXISTING PLANS CON13 TINUE.—Each transferred employee

14 may, for 1 year after the designated

15 transfer date, retain membership in

16 any other employee benefit program of

17 the agency or bank from which the

18 employee transferred, including a

19 health or life insurance program, to

20 which the employee belonged on the

21 day before the designated transfer

22 date.

23 (II) COMMISSION’S CONTRIBU24 TION.—The Commission shall reim25 burse the agency or bank from which
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S 1895 IS

1 an employee was transferred for any

2 cost incurred by that agency or bank

3 in continuing to extend coverage in

4 the benefit program to the employee.

5 (ii) AFTER 1ST YEAR.—If, after the 1-

6 year period beginning on the designated

7 transfer date, the Commission decides not

8 to continue participation in any health or

9 life insurance program of an agency or

10 bank from which employees transferred, a

11 transferred employee who is a member of

12 such a program may, before the Commis13 sion’s decision takes effect, elect to enroll

14 in—

15 (I) the Federal Employees

16 Health Benefits Program established

17 by chapter 89 of title 5, United States

18 Code, without regard to any regularly

19 scheduled open season and notwith20 standing health conditions pre-existing

21 at the time; and

22 (II) the Federal Employees

23 Group Life Insurance Program estab24 lished by chapter 87 of title 5, United

25 States Code, without regard to any
70

S 1895 IS

1 regularly scheduled open season and

2 requirement of insurability.

3 (B) OCC AND OTS RETIREES AND NEAR4 RETIREES.—

5 (i) SPECIAL PROVISIONS TO ENSURE

6 CONTINUATION OF HEALTH BENEFITS.—

7 (I) IN GENERAL.—An individual

8 covered by a health benefit plan ad9 ministered by the Office of the Comp10 troller of the Currency or the Office of

11 Thrift Supervision on the day before

12 the designated transfer date, who is—

13 (aa) an annuitant (as de14 fined in section 8901(3) of title

15 5, United States Code);

16 (bb) eligible for temporary

17 continuation of coverage under

18 section 8905a of title 5, United

19 States Code; or

20 (cc) a dependent child of an

21 employee transferred under this

22 section or of an individual de23 scribed in subclauses (aa) or

24 (bb);
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1 shall be eligible for enrollment in a

2 health benefits plan under chapter 89

3 of title 5, United States Code, not4 withstanding sections 8905(b) and

5 8905a(b)(2)(B) of title 5, United

6 States Code, or in a health benefits

7 plan established by the Commission,

8 without regard to any regularly sched9 uled open season and notwithstanding

10 health conditions pre-existing at the

11 time of such enrollment. An individual

12 described in subclause (I)(cc) shall be

13 eligible for health benefits under this

14 subparagraph only during the period

15 for which the individual would have

16 been eligible for coverage under the

17 health benefits plan under which he or

18 she was covered on the day before the

19 designated transfer date.

20 (II) EMPLOYEE’S CONTRIBU21 TION.—An individual entitled to enroll

22 in a health benefits plan under this

23 subparagraph shall pay any employee

24 contribution required by the plan.
72

S 1895 IS

1 (III) ADDITIONAL FUNDING.—

2 The Commission shall transfer to the

3 Federal Employees Health Benefits

4 Fund established under section 8909

5 of title 5, United States Code, an

6 amount determined by the Director of

7 the Office of Personnel Management,

8 after consultation with the Commis9 sion and the Office of Management

10 and Budget, to be necessary to reim11 burse the Fund for the cost to the

12 Fund of providing benefits under this

13 subparagraph not otherwise paid for

14 by the employee under subclause (II).

15 (IV) CREDIT FOR TIME EN16 ROLLED IN OTHER PLANS.—For em17 ployees transferred under this section,

18 enrollment in a health benefits plan

19 administered by the Office of the

20 Comptroller of the Currency, the Offi21 cer of Thrift Supervision, the Federal

22 Deposit Insurance Corporation, the

23 Board of Governors, a Federal reserve

24 bank, or the Commission immediately

25 prior to enrollment in a health bene-
73

S 1895 IS

1 fits plan under chapter 89 of title 5,

2 United States Code, shall be consid3 ered as enrollment in a health benefits

4 plan under that chapter for purposes

5 of section 8905(b)(1)(A) of title 5,

6 United States Code.

7 (ii) SPECIAL PROVISIONS TO ENSURE

8 CONTINUATION OF LIFE INSURANCE BENE9 FITS.—

10 (I) IN GENERAL.—An annuitant

11 (as defined in section 8901(3) of title

12 5, United States Code) who is enrolled

13 in a life insurance plan administered

14 by the Office of the Comptroller of the

15 Currency or the Office of Thrift Su16 pervision on the day before the des17 ignated transfer date shall be eligible

18 for coverage by a life insurance plan

19 under section 8706(b), 8714a, 8714b,

20 and 8714c of title 5, United States

21 Code, or in a life insurance plan es22 tablished by the Commission, without

23 regard to any regularly scheduled

24 open season and requirement of insur25 ability.
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1 (II) EMPLOYEE CONTRIBU2 TION.—An individual entitled to enroll

3 in a life insurance plan under this

4 clause shall pay an employee contribu5 tion required by the plan.

6 (III) ADDITIONAL FUNDING.—

7 The Commission shall transfer to the

8 Employees’ Life Insurance Fund es9 tablished under section 8714 of title

10 5, United States Code, an amount de11 termined by the Director of the Office

12 of Personnel Management, after con13 sultation with the Commission and

14 the Office of Management and Budg15 et, to be necessary to reimburse the

16 Fund for the cost to the Fund of pro17 viding benefits under this subpara18 graph not otherwise paid for by the

19 employee under subclause (II).

20 (IV) CREDIT FOR TIME EN21 ROLLED IN OTHER PLANS.—For em22 ployees transferred under this section,

23 enrollment in a life insurance plan ad24 ministered by the Office of the Comp25 troller of the Currency, the Office of
75

S 1895 IS

1 Thrift Supervision, the Federal De2 posit Insurance Corporation, the

3 Board of Governors, a Federal reserve

4 bank, or the Commission immediately

5 prior to enrollment in a life insurance

6 plan under chapter 87 of title 5, Unit7 ed States Code, shall be considered as

8 enrollment in a life insurance plan

9 under that chapter for purposes of

10 section 8706(b)(1)(A) of title 5, Unit11 ed States Code.

12 (k) IMPLEMENTATION OF UNIFORM PAY AND CLAS13 SIFICATION SYSTEM.—Not later than 2 years after the

14 designated transfer date, the Commission shall implement

15 a uniform pay and classification system for all transferred

16 employees.

17 (l) EQUITABLE TREATMENT.—In administering the

18 provisions of this section, the Commission—

19 (1) shall take no action that would unfairly dis20 advantage transferred employees relative to each

21 other based on their prior employment by the Office

22 of the Comptroller of the Currency, the Office of

23 Thrift Supervision, the Federal Deposit Insurance

24 Corporation, a Federal home loan bank, a joint of25 fice of the Federal home loan banks, the Board of
76

S 1895 IS

1 Governors, a Federal reserve bank, or the Federal

2 Financial Institutions Examination Council; and

3 (2) may take such action as is appropriate in

4 individual cases so that employees transferred under

5 this section receive equitable treatment, with respect

6 to those employees’ status, tenure, pay, benefits

7 (other than benefits under programs administered by

8 the Office of Personnel Management), and accrued

9 leave or vacation time, for prior periods of service

10 with any Federal agency, a Federal home loan bank,

11 a joint office of the Federal home loan banks, the

12 Board of Governors, a Federal reserve bank, the

13 Federal Deposit Insurance Corporation, or the Fed14 eral Financial Institutions Examination Council.

15 (m) NO PRIVATE RIGHT OF ACT.—This section does

16 not provide any transferred employee with any right of

17 action to require the Commission or any officer or em18 ployee of the Commission to take any action under this

19 section.

20 SEC. 404. PROPERTY TRANSFERRED.

21 (a) IN GENERAL.—

22 (1) OCC AND OTS PROPERTY.—Not later than

23 90 days after the designated transfer date, all prop24 erty of the Office of the Comptroller of the Currency
77

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1 and the Office of Thrift Supervision shall be trans2 ferred to the Commission.

3 (2) FEDERAL RESERVE SYSTEM PROPERTY.—

4 (A) IN GENERAL.—Not later than 90 days

5 after the designated transfer date, all property

6 of the Board of Governors that, on the day be7 fore the designated transfer date, is used to

8 perform or support the functions of the Board

9 of Governors transferred to the Commission by

10 this Act, shall be transferred to the Commis11 sion.

12 (B) FEDERAL RESERVE BANK PROP13 ERTY.—Property of any Federal reserve bank

14 that, on the day before the designated transfer

15 date, is used to perform or support the func16 tions of the Board of Governors transferred to

17 the Commission by this Act, shall be treated as

18 property of the Board of Governors for pur19 poses of subparagraph (A).

20 (3) FDIC PROPERTY.—Not later than 90 days

21 after the designated transfer date, all property of

22 the Corporation that, on the day before the des23 ignated transfer date, is used to perform or support

24 the functions of the Corporation transferred to the
78

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1 Commission by this Act, shall be transferred to the

2 Commission.

3 (b) CONTRACTS RELATED TO PROPERTY TRANS4 FERRED.—All contracts, agreements, leases, licenses, per5 mits, and similar arrangements relating to property trans6 ferred to the Commission by this section shall be trans7 ferred to the Commission together with that property.

8 (c) PRESERVATION OF PROPERTY.—Property identi9 fied for transfer under this section shall not be altered,

10 destroyed, or deleted before transfer under this section.

11 (d) PROPERTY DEFINED.—For purposes of this sec12 tion, the term ‘‘property’’ includes all real property (in13 cluding leaseholds) and all personal property (including

14 computers, furniture, fixtures, equipment, books, ac15 counts, records, reports, files, memoranda, paper, reports

16 of examination, work papers and correspondence related

17 to such reports, and any other information or materials).

18 SEC. 405. FUNDS TRANSFERRED.

19 Except to the extent needed to dispose of affairs

20 under section 406, all funds that, on the day before the

21 designated transfer date, are available to the Comptroller

22 of the Currency and the Director of the Office of Thrift

23 Supervision to pay the expenses of the Office of the Comp24 troller of the Currency and the Office of Thrift Super-
79

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1 vision shall be transferred to the Commission on the des2 ignated transfer date.

3 SEC. 406. DISPOSITION OF AFFAIRS.

4 (a) IN GENERAL.—During the 90-day period begin5 ning on the designated transfer date, the Comptroller of

6 the Currency, the Director of the Office of Thrift Super7 vision, the Board of Governors, and the Board of Direc8 tors of the Federal Deposit Insurance Corporation—

9 (1) shall, solely for the purpose of winding up

10 the affairs of their respective agencies related to any

11 function transferred to the Commission by this

12 Act—

13 (A) manage the employees of those agen14 cies and provide for the payment of the com15 pensation and benefits of any such employee

16 that accrue before the designated transfer date;

17 and

18 (B) manage any property of those agencies

19 until the property is transferred under section

20 404; and

21 (2) take any other action necessary to wind up

22 the affairs of their respective agencies relating to the

23 transferred functions.

24 (b) AUTHORITY AND STATUS OF EXECUTIVES.—
80

S 1895 IS

1 (1) IN GENERAL.—Notwithstanding the trans2 fers of functions under this Act, the Comptroller of

3 the Currency, the Director of the Office of Thrift

4 Supervision, the Board of Governors, and the Board

5 of Directors of the Federal Deposit Insurance Cor6 poration shall, during the 90-day period beginning

7 on the designated transfer date, retain and may ex8 ercise any authority vested in those persons on the

9 day before the designated transfer date that is nec10 essary to carry out the requirements of this Act dur11 ing that period.

12 (2) OTHER PROVISIONS.—For purposes of

13 paragraph (1), the Comptroller of the Currency and

14 the Director of the Office of Thrift Supervision

15 shall, during the 90-day period beginning on the des16 ignated transfer date, continue to be—

17 (A) treated as officers of the United

18 States; and

19 (B) entitled to receive compensation at the

20 same annual rate of basic pay that they were

21 receiving on the day before the designated

22 transfer date.

23 SEC. 407. CONTINUATION OF SERVICES.

24 Any agency, department, or other instrumentality of

25 the United States, and any successor to any such agency,
81

S 1895 IS

1 department, or instrumentality, that was, before the des2 ignated transfer date, providing support services to the

3 Office of the Comptroller of the Currency, the Office of

4 Thrift Supervision, the Board of Governors, or the Fed5 eral Deposit Insurance Corporation in connection with

6 functions to be transferred to the Commission, shall—

7 (1) continue to provide those services, subject to

8 reimbursement, until the transfer of those functions

9 is complete; and

10 (2) consult with any such agency to coordinate

11 and facilitate a prompt and orderly transition.

12 TITLE V—CONFORMING AMENDMENTS TO

13 FEDERAL DEPOSIT INSURANCE ACT

14 SEC. 501. AMENDMENTS TO SECTION 2.

15 Section 2 of the Federal Deposit Insurance Act (12

16 U.S.C. 1812) is amended—

17 (a) in subsection (a)(1)—

18 (1) in subparagraph (A), by striking

19 ‘‘Comptroller of the Currency’’ and inserting

20 ‘‘Chairperson of the Federal Banking Commis21 sion’’; and

22 (2) in subparagraph (B), by striking ‘‘Di23 rector of the Office of Thrift Supervision’’ and

24 inserting ‘‘Secretary of the Treasury (or the

25 Secretary’s designee)’’;
82

S 1895 IS

1 (b) by amending subsection (d)(2) to read as

2 follows:

3 ‘‘(2) ACTING OFFICIALS MAY SERVE.—In the event

4 of a vacancy in the office of the Chairperson of the Federal

5 Banking Commission and pending the appointment of a

6 successor, or during the absence or disability of the Chair7 person, the acting Chairperson of the Federal Banking

8 Commission shall be a member of the Board of Directors

9 in the place of the Chairperson of the Federal Banking

10 Commission. In the event of a vacancy in the office of the

11 Secretary of the Treasury and pending the appointment

12 of a successor, or during the absence or disability of the

13 Secretary, the Deputy Secretary of the Treasury, or his

14 or her designee, shall be a member of the Board of Direc15 tors in the place of the Secretary of the Treasury.’’; and

16 (c) in subsection (f)(2), by striking ‘‘Office of

17 the Comptroller of the Currency or of the Office of

18 Thrift Supervision’’ and inserting ‘‘Federal Banking

19 Commission or the Department of the Treasury’’.

20 SEC. 502. AMENDMENTS TO SECTION 3.

21 Section 3 of the Federal Deposit Insurance Act (12

22 U.S.C. 1813) is amended—

23 (a) in subsection (b)(1)(C), by striking ‘‘Direc24 tor of the Office of Thrift Supervision’’ and insert25 ing ‘‘Commission’’;
83

S 1895 IS

1 (b) in subsection (l)(5), in the introductory text,

2 by striking ‘‘Comptroller of the Currency, Director

3 of the Office of Thrift Supervision,’’ and inserting

4 ‘‘Commission,’’;

5 (c) by amending subsection (q) to read as

6 follows:

7 ‘‘(q) COMMISSION.—The term ‘Commission’ means

8 the Federal Banking Commission.’’;

9 (d) in subsection (u)—

10 (1) in paragraph (2), by striking ‘‘appro11 priate Federal banking agency and inserting

12 ‘‘Commission,’’; and

13 (2) in paragraph (3), by striking ‘‘appro14 priate Federal banking agency and inserting

15 ‘‘Commission’’;

16 (e) in subsection (x)—

17 (1) in paragraph (1), by striking ‘‘appro18 priate Federal banking agency and inserting

19 ‘‘Commission,’’; and

20 (2) in paragraph (2)—

21 (A) by striking ‘‘appropriate Federal

22 banking agency’’ the first place it appears

23 and inserting ‘‘Commission’’; and

24 (B) by striking ‘‘(or, if the appro25 priate Federal banking agency is the Cor-
84

S 1895 IS

1 poration, the Corporation has deter2 mined)’’; and

3 (f) by amending subsection (z) to read as fol4 lows:

5 ‘‘(z) FEDERAL BANKING AGENCY.—The term ‘Fed6 eral banking agency’ means the Federal Deposit Insurance

7 Corporation, the Federal Banking Commission, or the

8 Board of Governors of the Federal Reserve System.’’.

9 SEC. 503. AMENDMENTS TO SECTION 5.

10 Section 5 of the Federal Deposit Insurance Act (12

11 U.S.C. 1815) is amended—

12 (a) in subsection (a)—

13 (1) in paragraph (2)—

14 (A) by striking ‘‘appropriate Federal

15 banking agency’’ and inserting ‘‘Commis16 sion’’; and

17 (B) by striking ‘‘agency’’ and insert18 ing ‘‘Commission’’; and

19 (2) in paragraph (5), by striking ‘‘appro20 priate Federal banking agency’’ and inserting

21 ‘‘Commission’’;

22 (b) in subsection (d)(3)—

23 (1) in subparagraph (A)—

24 (A) by striking ‘‘(i)’’; and

25 (B) by striking clause (ii);
85

S 1895 IS

1 (2) in subparagraph (E)—

2 (A) by amending clause (i) to read as

3 follows:

4 ‘‘(i) FACTORS TO BE CONSIDERED; APPROVAL

5 PROCESS.—In reviewing any application for a proposed

6 transaction under subparagraph (A), the Commission

7 shall follow the procedures and consider the factors set

8 forth in section 18(c) of this Act.’’;

9 (B) in clause (ii), by striking ‘‘respon10 sible agency or Board’’ and inserting

11 ‘‘Commission’’;

12 (C) in clause (iv)—

13 (i) by striking ‘‘responsible agen14 cy and the appropriate Federal bank15 ing agency for any depository institu16 tion holding company,’’ and inserting

17 ‘‘Commission’’; and

18 (ii) by striking ‘‘each such agen19 cy’’ and inserting ‘‘the Commission’’;

20 (3) in subparagraph (F), by deleting

21 ‘‘Board’’ each place it appears and inserting

22 ‘‘Commission; and’’; and

23 (4) by striking subparagraphs (G) and (K)

24 and redesignating subparagraphs (H), (I), and
86

S 1895 IS

1 (J), as subparagraphs (g), (H), and (I), respec2 tively; and

3 (c) in subsection (e)(2)(B), by striking ‘‘appro4 priate Federal banking agency’’ and inserting ‘‘Com5 mission’’.

6 SEC. 504. AMENDMENTS TO SECTION 7.

7 Section 7 of the Federal Deposit Insurance Act (12

8 U.S.C. 1817) is amended—

9 (a) in subsection (a)—

10 (1) in paragraph (1)—

11 (A) by striking ‘‘Corporation’’ each

12 place it appears and inserting ‘‘Commis13 sion’’;

14 (B) by striking ‘‘Board of Directors’’

15 each place it appears and inserting ‘‘Com16 mission’’; and

17 (C) in the third sentence, by striking

18 ‘‘Board’’ and inserting ‘‘Commission’’;

19 (2) in paragraph (2)—

20 (A) in subparagraph (A)—

21 (i) in the first sentence, by strik22 ing ‘‘Comptroller of the Currency, the

23 Director of the Office of Thrift Super24 vision’’ and inserting ‘‘Commission’’;

25 and
87

S 1895 IS

1 (ii) in the second sentence—

2 (I) by striking ‘‘Comptroller

3 of the Currency, the Director of

4 the Office of Thrift Supervision’’

5 and inserting ‘‘Commission’’; and

6 (II) by striking ’’, and re7 ports of condition made to,’’; and

8 (B) in subparagraph (B), by striking

9 ‘‘Comptroller of the Currency, the Board

10 of Governors of the Federal Reserve Sys11 tem, and the Director of the Office of

12 Thrift Supervision, as appropriate,’’ and

13 inserting ‘‘Commission,’’;

14 (3) in the first sentence of paragraph

15 (3)—

16 (A) by striking ‘‘appropriate Federal

17 banking agency’’ and inserting ‘‘Commis18 sion’’; and

19 (B) by striking ‘‘Chairman of the

20 Board of Directors, the Comptroller of the

21 Currency, the Chairman of the Board of

22 Governors of the Federal Reserve System,

23 and the Chairman of the Director of the

24 Office of Thrift Supervision’’ and inserting
88

S 1895 IS

1 ‘‘Chairperson of the Board of Directors

2 and the Chairperson of the Commission’’;

3 (4) in paragraph (7), by striking ‘‘Comp4 troller of the Currency, the Director of the Of5 fice of Thrift Supervision, and the Board of

6 Governors of the Federal Reserve System,’’ and

7 inserting ‘‘Commission’’; and

8 (5) in paragraph (8), by striking ‘‘the

9 Comptroller of the Currency, as the case may

10 be,’’ and inserting ‘‘Commission’’;

11 (b) in subsection (j)—

12 (1) in paragraph (1)—

13 (A) in the first sentence, by striking

14 ‘‘appropriate Federal banking agency’’ and

15 inserting ‘‘Commission’’;

16 (B) by striking ‘‘agency’’ each place it

17 appears and inserting ‘‘Commission’’; and

18 (C) in subparagraph (B), by striking

19 ‘‘agency’s’’ and inserting ‘‘Commission’s’’;

20 (2) in paragraph (2)—

21 (A) in subparagraph (A)—

22 (i) by striking ‘‘appropriate Fed23 eral banking agency’’ each place it ap24 pears and inserting ‘‘Commission’’;

25 and
89

S 1895 IS

1 (ii) by striking ‘‘such Federal

2 banking agency’’ each place it appears

3 and inserting ‘‘the Commission’’;

4 (B) in subparagraph (B), by striking

5 ‘‘appropriate Federal banking agency’’ and

6 inserting ‘‘Commission’’;

7 (C) in subparagraph (C)—

8 (i) by striking ‘‘appropriate Fed9 eral banking agency’’ and inserting

10 ‘‘Commission’’; and

11 (ii) by striking ‘‘agency’’ and in12 serting ‘‘Commission’’; and

13 (D) in subparagraph (D)—

14 (i) by striking ‘‘appropriate Fed15 eral banking agency’’ and inserting

16 ‘‘Commission’’;

17 (ii) by striking ‘‘such agency’’

18 and inserting ‘‘the Commission’’; and

19 (iii) by striking ‘‘agency’’ and in20 serting ‘‘Commission’’;

21 (3) in paragraph (3) by striking ‘‘appro22 priate Federal banking agency’’ and inserting

23 ‘‘Commission’’;
90

S 1895 IS

1 (4) in paragraph (4), by striking ‘‘appro2 priate Federal banking agency’’ each place it

3 appears and inserting ‘‘the Commission’’;

4 (5) in paragraph (5), by striking ‘‘appro5 priate Federal banking agency’’ each place it

6 appears and inserting ‘‘Commission’’;

7 (6) in paragraph (6)—

8 (A) in the introductory text, by strik9 ing ‘‘appropriate Federal banking agency’’

10 and inserting ‘‘the Commission’’; and

11 (B) in subparagraph (H), by striking

12 ‘‘appropriate Federal banking agency’’ and

13 inserting ‘‘Commission’’;

14 (7) in paragraph (7)—

15 (A) in the introductory text, by strik16 ing ‘‘appropriate Federal banking agency’’

17 and inserting ‘‘Commission’’;

18 (B) in subparagraph (E), by striking

19 ‘‘appropriate Federal banking agency’’

20 each place it appears and inserting ‘‘Com21 mission’’; and

22 (C) in subparagraph (F), by striking

23 ‘‘appropriate Federal banking agency’’ and

24 inserting ‘‘Commission’’;

25 (8) in paragraph (9)—
91

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1 (A) in subparagraph (A), by striking

2 ‘‘appropriate Federal banking agency for

3 such insured depository institution’’ and

4 inserting ‘‘Commission’’;

5 (B) in subparagraph (D)—

6 (i) by striking clause (iii);

7 (ii) in clause (iv)—

8 (I) by striking ‘‘Each appro9 priate Federal banking agency’’

10 and inserting ‘‘The Commission’’;

11 and

12 (II) by striking ‘‘agency’s’’

13 and inserting ‘‘Commission’s’’;

14 and

15 (iii) by redesignating clause (iv)

16 as clause (iii); and

17 (C) in subparagraph (E), by striking

18 ‘‘appropriate Federal banking agency for

19 the insured depository institution’’ each

20 place it appears and inserting ‘‘Commis21 sion’’;

22 (9) in paragraph (10), by striking ‘‘appro23 priate Federal banking agency’’ and inserting

24 ‘‘the Commission’’;
92

S 1895 IS

1 (10) by amending paragraph (11) to read

2 as follows:

3 ‘‘(11) The Commission shall immediately furnish to

4 the Corporation a copy of any notice or report filed pursu5 ant to paragraph (1).’’;

6 (11) in paragraph (12), by striking ‘‘ap7 propriate Federal banking agency’’ and insert8 ing ‘‘Commission’’;

9 (12) in paragraph (13), by striking ‘‘ap10 propriate Federal banking agencies are’’ and in11 serting ‘‘Commission is’’;

12 (13) in paragraph (14)—

13 (A) by striking ‘‘each appropriate

14 Federal banking agency’s’’ and inserting

15 ‘‘the Commission’s’’; and

16 (B) by striking ‘‘appropriate Federal

17 banking agency’’ each place it appears and

18 inserting ‘‘Commission’’;

19 (14) in paragraph (15)—

20 (A) in subparagraph (A), by striking

21 ‘‘appropriate Federal banking agency’’

22 each place it appears and inserting ‘‘Com23 mission’’;

24 (B) in subparagraph (B)—
93

S 1895 IS

1 (i) by striking ‘‘appropriate Fed2 eral banking agency’’ and inserting

3 ‘‘Commission’’; and

4 (ii) by striking ‘‘agency’’ and in5 serting ‘‘Commission’’; and

6 (C) in subparagraph (C), by striking

7 ‘‘appropriate Federal banking agency’’ and

8 inserting ‘‘Commission’’;

9 (15) in paragraph (16)—

10 (A) in subparagraph (A), by striking

11 ‘‘appropriate Federal banking agency’’ and

12 inserting ‘‘Commission’’; and

13 (B) in subparagraph (E), by striking

14 ‘‘appropriate Federal banking agency’’ and

15 inserting ‘‘Commission’’;

16 (16) by redesignating paragraphs (12)

17 through (18) as paragraphs (11) through (17);

18 (d) in subsection (k)—

19 (1) in the heading, by striking ‘‘FEDERAL

20 BANKING AGENCY’’ and inserting ‘‘COMMIS21 SION’’; and

22 (2) in the introductory text, by striking

23 ‘‘appropriate Federal banking agencies are’’

24 and inserting ‘‘Commission is’’; and

25 (e) by striking subsection (n).
94

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1 SEC. 505. AMENDMENTS TO SECTION 8.

2 Section 8 of the Federal Deposit Insurance Act (12

3 U.S.C. 1818) is amended—

4 (a) in subsection (a)—

5 (1) in paragraph (2)(A)—

6 (A) in the heading, by striking ‘‘PRI7 MARY REGULATOR’’ and inserting ‘‘COM8 MISSION’’;

9 (B) in the first sentence—

10 (i) by striking ‘‘appropriate Fed11 eral banking agency with respect to

12 such institution (if other than the

13 Corporation) or’’ and inserting ‘‘Com14 mission or, in the case of a state de15 pository institution,’’; and

16 (ii) by striking ‘‘(if the Corpora17 tion is the appropriate Federal bank18 ing agency)’’; and

19 (C) in the second sentence—

20 (i) by striking ‘‘appropriate Fed21 eral banking agency’’ each place it ap22 pears and inserting ‘‘Commission’’;

23 and

24 (ii) by striking ‘‘such agency’’

25 and inserting ‘‘the Commission’’;

26 (2) in paragraph (8)—
95

S 1895 IS

1 (A) in subparagraph (A), by striking

2 ‘‘appropriate Federal banking agency,’’

3 each place it appears and inserting ‘‘Com4 mission’’; and

5 (B) in subparagraph (B)(ii)—

6 (i) in subclause (IV), by striking

7 ‘‘a Federal banking agency’’ and in8 serting ‘‘the Commission’’; and

9 (ii) in the last sentence—

10 (I) by striking ‘‘Director of

11 the Office of Thrift Supervision’’

12 each place it appears and insert13 ing ‘‘Commission’’; and

14 (II) by inserting ‘‘the Office

15 of Thrift Supervision, as succes16 sor to’’ after ‘‘as a successor to’’

17 and before ‘‘the Federal Savings

18 and Loan Insurance Corpora19 tion’’;

20 (b) in subsection (b)—

21 (1) in paragraph (1)—

22 (A) by striking the first sentence and

23 inserting the following: ‘‘If, in the opinion

24 of the Commission, any insured depository

25 institution, depository institution which
96

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1 has insured deposits, or any institution2 affiliated party is engaging or has engaged,

3 or the Commission has reasonable cause to

4 believe that the depository institution or

5 any institution-affiliated party is about to

6 engage, in an unsafe or unsound practice

7 in conducting the business of such deposi8 tory institution, or is violating or has vio9 lated, or the Commission has reasonable

10 cause to believe that the depository institu11 tion or any institution-affiliated party is

12 about to violate, a law, rule, or regulation,

13 or any condition imposed in writing by any

14 Federal banking agency in connection with

15 the granting of any application or other re16 quest by the depository institution or any

17 written agreement entered into with any

18 Federal banking agency, the Commission

19 may issue and serve upon the depository

20 institution or such party a notice of

21 charges in respect thereof.’’;

22 (B) in the third sentence, by striking

23 ‘‘agency’’ and inserting ‘‘Commission’’;

24 and
97

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1 (C) in the fifth sentence, by striking

2 ‘‘agency’’ each place it appears and insert3 ing ‘‘Commission’’;

4 (2) in paragraph (2), by striking ‘‘agency’’

5 and inserting ‘‘Commission’’;

6 (3) in paragraph (3), by striking the sec7 ond sentence;

8 (4) by amending paragraph (5) to read as

9 follows:

10 ‘‘(5) This section shall apply to any national banking

11 association chartered by the Commission, including an un12 insured association.’’;

13 (5) in paragraph (6)—

14 (A) in subparagraph (A)(ii), by strik15 ing ‘‘the appropriate Federal banking

16 agency’’ and inserting ‘‘any Federal bank17 ing agency’’;

18 (B) in subparagraph (E), by striking

19 ‘‘appropriate Federal banking agency’’ and

20 inserting ‘‘Commission’’; and

21 (C) in subparagraph (F), by striking

22 ‘‘banking agency’’ and inserting ‘‘Commis23 sion’’;
98

S 1895 IS

1 (6) in paragraph (8), by striking ‘‘appro2 priate Federal banking agency’’ and inserting

3 ‘‘Commission’’;

4 (c) in subsection (c)—

5 (1) in paragraph (1)—

6 (A) by striking ‘‘appropriate Federal

7 banking agency’’ and inserting ‘‘Commis8 sion’’; and

9 (B) by striking ‘‘agency’’ each place it

10 appears and inserting ‘‘Commission’’;

11 (2) in paragraph (3)—

12 (A) in subparagraph (A)—

13 (i) by striking ‘‘appropriate Fed14 eral banking agency’’ and inserting

15 ‘‘Commission’’; and

16 (ii) by striking ‘‘agency’’ and in17 serting ‘‘Commission’’; and

18 (B) in subparagraph (B)(ii)(II), by

19 striking ‘‘appropriate Federal banking

20 agency’’ and inserting ‘‘Commission’’;

21 (d) in subsection (d), by striking ‘‘appropriate

22 Federal banking agency’’ and inserting ‘‘Commis23 sion’’;

24 (e) in subsection (e)—

25 (1) in paragraph (1)—
99

S 1895 IS

1 (A) by striking ‘‘Whenever the appro2 priate Federal banking agency’’ and insert3 ing ‘‘Whenever the Commission’’;

4 (B) in subparagraph (A)(i)—

5 (i) in subclause (III), by striking

6 ‘‘the appropriate Federal banking

7 agency’’ and inserting ‘‘any Federal

8 banking agency’’; and

9 (ii) in subclause (IV) by striking

10 ‘‘such agency’’ and inserting ‘‘any

11 Federal banking agency’’; and

12 (C) at the end—

13 (i) by striking ‘‘agency’’ and in14 serting ‘‘Commission’’; and

15 (ii) by striking ‘‘agency’s’’ and

16 inserting ‘‘Commission’s’’;

17 (2) in paragraph (2)—

18 (A) in subparagraph (A)—

19 (i) by striking ‘‘appropriate Fed20 eral banking agency’’ and inserting

21 ‘‘Commission’’;

22 (ii) by striking ‘‘agency’’ and in23 serting ‘‘Commission’’; and

24 (iii) by striking ‘‘agency’s’’ and

25 inserting ‘‘Commission’s’’; and
100

S 1895 IS

1 (B) in subparagraph (B), by striking

2 ‘‘agency’’ and inserting ‘‘Commission’’;

3 (3) in paragraph (3)—

4 (A) in subparagraph (A)—

5 (i) by striking ‘‘appropriate Fed6 eral banking agency’’ each place it ap7 pears and inserting ‘‘Commission’’;

8 (ii) by striking ‘‘such agency’s’’

9 and inserting ‘‘the Commission’s’’;

10 and

11 (iii) by striking ‘‘agency’’ and in12 serting ‘‘Commission’’;

13 (B) in subparagraph (B), by striking

14 ‘‘appropriate Federal banking agency’’ and

15 inserting ‘‘Commission’’; and

16 (C) in subparagraph (C)—

17 (i) by striking ‘‘an appropriate

18 Federal banking agency’’ and insert19 ing ‘‘the Commission’’; and

20 (ii) by striking ‘‘agency’’ and in21 serting ‘‘Commission’’;

22 (4) in paragraph (4)—

23 (A) by striking ‘‘agency’’ each place it

24 appears and inserting ‘‘Commission’’; and

25 (B) by striking the fifth sentence;
101

S 1895 IS

1 (5) in paragraph (6), by striking ‘‘the ap2 propriate Federal banking agency’’ and insert3 ing ‘‘any Federal banking agency’’;

4 (6) in paragraph (7)—

5 (A) in subparagraph (D)(i), by strik6 ing ‘‘appropriate Federal banking agency’’

7 and inserting ‘‘Commission’’; and

8 (B) in Subparagraph (F), by striking

9 ‘‘appropriate Federal banking agency’’ and

10 inserting ‘‘Commission’’;

11 (f) in subsection (g)—

12 (1) in paragraph (1)—

13 (A) in subparagraph (A), by striking

14 ‘‘appropriate Federal banking agency’’ and

15 inserting ‘‘Commission’’;

16 (B) in subparagraphs (B), by striking

17 ‘‘Agency’’ and inserting ‘‘Commission’’;

18 and

19 (C) in subparagraph (C)—

20 (i) in clause (i)—

21 (I) by striking ‘‘appropriate

22 Federal banking agency’’ and in23 serting ‘‘Commission’’; and
102

S 1895 IS

1 (II) by striking ‘‘appropriate

2 agency’’ and inserting ‘‘Commis3 sion’’; and

4 (ii) in clause (ii)—

5 (I) by striking ‘‘appropriate

6 Federal banking agency’’ and in7 serting ‘‘Commission’’;

8 (II) by striking ‘‘appropriate

9 agency’’ and inserting ‘‘Commis10 sion’’;

11 (2) in paragraph (2), in the second sen12 tence, by striking ‘‘Comptroller of the Cur13 rency’’ and inserting ‘‘Commission’’; and

14 (3) in paragraph (3)—

15 (A) by striking ‘‘agency’’ each place it

16 appears and inserting ‘‘Commission’’;

17 (B) in the second sentence, by strik18 ing ‘‘appropriate Federal banking agency’’

19 and inserting ‘‘Commission’’;

20 (C) in the fourth sentence, by striking

21 ‘‘agency’s’’ and inserting ‘‘Commission’s’’;

22 and

23 (D) in the fifth sentence, by striking

24 ‘‘Federal banking agencies are’’ and insert25 ing ‘‘Commission is’’;
103

S 1895 IS

1 (g) in subsection (h)—

2 (1) in paragraph (1)—

3 (A) by striking ‘‘appropriate Federal

4 banking agency or Board of Governors of

5 the Federal Reserve System’’ and inserting

6 ‘‘the Commission’’; and

7 (B) by striking ‘‘issuing agency’’ and

8 inserting ‘‘Commission’’;

9 (2) in paragraph (2), by striking ‘‘agency’’

10 each place it appears and inserting ‘‘Commis11 sion’’; and

12 (3) in paragraph (3), by striking ‘‘agency’’

13 and inserting ‘‘Commission’’;

14 (h) in subsection (i)—

15 (1) in paragraph (1), by striking ‘‘appro16 priate Federal banking agency’’ and inserting

17 ‘‘Commission’’;

18 (2) in paragraph (2)—

19 (A) in subparagraph (A)—

20 (i) in clause (iii), by striking ‘‘the

21 appropriate Federal banking agency’’

22 and inserting ‘‘any Federal banking

23 agency’’; and
104

S 1895 IS

1 (ii) in clause (iv), by striking

2 ‘‘such agency’’ and inserting ‘‘any

3 Federal banking agency’’;

4 (B) in subparagraph (E)(i), by strik5 ing ‘‘appropriate Federal banking agency’’

6 and inserting ‘‘Commission’’;

7 (C) in subparagraph (F), by striking

8 ‘‘Any appropriate Federal banking agency’’

9 and inserting ‘‘The Commission’’;

10 (D) in subparagraph (G), by striking

11 ‘‘appropriate agency’’ and inserting ‘‘Com12 mission’’;

13 (E) in subparagraph (I)(i), by striking

14 ‘‘agency that imposed the penalty’’ and in15 serting ‘‘Commission’’; and

16 (F) in subparagraph (K), by striking

17 ‘‘Each appropriate Federal banking agen18 cy’’ and inserting ‘‘The Commission’’;

19 (3) in paragraph (3), by striking ‘‘appro20 priate Federal banking agency’’ and inserting

21 ‘‘Commission’’; and

22 (4) in paragraph (4)(A)—

23 (A) by striking ‘‘an appropriate Fed24 eral banking agency (excluding the Cor25 poration when acting in a manner de-
105

S 1895 IS

1 scribed in section 11(d)(18))’’ and insert2 ing ‘‘the Commission’’;

3 (B) by striking ‘‘such agency’’ each

4 place it appears and inserting ‘‘the Com5 mission’’; and

6 (C) by striking ‘‘agency’’ and insert7 ing ‘‘Commission’’;

8 (i) in subsection (j), by striking ‘‘appropriate

9 Federal financial institutions regulatory agency’’ and

10 inserting ‘‘Commission’’;

11 (j) in subsection (l)—

12 (1) by striking ‘‘appropriate Federal bank13 ing agency’’ and inserting ‘‘Commission’’; and

14 (2) by striking ‘‘agency’’ each place it ap15 pears and inserting ‘‘Commission’’;

16 (k) in subsection (m)—

17 (1) in the first sentence—

18 (A) by striking ‘‘appropriate Federal

19 banking agency’’ and inserting ‘‘Commis20 sion’’; and

21 (B) by striking ‘‘agency’s’’ and insert22 ing ‘‘Commission’s’’;

23 (2) by striking ‘‘agency’’ each place it ap24 pears and inserting ‘‘Commission’’; and
106

S 1895 IS

1 (3) in the second sentence, by striking

2 ‘‘Federal banking agency’’ and inserting ‘‘Com3 mission’’;

4 (l) in subsection (n), in the sixth sentence, by

5 striking ‘‘appropriate’’;

6 (m) in subsection (o)—

7 (1) by striking ‘‘Comptroller of the Cur8 rency’’ and inserting ‘‘Commission’’; and

9 (2) by striking ‘‘Director of the Office of

10 Thrift Supervision’’ and inserting ‘‘Commis11 sion’’;

12 (n) in subsection(s)—

13 (1) in paragraph (1), by striking ‘‘Each

14 appropriate Federal banking agency’’ and in15 serting ‘‘The Commission’’;

16 (2) in paragraph (2)(A), by striking ‘‘ap17 propriate Federal banking agency’’ and insert18 ing ‘‘Commission’’; and

19 (3) in paragraph (3)—

20 (A) by striking ‘‘appropriate Federal

21 banking agency’’ and inserting ‘‘Commis22 sion’’;

23 (B) by striking ‘‘such agency’’ and in24 serting ‘‘the Commission’’; and
107

S 1895 IS

1 (C) by striking ‘‘agency’’ and insert2 ing ‘‘Commission’’;

3 (o) in subsection (t)—

4 (1) in paragraph (1)—

5 (A) by amending the heading to read

6 as follows: ‘‘RECOMMENDING ACTION BY

7 COMMISSION.’’;

8 (B) by striking ‘‘appropriate Federal

9 banking agency’’ each place it appears and

10 inserting ‘‘Commission’’; and

11 (C) by striking ‘‘agency’’ and insert12 ing ‘‘Commission’’;

13 (2) in paragraph (2)—

14 (A) in the heading, by striking ‘‘AP15 PROPRIATE FEDERAL BANKING AGENCY’’

16 and inserting ‘‘COMMISSION’’;

17 (B) in the introductory text—

18 (I) by striking ‘‘appropriate Fed19 eral banking agency’’ and inserting

20 ‘‘Commission’’; and

21 (II) by striking ‘‘agency’’ and in22 serting ‘‘Commission’’;

23 (C) in subparagraph (B), by striking

24 ‘‘; or’’ and inserting ‘‘;’’;
108

S 1895 IS

1 (D) in subparagraph (C), by striking

2 the period at the end and inserting ‘‘; or’’;

3 and

4 (E) by adding at the end a new sub5 paragraph to read as follows:

6 ‘‘(D) the insured depository institution is violating or

7 has violated, or the Corporation has reasonable cause to

8 believe that the depository institution or any institution9 affiliated party is about to violate, a law, rule, or regula10 tion relating to the Corporation’s deposit insurance,

11 conservatorship or receivership functions or any condition

12 imposed in writing by the Corporation in connection with

13 the granting of any application or other request by the

14 depository institution or any written agreement entered

15 into with the Corporation.’’;

16 (3) in paragraph (3)—

17 (A) in subparagraph (A), by striking

18 ‘‘appropriate Federal banking agency,’’

19 and inserting ‘‘Commission,’’; and

20 (B) in subparagraph (B), by striking

21 ‘‘appropriate Federal banking agency,’’

22 and inserting ‘‘Commission,’’;

23 (4) in paragraph (4)—
109

S 1895 IS

1 (A) in subparagraph (A), by striking

2 ‘‘appropriate Federal banking agency’’ and

3 inserting ‘‘Commission’’;

4 (B) in subparagraph (B), by striking

5 ‘‘appropriate Federal banking agency’’ and

6 inserting ‘‘Commission’’; and

7 (5) in paragraph (5)—

8 (A) in subparagraph (A)—

9 (i) by striking ‘‘an appropriate

10 Federal banking agency (including a

11 Federal Reserve Bank)’’ and inserting

12 ‘‘the Commission (or a Federal Re13 serve Bank)’’; and

14 (ii) by striking ‘‘chief officer of

15 the appropriate Federal banking agen16 cy’’ and inserting ‘‘Chairperson of the

17 Commission’’; and

18 (B) in subparagraph (B)—

19 (i) by striking ‘‘Each appropriate

20 Federal banking agency’’ and insert21 ing ‘‘The Commission’’; and

22 (ii) by striking ‘‘agency’’ and in23 serting ‘‘Commission’’;

24 (p) in subsection (u)—

25 (1) in paragraph (1)—
110

S 1895 IS

1 (A) in the introductory text, by strik2 ing ‘‘appropriate Federal banking agency’’

3 and inserting ‘‘Commission’’;

4 (B) in subparagraph (A), by striking

5 ‘‘appropriate Federal banking agency’’

6 each place it appears and inserting ‘‘Com7 mission’’; and

8 (C) in subparagraph (B), by striking

9 ‘‘such agency’’ and inserting ‘‘Commis10 sion’’;

11 (2) in paragraph (2), by striking ‘‘a Fed12 eral banking agency’’ and inserting ‘‘Commis13 sion’’;

14 (3) in paragraph (5)—

15 (A) by striking ‘‘appropriate Federal

16 banking agency’’ and inserting ‘‘Commis17 sion’’; and

18 (B) by striking ‘‘agency’’ and insert19 ing ‘‘Commission’’;

20 (4) in paragraph (6)—

21 (A) by striking ‘‘appropriate Federal

22 banking agency’’ and inserting ‘‘Commis23 sion’’; and

24 (B) by striking ‘‘agency’’ and insert25 ing ‘‘Commission’’; and
111

S 1895 IS

1 (5) in paragraph (7)—

2 (A) by striking ‘‘Each Federal bank3 ing agency’’ and inserting ‘‘The Commis4 sion’’; and

5 (B) by striking ‘‘such agency’’ and in6 serting ‘‘the Commission’’;

7 (q) in subsection (v)—

8 (1) in paragraph (1), by striking ‘‘appro9 priate Federal banking agency’’ and inserting

10 ‘‘Commission’’;

11 (2) in paragraph (2)—

12 (A) in subparagraph (A), by striking

13 ‘‘Any appropriate Federal banking agency’’

14 and inserting ‘‘The Commission’’;

15 (B) in subparagraph (B)—

16 (i) by striking ‘‘Any appropriate

17 Federal banking agency’’ and insert18 ing ‘‘The Commission’’; and

19 (ii) by striking ‘‘such agency’s’’

20 and inserting ‘‘The Commission’s’’;

21 (C) in subparagraph (C)—

22 (i) in the introductory text, by

23 striking ‘‘appropriate Federal banking

24 agency’’ and inserting ‘‘Commission’’;

25 and
112

S 1895 IS

1 (ii) in clause (i), by striking ‘‘any

2 appropriate Federal banking agency’’

3 and inserting ‘‘the Commission’’; and

4 (D) in subparagraph (D)—

5 (i) by striking ‘‘appropriate Fed6 eral banking agency’’ and inserting

7 ‘‘Federal banking agency’’; and

8 (ii) by striking ‘‘any appropriate

9 Federal banking agency’’ and insert10 ing ‘‘the Commission’’; and

11 (r) in subsection (w)(3)(A), by striking ‘‘Office

12 of Thrift Supervision’’ and inserting ‘‘Commission’’.

13 SEC. 506. AMENDMENTS TO SECTION 10.

14 Section 10 of the Federal Deposit Insurance Act (12

15 U.S.C. 1820) is amended—

16 (a) in subsection (b)—

17 (1) by striking paragraph (2)(A) and re18 designating paragraphs (2)(B) and (2)(C) as

19 paragraphs (2)(A) and (2)(B), respectively;

20 (2) by striking paragraph (5) and redesig21 nating paragraphs (6) and (7) as paragraphs

22 (5) and (6), respectively; and

23 (3) in paragraph (5)(A) (as redesignated

24 by paragraph (2) of this subsection)—
113

S 1895 IS

1 (A) by inserting ‘‘or’’ after ‘‘(3),’’;

2 and

3 (B) by striking ‘‘; or (5)’’;

4 (b) in subsection (c), by striking ‘‘the appro5 priate Federal banking agency’’ and inserting ‘‘each

6 Federal banking agency’’; and

7 (c) in subsection (e)(1), by striking ‘‘(b)(2),

8 (b)(3), or (d)’’ and inserting ‘‘(b)(2) or (b)(3)’’.

9 SEC. 507. AMENDMENTS TO SECTION 11.

10 Section 11 of the Federal Deposit Insurance Act (12

11 U.S.C. 1821) is amended—

12 (a) in subsection (c)—

13 (1) in paragraph (2)—

14 (A) in subparagraph (A)(ii), by strik15 ing ‘‘appropriate Federal banking agency’’

16 and inserting ‘‘Commission’’; and

17 (B) in subparagraph (D), by striking

18 ‘‘appropriate Federal banking agency’’ and

19 inserting ‘‘Commission’’;

20 (2) in paragraph (5)(E), by striking ‘‘ap21 propriate Federal banking agency’’ and insert22 ing ‘‘Commission, the Corporation, or the

23 Board of Governors’’;

24 (3) in paragraph (6)—
114

S 1895 IS

1 (A) in the heading, by striking ‘‘DI2 RECTOR OF THE OFFICE OF THRIFT SU3 PERVISION’’ and inserting ‘‘COMMISSION’’;

4 (B) in subparagraph (A), by striking

5 ‘‘Director of the Office of Thrift Super6 vision’’ and inserting ‘‘Commission’’; and

7 (C) in subparagraph (B), by striking

8 ‘‘Director of the Office of Thrift Super9 vision’’ and inserting ‘‘Commission’’;

10 (4) in paragraph (9)—

11 (A) in the heading, by striking ‘‘AP12 PROPRIATE FEDERAL BANKING AGENCY’’

13 and inserting ‘‘COMMISSION’’;

14 (B) in subparagraph (A), by striking

15 ‘‘appropriate Federal banking agency’’

16 each place it appears and inserting ‘‘Com17 mission’’; and

18 (C) in subparagraph (B), by striking

19 ‘‘appropriate Federal banking agency’’ and

20 inserting ‘‘Commission’’;

21 (5) in paragraph (10), by striking ‘‘appro22 priate Federal banking agency’’ and inserting

23 ‘‘Commission’’; and

24 (6) in paragraph (11)—
115

S 1895 IS

1 (A) in the heading, by striking ‘‘AP2 PROPRIATE FEDERAL BANKING AGENCY’’

3 and inserting ‘‘COMMISSION’’;

4 (B) by striking ‘‘appropriate Federal

5 banking agency’’ and inserting ‘‘Commis6 sion’’;

7 (C) by striking ‘‘agency’’ each place it

8 appears and inserting ‘‘Commission’’; and

9 (D) by striking ‘‘agency’s’’ and insert10 ing ‘‘Commission’s’’;

11 (b) in subsection (d)—

12 (1) in paragraph (2)—

13 (A) in subparagraph (F)(i), by strik14 ing ‘‘Director of the Office of Thrift Su15 pervision’’ and inserting ‘‘Commission’’;

16 and

17 (B) in subparagraph (G)(ii)—

18 (i) in the heading, by striking

19 ‘‘APPROPRIATE FEDERAL BANKING

20 AGENCY’’ and inserting ‘‘COMMIS21 SION’’; and

22 (ii) by striking ‘‘appropriate Fed23 eral banking agency for such institu24 tion.’’ and inserting ‘‘Commission.’’;

25 (2) in paragraph (17)(A)—
116

S 1895 IS

1 (A) by striking ‘‘Comptroller of the

2 Currency or the Director of the Office of

3 Thrift Supervision’’ and inserting ‘‘Com4 mission’’; and

5 (B) by striking ‘‘appropriate’’; and

6 (3) in paragraph (18)(B), by striking

7 ‘‘Comptroller of the Currency or the Director of

8 the Office of Thrift Supervision’’ and inserting

9 ‘‘Commission’’;

10 (c) in subsection (m)—

11 (1) in paragraph (9), by striking ‘‘Comp12 troller of the Currency’’ and inserting ‘‘Com13 mission’’;

14 (2) in paragraph (16), by striking ‘‘Comp15 troller of the Currency’’ each place it appears

16 and inserting ‘‘Commission’’; and

17 (3) in paragraph (18), by striking ‘‘Comp18 troller of the Currency’’ each place it appears

19 and inserting ‘‘Commission’’;

20 (d) in subsection (n)—

21 (1) in paragraph (1)(A), by striking ‘‘Of22 fice of the Comptroller of the Currency’’ and in23 serting ‘‘Commission’’;
117

S 1895 IS

1 (2) in paragraph (2)(A), by striking

2 ‘‘Comptroller of the Currency’’ and inserting

3 ‘‘Commission’’;

4 (3) in paragraph (4)—

5 (A) in subparagraph (D), by striking

6 ‘‘Comptroller of the Currency’’ and insert7 ing ‘‘Commission’’; and

8 (B) in subparagraph (G), by striking

9 ‘‘Comptroller of the Currency’’ and insert10 ing ‘‘Commission’’; and

11 (4) in paragraph (12)(B), by striking

12 ‘‘Comptroller of the Currency’’ each place it ap13 pears and inserting ‘‘Commission’’;

14 (e) in subsection (o), by striking ‘‘appropriate

15 Federal banking agency’’ and inserting ‘‘Federal

16 banking agencies’’;

17 (f) in subsection (p)(1)(C), by striking ‘‘an ap18 propriate’’ and inserting ‘‘any’’; and

19 (g) in subsection (t)(2)(A)(i), by striking ‘‘ap20 propriate Federal banking agency’’ and inserting

21 ‘‘Federal banking agency’’.

22 SEC. 508. AMENDMENT TO SECTION 12.

23 Section 12(f)(4)(E)(ii) of the Federal Deposit Insur24 ance Act (12 U.S.C. 1822(f)(4)(E)(ii)) is amended by

25 striking ‘‘appropriate’’.
118

S 1895 IS

1 SEC. 509. AMENDMENTS TO SECTION 13.

2 Section 13 of the Federal Deposit Insurance Act (12

3 U.S.C. 1823) is amended—

4 (a) in subsection (c)(8)(A)(ii)(I)—

5 (1) by striking ‘‘appropriate Federal bank6 ing agency’’ and inserting ‘‘Commission’’; and

7 (2) by striking ‘‘agency’’ and inserting

8 ‘‘Commission’’;

9 (b) in subsection (j)—

10 (1) in paragraph (1)—

11 (A) in the introductory text, by strik12 ing ‘‘appropriate Federal banking agency’’

13 and inserting ‘‘Commission’’; and

14 (B) in subparagraph (B), by striking

15 ‘‘appropriate Federal banking agency’’ and

16 inserting ‘‘Commission’’;

17 (2) in paragraph (2)—

18 (A) in subparagraph (A), by striking

19 ‘‘appropriate Federal banking agency’’ and

20 inserting ‘‘Commission’’; and

21 (B) in subparagraph (B), by striking

22 ‘‘appropriate Federal banking agency’’ and

23 inserting ‘‘Commission’’;

24 (3) in paragraph (3), by striking ‘‘appro25 priate Federal banking agency’’ and inserting

26 ‘‘Commission’’; and
119

S 1895 IS

1 (4) in paragraph (4)—

2 (A) in subparagraph (A)(iv)(II), by

3 striking ‘‘appropriate Federal banking

4 agency’’ and inserting ‘‘Commission’’; and

5 (B) in subparagraph (B), by striking

6 ‘‘appropriate Federal banking agency’’ and

7 inserting ‘‘Commission’’; and

8 (c) in subsection (k)—

9 (1) in paragraph (1)(A)(iii)—

10 (A) in the heading, by striking ‘‘AP11 PROPRIATE AGENCY’’ and inserting ‘‘COM12 MISSION’’; and

13 (B) by striking ‘‘appropriate Federal

14 banking agency of every party thereto’’

15 and inserting ‘‘Commission’’;

16 (2) in paragraph (1)(A)(iv), by striking

17 ‘‘Director of The Office of Thrift Supervision’’

18 and inserting ‘‘Commission’’; and

19 (3) in paragraph (5)(A)(ii)(IV), by striking

20 ‘‘appropriate Federal banking agency’’ and in21 serting ‘‘Commission’’.

22 SEC. 510. AMENDMENT TO SECTION 14.

23 Section 14(d)(5)(A) of the Federal Deposit Insurance

24 Act (12 U.S.C. 1824(d)(5)(A)) is amended by striking
120

S 1895 IS

1 ‘‘appropriate Federal banking agency’’ and inserting

2 ‘‘Corporation or the Commission’’.

3 SEC. 511. AMENDMENTS TO SECTION 18.

4 Section 18 of the Federal Deposit Insurance Act (12

5 U.S.C. 1828) is amended—

6 (a) in subsection (c)—

7 (1) in paragraph (2), by striking ‘‘respon8 sible agency’’ and all that follows through the

9 period and inserting ‘‘responsible agency, which

10 shall in every case referred to in this paragraph

11 be the Commission.’’;

12 (2) in paragraph (4), by striking ‘‘the

13 other two banking agencies referred to in this

14 subsection’’ and inserting ‘‘the Corporation’’;

15 (3) in paragraph (6), by striking ‘‘the

16 other two banking agencies’’ and inserting ‘‘the

17 Corporation or the Commission, as the case

18 may be,’’; and

19 (4) in paragraph (7)(D)—

20 (A) by striking ‘‘Federal supervisory

21 agency’’ and inserting ‘‘the Corporation’’;

22 and

23 (B) by striking ‘‘such agency’’ and in24 serting ‘‘the Commission’’; and
121

S 1895 IS

1 (5) in paragraph (9), by striking ‘‘each of

2 the responsible agencies’’ and inserting ‘‘the re3 sponsible agency’’;

4 (b) in subsection (d)—

5 (1) in paragraph (1), by striking ‘‘Cor6 poration’’ each place it appears and inserting

7 ‘‘Commission’’; and

8 (2) in paragraph (2), by striking ‘‘Cor9 poration’’ each place it appears and inserting

10 ‘‘Commission’’;

11 (c) in subsection (g)—

12 (1) in paragraph (1)—

13 (A) by striking ‘‘Board of Directors’’

14 each place it appears and inserting ‘‘Com15 mission’’;

16 (B) in the first sentence, by striking

17 ‘‘, or by regulation of the Board of Gov18 ernors of the Federal Reserve System’’;

19 (C) in the second sentence, by striking

20 ‘‘, after consulting with the Board of Gov21 ernors of the Federal Reserve System and

22 the Director of the Office of Thrift Super23 vision,’’; and
122

S 1895 IS

1 (D) in the sixth sentence, by striking

2 ‘‘Corporation’’ and inserting ‘‘Commis3 sion’’; and

4 (2) in paragraph (2), by striking ‘‘Board

5 of Directors’’ and inserting ‘‘Commission’’;

6 (d) in subsection (i)—

7 (1) in paragraph (1), by striking ‘‘Cor8 poration’’ and inserting ‘‘Commission’’; and

9 (2) in paragraph (2), by striking ‘‘prior

10 written consent’’ and all that follows through

11 the period and inserting ‘‘prior written consent

12 of the Commission.’’;

13 (e) subsection (k)—

14 (1) in paragraph (4)(A)(ii)—

15 (A) in subclause (III), by striking ‘‘in16 stitution’s appropriate Federal banking

17 agency’’ and inserting ‘‘Commission’’; and

18 (B) in subclause (IV), by striking

19 ‘‘appropriate Federal banking agency’’ and

20 inserting ‘‘Commission’’; and

21 (2) in paragraph (5)(A), by striking ‘‘ap22 propriate Federal banking agency’’ and insert23 ing ‘‘any Federal banking agency’’;

24 (f) in subsection (l)—
123

S 1895 IS

1 (1) by striking ‘‘Corporation’’ each place it

2 appears and inserting ‘‘Commission’’; and

3 (2) by striking ‘‘Board of Directors’’ and

4 inserting ‘‘Commission’’;

5 (g) in subsection (m)—

6 (1) in paragraph (1)—

7 (A) in subparagraph (A) by striking

8 ‘‘Director of the Office of Thrift Super9 vision’’ and inserting ‘‘Commission’’; and

10 (B) in subparagraph (B), by striking

11 ‘‘Director of the Office of Thrift Super12 vision’’ and inserting ‘‘Commission’’;

13 (2) in subparagraph (2)—

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

15 ‘‘Director of the Office of Thrift Super16 vision’’ and inserting ‘‘Commission’’; and

17 (B) in subparagraph (B)—

18 (i) by striking ‘‘Director of the

19 Office of Thrift Supervision’’ and in20 serting ‘‘Commission’’; and

21 (ii) by striking ‘‘Director’’ and

22 inserting ‘‘Commission’’; and

23 (3) in paragraph (3)—
124

S 1895 IS

1 (A) in subparagraph (A), by striking

2 ‘‘Director of the Office of Thrift Super3 vision’’ and inserting ‘‘Commission’’; and

4 (B) in subparagraph (B), by striking

5 ‘‘Office of Thrift Supervision’’ and insert6 ing ‘‘Commission’’;

7 (h) in subsection (n), by striking ‘‘No appro8 priate Federal banking agency shall’’ and inserting

9 ‘‘The Commission shall not’’;

10 (i) in subsection (o)—

11 (1) in paragraph (1), by striking ‘‘each ap12 propriate Federal banking agency’’ and insert13 ing ‘‘the Commission’’;

14 (2) in paragraph (2)(B), by striking ‘‘ap15 propriate Federal banking agencies’’ and insert16 ing ‘‘Commission’’;

17 (3) in paragraph (3), by striking ‘‘No ap18 propriate Federal banking agency’’ and insert19 ing ‘‘Neither the Corporation nor the Commis20 sion’’; and

21 (4) in the second sentence of paragraph

22 (4), by striking ‘‘appropriate Federal banking

23 agencies, acting in concert’’ and inserting ‘‘the

24 Commission’’; and

25 (j) in subsection (p)—
125

S 1895 IS

1 (1) by striking ‘‘Each appropriate Federal

2 banking agency’’ and inserting ‘‘The Commis3 sion’’; and

4 (2) by striking ‘‘other Federal banking

5 agencies’’ and inserting ‘‘Corporation’’.

6 SEC. 512. AMENDMENTS TO SECTION 20.

7 Section 20(e) of the Federal Deposit Insurance Act

8 (12 U.S.C. 1829a(e)) is amended by striking ‘‘Board of

9 Directors’’ and inserting ‘‘Commission’’.

10 SEC. 513. AMENDMENTS TO SECTION 28.

11 Section 28 of the Federal Deposit Insurance Act (12

12 U.S.C. 1831e) is amended—

13 (a) in subsection (e)—

14 (1) in paragraph (2)—

15 (A) in subparagraph (A)(ii), by strik16 ing ‘‘Director of the Office of Thrift Su17 pervision’’ and inserting ‘‘Commission’’;

18 (B) in subparagraph (C), by striking

19 ‘‘Director of the Office of Thrift Super20 vision’’ and inserting ‘‘Commission’’; and

21 (C) in subparagraph (F), by striking

22 ‘‘Director of the Office of Thrift Super23 vision’’ and inserting ‘‘Commission’’; and

24 (2) in paragraph (3)—
126

S 1895 IS

1 (A) in subparagraph (A), by striking

2 ‘‘Director of the Office of Thrift Super3 vision’’ and inserting ‘‘Commission’’; and

4 (B) in subparagraph (B), by striking

5 ‘‘Director of the Office of Thrift Super6 vision’’ and inserting ‘‘Commission’’; and

7 (b) in subsection (h)(2), by striking ‘‘Director

8 of the Office of Thrift Supervision’’ and inserting

9 ‘‘Commission’’.

10 SEC. 514. AMENDMENTS TO SECTION 30.

11 Section 30(c) of the Federal Deposit Insurance Act

12 (12 U.S.C. 1831g(c)) is amended, by striking ‘‘any appro13 priate Federal banking agency’’ and inserting ‘‘the Cor14 poration or the Commission’’.

15 SEC. 515. AMENDMENTS TO SECTION 32.

16 Section 32 of the Federal Deposit Insurance Act (12

17 U.S.C. 1831i) is amended—

18 (a) in subsection (a), by striking ‘‘appropriate

19 Federal banking agency’’ and inserting ‘‘Commis20 sion’’;

21 (b) in subsection (b)—

22 (1) in the heading, by striking ‘‘AGENCY’’

23 and inserting ‘‘COMMISSION’’;

24 (2) by striking ‘‘appropriate Federal bank25 ing agency’’ and inserting ‘‘Commission’’; and
127

S 1895 IS

1 (3) by striking ‘‘agency’’ and inserting

2 ‘‘Commission’’;

3 (c) in subsection (c)—

4 (1) in paragraph (1), by striking ‘‘Each

5 appropriate Federal banking agency’’ and in6 serting ‘‘The Commission’’; and

7 (2) in paragraph (2)—

8 (A) in the heading, by striking

9 ‘‘AGENCY’’ and inserting ‘‘COMMISSION’’;

10 and

11 (B) by striking ‘‘each agency’’ and in12 serting ‘‘the Commission’’;

13 (d) in subsection (d)—

14 (1) by striking ‘‘an appropriate Federal

15 banking agency’’ and inserting ‘‘the Commis16 sion’’; and

17 (2) in paragraph (2), by striking ‘‘agency’’

18 and inserting ‘‘Commission’’;

19 (e) in subsection (e), by striking ‘‘appropriate

20 Federal banking agency’’ and inserting ‘‘Commis21 sion’’; and

22 (f) in subsection (f), by striking ‘‘Each appro23 priate Federal banking agency’’ and inserting ‘‘The

24 Commission’’.
128

S 1895 IS

1 SEC. 516. AMENDMENT TO SECTION 33.

2 Section 33 of the Federal Deposit Insurance Act (12

3 U.S.C. 1831j) is amended—

4 (a) in the last sentence of subsection (b), by

5 striking ‘‘appropriate Federal banking agency’’ and

6 inserting ‘‘Commission’’; and

7 (b) in subsection (e), by striking ‘‘the Comptrol8 ler of the Currency’’ and all that follows through the

9 period and inserting ‘‘and the Federal Banking

10 Commission.’’

11 SEC. 517. AMENDMENTS TO SECTION 34.

12 Section 34 of the Federal Deposit Insurance Act (12

13 U.S.C. 1831k) is amended—

14 (a) in subsection (a), by striking ‘‘An appro15 priate Federal banking agency’’ and inserting ‘‘The

16 Corporation or the Commission’’;

17 (b) in subsection (b), by striking ‘‘An appro18 priate Federal banking agency’’ and inserting ‘‘Nei19 ther the Corporation nor the Commission’’; and

20 (c) in subsection (c), by striking ‘‘An appro21 priate Federal banking agency’’ and inserting ‘‘Nei22 ther the Corporation nor the Commission’’.

23 SEC. 518. AMENDMENTS TO SECTION 35.

24 Section 35 of the Federal Deposit Insurance Act (12

25 U.S.C. 18311) is amended—
129

S 1895 IS

1 (a) in the heading, by striking ‘‘SEC AND FED2 ERAL BANKING AGENCIES’’ and inserting ‘‘SEC, FED3 ERAL BANKING COMMISSION, AND CORPORATION’’;

4 (b) by striking ‘‘Any appropriate Federal bank5 ing agency’’ and inserting ‘‘The Federal Banking

6 Commission and the Corporation’’; and

7 (c) by striking ‘‘for which the Commission’’ and

8 inserting ‘‘for which the Securities and Exchange

9 Commission’’.

10 SEC. 519. AMENDMENT TO SECTION 36.

11 Section 36 of the Federal Deposit Insurance act (12

12 U.S.C. 1831m) is amended—

13 (a) in subsection (a)—

14 (1) in paragraph (1), by striking ‘‘appro15 priate Federal banking agency’’ and inserting

16 ‘‘Commission’’; and

17 (2) in paragraph (2)(B), by striking ‘‘ap18 propriate Federal banking agency’’ and insert19 ing ‘‘Commission’’;

20 (b) in subsection (b)—

21 (1) in paragraph (1), by striking ‘‘appro22 priate Federal banking agency’’ and inserting

23 ‘‘Commission’’; and

24 (2) in paragraph (2)—
130

S 1895 IS

1 (A) in subparagraph (A)(iii), by strik2 ing ‘‘appropriate Federal banking agency’’

3 and inserting ‘‘Commission’’; and

4 (B) in subparagraph (B)(ii), by strik5 ing ‘‘appropriate Federal banking agency’’

6 and inserting ‘‘Commission’’;

7 (c) in subsection (d)—

8 (1) in paragraph (1), by striking ‘‘appro9 priate Federal banking agencies’’ and inserting

10 ‘‘Commission’’; and

11 (2) in paragraph (2)(B), by striking ‘‘ap12 propriate Federal banking agency’’ and insert13 ing ‘‘Commission’’;

14 (d) in subsection (e)(1), by striking ‘‘appro15 priate Federal banking agencies’’ and inserting

16 ‘‘Commission’’;

17 (e) in subsection (f)(2), by striking ‘‘other ap18 propriate Federal banking agencies’’ and inserting

19 ‘‘Commission’’;

20 (f) in subsection (g)—

21 (1) in paragraph (2)—

22 (A) in subparagraph (B), by striking

23 ‘‘any appropriate Federal banking agen24 cy,’’ and inserting ‘‘the Commission,’’; and
131

S 1895 IS

1 (B) in subparagraph (C), by striking

2 ‘‘any appropriate Federal banking agency’’

3 and inserting ‘‘the Commission’’;

4 (2) in paragraph (3)(A)(i), by striking

5 ‘‘any appropriate Federal banking agency’’ and

6 inserting ‘‘the Commission’’;

7 (3) in paragraph (4)—

8 (A) in subparagraph (A), by striking

9 ‘‘an appropriate Federal banking agency’’

10 and inserting ‘‘the Commission’’; and

11 (B) in subparagraph (B), by striking

12 ‘‘appropriate Federal banking agencies’’

13 and inserting ‘‘Corporation and the Com14 mission’’; and

15 (4) in paragraph 5, by striking ‘‘each ap16 propriate Federal banking agency’’ each place it

17 appears and inserting ‘‘the Commission’’;

18 (g) in subsection (h)—

19 (1) in paragraph (1)(B)—

20 (A) in clause (i) by striking ‘‘any ap21 propriate Federal banking agency’’ and in22 serting ‘‘the Corporation, the Commis23 sion,’’; and
132

S 1895 IS

1 (B) in clause (ii)(I), by striking ‘‘ap2 propriate Federal banking agency’’ and in3 serting ‘‘Commission’’; and

4 (2) in paragraph (2)—

5 (A) in subparagraph (A), by striking

6 ‘‘any appropriate Federal banking agency’’

7 and inserting ‘‘the Commission’’; and

8 (B) in subparagraph (B), by striking

9 ‘‘appropriate Federal banking agency’’ and

10 inserting ‘‘Commission’’; and

11 (h) in subsection (i)(2)(B)(ii), by striking ‘‘ap12 propriate Federal banking agency’’ and inserting

13 ‘‘Commission’’.

14 SEC. 520. AMENDMENTS TO SECTION 37.

15 Section 37 of the Federal Deposit Insurance Act (12

16 U.S.C. 1831n) is amended—

17 (a) in subsection (a)—

18 (1) in paragraph (2)(B)—

19 (A) by striking ‘‘appropriate Federal

20 banking agency’’ and inserting ‘‘Commis21 sion’’; and

22 (B) by striking ‘‘the agency or’’ and

23 inserting ‘‘the Commission or’’; and

24 (2) in paragraph (3)—
133

S 1895 IS

1 (A) in the introductory text, by strik2 ing ‘‘appropriate’’; and

3 (B) in subparagraph (D), by striking

4 ‘‘appropriate’’;

5 (b) in section (b), by striking ‘‘appropriate’’

6 each place it appears; and

7 (c) in subsection (c)—

8 (1) in paragraph (1)—

9 (A) by striking ‘‘appropriate’’; and

10 (B) by striking ‘‘or capital’’ each

11 place it appears; and

12 (2) in paragraph (2), by striking ‘‘or cap13 ital’’ each place it appears.

14 SEC. 521. AMENDMENTS TO SECTION 38.

15 Section 38 of the Federal Deposit Insurance Act (12

16 U.S.C. 1831o) is amended—

17 (a) in subsection (a)(2), by striking ‘‘Each ap18 propriate Federal banking agency’’ and inserting

19 ‘‘The Commission’’;

20 (b) in subsection (b)(2)—

21 (1) in subparagraph (A)(ii), by striking

22 ‘‘appropriate Federal banking agency’’ and in23 serting ‘‘Commission’’;

24 (2) in subparagraph (B)—
134

S 1895 IS

1 (A) in clause (i)(II), by striking ‘‘ap2 propriate Federal agency’’ and inserting

3 ‘‘Commission’’; and

4 (B) in clause (iii), by striking ‘‘appro5 priate Federal banking agency’’ and insert6 ing ‘‘Commission’’; and

7 (3) in subparagraph (G), by striking ‘‘ap8 propriate Federal banking agency’’ and insert9 ing ‘‘Commission’’;

10 (c) in subsection (c)—

11 (1) in paragraph (1)—

12 (A) in subparagraph (A), by striking

13 ‘‘each appropriate Federal banking agen14 cy’’ and inserting ‘‘the Commission’’; and

15 (B) in subparagraph (B)—

16 (i) by striking ‘‘An appropriate

17 Federal banking agency’’ and insert18 ing ‘‘The Federal Banking Commis19 sion’’; and

20 (ii) in clause (ii), by striking

21 ‘‘(with the concurrence of the other

22 Federal banking agencies)’’;

23 (2) in paragraph (2), by striking ‘‘Each

24 appropriate Federal banking agency’’ and in25 serting ‘‘The Commission’’; and
135

S 1895 IS

1 (3) in paragraph (3)—

2 (A) in subparagraph (A)—

3 (i) in the heading, by striking

4 ‘‘AGENCY’’ and inserting ‘‘COMMIS5 SION’’;

6 (ii) in clause (i) by striking

7 ‘‘Each appropriate Federal banking

8 agency’’ and inserting ‘‘The Commis9 sion’’; and

10 (iii) in clause (ii), by striking

11 ‘‘agency’’ and inserting ‘‘Commis12 sion’’; and

13 (B) by striking subparagraph (C);

14 (d) in subsection (d)(1(B), by striking ‘‘appro15 priate Federal Banking agency’’ and inserting

16 ‘‘Commission’’;

17 (e) in subsection (e)—

18 (1) in paragraph (1), by striking ‘‘Each

19 appropriate Federal banking agency’’ and in20 serting ‘‘The Commission’’;

21 (2) in paragraph (2)—

22 (A) in subparagraph (A), by striking

23 ‘‘appropriate Federal banking agency’’ and

24 inserting ‘‘Commission’’;
136

S 1895 IS

1 (B) in subparagraph (B)(ii), by strik2 ing ‘‘appropriate Federal banking agency’’

3 and inserting ‘‘Commission’’;

4 (C) in the introductory text of sub5 paragraph (C)—

6 (i) by striking ‘‘appropriate Fed7 eral banking agency’’ and inserting

8 ‘‘Commission’’; and

9 (ii) by striking ‘‘the agency’’ and

10 inserting ‘‘Commission’’;

11 (D) in the introductory text of sub12 paragraph (D)—

13 (i) by striking ‘‘appropriate Fed14 eral banking agency’’ and inserting

15 ‘‘Commission’’;

16 (ii) in clause (ii), by striking

17 ‘‘agency’’ and inserting ‘‘Commis18 sion’’; and

19 (iii) in clause (iii), by striking

20 ‘‘agency’’ each place it appears and

21 inserting ‘‘Commission’’;

22 (3) in paragraph (3)(A), by striking ‘‘ap23 propriate Federal banking agency’’ and insert24 ing ‘‘Commission’’;
137

S 1895 IS

1 (4) in paragraph (4)(A), by striking ‘‘ap2 propriate Federal banking agency’’ and insert3 ing ‘‘Commission’’; and

4 (5) in paragraph (5)—

5 (A) by striking ‘‘appropriate Federal

6 banking agency’’ and inserting ‘‘Commis7 sion’’; and

8 (B) by striking ‘‘agency’’ and insert9 ing ‘‘Commission’’;

10 (f) in subsection (f)—

11 (1) in paragraph (1)(B)—

12 (A) in clause (i), by striking ‘‘appro13 priate Federal banking agency’’ and insert14 ing ‘‘Commission’’; and

15 (B) in clause (ii), by striking ‘‘agen16 cy’’ and inserting ‘‘Commission’’;

17 (2) in paragraph (2)—

18 (A) in the introductory text, by strik19 ing ‘‘appropriate Federal banking agency’’

20 and inserting ‘‘Commission’’;

21 (B) in subparagraph (C)—

22 (i) in clause (i), by striking

23 ‘‘agency’’ and inserting ‘‘Commis24 sion’’; and
138

S 1895 IS

1 (ii) in clause (ii), by striking

2 ‘‘agency’’ each place it appears and

3 inserting ‘‘Commission’’;

4 (C) in subparagraph (E), by striking

5 ‘‘agency’’ and inserting ‘‘Commission’’;

6 (D) in subparagraph (F)(iii), by strik7 ing ‘‘agency’’ each place it appears and in8 serting ‘‘Commission’’;

9 (E) in subparagraph (H), by striking

10 ‘‘Board of Governors of the Federal Re11 serve System’’ and inserting ‘‘Commis12 sion’’;

13 (F) in subparagraph (I)—

14 (i) in clause (i), by striking

15 ‘‘agency’’ and inserting ‘‘Commis16 sion’’;

17 (ii) in clause (ii), by striking ‘‘ap18 propriate Federal banking agency for

19 that company’’ and inserting ‘‘Cor20 poration or Commission’’; and

21 (iii) in clause (iii), by striking

22 ‘‘appropriate Federal banking agency

23 for that company’’ and inserting

24 ‘‘Corporation or Commission’’; and
139

S 1895 IS

1 (G) in subparagraph (J), by striking

2 ‘‘agency’’ and inserting ‘‘Commission’’;

3 (3) in the introductory text of paragraph

4 (3), by striking ‘‘agency’’ each place it appears

5 and inserting ‘‘Commission’’;

6 (4) in paragraph (4)—

7 (A) in subparagraph (A), by striking

8 ‘‘appropriate Federal banking agency’’ and

9 inserting ‘‘Commission’’; and

10 (B) in subparagraph (B), by striking

11 ‘‘appropriate Federal banking agency’’ and

12 inserting ‘‘Commission’’;

13 (5) in paragraph (5), by striking ‘‘agency’’

14 each place it appears and inserting ‘‘Commis15 sion’’; and

16 (6) in paragraph (6) by striking ‘‘agency’’

17 each place it appears and inserting ‘‘Federal

18 Banking Commission’’;

19 (g) in the introductory text of subsection

20 (g)(1)—

21 (1) by striking ‘‘appropriate Federal bank22 ing agency’’ and inserting ‘‘Commission’’; and

23 (2) by striking ‘‘agency’’ and inserting

24 ‘‘Commission’’;

25 (h) in subsection (h)—
140

S 1895 IS

1 (1) in paragraph (2)(B)(i), by striking

2 ‘‘appropriate Federal banking agency’’ and in3 serting ‘‘Commission’’;

4 (2) in paragraph (3)—

5 (A) in subparagraph (A), by striking

6 ‘‘appropriate Federal banking agency’’ and

7 inserting ‘‘Commission’’;

8 (B) in subparagraph (B)—

9 (i) by striking ‘‘an appropriate

10 Federal banking agency’’ and insert11 ing ‘‘the Commission’’; and

12 (ii) by striking ‘‘agency’’ and in13 serting ‘‘Commission’’;

14 (C) in subparagraph (C)—

15 (i) in clause (i), by striking ‘‘ap16 propriate Federal banking agency’’

17 and inserting ‘‘Commission’’; and

18 (ii) in clause (ii)—

19 (I) by striking ‘‘appropriate

20 Federal banking agency’’ and in21 serting ‘‘Commission’’;

22 (II) in subclause (I), by

23 striking ‘‘agency’’ and inserting

24 ‘‘Commission’’; and
141

S 1895 IS

1 (III) in subclause (II), by

2 striking ‘‘the head of the appro3 priate Federal banking agency’’

4 and inserting ‘‘the Chairperson

5 of the Commission’’;

6 (i) in subsection (i)(2)(A), by striking ‘‘appro7 priate Federal banking agency’’ and inserting ‘‘Com8 mission’’;

9 (j) in subsection (k)—

10 (1) in paragraph (1), by striking ‘‘appro11 priate Federal banking agency’’ and inserting

12 ‘‘Commission’’;

13 (A) in subparagraph (A)—

14 (i) by striking ‘‘that agency’’ and

15 inserting ‘‘the Commission’’; and

16 (ii) by striking ‘‘the agency’s’’

17 each place it appears and inserting

18 ‘‘the Commission’s’’; and

19 (B) in subparagraph (B)(ii), by strik20 ing ‘‘(if the agency is not the Corpora21 tion)’’;

22 (2) in paragraph (3), by striking ‘‘appro23 priate Federal banking agency’’ and inserting

24 ‘‘Commission’’; and
142

S 1895 IS

1 (3) in paragraph (4)(A), by striking ‘‘ap2 propriate Federal banking agency’’ and insert3 ing ‘‘Commission’’;

4 (k) in subsection (l)—

5 (1) in paragraph (1)—

6 (A) by striking ‘‘Each appropriate

7 Federal banking agency’’ and inserting

8 ‘‘The Commission’’; and

9 (B) by striking ‘‘(in consultation with

10 the other Federal banking agencies)’’ and

11 inserting ‘‘(in consultation with the Cor12 poration)’’; and

13 (2) in paragraph (2), by striking ‘‘an ap14 propriate Federal banking agency’’ and insert15 ing ‘‘the Commission’’;

16 (l) in subsection (m), by striking ‘‘an appro17 priate Federal banking agency’’ and inserting ‘‘the

18 Commission’’;

19 (m) in subsection (n)—

20 (1) in paragraph (1), by striking ‘‘appro21 priate Federal banking agency’’ and inserting

22 ‘‘Commission’’; and

23 (2) in paragraph (2)—
143

S 1895 IS

1 (A) in subparagraph (A), by striking

2 ‘‘agency’’ each place it appears and insert3 ing ‘‘Commission’’;

4 (B) in subparagraph (B), by striking

5 ‘‘agency’; and inserting ‘‘Commission’’;

6 and

7 (C) in subparagraph (C), by striking

8 ‘‘agency’’ and inserting ‘‘Commission’’;

9 and

10 (n) in subsection (o)—

11 (1) in paragraph (1)—

12 (A) in the heading, by striking ‘‘OTS’’

13 and inserting ‘‘COMMISSION’’; and

14 (B) in subparagraph (A), by striking

15 ‘‘appropriate Federal banking agency’’ and

16 inserting ‘‘Commission’’; and

17 (2) in paragraph (2)(C), by striking ‘‘ap18 propriate Federal banking agency’’ and insert19 ing ‘‘Commission’’.

20 SEC. 522. AMENDMENTS TO SECTION 39.

21 Section 39 of the Federal Deposit Insurance Act (12

22 U.S.C. 1831p–1) is amended—

23 (a) in subsection (a)—
144

S 1895 IS

1 (1) in paragraph (1), by striking ‘‘Each

2 appropriate Federal banking agency’’ and in3 serting ‘‘The Commission’’; and

4 (2) in paragraph (2), by striking ‘‘agency’’

5 and inserting ‘‘Commission’’;

6 (b) in subsection (b)—

7 (1) in paragraph (1), by striking ‘‘Each

8 appropriate Federal banking agency’’ and in9 serting ‘‘The Commission’’; and

10 (2) in paragraph (2), by striking ‘‘agency’’

11 and inserting ‘‘Commission’’;

12 (c) in subsection (c)—

13 (1) in the introductory text, by striking

14 ‘‘Each appropriate Federal banking agency’’

15 and inserting ‘‘The Commission’’;

16 (2) in paragraph (2), by striking ‘‘agency’’

17 and inserting ‘‘Commission’’; and

18 (3) in paragraph (2), by striking ‘‘agency’’

19 and inserting ‘‘Commission’’;

20 (d) in subsection (d)—

21 (1) in paragraph (2), by striking ‘‘any ap22 propriate Federal banking agency’’ and insert23 ing ‘‘the Commission’’;
145

S 1895 IS

1 (2) in paragraph (3), by striking ‘‘any ap2 propriate Federal banking agency’’ and insert3 ing ‘‘the Commission’’; and

4 (3) in paragraph (4)—

5 (A) in the introductory text, by strik6 ing ‘‘any appropriate Federal banking

7 agency’’ and inserting ‘‘the Commission’’;

8 and

9 (B) in subparagraph (B)—

10 (i) by striking ‘‘agency’’ each

11 place it appears and inserting ‘‘Com12 mission’’; and

13 (ii) by striking ‘‘agency’s’’ and

14 inserting ‘‘Commission’s’’;

15 (e) in subsection (e)—

16 (1) in paragraph (1)—

17 (A) in subparagraph (A)—

18 (i) by striking ‘‘appropriate Fed19 eral banking agency’’ and inserting

20 ‘‘Commission’’; and

21 (ii) by striking ‘‘agency’’ each

22 place it appears and inserting ‘‘Com23 mission’’; and

24 (B) in subparagraph (C)—
146

S 1895 IS

1 (i) by striking ‘‘appropriate Fed2 eral banking agency’’ and inserting

3 ‘‘Commission’’; and

4 (ii) by striking ‘‘agency’’ each

5 place it appears and inserting ‘‘Com6 mission’’;

7 (2) in paragraph (2)—

8 (A) by striking ‘‘appropriate Federal

9 banking agency’’ and inserting ‘‘Commis10 sion’’; and

11 (B) by striking ‘‘agency’’ each place it

12 appears and inserting ‘‘Commission’’; and

13 (3) paragraph (3)—

14 (A) by striking ‘‘appropriate Federal

15 banking agency’’ and inserting ‘‘Commis16 sion’’; and

17 (B) by striking ‘‘agency’’ each place it

18 appears and inserting ‘‘Commission’’; and

19 (f) in subsection (g), by striking ‘‘Federal bank20 ing agencies’’ and inserting ‘‘Commission’’.

21 SEC. 523. AMENDMENT TO SECTION 41.

22 Section 41(a) of the Federal Deposit Insurance Act

23 (12 U.S.C. 1831r) is amended by inserting ‘‘Commission,’’

24 ‘‘after the Corporation,’’.
147

S 1895 IS

1 SEC. 524. AMENDMENT TO SECTION 42.

2 Section 42(a) of the Federal Deposit Insurance Act

3 (12 U.S.C. 1831p) is amended—

4 (a) in the heading, by striking ‘‘APPROPRIATE

5 FEDERAL BANKING AGENCY’’ and inserting ‘‘COM6 MISSION’’; and

7 (b) in paragraph (1), by striking ‘‘appropriate

8 Federal banking agency’’ and inserting ‘‘Commis9 sion’’.

10 TITLE VI—CONFORMING AMENDMENTS

11 TO OTHER BANKING STATUTES

12 SEC. 601. AMENDMENTS TO THE ACT OF JUNE 30, 1876.

13 (a) AMENDMENTS TO SECTION 1.—Section 1 of the

14 Act of June 30, 1876 (12 U.S.C. 191), is amended—

15 (1) by striking ‘‘Comptroller of the Currency’’

16 and inserting ‘‘Federal Banking Commission’’;

17 (2) by striking ‘‘Comptroller’’ and inserting

18 ‘‘Commission’’; and

19 (3) by striking ‘‘Comptroller’s’’ and inserting

20 ‘‘Commission’s’’.

21 (b) AMENDMENTS TO SECTION 3.—Section 3 of the

22 Act of June 30, 1876 (12 U.S.C. 197), is amended—

23 (1) in subsection (a)—

24 (A) by striking ‘‘Comptroller of the Cur25 rency’’ and inserting ‘‘Federal Banking Com26 mission’’; and
148

S 1895 IS

1 (B) by striking ‘‘Comptroller’’ each place it

2 appears and inserting ‘‘Commission’’; and

3 (2) in subsection (b), by striking ‘‘Comptroller

4 of the Currency’’ each place it appears and inserting

5 ‘‘Federal Banking Commission’’.

6 (c) AMENDMENT TO SECTION 6.—Section 6 of the

7 Act of June 30, 1876 (omitted from the United States

8 Code), is amended by striking ‘‘Comptroller of the Cur9 rency’’ and inserting ‘‘Federal Banking Commission’’.

10 SEC. 602. AMENDMENT TO THE ACT OF MARCH 29, 1886.

11 (a) AMENDMENT TO FIRST UNDESIGNATED PARA12 GRAPH.—The first undesignated paragraph of the Act of

13 March 29, 1886 (12 U.S.C. 198), is amended by striking

14 ‘‘Comptroller of the Currency’’ each place it appears and

15 inserting ‘‘Federal Banking Commission’’.

16 (b) AMENDMENT TO SECTION 2.—Section 2 of the

17 Act of March 29, 1886 (12 U.S.C. 199) is amended by

18 striking ‘‘Comptroller of the Currency, shall be, together

19 with the certificate of facts in the case, and his rec20 ommendation as to the amount of money which, in his

21 judgment, should be so used and employed, submitted to

22 the Secretary of the Treasury, and if the same shall like23 wise be approved by him, the request shall be by the

24 Comptroller of the Currency’’ and inserting ‘‘Federal

25 Banking Commission, shall be’’.
149

S 1895 IS

1 (c) AMENDMENTS TO SECTION 3.—Section 3 of the

2 Act of March 29, 1886 (12 U.S.C. 200) is amended—

3 (1) by striking ‘‘Comptroller of the Currency’’

4 each place it appears and inserting ‘‘Federal Bank5 ing Commission’’;

6 (2) by striking ‘‘, with the approval of the Sec7 retary of the Treasury,’’; and

8 (3) by striking ‘‘he’’ and inserting ‘‘the Com9 mission’’.

10 SEC. 603. AMENDMENTS TO THE ACT OF MAY 1, 1886.

11 Section 2 of the Act of May 1, 1886 (12 U.S.C. 30)

12 is amended—

13 (a) in subsection (a), by striking ‘‘Comptroller

14 of the Currency’’ and inserting ‘‘Federal Banking

15 Commission’’; and

16 (b) in subsection (b), by striking ‘‘Comptroller

17 of the Currency’’ each place it appears and inserting

18 ‘‘Federal Banking Commission’’.

19 SEC. 604. AMENDMENTS TO THE ACT OF NOVEMBER 7, 1918.

20 (a) AMENDMENTS TO THE FIRST SECTION.—The

21 first section of the Act of November 7, 1918 (12 U.S.C.

22 215) is amended—

23 (1) in subsection (a), by striking ‘‘Comptroller’’

24 each place it appears and inserting ‘‘Commission’’;
150

S 1895 IS

1 (2) in subsection (b), by striking ‘‘Comptroller’’

2 each place it appears and inserting ‘‘Commission’’;

3 (3) in the third sentence of subsection (c), by

4 striking ‘‘Comptroller’’ and inserting ‘‘Commission’’;

5 and

6 (4) in subsection (d), by striking ‘‘Comptroller’’

7 each place it appears and inserting ‘‘Commission’’.

8 (b) AMENDMENTS TO SECTION 2.—Section 2 of the

9 Act of November 1918 (12 U.S.C. 215a) is amended—

10 (1) in subsection (a), by striking ‘‘Comptroller’’

11 each place it appears and inserting ‘‘Commission’’;

12 (2) in subsection (b), by striking ‘‘Comptroller’’

13 each place it appears and inserting ‘‘Commission’’;

14 (3) in the third sentence of subsection (c), by

15 striking ‘‘Comptroller’’ and inserting ‘‘Commission’’;

16 and

17 (4) in subsection (d), by striking ‘‘Comptroller’’

18 each place it appears and inserting ‘‘Commission’’.

19 (c) AMENDMENT TO SECTION 3.—Section 3(3) of the

20 Act of November 7, 1918 (12 U.S.C. 215b(3)) is amended

21 to read as follows:

22 ‘‘(3) ‘Commission’ means the Federal Banking

23 Commission; and’’.
151

S 1895 IS

1 SEC. 605. AMENDMENT TO THE ACT OF FEBRUARY 25, 1930.

2 The Act of February 25, 1930 (12 U.S.C. 67) is

3 amended by striking ‘‘Comptroller of the Currency’’ and

4 inserting ‘‘Federal Banking Commission’’.

5 SEC. 606. AMENDMENTS TO THE ACT OF MARCH 9, 1933.

6 (a) AMENDMENTS TO SECTION 4.—Section 4(b)(1)

7 of the Act of March 9, 1933 (12 U.S.C. 95(b)(1)) is

8 amended by striking ‘‘Comptroller of the Currency’’ each

9 place it appears and inserting ‘‘Federal Banking Commis10 sion’’.

11 (b) AMENDMENT TO SECTION 301.—Section 301 of

12 the Act of March 9, 1933 (12 U.S.C. 51a) is amended—

13 (1) in the first sentence—

14 (A) by striking ‘‘Comptroller of the Cur15 rency’’ and inserting ‘‘Federal Banking Com16 mission’’; and

17 (B) by striking ‘‘said Comptroller’’ and in18 serting ‘‘the Commission’’; and

19 (2) in the second sentence—

20 (A) by striking ‘‘Comptroller of the Cur21 rency’’ and inserting ‘‘Federal Banking Com22 mission’’; and

23 (B) by striking ‘‘his’’ each place it appears

24 and inserting ‘‘the Commission’s’’.

25 (c) AMENDMENT TO SECTION 302.—Section 302(a)

26 of the Act of March 9, 1933 (12 U.S.C. 51b(a)) is amend-
152

S 1895 IS

1 ed in the first sentence by striking ‘‘Comptroller of the

2 Currency’’ and inserting ‘‘Federal Banking Commission’’.

3 SEC. 607. AMENDMENTS TO THE ACT OF AUGUST 17, 1950.

4 Section 2 of the Act of August 17, 1950 (12 U.S.C.

5 214a) is amended—

6 (1) in the first sentence of subsection (a), by

7 striking ‘‘Comptroller of the Currency’’ and insert8 ing ‘‘Federal Banking Commission’’; and

9 (2) in subsection (b)—

10 (A) in the third sentence, by striking

11 ‘‘Comptroller of the Currency’’ and inserting

12 ‘‘Federal Banking Commission’’; and

13 (B) by striking ‘‘Comptroller’’ each place it

14 appears and inserting ‘‘Commission’’.

15 SEC. 608 AMENDMENTS TO THE ACT OF SEPTEMBER 8, 1959.

16 Section 13 of the Act of September 8, 1959 (12

17 U.S.C. 21a) is amended in the last sentence—

18 (1) by striking ‘‘Comptroller of the Currency’’

19 and inserting ‘‘Federal Banking Commission’’; and

20 (2) by striking ‘‘his’’ and inserting ‘‘the Com21 mission’s’’.
153

S 1895 IS

1 SEC. 609. AMENDMENTS TO THE ACT OF SEPTEMBER 28,

2 1962.

3 (a) AMENDMENTS TO THE FIRST SECTION.—The

4 first undesignated section of the Act of September 28,

5 1962 (12 U.S.C. 92a) is amended—

6 (1) in subsection (a)—

7 (A) in the heading, by striking ‘‘COMP8 TROLLER OF THE CURRENCY’’ and inserting

9 ‘‘FEDERAL BANKING COMMISSION’’; and

10 (B) by striking ‘‘Comptroller of the Cur11 rency’’ and inserting ‘‘Federal Banking Com12 mission’’;

13 (2) in the second sentence of subsection (c), by

14 striking ‘‘Comptroller of the Currency’’ and insert15 ing ‘‘Federal Banking Commission’’;

16 (3) in subsection (d), by striking ‘‘Comptroller

17 of the Currency’’ and inserting ‘‘Federal Banking

18 Commission’’;

19 (4) in subsection (i), by striking ‘‘Comptroller

20 of the Currency’’ and inserting ‘‘Federal Banking

21 Commission’’;

22 (5) in subsection (j)—

23 (A) by striking ‘‘Comptroller of the Cur24 rency’’ each place it appears and inserting

25 ‘‘Federal Banking Commission’’;

26 (B) in the second sentence—
154

S 1895 IS

1 (i) by striking ‘‘himself’’ and inserting

2 ‘‘itself’’;

3 (ii) by striking ‘‘his’’ and inserting

4 ‘‘the Commission’s’’; and

5 (C) in the last sentence, by striking ‘‘he’’

6 and inserting ‘‘the Commission’’; and

7 (6) in subsection (k)—

8 (A) in the first sentence of paragraph (1),

9 by striking ‘‘Comptroller of the Currency’’ and

10 inserting ‘‘Federal Banking Commission’’; and

11 (B) by striking ‘‘Comptroller’’ each place it

12 appears and inserting ‘‘Federal Banking Com13 mission’’.

14 (b) AMENDMENTS TO SECTION 2.—Section 2 of the

15 Act of September 28, 1962 (12 U.S.C. 92a note) is

16 amended in the second sentence by striking ‘‘Comptroller

17 of the Currency’’ and inserting ‘‘Federal Banking Com18 mission’’.

19 SEC. 610. AMENDMENTS TO THE ALTERNATIVE MORTGAGE

20 TRANSACTION PARITY ACT OF 1982.

21 (a) AMENDMENTS TO SECTION 802.—Section

22 802(a)(3) of the Alternative Mortgage Transaction Parity

23 Act of 1982 (12 U.S.C. 3801) is amended—
155

S 1895 IS

1 (1) by striking ‘‘Comptroller of the Currency,’’

2 and inserting ‘‘Federal Banking Commission and’’;

3 and

4 (2) by striking ‘‘, and the Director of the Office

5 of Thrift Supervision’’.

6 (b) AMENDMENTS TO SECTION 804.—Section 804(a)

7 of the Alternative Mortgage Transaction Parity Act of

8 1982 (12 U.S.C. 3803) is amended—

9 (1) by amending paragraph (3) to read as fol10 lows:

11 ‘‘(2) with respect to all other housing creditors,

12 including without limitation, banks, savings associa13 tions, mutual savings banks, and savings banks, only

14 to transactions made in accordance with regulations

15 governing alternative mortgage transactions as is16 sued by the Federal Banking Commission for na17 tional banks or federally chartered savings associa18 tions, to the extent that such regulations are author19 ized by rulemaking authority granted to the Federal

20 Banking Commission with regard to national banks

21 or federally chartered savings associations under

22 laws other than this section.’’;

23 (2) by striking paragraph (1); and

24 (3) by redesignating paragraph (2) as para25 graph (1).
156

S 1895 IS

1 (c) AMENDMENT TO SECTION 1204.—Section

2 1204(b) of the Alternative Mortgage Transaction Parity

3 Act of 1982 (12 U.S.C. 3806(b)) is amended by striking

4 ‘‘Board of Governors of the Federal Reserve System’’ and

5 inserting ‘‘Federal Banking Commission’’.

6 SEC. 611. AMENDMENTS TO THE BANK CONSERVATION ACT.

7 (a) AMENDMENT TO SECTION 201.—Section 201 of

8 the Bank Conservation Act (12 U.S.C. 201) is amended

9 to read as follows:

10 ‘‘SEC. 201. SHORT TITLE.

11 ‘‘This title may be cited as the ‘Bank Conservation

12 Act’.’’.

13 (b) AMENDMENT TO SECTION 202.—Section 202 of

14 the Bank Conservation Act (12 U.S.C. 202) is amended

15 to read as follows:

16 ‘‘SEC. 202. DEFINITIONS.

17 ‘‘(a) BANK DEFINED.—As used in this title, the term

18 ‘bank’ means—

19 ‘‘(1) any national banking association;

20 ‘‘(2) any other financial institution chartered or

21 licensed under Federal law; and

22 ‘‘(3) any bank or trust company located in the

23 District of Columbia, that was or would have been

24 supervised by the Comptroller of the Currency prior
157

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1 to the effective date of the Regulatory Consolidation

2 Act of 1994.

3 ‘‘(b) VOLUNTARY DISSOLUTION AND LIQUIDATION

4 DEFINED.—As used in this title, the term ‘voluntary dis5 solution and liquidation’ means a transaction pursuant to

6 section 5220 of the Revised Statutes (12 U.S.C. 181) that

7 involves the assumption of the bank’s insured deposit li8 abilities and the sale of the bank, or of control of the bank,

9 as a going concern.

10 ‘‘(c) STATE DEFINED.—As used in this title, the

11 term ‘State’ means any State, Territory, or possession of

12 the United States.’’.

13 (c) AMENDMENTS TO SECTION 203.—Section 203 of

14 the Bank Conservation Act (12 U.S.C. 203) is amended—

15 (1) in subsection (a), by striking ‘‘Comptroller

16 of the Currency’’ each place it appears and inserting

17 ‘‘Federal Banking Commission’’; and

18 (2) in subsection (b)—

19 (A) by striking ‘‘Comptroller’’ each place it

20 appears and inserting ‘‘Commission’’; and

21 (B) by striking ‘‘Comptroller’s’’ and insert22 ing ‘‘Commission’s’’;

23 (3) in subsection (c), by striking ‘‘Comptroller’’

24 each place it appears and inserting ‘‘Commission’’;
158

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1 (4) in subsection (d), by striking ‘‘Comptroller’’

2 each place it appears and inserting ‘‘Commission’’;

3 (5) in subsection (e)—

4 (A) by striking ‘‘Comptroller’’ and insert5 ing ‘‘Commission’’; and

6 (B) by striking ‘‘Comptroller’s’’ and insert7 ing ‘‘Commission’s’’.

8 (d) AMENDMENTS TO SECTION 204.—Section 204 of

9 the Bank Conservation Act (12 U.S.C. 204) is amended—

10 (1) in the first sentence, by striking ‘‘Comptrol11 ler of the Currency’’ and inserting ‘‘Federal Banking

12 Commission’’; and

13 (2) in the second sentence, by striking ‘‘Comp14 troller’’ and inserting ‘‘Commission’’.

15 (e) AMENDMENT TO SECTION 205.—Section 205 of

16 the Bank Conservation Act (12 U.S.C. 205) is amended—

17 (1) in subsection (a), by striking ‘‘Comptroller’’

18 each place it appears and inserting ‘‘Commission’’;

19 (2) in subsection (b), by striking ‘‘Comptroller’’

20 and inserting ‘‘Commission’’; and

21 (3) in subsection (c), by striking ‘‘Comptroller’’

22 and inserting ‘‘Commission’’.

23 (f) AMENDMENTS TO SECTION 206.—Section 206 of

24 the Bank Conservation Act (12 U.S.C. 206) is amended—
159

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1 (1) in subsection (a), by striking ‘‘Comptroller’’

2 and inserting ‘‘Commission’’;

3 (2) in subsection (b)—

4 (A) in the heading, by striking ‘‘COMP5 TROLLER’’ and inserting ‘‘COMMISSION’’;

6 (B) by striking ‘‘Comptroller’’ and insert7 ing ‘‘Commission’’;

8 (3) in subsection (c), by striking ‘‘Comptroller’’

9 each place it appears and inserting ‘‘Commission’’;

10 and

11 (4) in subsection (d)—

12 (A) by striking ‘‘Comptroller of the Cur13 rency’’ and inserting ‘‘Federal Banking Com14 mission’’; and

15 (B) by striking ‘‘Comptroller’’ each place it

16 appears and inserting ‘‘Commission’’.

17 (g) AMENDMENT TO SECTION 209.—Section 209(c)

18 of the Bank Conservation Act (12 U.S.C. 209(c)) is

19 amended by striking ‘‘Comptroller’’ each place it appears

20 and inserting ‘‘Commission’’.

21 (h) AMENDMENT TO SECTION 210.—Section 210 of

22 the Bank Conservation Act (12 U.S.C. 210) is amended

23 to read as follows:
160

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1 ‘‘SEC. 210. NO IMPAIRMENT OF OTHER POWERS.

2 ‘‘Nothing in this title shall be construed to impair in

3 any manner any powers of the President, the Secretary

4 of the Treasury, the Federal Banking Commission, or the

5 Board of Governors of the Federal Reserve System.’’.

6 (i) AMENDMENTS TO SECTION 211.—Section 211 of

7 the Bank Conservation Act (12 U.S.C. 211) is amended—

8 (1) in subsection (a)—

9 (A) by striking ‘‘Comptroller of the Cur10 rency’’ and inserting ‘‘Federal Banking Com11 mission’’;

12 (B) by striking ‘‘Comptroller’’ and insert13 ing ‘‘Commission’’; and

14 (2) in subsection (b), by striking ‘‘Comptroller’’

15 and inserting ‘‘Commission’’.

16 SEC. 612. AMENDMENTS TO THE BANK ENTERPRISE ACT OF

17 1991.

18 (a) AMENDMENTS TO SECTION 232.—Subsection

19 232(a) of the Bank Enterprise Act of 1991 (12 U.S.C.

20 1834(a)) is amended—

21 (1) in the heading, by striking ‘‘FEDERAL RE22 SERVE BOARD’’ and inserting ‘‘THE COMMISSION’’;

23 (2) in paragraph (1), by striking ‘‘Board of

24 Governors of the Federal Reserve System,’’ and in25 serting ‘‘Commission’’;
161

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1 (3) in paragraph (2), by striking ‘‘Board’’ each

2 place it appears and inserting ‘‘Commission’’;

3 (4) in paragraph (3)—

4 (A) by amending subparagraph (A) to read

5 as follows:

6 ‘‘(A) COMMISSION.—The term ‘Commis7 sion’ means the Federal Banking Commis8 sion.’’;

9 (B) in subparagraph (C), by striking

10 ‘‘Board’’ and inserting ‘‘Commission’’.

11 (b) AMENDMENTS TO SECTION 233.—Section 233 of

12 the Bank Enterprise Act of 1991 (12 U.S.C. 1834a) is

13 amended—

14 (1) in subsection (b)(2)—

15 (A) in subparagraph (A)(i)—

16 (i) in the heading, by striking ‘‘AGEN17 CY’’ and inserting ‘‘COMMISSION’’;

18 (ii) by striking ‘‘appropriate Federal

19 banking agency’’ and inserting ‘‘Commis20 sion’’; and

21 (B) in subparagraph (B)—

22 (i) in the heading, by striking ‘‘AGEN23 CY’’;
162

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1 (ii) in clause (i), by striking ‘‘appro2 priate Federal banking agency’’ and insert3 ing ‘‘Commission’’; and

4 (iii) in clause (ii)—

5 (I) by striking ‘‘appropriate Fed6 eral banking agency’’ and inserting

7 ‘‘Commission’’; and

8 (II) by striking ‘‘agency’’ and in9 serting ‘‘Commission’’; and

10 (2) by amending subsection (g)(1) to read as

11 follows:

12 ‘‘(1) COMMISSION.—The term ‘Commission’

13 means the Federal Banking Commission.’’.

14 (c) AMENDMENT TO SECTION 234.—Subsection 234

15 of the Bank Enterprise Act of 1991 (12 U.S.C. 1834b)

16 is amended—

17 (1) in subsection (c), by striking ‘‘appropriate

18 Federal banking agency’’ and inserting ‘‘Commis19 sion’’;

20 (2) in subsection (d), by striking ‘‘appropriate

21 Federal banking agency’’ and inserting ‘‘Commis22 sion’’; and

23 (3) in subsection (e)—
163

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1 (A) in paragraph (4), by striking ‘‘appro2 priate Federal banking agency’’ and inserting

3 ‘‘Commission’’; and

4 (B) by inserting a new paragraph (6) to

5 read as follows:

6 ‘‘(6) COMMISSION.—The term ‘Commission’

7 means the Federal Banking Commission.’’.

8 SEC. 613. AMENDMENTS TO THE BANK HOLDING COMPANY

9 ACT OF 1956.

10 (a) AMENDMENTS TO SECTION 2.—Section 2 of the

11 Bank Holding Company Act of 1956 (12 U.S.C. 1841)

12 is amended—

13 (1) in subsection (a)—

14 (A) in paragraph (2)(C), by striking

15 ‘‘Board’’ and inserting ‘‘Commission’’;

16 (B) in paragraph (5)(D)—

17 (i) by striking ‘‘Board’’ each place it

18 appears and inserting ‘‘Commission’’;

19 (ii) by striking ‘‘Board’s’’ and insert20 ing ‘‘Commission’s’’;

21 (2) in subsection (d) by striking ‘‘Board’’ and

22 inserting ‘‘Commission’’;

23 (3) in subsection (e), by striking ‘‘Board’’ and

24 inserting ‘‘Commission’’;
164

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1 (4) by amending subsection (f) to read as fol2 lows:

3 ‘‘(f) ‘Commission’ means the Federal Banking Com4 mission.’’;

5 (5) in subsection (g)(3), by striking ‘‘Board’’

6 and inserting ‘‘Commission’’;

7 (6) in subsection (h)(3), by striking ‘‘Board’’

8 and inserting ‘‘Commission’’; and

9 (7) in subsection (j)(3), by striking ‘‘Director of

10 the Office of Thrift Supervision’’ and inserting

11 ‘‘Commission’’.

12 (b) AMENDMENTS TO SECTION 3.—Section 3 of the

13 Bank Holding Company Act of 1956 (12 U.S.C. 1842)

14 is amended—

15 (1) in subsection (a)—

16 (A) by striking ‘‘Board’’ each place it ap17 pears and inserting ‘‘Commission’’;

18 (B) in the third sentence, by striking ‘‘in

19 the Board’s judgment’’ and inserting ‘‘in the

20 Commission’s judgment’’;

21 (2) in subsection (b)—

22 (A) in paragraph (1)—

23 (i) by striking ‘‘Board’’ each place it

24 appears and inserting ‘‘Commission’’;

25 (ii) in the first sentence—
165

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1 (I) by striking ‘‘to the Comptrol2 ler of the Currency, if the applicant

3 company or any bank the voting

4 shares or assets of which are sought

5 to be required is a national banking

6 association or a District bank, or’’;

7 (II) by striking ‘‘the Comptroller

8 of the Currency or the State super9 visory authority, as the case may be.’’

10 and inserting ‘‘the State supervisory

11 authority.’’;

12 (ii) in the second sentence, by striking

13 ‘‘the Comptroller of the Currency or’’;

14 (iii) in the third sentence, by striking

15 ‘‘the Comptroller of the Currency or’’;

16 (iv) in the ninth sentence, by striking

17 ‘‘the Comptroller of the Currency or the

18 State supervisory authority, as the case

19 may be,’’ and inserting ‘‘the State super20 visory authority’’; and

21 (B) in paragraph (2)—

22 (i) by striking ‘‘Board’’ each place it

23 appears and inserting ‘‘Commission’’;
166

S 1895 IS

1 (ii) by striking ‘‘the appropriate Fed2 eral or State chartering authority’’ and in3 serting ‘‘a State chartering authority’’;

4 (3) in subsection (c)—

5 (A) in the heading, by striking ‘‘BOARD’’

6 and inserting ‘‘COMMISSION’’;

7 (B) in the introductory text of paragraph

8 (1), by striking ‘‘Board’’ and inserting ‘‘Com9 mission’’;

10 (C) in paragraph (2), by striking ‘‘Board’’

11 and inserting ‘‘Commission’’;

12 (D) in paragraph (3), by striking ‘‘Board’’

13 each place it appears and inserting ‘‘Commis14 sion’’; and

15 (E) in paragraph (4), by striking ‘‘Board’’

16 each place it appears and inserting ‘‘Commis17 sion’’.

18 (c) AMENDMENTS TO SECTION 4.—Section 4 of the

19 Bank Holding Company Act of 1956 (12 U.S.C. 1843)

20 is amended—

21 (1) in subsection (a)(2)—

22 (A) by striking ‘‘Board’’ each place it ap23 pears and inserting ‘‘Commission’’; and

24 (B) by striking ‘‘Board of Governors’’ and

25 inserting ‘‘Commission’’;
167

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1 (2) in subsection (c)—

2 (A) in paragraph (2), by striking ‘‘Board’’

3 and inserting ‘‘Commission’’; and

4 (B) in paragraph (8)—

5 (i) by striking ‘‘Board’’ each place it

6 appears and inserting ‘‘Commission’’;

7 (ii) by striking ‘‘Board of Governors

8 of the Federal Reserve System’’ and in9 serting ‘‘Commission’’; and

10 (iii) by striking ’’, and the primary

11 Federal regulator of such institution con12 curs in such finding,’’;

13 (C) in paragraph (9), by striking ‘‘Board’’

14 and inserting ‘‘Commission’’;

15 (D) in paragraph (12)(B), by striking

16 ‘‘Board’’ and inserting ‘‘Commission’’;

17 (E) in paragraph (13), by striking

18 ‘‘Board’’ and inserting ‘‘Commission’’; and

19 (F) in paragraph (14)—

20 (i) by striking ‘‘Board’’ each place it

21 appears and inserting ‘‘Commission’’; and

22 (ii) in subparagraph (A)(ii), by strik23 ing ‘‘in the Board’s judgment’’ and insert24 ing ‘‘in the Commission’s judgment’’;
168

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1 (3) in subsection (d), by striking ‘‘Board’’ and

2 inserting ‘‘Commission’’;

3 (4) in subsection (e), by striking ‘‘Board’’ and

4 inserting ‘‘Commission’’; and

5 (5) in subsection (f)—

6 (A) in paragraph (2)(A)(ii)(VII), by strik7 ing ‘‘Board’’ each place it appears and inserting

8 ‘‘Commission’’;

9 (B) in paragraph (3)(B), by striking

10 ‘‘Board’’ and inserting ‘‘Commission’’;

11 (C) in paragraph (5)(B), by striking

12 ‘‘Board’’ and inserting ‘‘Commission’’;

13 (D) in paragraph (6), by striking ‘‘Board’’

14 and inserting ‘‘Commission’’;

15 (E) in paragraph (7), by striking ‘‘Board’’

16 and inserting ‘‘Commission’’;

17 (F) in paragraph (8)—

18 (i) in subparagraph (A), by striking

19 ‘‘Board’’ each place it appears and insert20 ing ‘‘Commission’’; and

21 (ii) in subparagraph (C), by striking

22 ‘‘the Comptroller of the Currency or’’;

23 (G) in paragraph (12)—
169

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1 (i) in subparagraph (A), by striking

2 ‘‘Office of Thrift Supervision’’ and insert3 ing ‘‘Commission’’; and

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

5 ‘‘appropriate Federal or State authority’’

6 and inserting ‘‘Commission or the appro7 priate State authority’’; and

8 (6) in subsection (i)—

9 (A) in paragraph (1), by striking ‘‘Board’’

10 and inserting ‘‘Commission’’; and

11 (B) in paragraph (2), by striking ‘‘Board’’

12 and inserting ‘‘Commission’’.

13 (d) AMENDMENTS TO SECTION 5.—Section 5 of the

14 Bank Holding Company Act of 1956 (12 U.S.C. 1844)

15 is amended—

16 (1) in subsection (a), by striking ‘‘Board’’ each

17 place it appears and inserting ‘‘Commission’’;

18 (2) in subsection (b), by striking ‘‘Board’’ and

19 inserting ‘‘Commission’’;

20 (3) in subsection (c)—

21 (A) by striking ‘‘Board’’ each place it ap22 pears and inserting ‘‘Commission’’; and

23 (B) by striking ‘‘the Comptroller of the

24 Currency, the Federal Deposit Insurance Cor25 poration, or’’;
170

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1 (4) in subsection (d)—

2 (A) by striking ‘‘Board’s’’ and inserting

3 ‘‘Commission’s’’; and

4 (B) by striking ‘‘Board’’ each place it ap5 pears and inserting ‘‘Commission’’;

6 (5) in subsection (e)—

7 (A) in paragraph (1)—

8 (i) by striking ‘‘Board’’ each place it

9 appears and inserting ‘‘Commission’’; and

10 (ii) by striking ‘‘the bank’s primary

11 supervisor, which shall be the Comptroller

12 of the Currency in the case of a national

13 Bank or the Federal Deposit Insurance

14 Corporation and’’; and

15 (B) in paragraph (2), by striking ‘‘Board’’

16 and inserting ‘‘Commission’’; and

17 (6) in subsection (f), by striking ‘‘Board’’ each

18 place it appears and inserting ‘‘Commission’’;

19 (e) AMENDMENTS TO SECTION 8.—Seciton 8 of the

20 Bank Holding Company Act of 1956 (12 U.S.C. 1847)

21 is amended—

22 (1) in subsection (a)(1), by striking ‘‘Board’’

23 and inserting ‘‘Commission’’;

24 (2) in subsection (b)—
171

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1 (A) in paragraph (2), by striking ‘‘Board’’

2 and inserting ‘‘Commission’’; and

3 (B) in paragraph (6), by striking ‘‘Board’’

4 and inserting ‘‘Commission’’;

5 (3) in subsection (c), by striking ‘‘Board’’ and

6 inserting ‘‘Commission’’; and

7 (4) in subsection (d)—

8 (A) in paragraph (1)(A)(i), by striking

9 ‘‘Board’’ each place it appears and inserting

10 ‘‘Commission’’;

11 (B) in paragraph (2)(A), by striking

12 ‘‘Board’’ each place it appears and inserting

13 ‘‘Commission’’;

14 (C) in paragraph (3), by striking ‘‘Board’’

15 and inserting ‘‘Commission’’; and

16 (D) in paragraph (4), by striking ‘‘Board’’

17 and inserting ‘‘Commission’’.

18 (f) AMENDMENTS TO SECTION 9.—Section 9 of the

19 Bank Holding Company Act of 1956 (12 U.S.C. 1848)

20 is amended—

21 (1) by striking ‘‘Board’’ each place it appears

22 and inserting ‘‘Commission’’;

23 (2) in the first sentence, by striking ‘‘Board’s

24 order’’ and inserting ‘‘Commission order’’.
172

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1 (g) AMENDMENTS TO SECTION 11.—Section 11 of

2 the Bank Holding Company Act of 1956 (12 U.S.C. 1849)

3 is amended—

4 (1) in subsection (b)—

5 (A) in paragraph (1)—

6 (i) by striking ‘‘Board’’ each place it

7 appears and inserting ‘‘Commission’’;

8 (ii) in the third sentence, by striking

9 ‘‘the Comptroller of the Currency or the

10 State supervisory authority, as the case

11 may be,’’ and inserting ‘‘a State super12 visory authority’’;

13 (iii) in the sixth sentence, by striking

14 ‘‘Board’s approval’’ and inserting ‘‘Com15 mission’s approval’’;

16 (B) in paragraph (2)—

17 (i) in subparagraph (A), by striking

18 ‘‘Board’’ each place it appears and insert19 ing ‘‘Commission’’;

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

21 ‘‘Board’’ each place it appears and insert22 ing ‘‘Commission’’;

23 (iii) in subparagraph (C), by striking

24 ‘‘Board’’ and inserting ‘‘Commission’’;
173

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1 (iv) in subparagraph (D), by striking

2 ‘‘Board’’ and inserting ‘‘Commission’’; and

3 (2) in subsection (c), by striking ‘‘Board’’ each

4 place it appears and inserting ‘‘Commission’’.

5 SEC. 614. AMENDMENTS TO THE BANK HOLDING COMPANY

6 ACT AMENDMENTS OF 1970.

7 Section 106 of the Bank Holding Company Act

8 Amendments of 1970 is amended—

9 (1) in subsection (a) (12 U.S.C. 1971), by

10 striking ‘‘Board’’ and inserting ‘‘Commission’’;

11 (2) in subsection (b) (12 U.S.C. 1972)—

12 (A) in the last sentence of paragraph (1),

13 by striking ‘‘Board’’ and inserting ‘‘Commis14 sion’’;

15 (B) in paragraph (2)—

16 (i) in subparagraph (E), by striking

17 ‘‘Board’’ and inserting ‘‘Commission’’;

18 (ii) in subparagraph (F)—

19 (I) by amending clause (v) to

20 read as follows:

21 ‘‘(v) ASSESSMENT, ETC.—Any penalty

22 imposed under clause (i), (ii), or (iii) may

23 be assessed and collected by the Commis24 sion in the manner provided in subpara25 graphs (E), (F), (G), and (I) of section
174

S 1895 IS

1 8(i)(2) of the Federal Deposit Insurance

2 Act for penalties imposed (under such sec3 tion) and any such assessment shall be

4 subject to the provisions of such section.’’;

5 and

6 (II) in clause (ix), by striking

7 ‘‘Comptroller of the Currency, the

8 Board, and the Federal Deposit In9 surance Corporation’’ and inserting

10 ‘‘Commission’’;

11 (iii) in subparagraph (G)(ii), by strik12 ing ‘‘appropriate Federal banking agencies

13 are’’ and inserting ‘‘Commission is’’; and

14 (iv) in subparagraph (I), by striking

15 ‘‘appropriate Federal banking agency’’ and

16 inserting ‘‘Commission’’; and

17 (3) in subsection (h) (12 U.S.C. 1978), by

18 striking ‘‘Board’’ and inserting ‘‘Commission’’.

19 SEC. 615. AMENDMENTS TO THE BANK PROTECTION ACT

20 OF 1968.

21 (a) AMENDMENT TO TITLE.—The title of the Bank

22 Protection Act of 1968 is amended to read as follows: ‘‘An

23 Act to provide security measures for banks and other fi24 nancial institutions.’’.
175

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1 (b) AMENDMENT TO SECTION 2.—Section 2 of the

2 Bank Protection Act of 1968 (12 U.S.C. 1881) is amend3 ed to read as follows:

4 ‘‘SEC. 2. As used in this Act, the term ‘Federal super5 visory agency’ means—

6 ‘‘(1) The Federal Banking Commission with re7 spect to national banks and district banks, State

8 banks which are members of the Federal Reserve

9 System, State banks which are not members of the

10 Federal Reserve System but the deposits of which

11 are insured by the Federal Deposit Insurance Cor12 poration, and Federal and State savings associa13 tions; and

14 ‘‘(2) The Board of Governors of the Federal

15 Reserve System with respect to Federal Reserve

16 banks.’’.

17 SEC. 616. AMENDMENTS TO THE BANK SERVICE CORPORA18 TION ACT.

19 (a) AMENDMENTS TO SECTION 1.—Section 1(b) of

20 the Bank Service Corporation Act (12 U.S.C. 1861(b)) is

21 amended—

22 (1) by striking paragraph (1) and (7);

23 (2) by redesignating paragraphs (2) through

24 (6) as paragraph (3) through (5), respectively;
176

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1 (3) by amending paragraph (2), as redesig2 nated, to read as follows:

3 ‘‘(2) the term ‘Commission’ means the Federal

4 Banking Commission;’’;

5 (4) in paragraph (3), as redesignated—

6 (A) by inverting ‘‘a savings association’’

7 after ‘‘an insured bank,’’;

8 (B) by striking ‘‘the Federal Home Loan

9 Bank Board or’’; and

10 (C) by striking ‘‘, the Federal Savings and

11 Loan Insurance Corporation,’’;

12 (5) by inserting a new paragraph (6) as follows:

13 ‘‘(6) the term ‘savings association’ shall have

14 the meaning provided in section 3(b) of the Federal

15 Deposit Insurance Act.’’.

16 (b) AMENDMENTS TO SECTION 4.—Section 4 of the

17 Bank Service Corporation Act (12 U.S.C. 1864) is amend18 ed—

19 (1) in subsection (b), striking ‘‘Board’’ and in20 serting ‘‘Commission’’; and

21 (2) in subsection (f), by striking ‘‘Board’’ and

22 inserting ‘‘Commission’’.

23 (c) AMENDMENTS TO SECTION 5.—Section 5 of the

24 Bank Service Corporation Act (12 U.S.C. 1865) is amend25 ed—
177

S 1895 IS

1 (1) by striking subsection (a);

2 (2) in subsection (b)—

3 (A) in the heading, by striking ‘‘BOARD’’

4 and inserting ‘‘THE COMMISSION’’;

5 (B) by striking ‘‘section 4(f) of’’ each place

6 it appears; and

7 (C) by striking ‘‘Board’’ and inserting

8 ‘‘Commission’’;

9 (3) in subsection (c), by striking ‘‘Board or the

10 appropriate Federal banking agency, as the case

11 may be,’’ and inserting ‘‘Commission’’;

12 (4) in subsection (d)—

13 (A) by striking ‘‘Board or the appropriate

14 Federal banking agency, as the case may be,’’

15 and inserting ‘‘Commission’’; and

16 (B) by striking ‘‘the agency’’ and inserting

17 ‘‘the Commission’’; and

18 (5) by redesignating subsections (b) through (d)

19 as subsections (a) through (c), respectively.

20 (d) AMENDMENTS TO SECTION 7.—Section 7 of the

21 Bank Service Corporation Act (12 U.S.C. 1867) is amend22 ed—

23 (1) by amending subsection (a) to read as fol24 lows:
178

S 1895 IS

1 ‘‘(a) A bank service corporation shall be subject to

2 examination and regulation by the Commission.’’;

3 (2) in subsection (b), striking the second sen4 tence;

5 (3) in subsection (c)—

6 (A) in the introductory text—

7 (i) by striking ‘‘Notwithstanding sub8 section (a) of this section whenever a bank

9 that is regularly examined by an appro10 priate Federal banking agency,’’ and in11 serting ‘‘Whenever a bank that is regularly

12 examined by the Commission’’; and

13 (ii) by striking ‘‘that agency’’ and in14 serting ‘‘Commission’’;

15 (B) in paragraph (1), by striking ‘‘such

16 agency’’ and inserting ‘‘the Commission’’; and

17 (C) in paragraph (2), by striking ‘‘such

18 agency’’ and inserting ‘‘the Commission’’; and

19 (4) by amending subsection (d) to read as fol20 lows:

21 ‘‘(d) The Commission is authorized to issue such reg22 ulations and orders as may be necessary to enable it to

23 administer and to carry out the purposes of this Act and

24 to prevent evasions thereof.’’.
179

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1 SEC. 617. AMENDMENTS TO THE BANKING ACT OF 1933.

2 (a) AMENDMENTS TO SECTION 20.—Section 20 of

3 the Banking Act of 1933 (12 U.S.C. 377) is amended—

4 (1) in the second undesignated paragraph—

5 (A) by striking ‘‘Federal Reserve Board’’

6 and inserting ‘‘Federal Banking Commission’’;

7 (B) by striking ‘‘Federal reserve bank’’

8 and inserting ‘‘Commission’’;

9 (2) in the third undesignated paragraph, by

10 striking ‘‘Federal Reserve Board’’ and inserting

11 ‘‘Federal Banking Commission’’.

12 (b) AMENDMENT TO SECTION 22.—Section 22 of the

13 Banking Act of 1933 (12 U.S.C. 64a) is amended by strik14 ing ‘‘Comptroller of the Currency’’ each place it appears

15 and inserting ‘‘Federal Banking Commission’’.

16 (c) AMENDMENTS TO SECTION 29.—Section 29 of

17 the Banking Act of 1933 (12 U.S.C. 197a) is amended—

18 (1) in the first sentence—

19 (A) by striking ‘‘Comptroller of the Cur20 rency’’ and inserting ‘‘Federal Banking Com21 mission’’;

22 (B) by striking ‘‘Comptroller’’ and insert23 ing ‘‘Commission’’;

24 (C) by striking ‘‘his’’ and inserting ‘‘its’’;
180

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1 (2) in the second sentence, by striking ‘‘Comp2 troller’’ each place it appears and inserting ‘‘Com3 mission’’.

4 (d) AMENDMENTS TO SECTION 31.—Section 31 of

5 the Banking Act of 1933 (12 U.S.C. 71a) is amended—

6 (1) in the second sentence, by striking ‘‘Comp7 troller of the Currency, the said Comptroller’’ and

8 inserting ‘‘Federal Banking Commission, the Com9 mission’’; and

10 (2) in the third sentence, by striking ‘‘Board of

11 Governors of the Federal Reserve System’’ and in12 serting ‘‘Federal Banking Commission’’.

13 (e) AMENDMENTS TO SECTION 32.—Section 32 of

14 the Banking Act of 1933 (12 U.S.C. 78) is amended—

15 (1) by striking ‘‘Board of Governors of the Fed16 eral Reserve System’’ and inserting ‘‘Federal Bank17 ing Commission’’; and

18 (2) by striking ‘‘said Board’’ and inserting

19 ‘‘Commission’’.

20 SEC. 618. AMENDMENTS TO THE BANKING ACT OF 1935.

21 Section 345 of the Banking Act of 1935 (12 U.S.C.

22 51b–1) is amended by striking ‘‘Comptroller of the Cur23 rency’’ each place it appears and inserting ‘‘Federal Bank24 ing Commission’’.
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1 SEC. 619. AMENDMENTS TO THE COMMUNITY REINVEST2 MENT ACT OF 1977.

3 (a) AMENDMENT TO SECTION 802.—Subsection

4 802(b) of the Community Reinvestment Act of 1977 (12

5 U.S.C. 2901(b)) is amended by striking ‘‘each appropriate

6 Federal financial supervisory agency’’ and inserting ‘‘the

7 Federal Banking Commission’’.

8 (b) AMENDMENTS TO SECTION 803.—Section 803 of

9 the Community Reinvestment Act of 1977 (12 U.S.C.

10 2902) is amended—

11 (1) by amending paragraph (1) to read as fol12 lows:

13 ‘‘(1) COMMISSION.—The term ‘Commission’

14 means the Federal Banking Commission.’’;

15 (2) by striking ‘‘(2) section 8 of the Federal

16 Deposit Insurance Act, by the Director of the Office

17 of Thrift Supervision, in the case of a savings asso18 ciation (the deposits of which are insured by the

19 Federal Deposit Insurance Corporation) and a sav20 ings and loan holding company;’’; and

21 (3) in the introductory text of paragraph (3),

22 by striking ‘‘appropriate Federal financial super23 visory agency’’ and inserting ‘‘Commission’’.

24 (c) AMENDMENT TO SECTION 804.—Section 804 of

25 the Community Reinvestment Act of 1977 (12 U.S.C.

26 2903) is amended in the introductory text by striking ‘‘ap-
182

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1 propriate Federal financial supervisory agency’’ and in2 serting ‘‘Commission’’.

3 (d) AMENDMENT TO SECTION 805.—Section 805 of

4 the Community Reinvestment Act of 1977 (12 U.S.C.

5 2904) is amended by striking ‘‘Each appropriate Federal

6 financial supervisory agency’’ and inserting ‘‘The Commis7 sion’’.

8 (e) AMENDMENT TO SECTION 806.—Section 806 of

9 the Community Reinvestment Act of 1977 (12 U.S.C.

10 2905) is amended by striking ‘‘each appropriate Federal

11 financial supervisory agency,’’ and inserting ‘‘the Commis12 sion,’’.

13 (f) AMENDMENTS TO SECTION 807.—Section 807 of

14 the Community Reinvestment Act of 1977 (12 U.S.C.

15 2906) is amended—

16 (1) in subsection (a)(1), by striking ‘‘appro17 priate Federal financial supervisory agency’’ and in18 serting ‘‘Commission’’;

19 (2) in subsection (b)(1)(A)—

20 (A) by striking ‘‘appropriate Federal finan21 cial supervisory agency’s’’ and inserting ‘‘Com22 mission’s’’;

23 (B) by striking ‘‘Federal financial super24 visory agencies’’ and inserting ‘‘Commission’’;

25 (3) in subsection (c)—
183

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1 (A) in paragraph (2)—

2 (i) by striking ‘‘appropriate Federal

3 financial supervisory agency’’ and inserting

4 ‘‘Commission’’;

5 (ii) by striking ‘‘judgment of the

6 agency’’ and inserting ‘‘judgment of the

7 Commission’’;

8 (B) in paragraph (3), by striking ‘‘appro9 priate Federal financial supervisory agency’’

10 and inserting ‘‘Commission’’.

11 (g) AMENDMENT TO SECTION 808.—Section 808 of

12 the Community Reinvestment Act of 1977 (12 U.S.C.

13 2907) is amended by striking ‘‘appropriate Federal finan14 cial supervisory agency’’ and inserting ‘‘Commission’’.

15 SEC. 620. AMENDMENT TO THE COMPETITIVE EQUALITY

16 BANKING ACT OF 1987.

17 Subsection 1204(b) of the Competitive Equality

18 Banking Act of 1987 (12 U.S.C. 3806(b)) is amended by

19 striking ‘‘Board of Governors of the Federal Reserve Sys20 tem’’ and inserting ‘‘Federal Banking Commission’’.

21 SEC. 621. AMENDMENTS TO THE DEPOSITORY INSTITU22 TIONS DEREGULATION AND MONETARY CON23 TROL ACT OF 1980.

24 (a) AMENDMENT TO SECTION 208.—Section 208(a)

25 of the Depository Institutions Deregulation and Monetary
184

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1 Control Act of 1980 (12 U.S.C. 3507(a)) is amended to

2 read as follows:

3 ‘‘(a) ENFORCEMENT.—Compliance with the regula4 tions issued by the Deregulation Committee under this

5 title shall be enforced under section 8 of the Federal De6 posit Insurance Act (12 U.S.C. 1818), by the Federal

7 Banking Commission with respect to national banks;

8 member banks of the Federal Reserve System (other than

9 national banks); offices, branches, and agencies of foreign

10 banks located in the United States; banks insured by the

11 Federal Deposit Insurance Corporation (other than mem12 bers of the Federal Reserve System); and savings associa13 tions the deposits of which are insured by the Federal De14 posit Insurance Corporation.’’.

15 (b) AMENDMENTS TO SECTION 501.—Section 501(a)

16 of the Depository Institutions Deregulation and Monetary

17 Control Act of 1980 (12 U.S.C. 1735f–7a) is amended—

18 (1) in the first sentence of subsection (c), by

19 striking ‘‘Federal Home Loan Bank Board’’ and in20 serting ‘‘Federal Banking Commission’’; and

21 (2) in subsection (f), by striking ‘‘Federal

22 Home Loan Bank Board’’ and inserting ‘‘Federal

23 Banking Commission’’.
185

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1 (c) AMENDMENTS TO SECTION 731.—Section 731 of

2 the Depository Institutions Deregulation and Monetary

3 Control Act of 1980 (12 U.S.C. 216) is amended—

4 (1) in the introductory text, by striking ‘‘Comp5 troller of the Currency’’ and inserting ‘‘Federal

6 Banking Commission’’;

7 (2) by striking ‘‘Comptroller’’ each place it ap8 pears and inserting ‘‘Commission’’.

9 (d) AMENDMENT TO SECTION 732.—Section 732 of

10 the Depository Institutions Deregulation and Monetary

11 Control Act of 1980 (12 U.S.C. 216a(1)) is amended—

12 (1) by amending paragraph (1) to read as fol13 lows:

14 ‘‘(1) the term ‘Commission’ means the Federal

15 Banking Commission;’’; and

16 (2) in paragraph (2), by striking ‘‘Comptroller’’

17 and inserting ‘‘Commission’’.

18 (e) AMENDMENTS TO SECTION 733.—Section 733 of

19 the Depository Institutions Deregulation and Monetary

20 Control Act of 1980 (12 U.S.C. 216b) is amended—

21 (1) in subsection (a), by striking ‘‘Comptroller’’

22 each place it appears and inserting ‘‘Commission’’;

23 (2) in subsection (b), by striking ‘‘Comptroller’’

24 each place it appears and inserting ‘‘Commission’’;

25 (3) in subsection (c)—
186

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1 (A) by striking ‘‘Comptroller’’ each place it

2 appears and inserting ‘‘Commission’’;

3 (B) in paragraph (2), by striking ‘‘his’’

4 and inserting ‘‘its’’;

5 (4) in subsection (d), by striking ‘‘Comptroller’’

6 and inserting ‘‘Commission’’;

7 (5) in subsection (e), by striking ‘‘Comptroller’’

8 each place it appears and inserting ‘‘Commission’’;

9 and

10 (6) in subsection (f), by striking ‘‘Comptroller’’

11 each place it appears and inserting ‘‘Commission’’.

12 (f) AMENDMENT TO SECTION 734.—Section 734 of

13 the Depository Institutions Deregulation and Monetary

14 Control Act of 1980 (12 U.S.C. 216c) is amended by strik15 ing ‘‘Comptroller’’ and inserting ‘‘Commission’’.

16 SEC. 622. AMENDMENTS TO THE DEPOSITORY INSTITU17 TIONS DISASTER RELIEF ACT OF 1992.

18 (a) AMENDMENTS TO SECTION 3.—Section 3 of the

19 Depository Institutions Disaster Relief Act of 1992 (12

20 U.S.C. 4008 note) is amended—

21 (1) in subsection (a)—

22 (A) by striking ‘‘Board of Governors of the

23 Federal Reserve System’’ and inserting ‘‘Fed24 eral Banking Commission’’;
187

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1 (B) by striking ‘‘Board’’ and inserting

2 ‘‘Commission’’;

3 (2) in subsection (b)—

4 (A) by striking ‘‘Board of Governors of the

5 Federal Reserve System’’ and inserting ‘‘Fed6 eral Banking Commission’’;

7 (B) by striking ‘‘Board’’ and inserting

8 ‘‘Commission’’; and

9 (3) in subsection (d), by striking ‘‘Board of

10 Governors of the Federal Reserve System’’ and in11 serting ‘‘Federal Banking Commission’’.

12 (b) AMENDMENTS TO SECTION 4.—Section 4 of the

13 Depository Institutions Disaster Relief Act of 1992 (12

14 U.S.C. 1831o note) is amended—

15 (1) in subsection (a)—

16 (A) by striking ‘‘appropriate Federal bank17 ing agency’’ and inserting ‘‘Federal Banking

18 Commission’’;

19 (B) by striking ‘‘if the agency determines’’

20 and inserting ‘‘if the Commission determines’’;

21 (2) in subsection (b)—

22 (A) by striking paragraph (1); and

23 (B) by redesignating paragraphs (2)

24 through (4) as paragraphs (1) through (3), re25 spectively.
188

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1 (c) AMENDMENTS TO SECTION 5.—Subsection 5(c)

2 of the Depository Institutions Disaster Relief Act of 1992

3 (12 U.S.C. 1828 note) is amended—

4 (1) in paragraph (1), by striking ‘‘Board of

5 Governors of the Federal Reserve System;’’ and in6 serting ‘‘the Federal Banking Commission;’’;

7 (2) by striking paragraphs (2), (3), (4), and

8 (5); and

9 (3) by redesignating paragraphs (6) and (7) as

10 paragraphs (2) and (3), respectively.

11 (d) AMENDMENTS TO SECTION 7.—Section 7 of the

12 Depository Institutions Disaster Relief Act of 1992 (omit13 ted from United States Code) is amended by striking ‘‘the

14 Board of Governors of the Federal Reserve System, the

15 Comptroller of the Currency, the Director of the Office

16 of Thrift Supervision, the Federal Deposit Insurance Cor17 poration’’ and inserting ‘‘the Federal Banking Commis18 sion’’.

19 SEC. 623. AMENDMENTS TO THE DEPOSITORY INSTITU20 TIONS DISASTER RELIEF ACT OF 1993.

21 (a) AMENDMENTS TO SECTION 2.—Section 2 of the

22 Depository Institutions Disaster Relief Act of 1993 (12

23 U.S.C. 4008 note) is amended—

24 (1) in subsection (a)—
189

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1 (A) by striking ‘‘Board of Governors of the

2 Federal Reserve System’’ and inserting ‘‘Fed3 eral Banking Commission’’; and

4 (B) by striking ‘‘Board’’ and inserting

5 ‘‘Commission’’;

6 (2) in subsection (b)—

7 (A) by striking ‘‘Board of Governors of the

8 Federal Reserve System’’ and inserting ‘‘Fed9 eral Banking Commission’’;

10 (B) by striking ‘‘Board’’ and inserting

11 ‘‘Commission’’; and

12 (3) in subsection (d), by striking ‘‘Board of

13 Governors of the Federal Reserve System’’ and in14 serting ‘‘Federal Banking Commission’’.

15 (b) AMENDMENTS TO SECTION 3.—Section 3 of the

16 Depository Institutions Disaster Relief Act of 1993 (12

17 U.S.C. 1831o note) is amended by—

18 (1) in subsection (a), by striking ‘‘appropriate

19 Federal banking agency’’ and inserting ‘‘Federal

20 Banking Commission’’; and

21 (2) in subsection (c)—

22 (A) by striking paragraph (1); and

23 (B) by redesignating paragraphs (2), (3),

24 and (4) as paragraphs (1), (2), and (3), respec25 tively.
190

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1 (c) AMENDMENTS TO SECTION 4.—Subsection 4(c)

2 of the Depository Institutions Disaster Relief Act of 1993

3 (12 U.S.C. 1828 note) is amended—

4 (1) in paragraph (1), by striking ‘‘Board of

5 Governors of the Federal Reserve System;’’ and in6 serting ‘‘the Federal Banking Commission;’’;

7 (2) by striking paragraphs (2), (3), (4), and

8 (5); and

9 (3) by redesignating paragraphs (6) and (7) as

10 paragraphs (2) and (3), respectively.

11 (d) AMENDMENT TO SECTION 5.—Subsection 5(a) of

12 the Depository Institutions Disaster Relief Act of 1993

13 (12 U.S.C. 1811 note) is amended by striking ‘‘appro14 priate Federal banking agencies (as defined in section 3

15 of the Federal Deposit Insurance Act)’’ and inserting

16 ‘‘Federal Banking Commission’’.

17 (e) AMENDMENT TO SECTION 6.—Section 6 of the

18 Depository Institutions Disaster Relief Act of 1993 (omit19 ted from the United States Code) is amended by striking

20 ‘‘the Board of Governors of the Federal Reserve System,

21 the Comptroller of the Currency, the Director of the Office

22 of Thrift Supervision, the Federal Deposit Insurance Cor23 poration,’’ and inserting ‘‘the Federal Banking Commis24 sion’’.
191

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1 SEC. 624. AMENDMENTS TO THE DEPOSITORY INSTITUTION

2 MANAGEMENT INTERLOCKS ACT.

3 (a) AMENDMENTS TO SECTION 202.—Subsection 202

4 of the Depository Institution Management Interlocks Act

5 (12 U.S.C. 3201) is amended—

6 (1) in paragraph (2), by striking ‘‘section

7 408(a)(1)(D) of the National Housing Act’’ and in8 serting ‘‘section 10(a)(1)(D) of the Home Owner’s

9 Loan Act’’; and

10 (2) in paragraph (3)(A), by striking ‘‘section

11 408(a)(1)(H) of the National Housing Act’’ and in12 serting ‘‘section 10(a)(1)(G) of the Home Owners’

13 Loan Act’’.

14 (b) AMENDMENTS TO SECTION 205.—Section 205 of

15 the Depository Institution Management Interlocks Act (12

16 U.S.C. 3204) is amended—

17 (1) in paragraph (8)(A), by striking ‘‘section

18 408(a)(1)(F) of the National Housing Act’’ and in19 serting ‘‘section 10(a)(1)(F) of the Home Owners’

20 Loan Act’’; and

21 (2) in paragraph 9, by striking ‘‘Director of the

22 Office of Thrift Supervision’’ and inserting ‘‘Federal

23 Banking Commission’’.

24 (c) AMENDMENT TO SECTION 207.—Section 207 of

25 the Depository Institution Management Interlocks Act (12

26 U.S.C. 3206) is amended to read as follows:
192

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1 ‘‘SEC. 207. This title shall be administered and en2 forced by—

3 ‘‘(1) the Federal Banking Commission with re4 spect to national banks, banks located in the District

5 of Columbia, State banks which are members of the

6 Federal Reserve System, bank holding companies,

7 State banks which are not members of the Federal

8 Reserve System but the deposits of which are in9 sured by the Federal Deposit Insurance Corporation,

10 savings associations, and savings and loan holding

11 companies;

12 ‘‘(2) the National Credit Union Administration

13 with respect to credit unions the accounts of which

14 are insured by the National Credit Union Adminis15 tration; and

16 ‘‘(3) upon referral by the agencies named in the

17 foregoing paragraphs, the Attorney General shall

18 have the authority to enforce compliance by any per19 son with this title.’’.

20 (d) AMENDMENT TO SECTION 209.—Section 209 of

21 the Depository Institution Management Interlocks Act (12

22 U.S.C. 3207) is amended to read as follows:

23 ‘‘SEC. 209. Rules and regulation to carry out this

24 title, including rules or regulations which permit service

25 by a management official which would otherwise be pro-
193

S 1895 IS

1 hibited by section 203 or section 204, may be prescribed

2 by—

3 ‘‘(1) the Federal Banking Commission with re4 spect to national banks, banks located in the District

5 of Columbia, State banks which are members of the

6 Federal Reserve System, bank holding companies,

7 State banks which are not members of the Federal

8 Reserve System but the deposits of which are in9 sured by the Federal Deposit Insurance Corporation,

10 savings associations, and savings and loan holding

11 companies; and

12 ‘‘(2) the National Credit Union Administration

13 with respect to credit unions the accounts of which

14 are insured by the National Credit Union Adminis15 tration.’’.

16 (e) AMENDMENT TO SECTION 210.—Subsection

17 210(a) of the Depository Institution Management Inter18 locks Act (12 U.S.C. 3208(a)) is amended by striking

19 ‘‘his’’ and inserting ‘‘his or her’’.

20 SEC. 625. AMENDMENTS TO THE ELECTRONIC FUND

21 TRANSFER ACT.

22 (a) AMENDMENTS TO SECTION 903.—Section 903 of

23 the Electronic Fund Transfer Act (15 U.S.C. 1693a) is

24 amended—
194

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1 (1) in paragraph (2), by striking ‘‘Board’’ and

2 inserting ‘‘Commission’’;

3 (2) by amending (3) to read as follows:

4 ‘‘(3) the term ‘Commission’ means the Federal

5 Banking Commission.’’; and

6 (3) in paragraph (6), by striking ‘‘Board’’ and

7 inserting ‘‘Commission’’.

8 (b) AMENDMENTS TO SECTION 904.—Section 904 of

9 the Electronic Fund Transfer Act (15 U.S.C. 1693b) is

10 amended—

11 (1) in subsection (a), by striking ‘‘Board’’ each

12 place it appears and inserting ‘‘Commission’’;

13 (2) in subsection (b), by striking ‘‘Board’’ each

14 place it appears and inserting ‘‘Commission’’;

15 (3) in subsection (c), by striking ‘‘Board’’ each

16 place it appears and inserting ‘‘Commission’’; and

17 (4) in subsection (d), by striking ‘‘Board’’ and

18 inserting ‘‘Commission’’.

19 (c) AMENDMENTS TO SECTION 905.—Section 905 of

20 the Electronic Fund Transfer Act (15 U.S.C. 1693c) is

21 amended—

22 (1) in subsection (a)—

23 (A) in the first sentence of the introduc24 tory text, by striking ‘‘Board’’ and inserting

25 ‘‘Commission’’;
195

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1 (B) in the paragraph (3), by striking

2 ‘‘Board’’ and inserting ‘‘Commission’’; and

3 (C) in the paragraph (7), by striking

4 ‘‘Board’’ and inserting ‘‘Commission’’; and

5 (2) in the third sentence of subsection (b), by

6 striking ‘‘Board’’ and inserting ‘‘Commission’’.

7 (d) AMENDMENT TO SECTION 906.—Subsection

8 906(b) of the Electronic Fund Transfer Act (15 U.S.C.

9 1693d(b)) is amended in the first sentence by striking

10 ‘‘Board’’ and inserting ‘‘Commission’’.

11 (e) AMENDMENT TO SECTION 907.—Subsection

12 907(b) of the Electronic Fund Transfer Act (15 U.S.C.

13 1693e(b)) is amended by striking ‘‘Board’’ and inserting

14 ‘‘Commission’’.

15 (f) AMENDMENT TO SECTION 908.—Subsection

16 908(f)(7) of the Electronic Fund Transfer Act (15 U.S.C.

17 1693f(f)(7)) is amended by striking ‘‘Board’’ and insert18 ing ‘‘Commission’’.

19 (g) AMENDMENT TO SECTION 910.—Subsection

20 910(a)(1)(E) of the Electronic Fund Transfer Act (15

21 U.S.C. 1693h(a)(1)(E)) is amended by striking ‘‘Board’’

22 and inserting ‘‘Commission’’.

23 (h) AMENDMENT TO SECTION 911.— Subsection

24 911(b)(3) of the Electronic Fund Transfer Act (15 U.S.C.
196

S 1895 IS

1 1693i(b)(3)) is amended by striking ‘‘Board’’ and insert2 ing ‘‘Commission’’.

3 (i) AMENDMENTS TO SECTION 915.—Subsection

4 915(d) of the Electronic Fund Transfer Act (15 U.S.C.

5 1693m(d)) is amended—

6 (1) in paragraph (1)—

7 (A) by striking ‘‘Board’’ each place it ap8 pears and inserting ‘‘Commission’’;

9 (B) by striking ‘‘Federal Reserve System’’

10 and inserting ‘‘Commission’’; and

11 (2) in paragraph (2), by striking ‘‘Board’’ and

12 inserting ‘‘Commission’’;

13 (j) AMENDMENTS TO SECTION 917.—Section 917 of

14 the Electronic Fund Transfer Act (15 U.S.C. 1693o) is

15 amended—

16 (1) in subsection (a)—

17 (A) by amending paragraph (1) to read as

18 follows:

19 ‘‘(1) section 8 of the Federal Deposit Insurance

20 Act (12 U.S.C. 1818), by the Federal Banking Com21 mission with respect to national banks, member

22 banks of the Federal Reserve System (other than

23 national banks), branches and agencies of foreign

24 banks located in the United States, commercial lend25 ing companies owned or controlled by foreign banks
197

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1 and organizations operating under section 25 of 25A

2 of the Federal Reserve Act, banks insured by the

3 Federal Deposit Insurance Corporation (other than

4 members of the Federal Reserve System), and sav5 ings associations the deposits of which are insured

6 by the Federal Deposit Insurance Corporation;’’;

7 (B) by striking paragraph (2);

8 (C) by redesignating paragraphs (3)

9 through (5) as paragraphs (2) through (4);

10 (2) in subsection (c), by amending the last sen11 tence to read as follows:

12 ‘‘All of the functions and powers of the Federal

13 Trade Commission under the Federal Trade Com14 mission under the Federal Trade Commission Act

15 are available to the Federal Trade Commission to

16 enforce compliance by any person subject to the ju17 risdiction of the Federal Trade Commission with the

18 requirements imposed under this title, irrespective of

19 whether that person is engaged in commerce or

20 meets any other jurisdictional tests in the Federal

21 Trade Commission Act.’’

22 (k) AMENDMENT TO SECTION 918.—Section 918 of

23 the Electronic Fund Transfer Act (15 U.S.C. 1693p) is

24 amended—
198

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1 (1) in subsection (a), by striking ‘‘Board’’ each

2 place it appears and inserting ‘‘Commission’’; and

3 (2) in subsection (b), by striking ‘‘Board’’ each

4 place it appears and inserting ‘‘Commission’’.

5 (l) AMENDMENT TO SECTION 919.—Section 919 of

6 the Electronic Fund Transfer Act (15 U.S.C. 1693q) is

7 amended by striking ‘‘Board’’ each place it appears and

8 inserting ‘‘Commission’’.

9 (m) AMENDMENT TO SECTION 920.—Section 920 of

10 the Electronic Fund Transfer Act (15 U.S.C. 1693r) is

11 amending by striking ‘‘Board’’ each place it appears and

12 inserting ‘‘Commission’’.

13 SEC. 626. AMENDMENTS TO THE EMERGENCY HOME14 OWNER’S RELIEF ACT.

15 Section 110 of the Emergency Homeowner’s Relief

16 Act (12 U.S.C. 2709) is amended in the last sentence by

17 striking ‘‘Board of Governors of the Federal Reserve Sys18 tem, the Board of Directors of the Federal Deposit Insur19 ance Corporation, the Comptroller of the Currency, the

20 Federal Home Loan Bank Board, the Federal Savings

21 and Loan Insurance Corporation,’’ and inserting ‘‘Federal

22 Banking Commission’’.
199

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1 SEC. 627. AMENDMENTS TO THE EQUAL CREDIT OPPOR2 TUNITY ACT.

3 (a) AMENDMENT TO SECTION 701.—Section 701 of

4 the Equal Credit Opportunity Act (15 U.S.C. 1691) is

5 amended—

6 (1) in subsection (b)—

7 (A) in paragraph (2), by striking ‘‘Board’’

8 and inserting ‘‘Commission’’;

9 (B) in paragraph (3), by striking ‘‘Board’’

10 and inserting ‘‘Commission’’;

11 (2) in subsection (c)(3), by striking ‘‘Board’’

12 and inserting ‘‘Commission’’;

13 (3) in subsection (d)—

14 (A) in paragraph (1), by striking ‘‘Board’’

15 and inserting ‘‘Commission’’; and

16 (B) in paragraph (5), by striking ‘‘Board’’

17 and inserting ‘‘Commission’’.

18 (b) AMENDMENTS TO SECTION 702.—Section 702 of

19 the Equal Credit Opportunity Act (15 U.S.C. 1691a) is

20 amended—

21 (1) by amending subsection (c) to read as fol22 lows:

23 ‘‘(c) The term ‘Commission’ means the Federal

24 Banking Commission.’’; and

25 (2) in subsection (g), by striking ‘‘Board’’ and

26 inserting ‘‘Commission’’.
200

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1 (c) AMENDMENT TO SECTION 703.—Section 703 of

2 the Equal Credit Opportunity Act (15 U.S.C. 1691b) is

3 amended—

4 (1) in subsection (a)—

5 (A) in paragraph (1), by striking ‘‘Board’’

6 each place it appears and inserting ‘‘Commis7 sion’’;

8 (B) in paragraph (3), by striking ‘‘Board’’

9 and inserting ‘‘Commission’’;

10 (C) in paragraph (4), by striking ‘‘Board’’

11 each place it appears and inserting ‘‘Commis12 sion’’; and

13 (D) in paragraph (5), by striking ‘‘Board’’

14 and inserting ‘‘Commission’’; and

15 (2) in subsection (b), by striking ‘‘Board’’ each

16 place it appears and inserting ‘‘Commission’’.

17 (d) AMENDMENTS TO SECTION 704.—Section 704 of

18 the Equal Credit Opportunity Act (15 U.S.C. 1691c) is

19 amended—

20 (1) in subsection (a)—

21 (A) by amending paragraph (1) to read as

22 follows:

23 ‘‘(1) section 8 of the Federal Deposit Insurance

24 Act (12 U.S.C. 1818) by the Federal Banking Com25 mission in the case of national banks, member banks
201

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1 of the Federal Reserve System (other than national

2 banks), branches and agencies of foreign banks,

3 commercial lending companies owned or controlled

4 by foreign banks and organizations operating under

5 section 25 or 25A of the Federal Reserve Act, banks

6 insured by the Federal Deposit Insurance Corpora7 tion (other than members of the Federal Reserve

8 System), and savings associations the deposits of

9 which are insured by the Federal Deposit Insurance

10 Corporation;’’;

11 (B) by striking paragraph (2); and

12 (C) by redesignating paragraphs (3)

13 through (9) as paragraphs (2) through (8);

14 (2) in the third sentence of subsection (c)—

15 (A) by striking ‘‘available to the Commis16 sion’’ and inserting ‘‘available to the Federal

17 Trade Commission’’; and

18 (B) by striking ‘‘Federal Reserve Board’’

19 and inserting ‘‘Federal Banking Commission’’;

20 and

21 (3) in subsection (d), by striking ‘‘Board’’ and

22 inserting ‘‘Commission’’.

23 (e) AMENDMENT TO SECTION 705.—Section 705 of

24 the Equal Credit Opportunity Act (15 U.S.C. 1691d) is

25 amended—
202

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1 (1) in subsection (f), by striking ‘‘Board’’ each

2 place it appears and inserting ‘‘Commission’’; and

3 (2) in subsection (g), by striking ‘‘Board’’ and

4 inserting ‘‘Commission’’.

5 (f) AMENDMENTS TO SECTION 706.—Section 706 of

6 the Equal Credit Opportunity Act (15 U.S.C. 1691e) is

7 amended—

8 (1) in subsection (e)—

9 (A) by striking ‘‘Board’’ each place it ap10 pears and inserting ‘‘Commission’’; and

11 (B) by striking ‘‘Federal Reserve System’’

12 and inserting ‘‘Commission’’;

13 (2) in subsection (g), by striking ‘‘paragraphs

14 (1), (2) and (3)’’ and inserting ‘‘paragraphs (1) and

15 (2)’’; and

16 (3) in subsection (k), by striking ‘‘paragraphs

17 (1), (2) and (3)’’ and inserting ‘‘paragraphs (1) and

18 (2)’’.

19 (g) AMENDMENT TO SECTION 707.—Section 707 of

20 the Equal Credit Opportunity Act (15 U.S.C. 1691f) is

21 amended by striking ‘‘Board’’ each place it appears and

22 inserting ‘‘Commission’’.
203

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1 SEC. 628. AMENDMENTS TO THE EXPEDITED FUNDS AVAIL2 ABILITY ACT.

3 (a) AMENDMENTS TO SECTION 602.—Section 602 of

4 the Expedited Funds Availability Act (12 U.S.C. 4001)

5 is amended—

6 (1) by amending paragraph (2) to read as fol7 lows:

8 ‘‘(2) COMMISSION.—The term ‘Commission’

9 means the Federal Banking Commission.’’;

10 (2) in paragraph (9), by striking ‘‘Board’’ and

11 inserting ‘‘Commission’’;

12 (3) in paragraph (11), by striking ‘‘Board’’ and

13 inserting ‘‘Commission’’;

14 (4) in paragraph (14)(C), by striking ‘‘Board’’

15 and inserting ‘‘Commission’’;

16 (5) in paragraph (16)(A)(ii), by striking

17 ‘‘Board’’ and inserting ‘‘Commission’’; and

18 (6) in paragraph (25), by striking ‘‘Board’’ and

19 inserting ‘‘Commission’’.

20 (b) AMENDMENT TO SECTION 603.—Section 603 of

21 the Expedited Funds Availability Act (12 U.S.C. 4002)

22 is amended—

23 (1) in subsection (b)(4), by striking ‘‘Board’’

24 and inserting ‘‘Commission’’;

25 (2) in subsection (d)(1), by striking ‘‘Board’’

26 and inserting ‘‘Commission’’; and
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1 (3) in subsection (e)(3), by striking ‘‘Board’’

2 and inserting ‘‘Commission’’.

3 (c) AMENDMENT TO SECTION 604.—Section 604 of

4 the Expedited Funds Availability Act (12 U.S.C. 4003)

5 is amended—

6 (1) in the introductory text of subsection (a), by

7 striking ‘‘Board’’ and inserting ‘‘Commission’’;

8 (2) in the introductory text of subsection (b),

9 by striking ‘‘Board’’ and inserting ‘‘Commission’’;

10 (3) in the first sentence of subsection (c)(1), by

11 striking ‘‘Board’’ and inserting ‘‘Commission’’;

12 (4) in the introductory text of subsection (d),

13 by striking ‘‘Board’’ and inserting ‘‘Commission’’;

14 (5) in subsection (e)—

15 (A) in paragraph (1), by striking ‘‘Board’’

16 each place it appears and inserting ‘‘Commis17 sion’’; and

18 (B) in paragraph (3)—

19 (i) in subparagraph (A), by striking

20 ‘‘Board’’ and inserting ‘‘Commission’’; and

21 (ii) in subparagraph (B)(ii), by strik22 ing ‘‘Board’’ and inserting ‘‘Commission’’;

23 and

24 (6) in subsection (f)—
205

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1 (A) in paragraph (1)(B), by striking

2 ‘‘Board’’ and inserting ‘‘Commission’’; and

3 (B) in paragraph (2)—

4 (i) in subparagraph (C), by striking

5 ‘‘Board’’ and inserting ‘‘Commission’’;

6 (ii) in subparagraph (D), by striking

7 ‘‘Board’’ and inserting ‘‘Commission’’; and

8 (iii) in subparagraph (E).

9 (d) AMENDMENT TO SECTION 605.—Section 605 of

10 the Expedited Funds Availability Act (12 U.S.C. 4004)

11 is amended by striking ‘‘Board’’ each place it appears and

12 inserting ‘‘Commission’’.

13 (e) AMENDMENT TO SECTION 608.—Subsection

14 608(a) of the Expedited Funds Availability Act (12 U.S.C.

15 4007(a)) is amended—

16 (1) in the introductory text, by striking

17 ‘‘Board’’ and inserting ‘‘Commission’’; and

18 (2) in paragraph (1), by striking ‘‘Board’’ and

19 inserting ‘‘Commission’’.

20 (f) AMENDMENTS TO SECTION 609.—Section 609 of

21 the Expedited Funds Availability Act (12 U.S.C. 4008)

22 is amended—

23 (1) in the introductory text of subsection (a), by

24 striking ‘‘Board’’ and inserting ‘‘Commission’’;

25 (2) in subsection (b)—
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1 (A) in the introductory text, by striking

2 ‘‘Board’’ and inserting ‘‘Commission’’;

3 (B) in paragraph (5)(B), by striking

4 ‘‘Board’’ and inserting ‘‘Commission’’;

5 (C) in paragraph (6), by striking ‘‘Board’’

6 and inserting ‘‘Commission’’; and

7 (D) in paragraph (8), by striking ‘‘Board’’

8 and inserting ‘‘Commission’’;

9 (3) in subsection (c)—

10 (A) in the heading, by striking ‘‘BOARD’’

11 and inserting ‘‘COMMISSION’’;

12 (B) in paragraph (1), by striking ‘‘Board

13 of Governors of the Federal Reserve System’’

14 and inserting ‘‘Commission’’; and

15 (C) in paragraph (2), by striking ‘‘Board’’

16 and inserting ‘‘Commission’’;

17 (4) in subsection (d)—

18 (A) in paragraph (1)(A), by striking

19 ‘‘Board’’ and inserting ‘‘Commission’’; and

20 (B) in paragraph (2)—

21 (i) in subparagraph (A), by striking

22 ‘‘Board’’ and inserting ‘‘Commission’’; and

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

24 ‘‘Board’’ and inserting ‘‘Commission’’;

25 (5) in subsection (e)—
207

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1 (A) by striking ‘‘Board’’ and inserting

2 ‘‘Commission’’; and

3 (B) by striking ‘‘the Comptroller of the

4 Currency, the Board of Directors of the Federal

5 Deposit Insurance Corporation, the Federal

6 Home Loan Bank Board,’’;

7 (6) in subsection (f)—

8 (A) in paragraph (1), by striking ‘‘Board’’

9 and inserting ‘‘Commission’’;

10 (B) in paragraph (2), by striking ‘‘Board’’

11 and inserting ‘‘Commission’’;

12 (C) in paragraph (3), by striking ‘‘Board’’

13 and inserting ‘‘Commission’’;

14 (g) AMENDMENTS TO SECTION 610.—Section 610 of

15 the Expedited Funds Availability Act (12 U.S.C. 4009)

16 is amended—

17 (1) in subsection (a)

18 (A) in the introductory text, by striking

19 ‘‘Board of Governors of the Federal Reserve

20 System’’ and inserting ‘‘Commission’’;

21 (B) by amending paragraph (1) to read as

22 follows:

23 ‘‘(1) section 8 of the Federal Deposit Insurance

24 Act (12 U.S.C. 1818), by the Commission with re25 spect to national banks; member banks of the Fed-
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1 eral Reserve System (other than national banks); of2 fices, branches, and agencies of foreign banks lo3 cated in the United States; banks insured by the

4 Federal Deposit Insurance Corporation (other than

5 members of the Federal Reserve System); and sav6 ings associations the deposits of which are insured

7 by the Federal Deposit Insurance Corporation;’’;

8 (C) by striking paragraph (2); and

9 (D) by redesignating paragraph (3) as

10 paragraph (2);

11 (2) in subsection (c)—

12 (A) in the heading, by striking ‘‘BOARD’’

13 and inserting ‘‘COMMISSION’’;

14 (B) in paragraph (1), by striking ‘‘Board

15 of Governors of the Federal Reserve System’’

16 and inserting ‘‘Commission’’; and

17 (C) in paragraph (2), by striking ‘‘Board’’

18 each place it appears and inserting ‘‘Commis19 sion’’; and

20 (3) in subsection (d), by striking ‘‘Board’’ and

21 inserting ‘‘Commission’’.

22 (h) AMENDMENTS TO SECTION 611.—Section 611 of

23 the Expedited Funds Availability Act (12 U.S.C. 4010)

24 is amended—

25 (1) in subsection (e)—
209

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1 (A) in the heading, by striking ‘‘BOARD’’

2 and inserting ‘‘COMMISSION’’; and

3 (B) by striking ‘‘Board of Governors of the

4 Federal Reserve System’’ and inserting ‘‘Com5 mission’’; and

6 (2) in subsection (f), by striking ‘‘Board’’ and

7 inserting ‘‘Commission’’.

8 SEC. 629. AMENDMENTS TO FAIR CREDIT REPORTING ACT.

9 (a) AMENDMENT TO SECTION 601.—Section 601 of

10 the Fair Credit Reporting Act of 1987 (15 U.S.C. 1601

11 note) is amended by striking ‘‘Fair Credit Reporting Act’’

12 and inserting ‘‘ ‘Fair Credit Reporting Act’ ’’.

13 (b) AMENDMENTS TO SECTION 621.—Subsection

14 621(b) of the Fair Credit Reporting Act of 1987 (15

15 U.S.C. 1681s(b)) is amended—

16 ‘‘(1) by amending paragraph (1) to read as fol17 lows:

18 (1) section 8 of the Federal Deposit Insurance

19 Act, by the Federal Banking Commission with re20 spect to national banks, member banks of the Fed21 eral Reserve System (other than national banks),

22 branches and agencies of foreign banks, commercial

23 lending companies owned or controlled by foreign

24 banks, organizations operating under section 25 or

25 25A of the Federal Reserve Act, banks insured by
210

S 1895 IS

1 the Federal Deposit Insurance Corporation (other

2 than members of the Federal Reserve System), and

3 savings associations insured by the Federal Deposit

4 Insurance Corporation;’’;

5 (2) by striking paragraph (2); and

6 (3) by redesignating paragraphs (3) through

7 (6) as paragraphs (2) through (5), respectively.

8 SEC. 630. AMENDMENTS TO THE FAIR DEBT COLLECTION

9 PRACTICES ACT.

10 (a) AMENDMENTS TO SECTION 814.—Subsection

11 814(b) of the Fair Debt Collection Practices Act (15

12 U.S.C. 1692l(b)) is amended—

13 (1) by amending paragraph (1) to read as fol14 lows:

15 ‘‘(1) section 8 of the Federal Deposit Insurance

16 Act, in the case of national banks, member banks of

17 the Federal Reserve System (other than national

18 banks), branches and agencies of foreign banks,

19 commercial lending companies owned or controlled

20 by foreign banks, organizations operating under sec21 tion 25 or 25A of the Federal Reserve Act, banks

22 insured by the Federal Deposit Insurance Corpora23 tion (other than members of the Federal Reserve

24 System), and savings associations the deposits of
211

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1 which are insured by the Federal Deposit Insurance

2 Corporation;’’;

3 (2) by striking paragraph (2); and

4 (3) by redesignating paragraphs (3) through

5 (6) as paragraphs (2) through (5), respectively.

6 SEC. 631. AMENDMENTS TO THE FEDERAL CREDIT UNION

7 ACT.

8 (a) AMENDMENTS TO SECTION 206.—Section 206 of

9 the Federal Credit Union Act (12 U.S.C. 1786) is amend10 ed—

11 (1) in subsection (g)(7)—

12 (A) in subparagraph (A)—

13 (i) in clause (v), by striking ‘‘deposi14 tory institution’’ and inserting ‘‘financial

15 institutions’’;

16 (ii) in clause (vi), by striking ‘‘and’’;

17 (iii) in clause (vii), by striking the pe18 riod and inserting a semicolon; and

19 (iv) by inserting the following clauses

20 after the end of clause (vii):

21 ‘‘(viii) the Federal Deposit Insurance Cor22 poration; and

23 ‘‘(ix) the Board of Governors of the Fed24 eral Reserve System.’’; and
212

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1 (B) by striking subparagraph (D)(i), and

2 inserting the following:

3 ‘‘(i) the Federal Banking Commission, in

4 the case of an insured depository institution or

5 depository institution holding company (as

6 those terms are defined in section 3 of the Fed7 eral Deposit Insurance Act);’’; and

8 (2) in subsection (u), by striking ‘‘appropriate

9 Federal banking agency’’ each place it appears and

10 inserting ‘‘Federal banking agency (as defined in

11 section 3(z) of the Federal Deposit Insurance Act)’’.

12 SEC. 632. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR13 ANCE CORPORATION IMPROVEMENT ACT OF

14 1991.

15 (a) AMENDMENTS TO SECTION 111.—Subsection

16 111(d) of the Federal Deposit Insurance Corporation Im17 provement Act of 1991 (12 U.S.C. 3305 note) is amend18 ed—

19 (1) by amending paragraph (1) to read as fol20 lows:

21 ‘‘(1) IN GENERAL.—The Federal Banking Com22 mission shall establish an examination improvement

23 program that meets the requirements of paragraph

24 (2).’’; and
213

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1 (2) in paragraph (2), by striking ‘‘agency’’ each

2 place it appears and inserting ‘‘Federal Banking

3 Commission’’.

4 (b) AMENDMENTS TO SECTION 122.—Section 122 of

5 the Federal Deposit Insurance Corporation Improvement

6 Act of 1991 (12 U.S.C. 1817 note) is amended—

7 (1) in subsection (a), by striking ‘‘appropriate

8 Federal banking agency’’ and inserting ‘‘Federal

9 Banking Commission’’; and

10 (2) in subsection (b), by striking ‘‘agency’’ and

11 inserting ‘‘Federal Banking Commission’’.

12 (c) AMENDMENTS TO SECTION 305.—Subsection

13 305(b) of the Federal Deposit Insurance Corporation Im14 provement Act of 1991 (12 U.S.C. 1828 note) is amend15 ed—

16 (1) in paragraph (1), by striking ‘‘Each appro17 priate Federal banking agency’’ and inserting ‘‘The

18 Federal Banking Commission’’;

19 (2) in paragraph (2), by striking ‘‘Federal

20 banking agencies’’ and inserting ‘‘Federal Banking

21 Commission’’;

22 (3) in paragraph (3), by striking ‘‘Each appro23 priate Federal banking agency’’ and inserting ‘‘The

24 Federal Banking Commission’’; and
214

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1 (4) by amending paragraph (4) to read as fol2 lows:

3 ‘‘(4) DEFINITIONS.—For purposes of this sub4 section, the term ‘insured depository institution’ has

5 the same meaning as in section 3 of the Federal De6 posit Insurance Act (12 U.S.C. 1813).’’.

7 (d) AMENDMENTS TO SECTION 311.—Subsection

8 311(d) of the Federal Deposit Insurance Corporation Im9 provement Act of 1991 (12 U.S.C. 1821 note) is amend10 ed—

11 (1) in paragraph (1), by striking ‘‘any appro12 priate Federal banking agency’’ and inserting ‘‘the

13 Federal Banking Commission’’; and

14 (2) in paragraph (4)—

15 (A) in the heading, by striking ‘‘FEDERAL

16 RESERVE BOARD’’ and inserting ‘‘FEDERAL

17 BANKING COMMISSION’’; and

18 (B) by striking ‘‘Board of Governors of the

19 Federal Reserve System’’ and inserting ‘‘Fed20 eral Banking Commission’’.

21 (e) AMENDMENTS TO SECTION 475.—Section 475 of

22 the Federal Deposit Insurance Corporation Improvement

23 Act of 1991 (12 U.S.C. 1828 note) is amended—
215

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1 (1) in subsection (a), by striking ‘‘each appro2 priate Federal banking agency’’ and inserting ‘‘the

3 Federal Banking Commission’’; and

4 (2) by amending subsection (b) to read as fol5 lows:

6 ‘‘(b) DEFINITIONS.—For purposes of this subsection,

7 the term ‘insured depository institution’ has the same

8 meaning as in section 3 of the Federal Deposit Insurance

9 Act (12 U.S.C. 1813).’’.

10 (f) AMENDMENT TO SECTION 477.—Section 477 of

11 the Federal Deposit Insurance Corporation Improvement

12 Act of 1991 (12 U.S.C. 251) is amended by striking ‘‘Fed13 eral Reserve Board’’ each place it appears and inserting

14 ‘‘Federal Banking Commission’’.

15 SEC. 633. AMENDMENTS TO THE FEDERAL FINANCIAL IN16 STITUTIONS EXAMINATION COUNCIL ACT OF

17 1978.

18 (a) REPEAL OF PROVISIONS RELATING TO FFIEC.—

19 The following sections of the Federal Financial Institu20 tions Examination Council Act of 1978 are repealed:

21 (1) Section 1002 (12 U.S.C. 3301).

22 (2) Section 1004 (12 U.S.C. 3303).

23 (3) Section 1005 (12 U.S.C. 3304).

24 (4) Section 1007 (12 U.S.C. 3306).

25 (5) Section 1008 (12 U.S.C. 3307).
216

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1 (6) Section 1009 (12 U.S.C. 3308).

2 (7) Section 1009A (12 U.S.C. 3309).

3 (b) AMENDMENTS TO SECTION 1003.—Section 1003

4 of the Federal Financial Institutions Examination Council

5 Act of 1978 (12 U.S.C. 3302) is amended—

6 (1) by amending paragraph (1) to read as fol7 lows:

8 ‘‘(1) the term ‘Federal financial institu9 tions regulatory agencies’ means the Federal

10 Banking Commission and the National Credit

11 Union Administration; and’’;

12 (2) by striking paragraph (2); and

13 (3) by redesignating paragraph (3) as para14 graph (2).

15 (c) AMENDMENTS TO SECTION 1006.—Section 1006

16 of the Federal Financial Institutions Examination Council

17 Act of 1978 (12 U.S.C. 3305) is amended—

18 (1) in the heading, by striking ‘‘FUNCTIONS

19 OF COUNCIL’’ and inserting ‘‘SCHOOLS FOR EX20 AMINERS’’;

21 (2) by striking subsections (a), (b), (c), (e), and

22 (f);

23 (3) in subsection (d)—
217

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1 (A) by striking ‘‘(d) CONDUCTING

2 SCHOOLS FOR EXAMINERS AND ASSISTANT EX3 AMINERS’’; and

4 (B) by striking ‘‘Council’’ each place it ap5 pears and inserting ‘‘Federal Banking Commis6 sion’’.

7 SEC. 634. AMENDMENTS TO THE FEDERAL HOME LOAN

8 BANK ACT.

9 (a) AMENDMENTS TO SECTION 2.—Section 2 of the

10 Federal Home Loan Bank Act (12 U.S.C. 1422) is

11 amended by adding the following:

12 ‘‘(13) COMMISSION.—The term ‘Commission’

13 means the Federal Banking Commission.’’

14 (b) AMENDMENTS TO SECTION 18.—Subsection

15 18(c) of the Federal Home Loan Bank Act (12 U.S.C.

16 1438(c)) is amended—

17 (1) by striking ‘‘Director of the Office of Thrift

18 Supervision’’ each place it appears and inserting

19 ‘‘Commission’’;

20 (2) in paragraph (1)(B), by striking ‘‘and the

21 agencies under its administration or supervision’’;

22 (3) in paragraph (5), by striking ‘‘and such

23 agencies’’.
218

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1 (c) AMENDMENTS TO SECTION 21A.—Section 21A of

2 the Federal Home Loan Bank Act (12 U.S.C. 1441a) is

3 amended—

4 (1) in subsection (a)(3)(A)(iii), by striking ‘‘Di5 rector of the Office of Thrift Supervision’’ and in6 serting ‘‘Chairperson of the Commission’’;

7 (2) in subsection (b)(10(A)(iv), by striking ‘‘Di8 rector of the Office of Thrift Supervision’’ and in9 serting ‘‘Commission’’;

10 (3) in subsection (c)(9), by striking ‘‘the’’ be11 fore ‘‘Housing and Urban Development’’;

12 (4) by amending subsection (e)(2)(B) to read as

13 follows:

14 ‘‘(B) be subject to the supervision of the

15 Commission.’’;

16 (5) in subsection (f)(1)(C), by striking ‘‘an ap17 propriate’’; and inserting ‘‘any’’;

18 (6) in subsection (k)(9)—

19 (A) by striking ‘‘Director of the Office of

20 Thrift Supervision’’ and inserting ‘‘Commis21 sion’’; and

22 (B) by striking ‘‘Director’’ and inserting

23 ‘‘Commission’’; and

24 (7) in subsection (q)—
219

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1 (A) in paragraph (1), by striking ‘‘appro2 priate Federal banking agency (as defined in

3 section 3(q)’’ and inserting ‘‘Federal banking

4 agency (as defined in section 3(z)’’; and

5 (B) in paragraph (4)(B), by striking ‘‘ap6 propriate’’.

7 (d) AMENDMENTS TO SECTION 22.—Subsection

8 22(a) of the Federal Home Loan Bank Act (12 U.S.C.

9 1442a) is amended—

10 (1) by striking ‘‘Comptroller of the Currency’’

11 each place it appears and inserting ‘‘Commission’’;

12 and

13 (2) by striking ‘‘Director of the Office of Thrift

14 Supervision’’ each place it appears.

15 SEC. 635. AMENDMENTS TO THE FEDERAL RESERVE ACT.

16 (a) AMENDMENTS TO SECTION 2.—The sixth undes17 ignated paragraph of section 2 of the Federal Reserve Act

18 (12 U.S.C. 501a) is amended by deleting ‘‘under direction

19 of the Board of Governors of the Federal Reserve System

20 by the Comptroller of the Currency in his own name’’ and

21 inserting ‘‘Federal Banking Commission in its own

22 name’’.

23 (b) AMENDMENTS TO SECTION 4.—Section 4 of the

24 Federal Reserve Act is amended—
220

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1 (1) in the first undesignated paragraph (omit2 ted from the United States Code), by striking

3 ‘‘Comptroller of the Currency’’ each place it appears

4 and inserting ‘‘Federal Banking Commission’’;

5 (2) in the third undesignated paragraph (omit6 ted from the United States Code)—

7 (A) by striking ‘‘Comptroller of the Cur8 rency, who’’ and inserting ‘‘Federal Banking

9 Commission, which’’; and

10 (B) by striking ‘‘his office’’ and inserting

11 ‘‘its office’’;

12 (3) in the first sentence of the fourth undesig13 nated paragraph (12 U.S.C. 341), by striking

14 ‘‘Comptroller of the Currency’’ and inserting ‘‘Fed15 eral Banking Commission’’; and

16 (4) in the fifth undesignated paragraph (12

17 U.S.C. 341), by striking ‘‘Comptroller of the Cur18 rency’’ and inserting ‘‘Federal Banking Commis19 sion’’.

20 (c) AMENDMENT TO SECTION 6.—The first sentence

21 of the second undesignated paragraph of section 6 of the

22 Federal Reserve Act (12 U.S.C. 288) is amended by strik23 ing ‘‘Comptroller of the Currency may, if he deems it ad24 visable,’’ and inserting ‘‘Federal Banking Commission

25 may, if it deems it advisable,’’.
221

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1 (d) AMENDMENTS TO SECTION 9.—Section 9 of the

2 Federal Reserve Act is amended—

3 (1) in the third undesignated paragraph (12

4 U.S.C. 321)—

5 (A) in the second sentence, by striking

6 ‘‘Board of Governors of the Federal Reserve

7 System, instead of the Comptroller of the Cur8 rency,’’ and inserting ‘‘Federal Banking Com9 mission’’; and

10 (B) in the third sentence, by striking

11 ‘‘Board’’ and inserting ‘‘Federal Banking Com12 mission’’;

13 (2) in the sixth undesignated paragraph (12

14 U.S.C. 324)—

15 (A) in the first sentence—

16 (i) by striking the semicolon following

17 ‘‘dividends’’; and

18 (ii) by striking ‘‘except that any ref19 erence in any such provision to the Comp20 troller of the Currency shall be deemed for

21 the purposes of this sentence to be a ref22 erence to the Board of Governors of the

23 Federal Reserve System’’;

24 (B) in the second sentence, by striking

25 ‘‘Federal Reserve bank of which they become a
222

S 1895 IS

1 member’’ and inserting ‘‘Federal Banking Com2 mission’’;

3 (C) in the third sentence, by striking

4 ‘‘Federal reserve bank’’ and inserting ‘‘Federal

5 Banking Commission’’;

6 (D) by striking ‘‘Board of Governors of the

7 Federal Reserve System’’ each place it appears

8 and inserting ‘‘Federal Banking Commission’’;

9 and

10 (E) by striking ‘‘Board’’ each place it ap11 pears and inserting ‘‘Federal Banking Commis12 sion’’;

13 (3) the seventh undesignated paragraph (12

14 U.S.C. 325) is amended to read as follows:

15 ‘‘As a condition to membership such banks shall like16 wise be subject to examinations made by the direction of

17 the Federal Banking Commission by examiners selected

18 or approved by the Federal Banking Commission.’’;

19 (4) in the eighth undesignated paragraph (12

20 U.S.C. 326)—

21 (A) by striking ‘‘Board of Governors of the

22 Federal Reserve System’’ each place it appears

23 and inserting ‘‘Federal Banking Commission’’;

24 and

25 (B) in the first sentence—
223

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1 (i) by striking ‘‘Whenever the direc2 tors of the Federal reserve bank’’ and in3 serting ‘‘Subject to section 10(d) of the

4 Federal Deposit Insurance Act, whenever

5 the Federal Banking Commission’’; and

6 (ii) by striking ‘‘the board may order’’

7 and inserting ‘‘the Commission may

8 order’’;

9 (5) in the ninth undesignated paragraph (12

10 U.S.C. 327)(a) in the first sentence, by inserting ‘‘or

11 regulations of the Federal Banking Commission’’

12 after ‘‘regulations of the Board of Governors of the

13 Federal Reserve System’’;

14 (6) in the tenth undesignated paragraph (12

15 U.S.C. 328)—

16 (A) in the first sentence—

17 (i) by inserting ‘‘and the Federal

18 Banking Commission’’ after ‘‘with the

19 Board of Governors of the Federal Reserve

20 System’’; and

21 (ii) by inserting ‘‘and after notice to

22 the Federal Banking Commission,’’ after

23 ‘‘That the Board of Governors of the Fed24 eral Reserve System, in its discretion and
224

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1 subject to such conditions as it may pre2 scribe,’’;

3 (B) in the third sentence, by inserting

4 ‘‘after notice to the Federal Banking Commis5 sion,’’ after ‘‘Board of Governors of the Federal

6 Reserve System,’’;

7 (7) in the eleventh undesignated paragraph (12

8 U.S.C. 329), in the second sentence, by inserting

9 ‘‘after consultation with the Federal Banking Com10 mission’’ after ‘‘Board’’;

11 (8) in the twelfth undesignated paragraph

12 (omitted from the United States Code)—

13 (A) by striking ‘‘subsection (y) of section

14 12B of this Act’’ and inserting ‘‘the Federal

15 Deposit Insurance Act’’;

16 (B) by striking ‘‘such section 12B’’ and in17 serting ‘‘the Federal Deposit Insurance Act’’;

18 (C) by inserting ‘‘, after consultation with

19 the Federal Banking Commission,’’ after ‘‘the

20 Board of Governors of the Federal Reserve Sys21 tem’’ the first place it appears; and

22 (D) by inserting ‘‘, after consultation with

23 the Federal Banking Commission,’’ after ‘‘the

24 said Board’’;
225

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1 (9) in the thirteenth undesignated paragraph

2 (12 U.S.C. 330)—

3 (A) in the first sentence—

4 (i) by striking the comma after

5 ‘‘member banks’’ and inserting a period;

6 and

7 (ii) by striking ‘‘but shall not be sub8 ject to examination’’ and all that follows

9 through ‘‘section twenty-one of this Act.’’;

10 (B) in the second sentence—

11 (i) by inserting ‘‘and the Federal

12 Banking Commission’’ after ‘‘the regula13 tions of the board’’; and

14 (ii) by striking ‘‘Board of Governors

15 of the Federal Reserve System’’ and in16 serting ‘‘Federal Banking Commission’’;

17 (10) in the last sentence of the sixteenth undes18 ignated paragraph (12 U.S.C. 333), by inserting

19 ‘‘and regulations of the Federal Banking Commis20 sion’’ after ‘‘regulations of the Board of Governors

21 of the Federal Reserve System’’;

22 (11) in the seventeenth undesignated paragraph

23 (12 U.S.C. 334)—

24 (A) in the first sentence, by striking ‘‘Fed25 eral reserve bank of its district and to the
226

S 1895 IS

1 Board of Governors of the Federal Reserve Sys2 tem’’ and inserting ‘‘Federal Banking Commis3 sion’’;

4 (B) in the second, third, and fourth sen5 tences, by striking ‘‘Board of Governors of the

6 Federal Reserve System’’ each place it appears

7 and inserting ‘‘Federal Banking Commission’’;

8 and

9 (C) in the fourth sentence, by striking

10 ‘‘Board’’ and inserting ‘‘Commission’’;

11 (12) in the eighteenth undesignated paragraph

12 (12 U.S.C. 334)—

13 (A) in the first sentence, by striking ‘‘its

14 Federal reserve bank or the Board of Governors

15 of the Federal Reserve System’’ and inserting

16 ‘‘the Federal Banking Commission’’; and

17 (B) in the second sentence—

18 (i) by striking ‘‘Federal reserve bank

19 and the Board of Governors of the Federal

20 Reserve System’’ and inserting ‘‘Federal

21 Banking Commission’’; and

22 (ii) by striking ‘‘Board of Governors

23 of the Federal Reserve System’’ the second

24 place it appears and inserting ‘‘Federal

25 Banking Commission’’;
227

S 1895 IS

1 (13) in the nineteenth undesignated paragraph

2 (12 U.S.C. 334)—

3 (A) by striking ‘‘, by direction of the

4 Board of Governors of the Federal Reserve Sys5 tem,’’; and

6 (B) by striking ‘‘Federal reserve bank of

7 the district in which such member bank is lo8 cated’’ and inserting ‘‘Federal Banking Com9 mission’’;

10 (14) in the twenty-second undesignated para11 graph (12 U.S.C. 338), in the first and second sen12 tences, by striking ‘‘Board of Governors of the Fed13 eral Reserve System’’ each place it appears and in14 serting ‘‘Federal Banking Commission’’; and

15 (15) in the last paragraph of section 9 (12

16 U.S.C. 338a)—

17 (A) by striking ‘‘Board of Governors of the

18 Federal Reserve System’’ and inserting ‘‘Fed19 eral Banking Commission’’; and

20 (B) by striking ‘‘Board’’ each place it ap21 pears and inserting ‘‘Federal Banking Commis22 sion’’.

23 (e) AMENDMENTS TO SECTION 9A.—Subsection

24 9A(e) of the Federal Reserve Act (12 U.S.C. 339) is

25 amended by striking ‘‘Board of Governors of the Federal
228

S 1895 IS

1 Reserve System’’ and inserting ‘‘Federal Banking Com2 mission’’.

3 (f) AMENDMENTS TO SECTION 10.—The sixth undes4 ignated paragraph of section 10 of the Federal Reserve

5 Act (12 U.S.C. 246) is amended—

6 (1) by inserting ‘‘or vested by law in the Fed7 eral Banking Commission’’ after ‘‘under such de8 partment’’;

9 (2) by inserting ‘‘or Federal Banking Commis10 sion’’ after ‘‘Secretary of the Treasury’’ the second

11 place that it appears; and

12 (3) by inserting ‘‘or Federal Banking Commis13 sion, as the case may be’’ after ‘‘supervision and

14 control of the Secretary’’.

15 (g) AMENDMENTS TO SECTION 10B.—Subsection

16 10B(b) of the Federal Reserve Act (12 U.S.C. 347b(b))

17 is amended—

18 (1) in paragraph 2—

19 (A) in subparagraph (A)(i) by striking

20 ‘‘head of the appropriate Federal banking agen21 cy’’ and inserting ‘‘Chairperson of the Federal

22 Banking Commission’’; and

23 (B) in subparagraph (C), by striking

24 ‘‘head of any agency’’ and inserting ‘‘Chair-
229

S 1895 IS

1 person of the Federal Banking Commission’’;

2 and

3 (2) in paragraph (5)—

4 (A) by striking subparagraph (A);

5 (B) in subparagraph (E), by striking ‘‘ap6 propriate Federal banking agency’’ and insert7 ing ‘‘Federal Banking Commission’’; and

8 (C) by redesignating subparagraphs (B)

9 through (E) as subparagraphs (A) through (D),

10 respectively.

11 (h) AMENDMENTS TO SECTION 11.—Section 11 of

12 the Federal Reserve Act (12 U.S.C. 248) is amended—

13 (1) in subsection (a)—

14 (A) in the first sentence of paragraph (1),

15 by striking ‘‘and of each member bank’’; and

16 (B) in subparagraph (B) of the second

17 sentence of paragraph (2)—

18 (i) by amending clause (i) to read as

19 follows:

20 ‘‘(i) the Federal Banking Commission

21 in the case of nonmember banks, any sav22 ings association which is an insured depos23 itory institution (as defined in section 3 of

24 the Federal Deposit Insurance Act) or

25 which is a member as defined in section 2
230

S 1895 IS

1 of the Federal Home Loan Bank Act, in2 sured State nonmember banks, savings

3 banks, and mutual savings banks,’’;

4 (ii) by inserting ‘‘and’’ at the end of

5 clause (ii);

6 (iii) by striking clause (iii);

7 (2) by inserting ‘‘(a)’’ after ‘‘SEC. 11’’;

8 (3) by redesignating subsections (a)(1) and (2)

9 as paragraphs (1)(A) and (B), respectively;

10 (4) in paragraph (1)(B), as so redesignated—

11 (A) by redesignating subparagraphs (A)

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

13 (B) in clause (ii), as so redesignated, by

14 redesignating clauses (i), (ii), and (iv) as

15 subclauses (I), (II), and (III), respectively;

16 (5) by repealing subsection 11(m) (12 U.S.C.

17 248(m));

18 (6) by redesignating subsections 11(b) through

19 11(n) as paragraphs (a)(2) through (a)(13), respec20 tively; and

21 (7) in subsection 11(p) (12 U.S.C. 248)—

22 (A) by striking ‘‘AUTHORITY TO APPOINT

23 CONSERVATOR OR RECEIVER.—The Board’’

24 and inserting ‘‘The Federal Banking Commis25 sion’’; and
231

S 1895 IS

1 (B) by redesignating subsection 11(p) as

2 subsection 11(b).

3 (i) AMENDMENT TO SECTION 13.—The eleventh un4 designated paragraph of section 13 of the Federal Reserve

5 Act (12 U.S.C. 92) is amended by striking ‘‘Comptroller

6 of the Currency’’ and inserting ‘‘Federal Banking Com7 mission’’.

8 (j) AMENDMENTS TO SECTION 19.—Section 19 of the

9 Federal Reserve Act is amended—

10 (1) in subsection (b) (12 U.S.C. 461(b))—

11 (A) in paragraph (1)(F), by striking

12 ‘‘Board of Directors of the Federal Deposit In13 surance Corporation, the Director of the Office

14 of Thrift Supervision’’ and inserting ‘‘Federal

15 Banking Commission’’;

16 (B) in paragraph (4)(B), by striking

17 ‘‘Board of Directors of the Federal Deposit In18 surance Corporation, the Director of the Office

19 of Thrift Supervision’’ and inserting ‘‘Federal

20 Banking Commission’’; and

21 (C) in paragraph (6), by striking ‘‘Board’’

22 each place it appears and inserting ‘‘Federal

23 Banking Commission’’; and

24 (2) in subsection (j) (12 U.S.C. 371b), by strik25 ing ‘‘Board of Directors of the Federal Deposit In-
232

S 1895 IS

1 surance Corporation, the Director of the Office of

2 Thrift Supervision’’ and inserting ‘‘Federal Banking

3 Commission’’.

4 (k) AMENDMENTS TO SECTION 22.—Section 22 of

5 the Federal Reserve Act is amended—

6 (1) in subsection (d) (12 U.S.C. 375), by strik7 ing ‘‘Board of Governors of the Federal Reserve

8 System’’ each place it appears and inserting ‘‘Fed9 eral Banking Commission’’;

10 (2) in subsection (g) (12 U.S.C. 375a)—

11 (A) in paragraph (4), by striking ‘‘member

12 bank’s appropriate Federal banking agency’’;

13 and inserting ‘‘Federal Banking Commission’’;

14 and

15 (B) in paragraph (10), by striking ‘‘Board

16 of Governors of the Federal Reserve System’’

17 and inserting ‘‘Federal Banking Commission’’;

18 and

19 (3) in subsection (h) (12 U.S.C. 375b)—

20 (A) in paragraph (3), by striking ‘‘appro21 priate Federal banking agency (as defined in

22 section 3 of the Federal Deposit Insurance

23 Act)’’ and inserting ‘‘Federal Banking Commis24 sion’’;

25 (B) in paragraph (5)—
233

S 1895 IS

1 (i) in subparagraph (B), by striking

2 ‘‘Board’’ and inserting ‘‘Federal Banking

3 Commission’’; and

4 (ii) in subparagraph (C), by striking

5 ‘‘Board’’ each place it appears and insert6 ing ‘‘Federal Banking Commission’’;

7 (C) in paragraph (9)(D)(ii), by striking

8 ‘‘Board’’ each place it appears and inserting

9 ‘‘Federal Banking Commission’’; and

10 (D) in paragraph (10)—

11 (i) in the heading, by striking

12 ‘‘BOARD’S’’ and inserting ‘‘COMMIS13 SION’S’’; and

14 (ii) by striking ‘‘Board of Governors

15 of the Federal Reserve System’’ and in16 serting ‘‘Federal Banking Commission’’.

17 (l) AMENDMENTS TO SECTION 23.—Section 23 of the

18 Federal Reserve Act (12 U.S.C. 371b–2) is amended—

19 (1) in subsection (a), by striking ‘‘Board’’ and

20 inserting ‘‘Federal Banking Commission’’;

21 (2) in subsection (c)—

22 (A) in paragraph (1)(D), by striking

23 ‘‘Board’’ and inserting ‘‘Federal Banking Com24 mission’’; and
234

S 1895 IS

1 (B) in paragraph (2), by striking ‘‘Board’’

2 and inserting ‘‘Federal Banking Commission’’;

3 and

4 (3) in subsection (e), by striking ‘‘appropriate

5 Federal banking agency’’ and inserting ‘‘Federal

6 Banking Commission’’.

7 (m) AMENDMENT TO SECTION 23A.—Section 23A of

8 the Federal Reserve Act (12 U.S.C. 371c) is amended—

9 (1) in subsection (b)—

10 (A) in paragraph (1)(E), by striking

11 ‘‘Board’’ and inserting ‘‘Federal Banking Com12 mission’’;

13 (B) in paragraph (2)(E), by striking

14 ‘‘Board’’ and inserting ‘‘Federal Banking Com15 mission’’;

16 (C) in paragraph (3)(A)(iii), by striking

17 ‘‘Board’’ and inserting ‘‘Federal Banking Com18 mission’’; and

19 (D) in paragraph (7)(C), by striking

20 ‘‘Board’’ and inserting ‘‘Federal Banking Com21 mission’’;

22 (2) in subsection (d)(2), by striking ‘‘Board’’

23 and inserting ‘‘Federal Banking Commission’’; and

24 (3) in subsection (e)—
235

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1 (A) in paragraph (1), by striking ‘‘Board’’

2 and inserting ‘‘Federal Banking Commission’’;

3 and

4 (B) in paragraph (2), by striking ‘‘Board’’

5 and inserting ‘‘Federal Banking Commission’’.

6 (n) AMENDMENT TO SECTION 23B.—Subsection

7 23B(e) of the Federal Reserve Act (12 U.S.C. 371c–1(e))

8 is amended by striking ‘‘Board’’ each place it appears and

9 inserting ‘‘Federal Banking Commission’’.

10 (o) AMENDMENT TO SECTION 24.—Subsection 24(a)

11 of the Federal Reserve Act (12 U.S.C. 371(a)) is amended

12 by striking ‘‘Comptroller of the Currency’’ and inserting

13 ‘‘Federal Banking Commission’’.

14 (p) AMENDMENTS TO SECTION 24A.—Section 24A of

15 the Federal Reserve Act (12 U.S.C. 371d) is amended—

16 (1) by striking ‘‘without the approval of the

17 Comptroller of the Currency,’’ and ‘‘national bank’’;

18 and

19 (2) by striking ‘‘Board of Governors of the Fed20 eral Reserve System’’ and inserting ‘‘Federal Bank21 ing Commission’’.

22 (q) AMENDMENTS TO SECTION 25.—Section 25 of

23 the Federal Reserve Act (12 U.S.C. 601–604a) is amend24 ed—

25 (1) in the first undesignated paragraph—
236

S 1895 IS

1 (A) in the introductory text, by striking

2 ‘‘Board of Governors of the Federal Reserve

3 System’’ and inserting ‘‘Federal Banking Com4 mission’’; and

5 (B) in the paragraph entitled ‘‘Third.’’, by

6 striking ‘‘Board of Governors of the Federal

7 Reserve System’’ each place it appears and in8 serting ‘‘Federal Banking Commission’’;

9 (2) in the second undesignated paragraph, by

10 striking ‘‘Board of Governors of the Federal Reserve

11 System’’ and inserting ‘‘Federal Banking Commis12 sion’’;

13 (3) in the third undesignated paragraph, by

14 striking ‘‘Board of Governors of the Federal Reserve

15 System’’ and inserting ‘‘Federal Banking Commis16 sion’’;

17 (4) in the fourth undesignated paragraph—

18 (A) by striking ‘‘Comptroller of the Cur19 rency’’ and inserting ‘‘Federal Banking Com20 mission’’; and

21 (B) by striking ‘‘Board of Governors of the

22 Federal Reserve System’’ each place it appears

23 and inserting ‘‘Federal Banking Commission’’;

24 (5) in the fifth undesignated paragraph—
237

S 1895 IS

1 (A) by striking ‘‘Board of Governors of the

2 Federal Reserve System’’ each place it appears

3 and inserting ‘‘Federal Banking Commission’’;

4 and

5 (B) by striking ‘‘said Board’’ and inserting

6 ‘‘the Federal Banking Commission’’; and

7 (6) in the seventh undesignated paragraph—

8 (A) by striking ‘‘Board of Governors of the

9 Federal Reserve System’’ and inserting ‘‘Fed10 eral Banking Commission’’; and

11 (B) by striking ‘‘the Board’’ and inserting

12 ‘‘the Federal Banking Commission’’.

13 (r) AMENDMENTS TO SECTION 25A.—Section 25A of

14 the Federal Reserve Act (12 U.S.C. 611–631) is amend15 ed—

16 (1) in the second undesignated paragraph, by

17 striking ‘‘Board of Governors of the Federal Reserve

18 System’’ and inserting ‘‘Federal Banking Commis19 sion’’;

20 (2) in the fourth undesignated paragraph—

21 (A) in the introductory text, by striking

22 ‘‘Board of Governors of the Federal Reserve

23 System’’ and inserting ‘‘Federal Banking Com24 mission’’; and
238

S 1895 IS

1 (B) in the paragraph entitled ‘‘First.’’, by

2 striking ‘‘Board of Governors of the Federal

3 Reserve System’’ and inserting ‘‘Federal Bank4 ing Commission’’;

5 (3) in the fifth undesignated paragraph, by

6 striking ‘‘Board of Governors of the Federal Reserve

7 System’’ each place it appears and inserting ‘‘Fed8 eral Banking Commission’’;

9 (4) in the sixth undesignated paragraph—

10 (A) in the introductory text, by striking

11 ‘‘Board of Governors of the Federal Reserve

12 System’’ and inserting ‘‘Federal Banking Com13 mission’’;

14 (B) in subparagraph (a), by striking

15 ‘‘Board of Governors of the Federal Reserve

16 System’’ each place it appears, except in the

17 last sentence, and inserting ‘‘Federal Banking

18 Commission’’;

19 (C) in subparagraph (b), by striking

20 ‘‘Board of Governors of the Federal Reserve

21 System’’ and inserting ‘‘Federal Banking Com22 mission’’; and

23 (D) in subparagraph (c), by striking

24 ‘‘Board of Governors of the Federal Reserve
239

S 1895 IS

1 System’’ each place it appears and inserting

2 ‘‘Federal Banking Commission’’;

3 (5) in the seventh undesignated paragraph, by

4 striking ‘‘Board of Governors of the Federal Reserve

5 System’’ and inserting ‘‘Federal Banking Commis6 sion’’;

7 (6) in the eighth undesignated paragraph, by

8 striking ‘‘Board of Governors of the Federal Reserve

9 System’’ each place it appears and inserting ‘‘Fed10 eral Banking Commission’’;

11 (7) in the tenth undesignated paragraph, by

12 striking ‘‘Board of Governors of the Federal Reserve

13 System’’ each place it appears and inserting ‘‘Fed14 eral Banking Commission’’;

15 (8) in the eleventh undesignated paragraph, by

16 striking ‘‘Board of Governors of the Federal Reserve

17 System’’ each place it appears and inserting ‘‘Fed18 eral Banking Commission’’;

19 (9) in the fourteenth undesignated paragraph,

20 by striking ‘‘Board of Governors of the Federal Re21 serve System’’ and inserting ‘‘Federal Banking Com22 mission’’;

23 (10) in the sixteenth undesignated paragraph—
240

S 1895 IS

1 (A) by striking ‘‘Board of Governors of the

2 Federal Reserve System’’ and inserting ‘‘Fed3 eral Banking Commission’’; and

4 (B) by striking ‘‘Comptroller of the Cur5 rency’’ and inserting ‘‘Federal Banking Com6 mission’’;

7 (11) in the seventeenth undesignated para8 graph, by striking ‘‘Board of Governors of the Fed9 eral Reserve System’’ each place it appears and in10 serting ‘‘Federal Banking Commission’’;

11 (12) in the twentieth undesignated paragraph,

12 by striking ‘‘Board of Governors of the Federal Re13 serve System’’ each place it appears and inserting

14 ‘‘Federal Banking Commission’’;

15 (13) in the twentieth-first undesignated para16 graph, by striking ‘‘Board of Governors of the Fed17 eral Reserve System’’ each place it appears and in18 serting ‘‘Federal Banking Commission’’; and

19 (14) in the twentieth-second undesignated para20 graph, by striking ‘‘Board of Governors of the Fed21 eral Reserve System’’ each place it appears and in22 serting ‘‘Federal Banking Commission’’.

23 (s) AMENDMENTS TO SECTION 29.—Section 29 of

24 the Federal Reserve Act (12 U.S.C. 504) is amended—
241

S 1895 IS

1 (1) in subsection (e), by striking ‘‘(1) in the

2 case of a national bank, by the Comptroller of the

3 Currency; and (2) in the case of a State member

4 bank, by the Board,’’ and inserting ‘‘, in the case of

5 a national bank or State member bank, the Federal

6 Banking Commission’’;

7 (2) in subsection (i), by striking ‘‘Comptroller

8 of the Currency and the Board’’ and inserting ‘‘Fed9 eral Banking Commission’’; and

10 (3) in subsection (m), by striking ‘‘appropriate

11 Federal banking agency’’ and inserting ‘‘Federal

12 Banking Commission’’.

13 SEC. 636. AMENDMENTS TO THE FINANCIAL INSTITUTIONS

14 REFORM, RECOVERY, AND ENFORCEMENT

15 ACT OF 1989.

16 (a) AMENDMENTS TO SECTION 302.—Section 302 of

17 the Financial Institutions Reform, Recovery, and Enforce18 ment Act of 1989 (12 U.S.C. 1467a note) is amended—

19 (1) in paragraph (1), by striking ‘‘Director of

20 the Office of Thrift Supervision’’ and inserting

21 ‘‘Federal Banking Commission’’; and

22 (2) in paragraph (2), by striking ‘‘Federal De23 posit Insurance Corporation’’ and inserting ‘‘Federal

24 Banking Commission’’.
242

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1 (b) AMENDMENT TO SECTION 305.—Section 305 of

2 the Financial Institutions Reform, Recovery, and Enforce3 ment Act of 1989 (12 U.S.C. 1464 note) is amended—

4 (1) in subsection (b)—

5 (A) in paragraph (1)—

6 (i) by striking ‘‘Director of the Office

7 of Thrift Supervision’’ and inserting ‘‘Fed8 eral Banking Commission’’; and

9 (ii) by striking ‘‘Director’’ and insert10 ing ‘‘Federal Banking Commission’’; and

11 (B) in paragraph (2), by striking ‘‘Direc12 tor’’ and inserting ‘‘Federal Banking Commis13 sion’’;

14 (2) in subsection (c)—

15 (A) in paragraph (1), by striking ‘‘appro16 priate Federal banking agency’’ and inserting

17 ‘‘Federal Banking Commission’’; and

18 (B) in paragraph (2), by striking ‘‘appro19 priate Federal banking agency (as defined in

20 section 3 of the Federal Deposit Insurance Cor21 poration Act)’’ and inserting ‘‘Federal Banking

22 Commission’’.

23 (c) AMENDMENT TO SECTION 308.—Subsection

24 308(a) of the Financial Institutions Reform, Recovery,

25 and Enforcement Act of 1989 (12 U.S.C. 1463 note) is
243

S 1895 IS

1 amended by striking ‘‘Director of the Office of Supervision

2 and the Chairperson of the Board of Directors of the Fed3 eral Deposit Insurance Corporation’’ and inserting

4 ‘‘Chairperson of the Federal Banking Commission’’.

5 (d) AMENDMENTS TO SECTION 402.—Section 402 of

6 the Financial Institutions Reform, Recovery, and Enforce7 ment Act of 1989 (12 U.S.C. 1437 note) is amended—

8 (1) in subsection (a), by striking ‘‘Director of

9 the Office of Thrift Supervision’’ and inserting

10 ‘‘Federal Banking Commission’’;

11 (2) in subsection (b), by striking ‘‘Director of

12 the Office of Thrift Supervision’’ and inserting

13 ‘‘Chairperson of the Federal Banking Commission’’;

14 and

15 (3) in subsection (e)—

16 (A) in paragraph (1), by striking ‘‘the Of17 fice of Thrift Supervision’’ and inserting ‘‘Fed18 eral Banking Commission’’;

19 (B) in paragraph (2), by striking ‘‘Director

20 of the Office of Thrift Supervision’’ each place

21 it appears and inserting ‘‘Federal Banking

22 Commission’’;

23 (C) in paragraph (3), by striking ‘‘Director

24 of the Office of Thrift Supervision’’ and insert25 ing ‘‘Federal Banking Commission’’; and
244

S 1895 IS

1 (D) in paragraph (4), by striking ‘‘Direc2 tor of the Office of Thrift Supervision’’ and in3 serting ‘‘Federal Banking Commission’’.

4 (e) AMENDMENT TO SECTION 918.—Subsection

5 918(b) of the Financial Institutions Reform, Recovery,

6 and Enforcement Act of 1989 (12 U.S.C. 1833 note) is

7 amended to read as follows:

8 ‘‘(b) AGENCIES REQUIRED TO SUBMIT REPORTS.—

9 The agencies referred to in subsection (a) are as follows:

10 (1) The Federal Banking Commission.

11 (2) The Federal Housing Finance Board.

12 (3) The National Credit Union Administration.

13 (4) The Attorney General of the United

14 States.’’.

15 (f) AMENDMENTS TO SECTION 1002.—Section 1002

16 of the Financial Institutions Reform, Recovery, and En17 forcement Act of 1989 (12 U.S.C. 1811 note) is amend18 ed—

19 (1) in subsection (a), by striking ‘‘Board of

20 Governors of the Federal Reserve System’’ and in21 serting ‘‘Federal Banking Commission’’; and

22 (2) in subsection (b)—

23 (A) in paragraph (1), by striking ‘‘Board

24 of Governors of the Federal Reserve System’’
245

S 1895 IS

1 and inserting ‘‘Federal Banking Commission’’;

2 and

3 (B) in paragraph (3), by striking ‘‘Board

4 of Governors of the Federal Reserve System’’

5 and inserting ‘‘Federal Banking Commission’’.

6 (g) AMENDMENT TO SECTION 1103.—Section 1103

7 of the Financial Institutions Reform, Recovery, and En8 forcement Act of 1989 (12 U.S.C. 3332) is amended—

9 (1) in the heading, by striking ‘‘APPRAISAL

10 SUBCOMMITTEE’’ and inserting ‘‘APPRAISAL

11 COMMITTEE’’;

12 (2) by striking ‘‘Appraisal Subcommittee’’ each

13 place it appears and inserting ‘‘Appraisal Commit14 tee’’; and

15 (3) in the introductory text of subsection (a)(2),

16 by striking ‘‘Federal financial institutions regulatory

17 agencies’’ and inserting ‘‘Federal Banking Commis18 sion, the National Credit Union Administration, the

19 Federal Deposit Insurance Corporation,’’.

20 (h) AMENDMENT TO SECTION 1105.—Section 1105

21 of the Financial Institutions Reform, Recovery, and En22 forcement Act of 1989 (12 U.S.C. 3334) is amended—

23 (1) by striking ‘‘Appraisal Subcommittee’’ and

24 inserting ‘‘Appraisal Committee’’; and
246

S 1895 IS

1 (2) by striking ‘‘Council’’ and inserting ‘‘Fed2 eral Banking Commission.’’

3 (i) AMENDMENT TO SECTION 1106.—Section 1106

4 of the Financial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 3335) is amended—

6 (1) in the heading, by striking ‘‘APPRAISAL

7 SUBCOMMITTEE’’ and inserting ‘‘APPRAISAL

8 COMMITTEE’’; and

9 (2) by striking ‘‘Appraisal Subcommittee’’ each

10 place it appears and inserting ‘‘Appraisal Commit11 tee’’.

12 (j) AMENDMENT TO SECTION 1108.—Section 1108

13 of the Financial Institutions Reform, Recovery, and En14 forcement Act of 1989 (12 U.S.C. 3337) is amended—

15 (1) by striking ‘‘Appraisal Subcommittee’’ each

16 place it appears and inserting ‘‘Appraisal Commit17 tee’’; and

18 (2) in subsection (a), by striking ‘‘subcommit19 tee’’ and inserting ‘‘committee’’.

20 (k) AMENDMENT TO SECTION 1109.—Section 1109

21 of the Financial Institutions Reform, Recovery, and En22 forcement Act of 1989 (12 U.S.C. 3338) is amended—

23 (1) by striking ‘‘Appraisal Subcommittee’’ each

24 place it appears and inserting ‘‘Appraisal Commit25 tee’’; and
247

S 1895 IS

1 (2) in subsection (a), by striking ‘‘Council’’ and

2 inserting ‘‘Federal Banking Commission.’’

3 (l) AMENDMENT TO SECTION 1110.—Section 1110

4 of the Financial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 3339) is amended—

6 (1) in the heading, by striking ‘‘THE FEDERAL

7 FINANCIAL INSTITUTIONS REGULATORY AGEN8 CIES’’ and inserting ‘‘FBC, NCUA, FDIC, AND

9 RTC’’; and

10 (2) by striking ‘‘Each Federal financial institu11 tions regulatory agency’’ and inserting ‘‘The Federal

12 Banking Commission, the National Credit Union

13 Administration, the Federal Deposit Insurance Cor14 poration,’’.

15 (m) AMENDMENT TO SECTION 1112.—Section 1112

16 of the Financial Institutions Reform, Recovery, and En17 forcement Act of 1989 (12 U.S.C. 3341) is amended—

18 (1) in the heading, by striking ‘‘THE FEDERAL

19 FINANCIAL INSTITUTIONS REGULATORY AGEN20 CIES’’ and inserting ‘‘FBC, NCUA, FDIC; AND

21 RTC’’; and

22 (2) by striking ‘‘Each Federal financial institu23 tions regulatory agency’’ and inserting ‘‘The Federal

24 Banking Commission, the National Credit Union
248

S 1895 IS

1 Administration, the Federal Deposit Insurance Cor2 poration,’’.

3 (n) AMENDMENT TO SECTION 1116.—Section 1118

4 of the Financial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 3345) is amended—

6 (1) in the first subsection (e)—

7 (A) in the heading, by striking ‘‘AP8 PRAISAL SUBCOMMITTEE’’ and inserting ‘‘AP9 PRAISAL COMMITTEE’’;

10 (B) by striking ‘‘Appraisal Subcommittee’’

11 and inserting ‘‘Appraisal Committee’’; and

12 (C) by striking ‘‘Subcommittee’’ and in13 serting ‘‘Committee’’; and

14 (2) by striking the second subsection (e).

15 (o) AMENDMENT TO SECTION 1118.—Section 1118

16 of the Financial Institutions Reform, Recovery, and En17 forcement Act of 1989 (12 U.S.C. 3347) is amended—

18 (1) by striking ‘‘Appraisal Subcommittee’’ each

19 place it appears and inserting ‘‘Appraisal Commit20 tee’’;

21 (2) in subsection (b), by striking ‘‘The Federal

22 financial institutions regulatory agencies’’ and in23 serting ‘‘The Federal Banking Commission, the Na24 tional Credit Union Administration, the Federal De25 posit Insurance Corporation,’’; and
249

S 1895 IS

1 (3) in subsection (c)(3), by striking ‘‘sub2 committee’’ and inserting ‘‘committee’’.

3 (p) AMENDMENT TO SECTION 1119.—Section 1119

4 of the Financial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 3348) is amended—

6 (1) by striking ‘‘Council’’ and inserting ‘‘Fed7 eral Banking Commission’’;

8 (2) by striking ‘‘Appraisal Subcommittee’’ each

9 place it appears and inserting ‘‘Appraisal Commit10 tee’’; and

11 (3) in subsection (c), by striking ‘‘subcommit12 tee’’ and inserting ‘‘committee’’.

13 (q) AMENDMENT TO SECTION 1120.—Subsection

14 1120(a) of the Financial Institutions Reform, Recovery,

15 and Enforcement Act of 1989 (12 U.S.C. 3349(a)) is

16 amended by striking ‘‘Appraisal Subcommittee’’ and in17 serting ‘‘Appraisal Committee’’.

18 (r) AMENDMENT TO SECTION 1121.—Subsection

19 1121 of the Financial Institutions Reform, Recovery, and

20 Enforcement Act of 1989 (12 U.S.C. 3350) is amended—

21 (1) by amending paragraph (2) to read as fol22 lows:

23 ‘‘(2) APPRAISAL COMMITTEE; COMMITTEE.—

24 The terms ‘Appraisal Committee’ and ‘committee’

25 mean the Appraisal Committee established by Sec-
250

S 1895 IS

1 tion 1011 of the Federal Financial Institutions Ex2 amination Council Act of 1978.’’;

3 (2) by striking paragraph (3);

4 (3) in paragraph (4)(A), by striking ‘‘a Federal

5 financial institutions regulatory agency’’ and insert6 ing ‘‘the Federal Banking Commission, the National

7 Credit Union Administration, the Federal Deposit

8 Insurance Corporation,’’;

9 (4) by amending paragraph (6) to read as fol10 lows:

11 ‘‘(6) FEDERAL FINANCIAL INSTITUTIONS REGU12 LATORY AGENCIES.—The term ‘Federal financial in13 stitutions regulatory agencies’ means the Federal

14 Banking Commission and the National Credit Union

15 Administration.’’;

16 (5) by amending paragraph (8) to read as fol17 lows:

18 ‘‘(8) CHAIRPERSON.—The term ‘Chairperson’

19 means the Chairperson of the Appraisal Committee

20 selected by the members of the committee.’’; and

21 (6) by redesignating paragraphs (4) through

22 (10) as paragraphs (3) through (9), respectively.

23 (s) AMENDMENT TO SECTION 1122.—Subsection

24 1122 of the Financial Institutions Reform, Recovery, and

25 Enforcement Act of 1989 (12 U.S.C. 3351) is amended—
251

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1 (1) by striking subsection (b);

2 (2) in subsection (c), by striking ‘‘the Federal

3 financial institutions regulatory agencies’’ and in4 serting ‘‘the Federal Banking Commission, the Na5 tional Credit Union Administration, the Federal De6 posit Insurance Corporation,’’;

7 (3) in subsection (e), by striking ‘‘Appraisal

8 Subcommittee’’ each place it appears and inserting

9 ‘‘Appraisal Committee’’; and

10 (4) by redesignating subsections (c) through (e)

11 as subsections (b) through (d), respectively.

12 (t) AMENDMENTS TO SECTION 1204.—Section 1204

13 of the Financial Institutions Reform, Recovery, and En14 forcement Act of 1989 (12 U.S.C. 1811 note) is amended

15 by—

16 (1) in subsection (a), by striking ‘‘appropriate

17 Federal banking agencies’’ and inserting ‘‘Federal

18 Banking Commission’’; and

19 (2) in subsection (c)—

20 (A) by striking paragraph (1); and

21 (B) by redesignating paragraphs (2), (3),

22 (4), and (5) as paragraphs (1), (2), (3), and

23 (4), respectively;

24 (u) AMENDMENTS TO SECTION 1205.—Subsection

25 1205(b) of the Financial Institutions Reform, Recovery,
252

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1 and Enforcement Act of 1989 (12 U.S.C. 1818 note) is

2 amended—

3 (1) in paragraph (1)—

4 (A) in subparagraph (B), by striking ‘‘Di5 rector of the Office of Thrift Supervision’’ and

6 inserting ‘‘Chairperson of the Federal Banking

7 Commission, or the Chairperson’s designee’’;

8 (B) by striking subparagraph (D); and

9 (C) by redesignating subparagraphs (E)

10 and (F) as paragraphs (D) and (E), respec11 tively;

12 (2) in paragraph (2), by striking ‘‘paragraph

13 (1)(F)’’ and inserting ‘‘paragraph (1)(E)’’; and

14 (3) in paragraph (5), by striking ‘‘through (E)’’

15 and inserting ‘‘through (D)’’.

16 (v) AMENDMENTS TO SECTION 1206.—Section 1206

17 of the Financial Institutions Reform, Recovery, and En18 forcement Act of 1989 (12 U.S.C. 1833b) is amended—

19 (1) by striking ‘‘the Comptroller of the Cur20 rency’’ and inserting ‘‘Federal Banking Commis21 sion’’;

22 (2) by inserting ‘‘and’’ after ‘‘Resolution Trust

23 Corporation,’’ and before ‘‘the Farm Credit Admin24 istration’’; and
253

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1 (3) by striking ‘‘, and the Office of Thrift Su2 pervision’’.

3 (w) AMENDMENTS TO SECTION 1216.—Section 1216

4 of the Financial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 1833e) is amended—

6 (1) in subsection (a)—

7 (A) in paragraph (1), striking ‘‘Comptrol8 ler of the Currency’’ and inserting ‘‘Federal

9 Banking Commission’’;

10 (B) by striking paragraph (2); and

11 (C) by redesignating paragraphs (3), (4),

12 (5), and (6) as paragraphs (2), (3), (4), and

13 (5), respectively;

14 (2) in subsection (c), by striking ‘‘Comptroller

15 of the Currency, the Director of the Office of Thrift

16 Supervision’’ and inserting ‘‘Federal Banking Com17 mission’’; and

18 (3) in subsection (d)—

19 (A) in paragraph (2), by striking ‘‘Comp20 troller of the Currency’’ and inserting ‘‘Federal

21 Banking Commission’’;

22 (B) by striking paragraph (3); and

23 (C) by redesignating paragraphs (4), (5),

24 (6), (7), and (8) as paragraphs (3), (4), (5),

25 (6), and (7), respectively.
254

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1 SEC. 637. AMENDMENTS TO THE HOME MORTGAGE DISCLO2 SURE ACT OF 1975.

3 (a) AMENDMENTS TO SECTION 303.—Section 303 of

4 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

5 2802) is amended—

6 (1) in subsection (2)(A), by striking ‘‘Board’’

7 and inserting ‘‘Commission’’; and

8 (2) by amending subsection (5) to read as fol9 lows:

10 ‘‘(5) the term ‘Commission’ means the Federal

11 Banking Commission; and’’.

12 (b) AMENDMENTS TO SECTION 304.—Section 304 of

13 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

14 2803) is amended—

15 (1) in subsection (a)(1), by striking ‘‘Board’’

16 and inserting ‘‘Commission’’;

17 (2) in subsection (e), by striking ‘‘Board’’ and

18 inserting ‘‘Commission’’;

19 (3) in subsection (f), by striking ‘‘Federal Fi20 nancial Institutions Examination Council’’ and in21 serting ‘‘Commission’’; and

22 (4) in subsection (h), by striking the second

23 sentence and inserting the following:

24 ‘‘Notwithstanding the requirement of subsection (a)(2)(A)

25 of this section for disclosure by census tract, the Commis-
255

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1 sion, in cooperation with other appropriate regulators, in2 cluding—

3 ‘‘(1) the National Credit Union Administration

4 Board for credit unions; and

5 ‘‘(2) the Secretary of Housing and Urban De6 velopment for other lending institutions not regu7 lated by the Commission or the National Credit

8 Union Administration Board,

9 shall develop regulations prescribing the format for such

10 disclosures, the method for submission of the data to the

11 appropriate regulatory agency, and the procedures for dis12 closing the information to the public.’’;

13 (5) in subsection (j), by striking ‘‘Board’’ each

14 place it appears and inserting ‘‘Commission’’;

15 (6) in subsection (k), by striking ‘‘Board’’ each

16 place it appears and inserting ‘‘Commission’’; and

17 (7) in subsection (l)(2)(A), by striking ‘‘Board’’

18 and inserting ‘‘Commission’’;

19 (c) AMENDMENTS TO SECTION 305.—Section 305 of

20 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

21 2804) is amended—

22 (1) in subsection (a), by striking ‘‘Board’’ each

23 place it appears and inserting ‘‘Commission’’; and

24 (2) in subsection (b)—
256

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1 (A) by amending paragraph (1) to read as

2 follows:

3 ‘‘(1) section 8 of the Federal Deposit Insurance

4 Act by the Commission with respect to national

5 banks, member banks of the Federal Reserve System

6 (other than national banks), branches and agencies

7 of foreign banks, commercial lending companies

8 owned or controlled by foreign banks, organizations

9 operating under section 25 or 25A of the Federal

10 Reserve Act, banks insured by the Federal Deposit

11 Insurance Corporation (other than members of the

12 Federal Reserve System), mutual savings banks as

13 defined in section 3(f) of the Federal Deposit Insur14 ance Act, savings associations with deposits insured

15 by the Federal Deposit Insurance Corporation, and

16 any other depository institution not referred to in

17 paragraph (2) of this subsection;’’;

18 (B) by striking paragraphs (2); and

19 (C) by redesignating paragraphs (3) and

20 (4) as paragraphs (2) and (3) respectively.

21 (d) AMENDMENTS TO SECTION 306.—Section 306 of

22 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

23 2805) is amended—

24 (1) in subsection (a), by striking ‘‘Board’’ each

25 place it appears and inserting ‘‘Commission’’; and
257

S 1895 IS

1 (2) in subsection (b)—

2 (A) in the first sentence, by striking

3 ‘‘Board’’ and inserting ‘‘Commission’’; and

4 (B) by amending the second sentence to

5 read as follows: ‘‘Notwithstanding any other

6 provision of this subsection, compliance with the

7 requirements imposed under this subsection

8 shall be enforced by the Commission under sec9 tion 8 of the Federal Deposit Insurance Act in

10 the case of all national banks and those savings

11 associations with deposits insured by the Fed12 eral Deposit Insurance Corporation.’’.

13 (f) AMENDMENTS TO SECTION 307.—Section 307 of

14 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

15 2806) is amended—

16 (1) in subsection (a)—

17 (A) by amending paragraph (1) to read as

18 follows:

19 ‘‘(1) The Commission, with the assistance of the Sec20 retary, the Director of the Bureau of the Census, and such

21 other persons as the Commission deems appropriate, shall

22 develop, or assist in the improvement of, methods of

23 matching addresses and census tracts to facilitate compli24 ance by depository institutions in as economical a manner

25 as possible with the requirements of this title.’’; and
258

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1 (B) in paragraph (3), by striking ‘‘Director

2 of the Office of Thrift Supervision’’ and insert3 ing ‘‘Commission’’; and

4 (2) in subsection (b), by striking ‘‘Director of

5 the Office of Thrift Supervision’’ each place it ap6 pears and inserting ‘‘Commission’’.

7 (g) AMENDMENT TO SECTION 308.—Section 308 of

8 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

9 2807) is amended by striking ‘‘Board’’ and inserting

10 ‘‘Commission’’.

11 (h) AMENDMENT TO SECTION 309.—Section 309 of

12 the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

13 2808) is amended in the second sentence by striking

14 ‘‘Board’’ and inserting ‘‘Commission’’.

15 (i) AMENDMENT TO SECTION 310.—Subsection 310

16 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C.

17 2809) is amended—

18 (1) in subsection (a)—

19 (A) in the first sentence, by striking ‘‘Fed20 eral Financial Institutions Examination Coun21 cil’’ and inserting ‘‘Commission’’; and

22 (B) in the second sentence, by striking

23 ‘‘Council’’ and inserting ‘‘Commission’’;

24 (2) by striking subsection (b); and
259

S 1895 IS

1 (3) by redesignating subsection (c) as sub2 section (b).

3 SEC. 638. AMENDMENTS TO THE HOME OWNERS’ LOAN ACT.

4 (a) AMENDMENT TO SECTION 1.—Section 1 of the

5 Home Owners’ Loan Act (12 U.S.C. 1461) is amended

6 by striking ‘‘Director of the Office of Thrift Supervision’’

7 in the Table of Contents and inserting ‘‘Federal Banking

8 Commission.’’.

9 (b) AMENDMENTS TO SECTION 2.—Section 2 of the

10 Home Owners’ Loan Act (12 U.S.C. 1462) is amended—

11 (1) by amending paragraph (1) to read as fol12 lows:

13 ‘‘(1) CHAIRPERSON.—The term ‘Chairperson’ means

14 the Chairperson of the Federal Banking Commission.’’;

15 (2) by amending paragraph (3) to read as fol16 lows:

17 ‘‘(3) COMMISSION.—The term ‘Commission’ means

18 the Federal Banking Commission.’’;

19 (3) by striking paragraph (7); and

20 (4) by redesignating paragraphs (8) and (9) as

21 paragraphs (7) and (8), respectively.

22 (c) AMENDMENTS TO SECTION 3.—Section 3 of the

23 Home Owners’ Loan Act (12 U.S.C. 1462a) is amended—
260

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1 (1) in the heading, by striking ‘‘DIRECTOR OF

2 THE OFFICE OF THRIFT SUPERVISION’’ and in3 serting FEDERAL BANKING COMMISSION’’;

4 (2) in subsections (e)—

5 (A) in the heading, by striking ‘‘DIREC6 TOR’’ and inserting ‘‘COMMISSION’’;

7 (B) in the introductory text, by striking

8 ‘‘Director’’ and inserting ‘‘Commission’’;

9 (C) in paragraph (1), by inserting after

10 ‘‘Act of 1989’’ the following: ‘‘or were vested in

11 the Office of Thrift Supervision or the Director

12 of the Office of Thrift Supervision on the day

13 before the ‘designated transfer date’ as defined

14 in section 2(4) of the Regulatory Consolidation

15 Act of 1994;‘‘; and

16 (D) in paragraph (2)—

17 (i) in subparagraph (A), by striking

18 ‘‘such Act; or’’ and inserting ‘‘the Finan19 cial Institutions Reform, Recovery, and

20 Enforcement Act of 1989; or’’; and

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

22 ‘‘such Act.’’ and inserting ‘‘the Financial

23 Institutions Reform, Recovery, and En24 forcement Act of 1989 or the Regulatory

25 Consolidation Act of 1993.’’;
261

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1 (3) in subsection (f)—

2 (A) by striking ‘‘Director’’ each place it

3 appears and inserting ‘‘Commission’’; and

4 (B) by striking ‘‘Office’’ each place it ap5 pears and inserting ‘‘Commission’’;

6 (4) in subsection (g)—

7 (A) by striking ‘‘Director’’ each place it

8 appears and inserting ‘‘Commission’’;

9 (B) by striking ‘‘Office’’ each place it ap10 pears and inserting ‘‘Commission’’;

11 (C) in paragraph (1)—

12 (i) by striking ‘‘Office of Thrift Su13 pervision’’ and inserting ‘‘Commission’’;

14 and

15 (ii) by striking ‘‘notwithstanding sec16 tion 301(f) of title 31, United States

17 Code’’;

18 (D) in paragraph (3)—

19 (i) by striking ‘‘provided by any Fed20 eral banking agency’’ and inserting ‘‘pro21 vided by the Corporation or the Board of

22 Governors of the Federal Reserve System’’;

23 and

24 (ii) by striking ‘‘the Federal banking

25 agencies’’ and inserting ‘‘the Corporation
262

S 1895 IS

1 and the Board of Governors of the Federal

2 Reserve System’’; and

3 (E) by amending paragraph (4) to read as

4 follows:

5 ‘‘(4) DELEGATION OF AUTHORITY.—

6 ‘‘(A) IN GENERAL.—The Commission may

7 delegate to any employee, representative, or

8 agent any power of the Commission.’’

9 ‘‘(B) LIMITATIONS.—

10 ‘‘(i) SUPERVISION OF SAVINGS ASSO11 CIATIONS NOT DELEGABLE.—Notwith12 standing subparagraph (A), the Commis13 sion shall not, directly or indirectly, after

14 October 10, 1989, delegate to any Federal

15 home loan bank or to any officer, director,

16 or employee of a Federal home loan bank,

17 any power involving examining, super18 vising, taking enforcement action with re19 spect to, or otherwise regulating any sav20 ings association, savings and loan holding

21 company, or other person subject to regu22 lation by the Commission.

23 ‘‘(ii) MEMBERSHIP ON FDIC’S BOARD

24 OF DIRECTORS NOT DELEGABLE.—The

25 Chairperson shall not delegate the Chair-
263

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1 person’s authority to serve as a member of

2 the Corporation’s Board of Directors.’’.

3 (5) in subsection (h)—

4 (A) by striking ‘‘Director’’ and inserting

5 ‘‘commissioners’’; and

6 (B) by striking ‘‘Office’’ and inserting

7 ‘‘Commission’’;

8 (6) in subsection (i)—

9 (A) by striking ‘‘Director’’ and inserting

10 ‘‘Commission’’; and

11 (B) by striking ‘‘Office of Thrift Super12 vision’’ and inserting ‘‘Commission’’;

13 (7) by striking subsections (a), (b), (c), and (d);

14 and

15 (8) by redesignating subsections (e) through (i)

16 as subsections (a) through (e) respectively.

17 (d) AMENDMENTS TO SECTION 4.—Section 4 of the

18 Home Owners’ Loan Act (12 U.S.C. 1463) is amended—

19 (1) in subsection (a)—

20 (A) by striking ‘‘Director’’ each place it

21 appears and inserting ‘‘Commission’’; and

22 (B) in paragraph (2), by striking ‘‘or the

23 Office’’;

24 (2) in subsection (b)—
264

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1 (A) by striking ‘‘Director’’ each place it

2 appears and inserting ‘‘Commission’’; and

3 (B) in paragraph (2)(A), by striking ‘‘Fed4 eral banking agencies’’ and inserting ‘‘Corpora5 tion and the Board of Governors of the Federal

6 Reserve System’’;

7 (3) by striking subsection (c);

8 (4) in subsection (e)(5), by striking ‘‘Director’’

9 and inserting ‘‘Commission’’;

10 (5) in subsection (f), by striking ‘‘Director’’

11 each place it appears and inserting ‘‘Commission’’;

12 (6) in subsection (h), by striking ‘‘Director’’

13 each place it appears and inserting ‘‘Commission’’;

14 and

15 (7) by redesignating subsections (d) through (h)

16 as subsections (c) through (g), respectively.

17 (e) AMENDMENTS TO SECTION 5.—Section 5 of the

18 Home Owners’ Loan Act (12 U.S.C. 1464) is amended—

19 (1) in subsection (a), by striking ‘‘Director’’

20 each place it appears and inserting ‘‘Commission’’;

21 (2) in subsection (b), by striking ‘‘Director’’

22 each place it appears and inserting ‘‘Commission’’;

23 (3) in subsection (c), by striking ‘‘Director’’

24 each place it appears and inserting ‘‘Commission’’;

25 (4) in subsection (d)—
265

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1 (A) by striking ‘‘Director’’ each place it

2 appears and inserting ‘‘Commission’’; and

3 (B) in paragraph (2)(A), by striking ‘‘Di4 rector of the Office of Thrift Supervision’’ and

5 inserting ‘‘Commission’’;

6 (5) in subsection (e), by striking ‘‘Director’’

7 each place it appears and inserting ‘‘Commission’’;

8 (6) in subsection (f), by striking ‘‘Director’’ and

9 inserting ‘‘Commission’’;

10 (7) in subsection (i), by striking ‘‘Director’’

11 each place it appears and inserting ‘‘Commission’’;

12 (8) in subsection (m), by striking ‘‘Director’’

13 each place it appears and inserting ‘‘Commission’’;

14 (9) in subsection (n), by striking ‘‘Director’’

15 each place it appears and inserting ‘‘Commission’’;

16 (10) in subsection (o), by striking ‘‘Director’’

17 each place it appears and inserting ‘‘Commission’’;

18 (11) in subsection (p), by striking ‘‘Director’’

19 each place it appears and inserting ‘‘Commission’’;

20 (12) in subsection (q), by striking ‘‘Director’’

21 and inserting ‘‘Commission’’;

22 (13) in subsection (r), by striking ‘‘Director’’

23 and inserting ‘‘Commission’’;
266

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1 (14) in subsection (s), by striking ‘‘Director’’

2 each place it appears and inserting ‘‘Commission’’;

3 and

4 (15) in subsection (t)—

5 (A) by striking ‘‘Director’’ each place it

6 appears and inserting ‘‘Commission’’;

7 (B) by striking paragraph (1)(D); and

8 (C) in paragraph (4)(C)(ii), by striking

9 ‘‘Corporation’’ and inserting ‘‘Commission’’.

10 (f) AMENDMENTS TO SECTION 8.—Section 8 of the

11 Home Owners’ Loan Act (12 U.S.C. 1466a) is amended—

12 (1) in subsection (a), by striking ‘‘Director’’

13 each place it appears and inserting ‘‘Commission’’;

14 (2) in subsection (c), by striking ‘‘Director’’

15 and inserting ‘‘Commission’’; and

16 (3) in subsection (d), by striking ‘‘Director’’

17 each place it appears and inserting ‘‘Commission’’.

18 (g) AMENDMENTS TO SECTION 9.—Section 9 of the

19 Home Owners’ Loan Act (12 U.S.C. 1467) is amended—

20 (1) in subsection (a), by striking ‘‘Director’’

21 each place it appears and inserting ‘‘Commission’’;

22 (2) in subsection (b), by striking ‘‘Director’’

23 each place it appears and inserting ‘‘Commission’’;

24 (3) in subsection (c), by striking ‘‘Director’’

25 and inserting ‘‘Commission’’;
267

S 1895 IS

1 (4) in subsection (d), by striking ‘‘Director’’

2 each place it appears and inserting ‘‘Commission’’;

3 (5) in subsection (e), by striking ‘‘Director’’

4 each place it appears and inserting ‘‘Commission’’;

5 (6) in subsection (f), by striking ‘‘Director’’

6 each place it appears and inserting ‘‘Commission’’;

7 (7) in subsection (g), by striking ‘‘Director’’

8 and inserting ‘‘Commission’’;

9 (8) in subsection (h), by striking ‘‘Director’’

10 each place it appears and inserting ‘‘Commission’’;

11 (9) in subsection (i), by striking ‘‘Director’’ and

12 inserting ‘‘Commission’’;

13 (10) in subsection (j), by striking ‘‘Director’’

14 each place it appears and inserting ‘‘Commission’’;

15 (11) subsection (k) is amended to read as fol16 lows:

17 ‘‘(k) FEES FOR EXAMINATIONS AND SUPERVISORY

18 ACTIVITIES.—The Commission may assess fees to fund

19 the direct and indirect expenses of the Commission as the

20 Commission deems necessary or appropriate. The fees may

21 be imposed more frequently than annually at the discre22 tion of the Commission.’’;

23 (12) in subsection (l), by striking ‘‘Director’’

24 and inserting ‘‘Commission’’; and

25 (13) in subsection (m)—
268

S 1895 IS

1 (A) by striking ‘‘Director’’ each place it

2 appears and inserting ‘‘Commission’’; and

3 (B) by striking ‘‘Office’’ each place it ap4 pears and inserting ‘‘Commission’’.

5 (h) AMENDMENTS TO SECTION 10.—Section 10 of

6 the Home Owners’ Loan Act (12 U.S.C. 1467a) is amend7 ed—

8 (1) in subsection (a), by striking ‘‘Director’’

9 each place it appears and inserting ‘‘Commission’’;

10 (2) in subsection (b), by striking ‘‘Director’’

11 each place it appears and inserting ‘‘Commission’’;

12 (3) in subsection (c)—

13 (A) in paragraph (2)(F)(i), by striking

14 ‘‘Board of Governors of the Federal Reserve

15 System’’ and inserting ‘‘Federal Banking Com16 mission’’; and

17 (B) by striking ‘‘Director’’ or each place it

18 appears and inserting ‘‘Commission’’;

19 (4) in subsection (e), by striking ‘‘Director’’

20 each place it appears and inserting ‘‘Commission’’;

21 (5) in subsection (f), by striking ‘‘Director’’

22 each place it appears and inserting ‘‘Commission’’;

23 (6) in subsection (g)—

24 (A) by striking ‘‘Director’’ each place it

25 appears and inserting ‘‘Commission’’; and
269

S 1895 IS

1 (B) in paragraph (3)(A), by striking in the

2 first sentence ‘‘of this section,’’ after ‘‘under

3 paragraph (5)’’ and inserting ‘‘of this sub4 section,’’;

5 (7) in subsection (h), by striking ‘‘Director’’

6 and inserting ‘‘Commission’’;

7 (8) in subsection (i)—

8 (A) by striking ‘‘Director’’ and inserting

9 ‘‘Commission’’; and

10 (B) by redesignating paragraph (5) as

11 paragraph (4);

12 (9) in subsection (j), by striking ‘‘Director’’

13 each place it appears and inserting ‘‘Commission’’;

14 (10) in subsection (m)—

15 (A) by striking ‘‘Director’’ each place it

16 appears and inserting ‘‘Commission’’; and

17 (B) in paragraph (7)(A)(ii), by inserting

18 ‘‘the’’ before ‘‘period’’ in the last sentence;

19 (11) in subsection (o), by striking ‘‘Director’’

20 each place it appears and inserting ‘‘Commission’’;

21 (12) in subsection (p), by striking ‘‘Director’’

22 each place it appears and inserting ‘‘Commission’’;

23 (13) in subsection (q), by striking ‘‘Director’’

24 each place it appears and inserting ‘‘Commission’’;
270

S 1895 IS

1 (14) in subsection (r), by striking ‘‘Director’’

2 each place it appears and inserting ‘‘Commission’’;

3 and

4 (15) by redesignating subsection (t) as sub5 section (s).

6 (i) AMENDMENT TO SECTION 11.—Section 11 of the

7 Home Owners’ Loan Act (12 U.S.C. 1468) is amended

8 (1) in subsection (a), by striking ‘‘Director’’

9 each place it appears and inserting ‘‘Commission’’;

10 (2) in subsection (b), by striking ‘‘Director’’

11 each place it appears and inserting ‘‘Commission’’;

12 and

13 (3) in subsection (c), by striking ‘‘Director’’

14 and inserting ‘‘Commission’’.

15 (j) AMENDMENT TO SECTION 12.—Section 12 of the

16 Home Owners’ Loan Act (12 U.S.C. 1468a) is amended

17 by striking ‘‘Director’’ and inserting ‘‘Commission’’.

18 (k) AMENDMENT TO SECTION 13.—Section 13 of the

19 Home Owners’ Loan Act (12 U.S.C. 1468b) is amended

20 by striking ‘‘Director’’ and inserting ‘‘Commission’’.

21 SEC. 639. AMENDMENTS TO THE HOUSING ACT OF 1948.

22 Section 502(c) of the Housing Act of 1948 (12

23 U.S.C. 1701c(c)) is amended in the introductory text by

24 striking ‘‘Director of the Office of Thrift Supervision’’ and

25 inserting ‘‘Federal Banking Commission’’.
271

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1 SEC. 640. AMENDMENTS TO THE HOUSING AND COMMU2 NITY DEVELOPMENT ACT OF 1992.

3 (a) AMENDMENTS TO SECTION 543.—Section 543 of

4 the Housing and Community Development Act of 1992

5 (12 U.S.C. 1707 note) is amended—

6 (1) in subsection (c)(1)—

7 (A) by amending subparagraph (C) to read

8 as follows:

9 ‘‘(C) the Chairperson of the Federal Bank10 ing Commission’’; and

11 (B) by striking subparagraphs (D) through

12 (F); and

13 (C) by redesignating subparagraphs (G)

14 and (H) as subparagraphs (D) and (E), respec15 tively; and

16 (2) in subsection (f)—

17 (A) in paragraph (2)—

18 (i) by striking ‘‘Comptroller of the

19 Currency, the Office of Thrift Supervision,

20 the Board of Governors of the Federal Re21 serve System, the Federal Deposit Insur22 ance Corporation’’ and inserting ‘‘Federal

23 Banking Commission’’; and

24 (ii) in subparagraph (D), by striking

25 ‘‘Office of Thrift Supervision, the Board of

26 Governors of the Federal Reserve, the Of-
272

S 1895 IS

1 fice of the Comptroller of the Currency,

2 the Federal Deposit Insurance Corpora3 tion’’ and inserting ‘‘Federal Banking

4 Commission’’; and

5 (B) in paragraph (3)—

6 (i) by striking ‘‘the Office of Thrift

7 Supervision, the Board of Governors of the

8 Federal Reserve, the Office of the Comp9 troller of the Currency, and the Federal

10 Deposit Insurance Corporation’’ and in11 serting ‘‘and the Federal Banking Com12 mission’’; and

13 (ii) in subparagraph (D), by striking

14 ‘‘Office of Thrift Supervision, the Board of

15 Governors of the Federal Reserve, the Of16 fice of the Comptroller of the Currency,

17 the Federal Deposit Insurance Corpora18 tion’’ and inserting ‘‘Federal Banking

19 Commission’’.

20 (b) AMENDMENTS TO SECTION 853.—Section

21 853(b)(3)(A) of the Housing and Community Develop22 ment Act of 1992 (42 U.S.C. 5305 note) is amended—

23 (1) by amending clause (i) to read as follows:

24 ‘‘(i) the Federal Banking Commission with

25 respect to national banks, State-chartered
273

S 1895 IS

1 banks which are members of the Federal Re2 serve System, bank holding companies, State3 chartered banks and savings banks which are

4 not members of the Federal Reserve System

5 and the deposits of which are insured by the

6 Federal Deposit Insurance Corporation, insured

7 savings associations and savings and loan hold8 ing companies that are not bank holding com9 panies;’’

10 (2) by striking clauses (ii), (iii) and (v); and

11 (3) by redesignating clause (iv) as clause (ii).

12 (c) AMENDMENT TO SECTION 1315.—Section

13 1315(b) of the Housing and Community Development Act

14 of 1992 (12 U.S.C. 4515(b)) is amended by striking ‘‘the

15 Office of the Comptroller of the Currency, the Board of

16 Governors of the Federal Reserve System, the Federal De17 posit Insurance Corporation, and the Director of the Of18 fice of Thrift Supervision’’ and inserting ‘‘the Federal

19 Banking Commission, the Board of Governors of the Fed20 eral Reserve System, or the Federal Deposit Insurance

21 Corporation’’.

22 (d) AMENDMENT TO SECTION 1317.—Section

23 1317(c) of the Housing and Community Development Act

24 of 1992 (12 U.S.C. 4517(c)) is amended by striking ‘‘the

25 Comptroller of the Currency,’’ the Board of Governors of
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1 the Federal Reserve System, the Federal Deposit Insur2 ance Corporation, or the Director of the Office of Thrift

3 Supervision’’ and inserting ‘‘the Federal Banking Com4 mission, the Board of Governors of the Federal Reserve

5 System, or the Federal Deposit Insurance Corporation’’.

6 (e) AMENDMENT TO SECTION 1542.—Section 1542

7 of the Housing and Community Development Act of 1992

8 (12 U.S.C. 1831m–1)is amended—

9 (1) by striking ‘‘appropriate Federal banking

10 agency’’ each place it appears and inserting ‘‘Fed11 eral Banking Commission’’;

12 (2) in subsection (a)(2)—

13 (A) in subparagraph (A)—

14 (i) in clause (i), by striking ‘‘an ap15 propriate Federal banking agency’’ and in16 serting ‘‘the Federal Banking Commis17 sion’’; and

18 (ii) in clause (ii), by striking ‘‘Each

19 appropriate Federal banking agency’’ and

20 inserting ‘‘The Federal Banking Commis21 sion’’; and

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

23 ‘‘the Federal banking agency’’ each place it ap24 pears and inserting ‘‘the Federal Banking Com25 mission’’;
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1 (3) in subsection (b)(1), by striking ‘‘each ap2 propriate Federal banking agency’’ and inserting

3 ‘‘the Federal Banking Commission’’;

4 (4) by striking subsection (d); and

5 (5) by redesignating subsection (e) as sub6 section (d).

7 SEC. 641. AMENDMENTS TO THE HOUSING AND URBAN8 RURAL RECOVERY ACT OF 1983.

9 Section 469 of the Housing and Urban-Rural Recov10 ery Act of 1983 (12 U.S.C. 1701p–1) is amended in the

11 first sentence—

12 (a) by striking ‘‘Federal Home Loan Bank

13 Board;’’ and

14 (b) by striking ‘‘the Federal Deposit Insurance

15 Corporation, the Board of Governors of the Federal

16 Reserve System, and the Comptroller of the Cur17 rency’’ and inserting ‘‘and the Federal Banking

18 Commission’’.

19 SEC. 642. AMENDMENTS TO THE INTERNATIONAL BANKING

20 ACT OF 1978.

21 (a) AMENDMENT TO SECTION 1.—Subsection 1(b)(4)

22 of the International Banking Act of 1978 (12 U.S.C.

23 3101) is amended to read as follows:

24 ‘‘(4) ‘Commission’ means the Federal Banking

25 Commission;’’;
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1 (b) AMENDMENTS TO SECTION 4—Section 4 of the

2 International Banking Act of 1978 (12 U.S.C. 3102) is

3 amended—

4 (1) by striking ‘‘Comptroller’’ each place it ap5 pears and inserting ‘‘Commission’’;

6 (2) in subsection (a)—

7 (A) in paragraph (1), by striking ‘‘(1) INI8 TIAL BRANCH OR FEDERAL AGENCY.—’’; and

9 (B) by striking paragraph (2);

10 (3) in subsection (b), by striking the last sen11 tence;

12 (4) in subsection (c), by striking ‘‘In’’ and in13 serting ‘‘In addition to the standards for approval

14 listed in section 7(d), in’’;

15 (5) in subsection (g)—

16 (A) in paragraph (1), by striking ‘‘if it is

17 a national bank and by the Board of Governors

18 of the Federal Reserve System if it is a State

19 Bank’’; and

20 (B) in paragraph (2), by striking ‘‘he’’ and

21 inserting ‘‘it’’;

22 (6) in subsection (h)

23 (A) in paragraph (1), by striking ‘‘(1) AP24 PROVAL OF AGENCY REQUIRED’’; and

25 (B) by striking paragraph (2);
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1 (7) in the 3rd sentence of subsection (i)—

2 (A) by striking ‘‘his’’ and inserting ‘‘its’’;

3 and

4 (B) by striking ‘‘he’’ and inserting ‘‘it’’;

5 and

6 (8) in subsection (j)(1), by striking ‘‘he’’ and

7 inserting ‘‘it’’.

8 (c) AMENDMENT TO SECTION 5.—Section 5 of the

9 International Banking Act of 1978 (12 U.S.C. 3103) is

10 amended by striking ‘‘Board’’ each place it appears and

11 inserting ‘‘Commission’’.

12 (d) AMENDMENT TO SECTION 6.—Section 6 of the

13 International Banking Act of 1978 (12 U.S.C. 3104) is

14 amended by striking ‘‘Comptroller’’ each place it appears

15 and inserting ‘‘Commission’’.

16 (e) AMENDMENTS TO SECTION 7.—Section 7 of the

17 International Banking Act of 1978 (12 U.S.C. 3105) is

18 amended—

19 (1) in the section heading, by inserting ‘‘AND

20 FEDERAL BANKING COMMISSION’’ after ‘‘SYS21 TEM’’;

22 (2) in subsection (c) through (j), by striking

23 ‘‘Board’’ each place it appears and inserting ‘‘Com24 mission’’;
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1 (3) in subsection (c)(1)(B)(i), by striking

2 ‘‘Comptroller of the Currency, the Federal Deposit

3 Insurance Corporation, and’’;

4 (4) in subsection (e)—

5 (A) in paragraph (5), by striking ‘‘trans6 mit to the Comptroller of the Currency a rec7 ommendation that the license of any Federal

8 branch or Federal agency of a foreign bank be

9 terminated’’ and inserting ‘‘terminate the li10 cense of any Federal branch or Federal agency

11 of a foreign bank’’; and

12 (B) by amending paragraph (6)(A) to read

13 as follows:

14 ‘‘(A) IN GENERAL.—In the case of contu15 macy of any office or subsidiary of the foreign

16 bank against which the Commission has issued

17 an order under paragraph (1) or section 4(i) or

18 a refusal by such office or subsidiary to comply

19 with such order, the Commission may invoke

20 the aid of the district court of the United

21 States within the jurisdiction of which the office

22 or subsidiary is located.’’; and

23 (5) in subsection (f)(1)(C), by striking ‘‘Comp24 troller of the Currency’’ and inserting ‘‘Commis25 sion’’.
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1 (f) AMENDMENT TO SECTION 8.—Section 8 of the

2 International Banking Act of 1978 (12 U.S.C. 3106) is

3 amended by striking ‘‘Board’’ each place it appears and

4 inserting ‘‘Commission’’.

5 (g) AMENDMENTS TO SECTION 9.—Section 9 of the

6 International Banking Act of 1978 is amended—

7 (1) in subsection (a) (12 U.S.C. 601 note), by

8 striking ‘‘, the Board, the Comptroller, and the Fed9 eral Deposit Insurance Corporation’’ and inserting

10 ‘‘and the Commission’’; and

11 (2) in subsection (b)(2) (12 U.S.C. 3106a(2)),

12 by striking ‘‘Comptroller’’ and inserting ‘‘Commis13 sion’’.

14 (h) AMENDMENT TO SECTION 10.—Section 10 of the

15 International Banking Act of 1978 (12 U.S.C. 3107) is

16 amended by striking ‘‘Board’’ each place it appears and

17 inserting ‘‘Commission’’.

18 (i) AMENDMENTS TO SECTION 13.—Section 13 of the

19 International Banking Act of 1978 (12 U.S.C. 3108) is

20 amended—

21 (1) by striking ‘‘Comptroller’’ each place it ap22 pears and inserting ‘‘Commission’’;

23 (2) by striking ‘‘Comptroller of the Currency’’

24 each place it appears and inserting ‘‘Commission’’;
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1 (3) in subsection (b)(1), by striking ‘‘by any ap2 propriate Federal banking agency as defined in that

3 Act’’; and

4 (4) in subsection (c)—

5 (A) by striking ‘‘as to which the Board is

6 an appropriate Federal banking agency’’;

7 (B) by striking ‘‘in the Board’’ and insert8 ing ‘‘in the Commission’’; and

9 (C) by striking the last sentence.

10 (j) AMENDMENT TO SECTION 14.—Section 14 of the

11 International Banking Act of 1978 (12 U.S.C. 36 note)

12 is amended by striking ‘‘, the Board, the Comptroller, and

13 the Federal Deposit Insurance Corporation,’’ and insert14 ing ‘‘and the Commission’’.

15 (k) AMENDMENTS TO SECTION 15.—Section 15 of

16 the International Banking Act of 1978 (12 U.S.C. 3109)

17 is amended—

18 (1) by striking ‘‘Board, Comptroller of the Cur19 rency, Federal Deposit Insurance Corporation, and

20 Director of the Office of Thrift Supervision’’ each

21 place it appears and inserting ‘‘Commission’’; and

22 (2) in subsection (a), by striking ‘‘Board,

23 Comptroller, Corporation, or Director’’ and inserting

24 ‘‘Commission’’.
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1 (l) AMENDMENTS TO SECTION 16.—Section 16 of the

2 International Banking Act of 1978 (12 U.S.C. 3110) is

3 amended—

4 (1) by striking ‘‘Board or the Comptroller of

5 the Currency’’ each place it appears and inserting

6 ‘‘Commission’’;

7 (2) in subsection (a)(6), by striking ‘‘Board and

8 the Comptroller of the Currency shall each’’ and in9 serting ‘‘Commission shall’’; and

10 (3) in subsection (c)(3), by striking ‘‘Board’s or

11 Comptroller’s’’ and inserting ‘‘Commission’s’’.

12 SEC. 643. AMENDMENTS TO THE INTERNATIONAL LENDING

13 SUPERVISION ACT OF 1983.

14 (a) AMENDMENT TO SECTION 902.—Subsection

15 902(b) of the International Lending Supervision Act of

16 1983 (12 U.S.C. 3901(b)) is amended by striking ‘‘Fed17 eral banking agencies’’ and inserting ‘‘Federal Banking

18 Commission’’.

19 (b) AMENDMENT TO SECTION 903.—Section 903 of

20 the International Lending Supervision Act of 1983 (12

21 U.S.C. 3902) is amended to read as follows:

22 ‘‘SEC. 903. For purposes of this title, the term ‘bank23 ing institution’ means—
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1 ‘‘(a)(1) an insured bank as defined in section

2 3(h) of the Federal Deposit Insurance Act or any

3 subsidiary of an insured bank;

4 ‘‘(2) an Edge Act corporation organized under

5 section 25A of the Federal Reserve Act;

6 ‘‘(3) an Agreement Corporation operating under

7 section 25 of the Federal Reserve Act; and

8 ‘‘(b) to the extent determined by the Federal

9 Banking Commission, any agency or branch of a for10 eign bank, and any commercial lending company

11 owned or controlled by one or more foreign banks or

12 companies that control a foreign bank as those

13 terms are defined in the International Banking Act

14 of 1978. The term ‘banking institution’ shall not in15 clude a foreign bank.’’.

16 (c) AMENDMENTS TO SECTION 904.—Section 904 of

17 the International Lending Supervision Act of 1983 (12

18 U.S.C. 3903) is amended—

19 (1) in subsection (a), by striking ‘‘Each appro20 priate Federal banking agency’’ and inserting ‘‘The

21 Federal Banking Commission’’; and

22 (2) in subsection (b), by striking ‘‘Each such

23 agency’’ and inserting ‘‘The Commission’’.
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1 (d) AMENDMENTS TO SECTION 905.—Section 905 of

2 the International Lending Supervision Act of 1983 (12

3 U.S.C. 3904) is amended—

4 (1) in subsection (a)—

5 (A) by striking ‘‘Each appropriate Federal

6 banking agency’’ and inserting ‘‘The Federal

7 Banking Commission’’; and

8 (B) by striking ‘‘such appropriate Federal

9 banking agency’’ and inserting ‘‘the Federal

10 Banking Commission’’;

11 (2) in subsection (b), by striking ‘‘The appro12 priate Federal banking agencies’’ each place it ap13 pears and inserting ‘‘The Federal Banking Commis14 sion’’; and

15 (3) in subsection (c), by striking ‘‘The appro16 priate Federal banking agencies’’ each place it ap17 pears and inserting ‘‘The Federal Banking Commis18 sion’’.

19 (e) AMENDMENTS TO SECTION 905A.—Section 905A

20 of the International Lending Supervision Act of 1983 (12

21 U.S.C. 3904a) ia amended—

22 (1) by striking ‘‘each appropriate Federal bank23 ing agency’’ each place it appears and inserting ‘‘the

24 Federal Banking Commission’’;
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1 (2) in subsection (a), by striking ‘‘Each agen2 cy’’ and inserting ‘‘The Commission’’;

3 (3) in subsection (b), by striking ‘‘appropriate

4 Federal banking agency’’ and inserting ‘‘Federal

5 Banking Commission’’; and

6 (4) in subsection (c)—

7 (A) by striking ‘‘each appropriate Federal

8 banking agency’’ each place it appears and in9 serting ‘‘the Federal Banking Commission’’;

10 and

11 (B) in paragraph (3), by striking ‘‘Each

12 Federal agency required to undertake a review

13 described in subsection (a) shall complete the

14 review’’ and inserting ‘‘The Federal Banking

15 Commission shall complete the review described

16 in subsection (a)’’.

17 (f) AMENDMENTS TO SECTION 906.—Section 906 of

18 the International Lending Supervision Act of 1983 (12

19 U.S.C. 3905) is amended—

20 (1) in subsection (a), by striking ‘‘Each appro21 priate Federal banking agency’’ and inserting ‘‘The

22 Federal Banking Commission’’; and

23 (2) in subsection (b), by striking ‘‘appropriate

24 Federal banking agencies’’ each place it appears and

25 inseting ‘‘Federal Banking Commission’’.
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1 (g) AMENDMENTS TO SECTION 907.—Section 907 of

2 the International Lending Supervision Act of 1983 (12

3 U.S.C. 3906) is amended—

4 (1) by striking ‘‘Each appropriate Federal

5 banking agency’’ each place it appears and inserting

6 ‘‘The Federal Banking Commission’’; and

7 (2) by striking ‘‘appropriate Federal banking

8 agencies’’ each place it appears and inserting ‘‘Fed9 eral Banking Commission’’.

10 (h) AMENDMENTS TO SECTION 908.—Section 908 of

11 the International Lending Supervision Act of 1983 (12

12 U.S.C. 3907) is amended—

13 (1) by striking ‘‘Each appropriate Federal

14 banking agency’’ each place it appears and inserting

15 ‘‘The Federal Banking Commission’’;

16 (2) by striking ‘‘appropriate Federal banking

17 agency’’ each place it appears and inserting ‘‘Fed18 eral Banking Commission’’;

19 (3) by striking ‘‘such appropriate Federal bank20 ing agency’’ each place it appears and inserting ‘‘the

21 Federal Banking Commission’’; and

22 (4) by striking ‘‘The Chairman of the Board of

23 Governors of the Federal Reserve System’’ and in24 serting ‘‘The Federal Banking Commission’’.
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1 (i) AMENDMENTS TO SECTION 909.—Section 909 of

2 the International Lending Supervision Act of 1983 (12

3 U.S.C. 3908) is amended—

4 (1) in subsection (b), by striking ‘‘representa5 tives of the appropriate Federal banking agencies

6 whenever an examination by such appropriate Fed7 eral banking agency’’ and inserting ‘‘the Federal

8 Banking Commission whenever an examination by

9 the Commission’’; and

10 (2) in subsection (c), by striking ‘‘Federal

11 banking agencies’’ and inserting ‘‘the Federal Bank12 ing Commission’’.

13 (j) AMENDMENTS TO SECTION 910.—Section 910 of

14 the International Lending Supervision Act of 1983 (12

15 U.S.C. 3909) is amended—

16 (1) in subsection (a)(1), by striking ‘‘The ap17 propriate Federal banking agencies are’’ and insert18 ing ‘‘The Federal Banking Commission is’’;

19 (2) in subsection (b), by striking ‘‘The appro20 priate Federal banking agencies’’ and inserting ‘‘The

21 Federal Banking Commission’’;

22 (3) in subsection (c)(2), by striking ‘‘any appro23 priate Federal banking agency’’ and inserting ‘‘the

24 Federal Banking Commission’’;
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1 (4) by striking ‘‘each appropriate Federal bank2 ing agency’’ each place it appears and inserting ‘‘the

3 Federal Banking Commission’’; and

4 (5) by striking ‘‘appropriate Federal banking

5 agency’’ each place it appears and inserting ‘‘Fed6 eral Banking Commission’’.

7 (k) AMENDMENTS TO SECTION 911.—Section 911 of

8 the International Lending Supervision Act of 1983 (12

9 U.S.C. 3910) is amended—

10 (1) in subsection (a)—

11 (A) by striking ‘‘appropriate Federal bank12 ing agencies (as defined in section 903 of this

13 title)’’ and inserting ‘‘Federal Banking Com14 mission’’; and

15 (B) by striking subsection (a)(3);

16 (2) by striking ‘‘the appropriate Federal bank17 ing agency’’ each place it appears and inserting ‘‘the

18 Federal Banking Commission’’;

19 (3) by striking ‘‘an appropriate Federal bank20 ing agency’’ each place it appears and inserting ‘‘the

21 Federal Banking Commission’’; and

22 (4) by striking ‘‘each appropriate Federal bank23 ing agency’’ each place it appears and inserting ‘‘the

24 Federal Banking Commission’’.
288

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1 (l) AMENDMENT TO SECTION 912.—Section 912 of

2 the International Lending Supervision Act of 1983 (12

3 U.S.C. 3911) is amended to read as follows:

4 ‘‘SEC. 912. As the insurer of the United States banks

5 involved in international lending, the Federal Deposit In6 surance Corporation shall be given equal representation

7 with the Federal Banking Commission on the Committee

8 on Banking Regulations and Supervisory Practices of the

9 Group of Ten Countries and Switzerland.’’.

10 (m) AMENDMENT TO SECTION 913.—Section 913 of

11 the International Lending Supervision Act of 1983 (12

12 U.S.C. 3912) is amended—

13 (1) in the first undesignated subsection—

14 (A) by striking ‘‘appropriate Federal bank15 ing agencies’’ each place it appears and insert16 ing ‘‘Federal Banking Commission’’;

17 (B) by striking ‘‘Chairman of the Board of

18 Governors of the Federal Reserve System’’ each

19 place it appears and inserting ‘‘Federal Bank20 ing Commission’’; and

21 (C) in paragraph (3)—

22 (i) by striking ‘‘any appropriate Fed23 eral banking agency’’ and inserting ‘‘the

24 Federal Banking Commission’’; and
289

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1 (ii) by striking ‘‘the appropriate Fed2 eral banking agencies of their respective

3 authorities’’ and inserting ‘‘the Federal

4 Banking Commission of its authorities’’;

5 and

6 (2) in the subsection designated ‘‘(d)’’—

7 (A) by striking ‘‘Federal banking agen8 cies’’ and inserting ‘‘Federal Banking Commis9 sion’’;

10 (B) by striking ‘‘jointly’’;

11 (C) in paragraph (1)—

12 (i) by striking ‘‘each agency’’ and in13 serting ‘‘the Federal Banking Commis14 sion’’;

15 (ii) by striking ‘‘banking agencies’’

16 and inserting ‘‘Federal Banking Commis17 sion’’; and

18 (iii) by striking ‘‘agencies’’ and insert19 ing ‘‘Commission’s’’;

20 (D) in paragraph (2), by striking ‘‘appro21 priate Federal banking agencies’’ and inserting

22 ‘‘Federal Banking Commission’’; and

23 (E) in the last sentence, by striking ‘‘Each

24 appropriate Federal banking agency’’ and in25 serting ‘‘The Federal Banking Commission’’.
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1 SEC. 644. AMENDMENTS TO THE NATIONAL HOUSING ACT.

2 (a) AMENDMENTS TO SECTION 203.—Section 203(s)

3 of the National Housing Act (12 U.S.C. 1709(s)) is

4 amended—

5 (1) in paragraph (4), by inserting ‘‘and’’ after

6 ‘‘Farmers Home Administration;’’;

7 (2) by amending paragraph (5) to read as fol8 lows:

9 ‘‘(5) if the mortgagee is a national bank, Dis10 trict bank, State bank, or is a subsidiary or affiliate

11 of such national bank, District bank, or State bank,

12 or a bank holding company or a subsidiary or affili13 ate of such company, or a Federal or State savings

14 association or a subsidiary or affiliate of such sav15 ings association, the Federal Banking Commission.’’;

16 and

17 (3) by striking paragraph (6) through (8).

18 (b) AMENDMENTS TO SECTION 255—Section

19 255(k)(3) of the National Housing Act (12 U.S.C. 1715z–

20 20(k)(3)) is amended to read as follows:

21 ‘‘(3) The Preliminary evaluation shall incorporate

22 comments and recommendations solicited by the Secretary

23 from the Federal Banking Commission, the Secretary of

24 Health and Human Services, the Federal Council on

25 Aging, and the National Credit Union Administration
291

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1 Board regarding any of the matters referred to in para2 graph (1) or (2).’’.

3 SEC. 645. AMENDMENTS TO THE REAL ESTATE SETTLE4 MENT PROCEDURES ACT.

5 (a) AMENDMENT TO SECTION 4.—(1) Subsection

6 4(a) of the Real Estate Settlement Procedures Act of

7 1974 (12 U.S.C. 2603(a)) is amended by striking ‘‘the

8 Federal Home Loan Bank Board’’ and inserting ‘‘the

9 Federal Banking Commission’’.

10 (2) AMENDMENT TO SECTION 8.—Subsection 8(c)(5)

11 of the Real Estate Settlement Procedures Act of 1974 (12

12 U.S.C. 2607(c)(5)) is amended by striking ‘‘the Federal

13 Home Loan Bank Board’’ and inserting ‘‘the Federal

14 Banking Commission’’.

15 SEC. 646. AMENDMENTS TO THE RESOLUTION TRUST COR16 PORATION REFINANCING, RESTRUCTURING,

17 AND IMPROVEMENT ACT OF 1991.

18 Section 618 of the Resolution Trust Corporation Re19 financing, Restructuring, and Improvement Act of 1991

20 (12 U.S.C. 1831n note) is amended—

21 (a) in subsection (a)(1), by striking ‘‘(a) IN

22 GENERAL.—’’ and inserting ‘‘(A) IN GENERAL.—’’;

23 (b) by striking ‘‘each Federal banking agency

24 shall amend the regulations and guidelines of the

25 agency’’ each place it appears and inserting ‘‘the
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1 Federal Banking Commission shall amend the regu2 lations and guidelines of the Commission’’;

3 (c) by striking ‘‘appropriate Federal banking

4 agency’’ each place it appears and inserting ‘‘Fed5 eral Banking Commission’’;

6 (d) in subsection (b)—

7 (1) in paragraph (2), by striking ‘‘jurisdic8 tion of the agency’’ and inserting ‘‘jurisdiction

9 of the Federal Banking Commission’’; and

10 (2) in paragraph (3), by striking ‘‘jurisdic11 tion of the agency’’ and inserting ‘‘jurisdiction

12 of the Federal Banking Commission’’; and

13 (e) by striking subsection (c).

14 SEC. 647. AMENDMENTS TO THE REVISED STATUTES.

15 (a) PROVISIONS RELATING TO ESTABLISHMENT OF

16 OCC REPEALED.—

17 (1) PROVISIONS REPEALED.—The following sec18 tions of the Revised Statutes are repealed:

19 (A) Section 325 (12 U.S.C. 2).

20 (B) Section 326 (12 U.S.C. 3).

21 (C) Section 327 (12 U.S.C. 4).

22 (D) Section 329 (12 U.S.C. 11).

23 (E) Section 331 (12 U.S.C. 13).
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1 (2) TABLE OF CONTENTS AMENDMENT.—The

2 table of sections for chapter 9 of title VII of the Re3 vised Statutes is amended—

4 (A) in the item relating to section 330, by

5 striking ‘‘Comptroller of the Currency’’ and in6 serting ‘‘Federal Banking Commission’’; and

7 (B) by striking the item relating to each of

8 the following sections:

9 (i) Section 324.

10 (ii) Section 325.

11 (iii) Section 326.

12 (iv) Section 327.

13 (v) Section 329.

14 (vi) Section 331.

15 (b) AMENDMENT TO SECTION 324.—Section 324 of

16 the Revised Statutes (12 U.S.C. 1) is amended by striking

17 the first sentence.

18 (c) AMENDMENT TO SECTION 327A.—Section 327A

19 of the Revised Statutes (12 U.S.C. 4a) is amended by

20 striking ‘‘Comptroller of the Currency’’ and inserting

21 ‘‘Federal Banking Commission’’.

22 (d) AMENDMENT TO SECTION 328.—Section 328 of

23 the Revised Statutes (12 U.S.C. 8) is amended to read

24 as follows:
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1 ‘‘SEC. 328. The Federal Banking Commission shall

2 employ, from time to time, the necessary clerks to dis3 charge such duties as the Commission shall direct.’’.

4 (e) AMENDMENT TO SECTION 330.—Section 330 of

5 the Revised Statutes (12 U.S.C. 12) is amended to read

6 as follows:

7 ‘‘SEC. 330. The seal devised by the Federal Banking

8 Commission for the Commission shall be the seal of the

9 Commission after the ‘designated transfer date’ as pro10 vided in the Regulatory Consolidation Act of 1994, and

11 may be renewed when necessary by the Commission. A de12 scription of the Commission’s seal shall be filed in the of13 fice of the Secretary of State. The seal devised by the

14 Comptroller of the Currency for his office, and approved

15 by the Secretary of the Treasury, shall continue to be the

16 seal of the Federal Banking Commission until such time

17 as the Commission has devised its own seal. A description

18 of the Comptroller’s seal shall be filed in the office of the

19 Secretary of State.’’.

20 (f) AMENDMENT TO SECTION 333.—Section 333 of

21 the Revised Statutes is amended by striking ‘‘Comptroller

22 of the Currency’’ and inserting ‘‘Federal Banking Com23 mission’’.

24 (g) AMENDMENT TO SECTION 5133.—Section 5133

25 of the Revised Statutes (12 U.S.C. 21) is amended—
295

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1 (1) by striking ‘‘Comptroller of the Currency’’

2 and inserting ‘‘Federal Banking Commission’’; and

3 (2) by striking ‘‘his’’ and inserting ‘‘the Com4 mission’s’’.

5 (h) AMENDMENT TO SECTION 5135.—Section 5135

6 of the Revised Statutes (12 U.S.C. 23) is amended—

7 (1) by striking ‘‘Comptroller of the Currency’’

8 and inserting ‘‘Federal Banking Commission’’; and

9 (2) by striking ‘‘his’’ and inserting ‘‘the Com10 mission’s’’.

11 (i) AMENDMENT TO SECTION 5136.—Section 5136

12 of the Revised Statutes (12 U.S.C. 24) is amended—

13 (1) in the paragraph numbered ‘‘Seventh’’, by

14 striking ‘‘Comptroller of the Currency’’ each place it

15 appears and inserting ‘‘Federal Banking Commis16 sion’’; and

17 (2) in the paragraph numbered ‘‘Eleventh’’—

18 (A) by striking ‘‘Comptroller of the Cur19 rency’’ and inserting ‘‘Federal Banking Com20 mission’’; and

21 (B) by striking ‘‘Comptroller’’ and insert22 ing ‘‘Commission’’.

23 (j) AMENDMENT TO SECTION 5136A.—Section

24 5136A(e) of the Revised Statutes (12 U.S.C. 25a(e)) is
296

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1 amended by striking ‘‘Comptroller of the Currency’’ and

2 inserting ‘‘Federal Banking Commission’’.

3 (k) AMENDMENT TO SECTION 5137.—Section 5137

4 of the Revised Statutes (12 U.S.C. 29) is amended by

5 striking ‘‘Comptroller of the Currency’’ each place it ap6 pears and inserting ‘‘Federal Banking Commission’’.

7 (l) AMENDMENT TO SECTION 5138.—Section 5138

8 of the Revised Statutes (12 U.S.C. 51) is amended by

9 striking ‘‘Comptroller of the Currency’’ each place it ap10 pears and inserting ‘‘Federal Banking Commission’’.

11 (m) AMENDMENTS TO SECTION 5142.—Section 5142

12 of the Revised Statutes (12 U.S.C. 57) is amended—

13 (1) by striking ‘‘Comptroller of the Currency’’

14 and inserting ‘‘Federal Banking Commission’’;

15 (2) by striking ‘‘his’’ each place it appears and

16 inserting ‘‘its’’; and

17 (3) in the first sentence, by striking ‘‘said

18 comptroller’’ and inserting ‘‘Commission’’.

19 (n) AMENDMENT TO SECTION 5143.—Section 5143

20 of the Revised Statutes (12 U.S.C. 59) is amended by

21 striking ‘‘Comptroller of the Currency’’ each place it ap22 pears and inserting ‘‘Federal Banking Commission’’.

23 (o) AMENDMENT TO SECTION 5145.—Section 5145

24 of the Revised Statutes (12 U.S.C. 71) is amended by
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1 striking ‘‘Comptroller of the Currency’’ and inserting

2 ‘‘Federal Banking Commission’’.

3 (p) AMENDMENT TO SECTION 5146.—Section 5146

4 of the Revised Statutes (12 U.S.C. 72) is amended—

5 (1) by striking ‘‘Comptroller of the Currency’’

6 each place it appears and inserting ‘‘Federal Bank7 ing Commission’’; and

8 (2) in the first sentence, by striking ‘‘in his dis9 cretion’’ and inserting ‘‘in its discretion’’.

10 (q) AMENDMENT TO SECTION 5147.—Section 5147

11 of the Revised Statutes (12 U.S.C. 73) is amended in the

12 last sentence—

13 (1) by striking ‘‘Comptroller of the Currency’’

14 and inserting ‘‘Federal Banking Commission’’; and

15 (2) by striking ‘‘his’’ and inserting ‘‘its’’.

16 (r) AMENDMENTS TO SECTION 5154.—Section 5154

17 of the Revised Statutes (12 U.S.C. 35) is amended—

18 (1) by striking ‘‘Comptroller of the Currency’’

19 each place it appears and inserting ‘‘Federal Bank20 ing Commission’’;

21 (2) by striking ‘‘Comptroller’’ each place it ap22 pears and inserting ‘‘Commission’’; and

23 (3) in the last sentence—

24 (A) by striking ‘‘his’’ and inserting ‘‘its’’;

25 and
298

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1 (B) by striking ‘‘he’’ and inserting ‘‘it’’.

2 (s) AMENDMENT TO SECTION 5155.—Section 5155

3 of the Revised Statutes (12 U.S.C. 36) is amended by

4 striking ‘‘Comptroller of the Currency’’ each place it ap5 pears and inserting ‘‘Federal Banking Commission’’.

6 (t) AMENDMENTS TO SECTION 5156A.—Subsection

7 5156A(b) of the Revised Statutes (12 U.S.C. 215c(b)) is

8 amended—

9 (1) by striking ‘‘Comptroller of the Currency’’

10 each place it appears and inserting ‘‘Federal Bank11 ing Commission’’; and

12 (2) in paragraph (2)(B), by striking ‘‘Comptrol13 ler’s’’ and inserting ‘‘Commission’s’’.

14 (u) AMENDMENT TO SECTION 5168.—Section 5168

15 of the Revised Statutes (12 U.S.C. 26) is amended—

16 (1) by striking ‘‘Comptroller of the Currency’’

17 and inserting ‘‘Federal Banking Commission’’; and

18 (2) by striking ‘‘Comptroller’’ each place it ap19 pears and inserting ‘‘Federal Banking Commission’’.

20 (v) AMENDMENTS TO SECTION 5169.—Section 5169

21 of the Revised Statutes (12 U.S.C. 27) is amended—

22 (1) by striking ‘‘Comptroller’’ each place it ap23 pears and inserting ‘‘Federal Banking Commission’’;
299

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1 (2) by striking ‘‘Comptroller of the Currency’’

2 each place it appears and inserting ‘‘Federal Bank3 ing Commission’’; and

4 (3) in subsection (a)—

5 (A) by striking ‘‘appointed by him’’ and in6 serting ‘‘appointed by the Federal Banking

7 Commission’’;

8 (B) by striking ‘‘his hand and official seal’’

9 and inserting ‘‘the Federal Banking Commis10 sion’s official seal’’;

11 (C) by striking ‘‘his certificate’’ and insert12 ing ‘‘the Federal Banking Commission’s certifi13 cate’’; and

14 (D) by striking ‘‘whenever he has reason’’

15 and inserting ‘‘whenever the Federal Banking

16 Commission has reason’’.

17 (w) AMENDMENTS TO SECTION 5191.—Section 5191

18 of the Revised Statutes (12 U.S.C. 143) is amended—

19 (1) by striking ‘‘Comptroller of the Currency’’

20 and inserting ‘‘Federal Banking Commission’’; and

21 (2) by striking ‘‘Comptroller’’ and inserting

22 ‘‘Commission’’.

23 (x) AMENDMENT TO SECTION 5192.—Section 5192

24 of the Revised Statutes (12 U.S.C. 144) is amended by
300

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1 striking ‘‘Comptroller of the Currency’’ and inserting

2 ‘‘Federal Banking Commission’’.

3 (y) AMENDMENT TO SECTION 5199.—Subsection

4 5199(b) of the Revised Statutes (12 U.S.C. 60(b)) is

5 amended by striking ‘‘Comptroller of the Currency’’ and

6 inserting ‘‘Federal Banking Commission’’.

7 (z) AMENDMENT TO SECTION 5200.—Section 5200

8 of the Revised Statutes (12 U.S.C. 84) is amended—

9 (1) in subsection (b)(1), by striking ‘‘Comptrol10 ler of the Currency’’ and inserting ‘‘Federal Banking

11 Commission’’;

12 (2) in subsection (c)(7), by striking ‘‘Comptrol13 ler of the Currency’’ and inserting ‘‘Federal Banking

14 Commission’’; and

15 (3) in subsection (d)—

16 (A) in paragraph (1), by striking ‘‘Comp17 troller of the Currency’’ and inserting ‘‘Federal

18 Banking Commission’’; and

19 (B) in paragraph (2), by striking ‘‘Comp20 troller of the Currency’’ and inserting ‘‘Federal

21 Banking Commission’’.

22 (aa) AMENDMENTS TO SECTION 5205.—Section

23 5205 of the Revised Statutes (12 U.S.C. 55) is amended—
301

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1 (1) by striking ‘‘Comptroller of the Currency’’

2 each place it appears and inserting ‘‘Federal Bank3 ing Commission’’; and

4 (2) by striking ‘‘Comptroller’’ and inserting

5 ‘‘Commission’’.

6 (bb) AMENDMENT TO SECTION 5208.—Section 5208

7 of the Revised Statutes (12 U.S.C. 501) is amended by

8 striking ‘‘Comptroller of the Currency’’ and inserting

9 ‘‘Federal Banking Commission’’.

10 (cc) AMENDMENTS TO SECTION 5210.—Section 5210

11 of the Revised Statutes (12 U.S.C. 62) is amended in the

12 last sentence—

13 (1) by striking ‘‘Comptroller of the Currency’’

14 and inserting ‘‘Federal Banking Commission’’; and

15 (2) by striking ‘‘him’’ and inserting ‘‘the Com16 mission’’.

17 (dd) AMENDMENTS TO SECTION 5211.—Section

18 5211 of the Revised Statutes (12 U.S.C. 161) is amend19 ed—

20 (1) by striking ‘‘Comptroller of the Currency’’

21 each place it appears and inserting ‘‘Federal Bank22 ing Commission’’;

23 (2) by striking ‘‘Comptroller’’ each place it ap24 pears and inserting ‘‘Commission’’;
302

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1 (3) by striking ‘‘he’’ each place it appears and

2 inserting ‘‘the Commission’’;

3 (4) by striking ‘‘him’’ each place it appears and

4 inserting ‘‘the Commission’’;

5 (5) in the second sentence of subsection (a), by

6 striking ‘‘his’’ each place it appears and inserting

7 ‘‘its’’; and

8 (6) in subsection (c)—

9 (A) by striking ‘‘his’’ each place it appears

10 and inserting ‘‘its’’; and

11 (B) in the third sentence, by striking ‘‘in12 form himself’’ and inserting ‘‘be informed’’.

13 (ee) AMENDMENTS TO SECTION 5213.—Section 5213

14 of the Revised Statutes (12 U.S.C. 164) is amended—

15 (1) by striking ‘‘Comptroller of the Currency’’

16 each place it appears and inserting ‘‘Federal Bank17 ing Commission’’; and

18 (2) by striking ‘‘Comptroller’’ each place it ap19 pears and inserting ‘‘Commission’’.

20 (ff) AMENDMENT TO SECTION 5216.—Section 5216

21 of the Revised Statutes (omitted from the United States

22 Code) is amended by striking ‘‘Comptroller of the Cur23 rency’’ and inserting ‘‘Federal Banking Commission’’.

24 (gg) AMENDMENT TO SECTION 5218.—Section 5218

25 of the Revised Statutes (omitted from the United States
303

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1 Code) is amended by striking ‘‘First Comptroller of the

2 Treasury’’ and inserting ‘‘Federal Banking Commission’’.

3 (hh) AMENDMENT TO SECTION 5220.—Section 5220

4 of the Revised Statutes (12 U.S.C. 181) is amended by

5 striking ‘‘Comptroller of the Currency’’ each place it ap6 pears and inserting ‘‘Federal Banking Commission’’.

7 (ii) AMENDMENT TO SECTION 5221.—Section 5221

8 of the Revised Statutes (12 U.S.C. 182) is amended by

9 striking ‘‘Comptroller of the Currency’’ and inserting

10 ‘‘Federal Banking Commission’’.

11 (jj) AMENDMENTS TO SECTION 5234.—Section 5234

12 of the Revised Statutes (12 U.S.C. 192) is amended—

13 (1) by striking ‘‘has refused to pay its circulat14 ing notes as therein mentioned, and’’;

15 (2) by striking ‘‘Comptroller of the Currency’’

16 and inserting ‘‘Federal Banking Commission’’;

17 (3) by striking ‘‘Comptroller’’ and ‘‘comptrol18 ler’’ each place they appear and inserting ‘‘Commis19 sion’’; and

20 (4) by striking ‘‘he’’ each place it appears and

21 inserting ‘‘the Commission’’.

22 (kk) AMENDMENTS TO SECTION 5235.—Section

23 5235 of the Revised Statutes (12 U.S.C. 193) is amend24 ed—
304

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1 (1) by striking ‘‘Comptroller’’ and inserting

2 ‘‘Federal Banking Commission’’; and

3 (2) by striking ‘‘he’’ and inserting ‘‘the Com4 mission’’.

5 (ll) AMENDMENTS TO SECTION 5236.—Section 5236

6 of the Revised Statutes (12 U.S.C. 194) is amended—

7 (1) by striking ‘‘, after full provision has been

8 first made for refunding to the United States and

9 deficiency in redeeming the notes of such associa10 tion,’’;

11 (2) by striking ‘‘Comptroller’’ and inserting

12 ‘‘Federal Banking Commission’’;

13 (3) by striking ‘‘him’’ each place it appears and

14 inserting ‘‘the Commission’’; and

15 (4) by striking ‘‘his’’ and inserting ‘‘the Com16 mission’s’’.

17 (mm) AMENDMENT TO SECTION 5238.—Section

18 5238 of the Revised Statutes (12 U.S.C. 196) is amended

19 by striking the first sentence.

20 (nn) AMENDMENTS TO SECTION 5239.—Section

21 5239 of the Revised Statutes (12 U.S.C. 93) is amended—

22 (1) in subsection (a), by striking ‘‘Comptroller

23 of the Currency, in his own name,’’ and inserting

24 ‘‘Federal Banking Commission’’; and

25 (2) in subsection (b)—
305

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1 (A) by striking ‘‘Comptroller of the Cur2 rency’’ each place it appears and inserting

3 ‘‘Federal Banking Commission’’;

4 (B) by striking ‘‘Comptroller’s’’ each place

5 it appears and inserting ‘‘Commission’s’’; and

6 (C) in paragraph (12), by striking ‘‘Comp7 troller’’ and inserting ‘‘Commission’’.

8 (oo) AMENDMENT TO SECTION 5239A.—Section

9 5239A of the Revised Statutes (12 U.S.C. 93a) is amend10 ed by striking ‘‘Comptroller of the Currency’’ and insert11 ing ‘‘Federal Banking Commission’’.

12 (pp) AMENDMENTS TO SECTION 5240.—Section

13 5240 of the Revised Statutes (12 U.S.C. 481, 482, 483,

14 484, and 485) is amended—

15 (1) by striking ‘‘Comptroller of the Currency’’

16 each place it appears and inserting ‘‘Federal Bank17 ing Commission’’;

18 (2) by striking ‘‘Comptroller’’ each place it ap19 pears and inserting ‘‘Commission’’;

20 (3) in the last sentence of the first undesig21 nated paragraph—

22 (A) by striking ‘‘he’’ and inserting ‘‘the

23 Commission’’; and

24 (B) by striking ‘‘his’’ and inserting ‘‘the

25 Commission’s’’;
306

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1 (4) in the third undesignated paragraph—

2 (A) by striking ‘‘Office of the Comptroller

3 of the Currency’’ and inserting ‘‘Federal Bank4 ing Commission’’; and

5 (B) by striking ‘‘Office’’ each place it ap6 pears and inserting ‘‘Commission’’;

7 (5) by striking the fifth undesignated para8 graph; and

9 (6) by striking the last sentence in the last

10 paragraph.

11 SEC. 648. AMENDMENTS TO THE RIGHT TO FINANCIAL PRI12 VACY ACT OF 1978.

13 (a) AMENDMENTS TO SECTION 1101.—Section 1101

14 of the Right to Financial Privacy Act of 1978 (12 U.S.C.

15 3401) is amended—

16 (1) in paragraph (7)(B) by amending it to read

17 as follows:

18 ‘‘(B) the Federal Banking Commission;’’;

19 (2) by striking paragraph (7)(E); and

20 (3) by redesignating paragraphs (7)(F) through

21 (7)(H) as paragraphs (7)(E) through (7)(G), respec22 tively.

23 (b) AMENDMENT TO SECTION 1112.—Section

24 1112(e) of the Right to Financial Privacy Act of 1978

25 (12 U.S.C. 3412(e)) is amended by striking the last sen-
307

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1 tence and inserting the following: ‘‘Notwithstanding sec2 tion 1101(7) or any other provision of this title, the ex3 change of financial records or other information with re4 spect to a financial institution, holding company, or any

5 subsidiary of a depository institution of holding company,

6 among and between the Federal Deposit Insurance Cor7 poration, the Federal Banking Commission, the National

8 Credit Union Administration, the Board of Governors of

9 the Federal Reserve System, and the Securities and Ex10 change Commission is permitted.’’.

11 (c) AMENDMENT TO SECTION 1115.—Section 1115

12 of the Right to Financial Privacy Act of 1978 (12 U.S.C.

13 3415) is amended in the last sentence by striking ‘‘Board

14 of Governors of the Federal Reserve System’’ and insert15 ing ‘‘Federal Banking Commission’’.

16 SEC. 649. AMENDMENTS TO THE TRUTH IN LENDING ACT.

17 (a) AMENDMENT TO TABLE OF CONTENTS.—The

18 title of section 114 in the table of sections for chapter

19 1 of the Truth in Lending Act is amended to read as fol20 lows:

‘‘114. Reports by Federal Banking Commission and Attorney General.’’.

21 (b) AMENDMENTS TO SECTION 103.—Section 103 of

22 the Truth in Lending Act (15 U.S.C. 1602) is amended—

23 (1) by amending subsection (b) to read as fol24 lows:
308

S 1895 IS

1 ‘‘(b) The term ‘Commission’ means the Federal

2 Banking Commission.’’;

3 and

4 (2) in subsection (f), by striking ‘‘Board’’ each

5 place it appears and inserting ‘‘Commission’’.

6 (c) AMENDMENT TO SECTION 104.—Subsection

7 104(4) of the Truth in Lending Act (15 U.S.C. 1603(4))

8 is amended by striking ‘‘Board’’ and inserting ‘‘Commis9 sion’’.

10 (d) AMENDMENT TO SECTION 105.—Section 105 of

11 the Truth in Lending Act (15 U.S.C. 1604) is amended

12 by striking ‘‘Board’’ each place it appears and inserting

13 ‘‘Commission’’.

14 (e) AMENDMENT TO SECTION 106.—Subsection

15 106(d) of the Truth in Lending Act (15 U.S.C. 1605(d))

16 is amended by striking ‘‘Board’’ and inserting ‘‘Commis17 sion’’.

18 (f) AMENDMENT TO SECTION 107.—Section 107 of

19 the Truth in Lending Act (15 U.S.C. 1606) is amended

20 by striking ‘‘Board’’ each place it appears and inserting

21 ‘‘Commission’’.

22 (g) AMENDMENTS TO SECTION 108.—Section 108 of

23 the Truth in Lending Act (15 U.S.C. 1607) is amended—

24 (1) in subsection (a)—
309

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1 (A) by amending paragraph (1) to read as

2 follows:

3 ‘‘(1) section 8 of the Federal Deposit Insurance

4 Act by the Chairman of the Federal Banking Com5 mission, in the case of national banks, member

6 banks of the Federal Reserve System (other than

7 national banks), branches and agencies of foreign

8 banks, commercial lending companies owned or con9 trolled by foreign banks, organizations operating

10 under section 25 or 25A of the Federal Reserve Act,

11 banks insured by the Federal Deposit Insurance

12 Corporation (other than members of the Federal Re13 serve System), and savings associations the deposits

14 of which are insured by the Federal Deposit Insur15 ance Corporation;’’;

16 (B) by striking paragraph (2); and

17 (C) by redesignating paragraphs (3)

18 through (6) as paragraphs (2) through (5), re19 spectively;

20 (2) in the 3d sentence of subsection (c), by in21 serting ‘‘Federal Trade’’ before ‘‘Commission’’;

22 (3) in subsection (d), by striking ‘‘Board’’ and

23 inserting ‘‘Federal Banking Commission’’; and
310

S 1895 IS

1 (4) in subsection (e)(3)(i), by striking ‘‘para2 graphs (1) through (3) of section 108(a)’’ and in3 serting ‘‘paragraphs 1 and 2 of section 108(a)’’.

4 (h) AMENDMENT TO SECTION 109.—Section 109 of

5 the Truth in Lending Act (15 U.S.C. 1608) is amended

6 by striking ‘‘Board’’ each place that it appears and insert7 ing ‘‘Commission’’.

8 (i) AMENDMENT TO SECTION 111.—Subsection

9 111(a) of the Truth in Lending Act (15 U.S.C. 1610(a))

10 is amended by striking ‘‘Board’’ each place it appears and

11 inserting ‘‘Commission’’.

12 (j) AMENDMENT TO SECTION 112.—Subsection

13 112(2) of the Truth in Lending Act (15 U.S.C. 1611(2))

14 is amended by striking ‘‘Board’’ and inserting ‘‘Commis15 sion’’.

16 (k) AMENDMENT TO SECTION 113.—Subsection

17 113(a) of the Truth in Lending Act (15 U.S.C. 1612(a))

18 is amended by striking ‘‘Board’’ and inserting ‘‘Commis19 sion’’.

20 (l) AMENDMENTS TO SECTION 114.— Section 114 of

21 the Truth in Lending Act (15 U.S.C. 1614) is amended—

22 (1) in the section title, by striking ‘‘Board’’ and

23 inserting ‘‘Federal Banking Commission’’; and

24 (2) by striking ‘‘Board’’ each place that it ap25 pears and inserting ‘‘Commission’’.
311

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1 (m) AMENDMENT TO SECTION 121.—Section 121 of

2 the Truth in Lending Act (15 U.S.C. 1631) is amended

3 by striking ‘‘Board’’ each place it appears and inserting

4 ‘‘Commission’’.

5 (n) AMENDMENT TO SECTION 122.—Section 122 of

6 the Truth in Lending Act (15 U.S.C. 1632) is amended

7 by striking ‘‘Board’’ each place it appears and inserting

8 ‘‘Commission’’.

9 (o) AMENDMENT TO SECTION 123.—Section 123 of

10 the Truth in Lending Act (15 U.S.C. 1633) is amended

11 by striking ‘‘Board’’ and inserting ‘‘Commission’’.

12 (p) AMENDMENT TO SECTION 125.—Section 125 of

13 the Truth in Lending Act (15 U.S.C. 1635) is amended

14 by striking ‘‘Board’’ each place it appears and inserting

15 ‘‘Commission’’.

16 (q) AMENDMENT TO SECTION 127.—Section 127 of

17 the Truth in Lending Act (15 U.S.C. 1637) is amended

18 by striking ‘‘Board’’ each place it appears and inserting

19 ‘‘Commission’’.

20 (r) AMENDMENT TO SECTION 127A.—Section 127A

21 of the Truth in Lending Act (15 U.S.C. 1637a) is amend22 ed by striking ‘‘Board’’ each place it appears and inserting

23 ‘‘Commission’’.

24 (s) AMENDMENT TO SECTION 128.—Section 128 of

25 the Truth in Lending Act (15 U.S.C. 1638) is amended
312

S 1895 IS

1 by striking ‘‘Board’’ each place it appears and inserting

2 ‘‘Commission’’.

3 (t) AMENDMENTS TO SECTION 130.—Section 130 of

4 the Truth in Lending Act (15 U.S.C. 1640) is amended—

5 (1) by striking ‘‘Board’’ each place it appears

6 and inserting ‘‘Commission’’; and

7 (2) in subsection (f), by striking ‘‘Federal Re8 serve System’’ inserting ‘‘Commission’’.

9 (u) AMENDMENTS TO SECTION 136.—Section 136 of

10 the Truth in Lending Act (15 U.S.C. 1646) is amended

11 by striking ‘‘Board’’ each place it appears and inserting

12 ‘‘Commission’’.

13 (v) AMENDMENT TO SECTION 137.—Subsection

14 137(c)(4)(B) of the Truth in Lending Act (15 U.S.C.

15 1647(c)(4)(B)) is amended by striking ‘‘Board’’ each

16 place it appears and inserting ‘‘Commission’’.

17 (w) AMENDMENT TO SECTION 143.—Subsection

18 143(3) of the Truth in Lending Act (15 U.S.C. 1663(3))

19 is amended by striking ‘‘Board’’ and inserting ‘‘Commis20 sion’’.

21 (x) AMENDMENT TO SECTION 144.—Subsection

22 144(b) of the Truth in Lending Act (15 U.S.C. 1664(b))

23 is amended by striking ‘‘Board’’ and inserting ‘‘Commis24 sion’’.
313

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1 (y) AMENDMENT TO SECTION 146.—Section 146 of

2 the Truth in Lending Act (15 U.S.C. 1665a) is amended

3 by striking ‘‘Board’’ and inserting ‘‘Commission’’.

4 (z) AMENDMENT TO SECTION 147.—Section 147 of

5 the Truth in Lending Act (15 U.S.C. 1665b) is amended

6 by striking ‘‘Board’’ each place it appears and inserting

7 ‘‘Commission’’.

8 (aa) AMENDMENT TO SECTION 161.—Section 161 of

9 the Truth in Lending Act (15 U.S.C. 1666) is amended

10 by striking ‘‘Board’’ each place it appears and inserting

11 ‘‘Commission’’.

12 (bb) AMENDMENT TO SECTION 163.—Subsection

13 163(b) of the Truth in Lending Act (15 U.S.C. 1666b(b))

14 is amended by striking ‘‘Board’’ and inserting ‘‘Commis15 sion’’.

16 (cc) AMENDMENT TO SECTION 164.—Section 164 of

17 the Truth in Lending Act (15 U.S.C. 1666c) is amended

18 by striking ‘‘Board’’ and inserting ‘‘Commission’’.

19 (dd) AMENDMENT TO SECTION 167.—Subsection

20 167(b) of the Truth in Lending Act (15 U.S.C. 1666f(b))

21 is amended by striking ‘‘Board’’ and inserting ‘‘Commis22 sion’’.

23 (ee) AMENDMENT TO SECTION 171.—Section 171 of

24 the Truth in Lending Act (15 U.S.C. 1666j) is amended
314

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1 by striking ‘‘Board’’ each place it appears and inserting

2 ‘‘Commission’’.

3 (ff) AMENDMENT TO SECTION 182.—The last sen4 tence of section 182 of the Truth in Lending Act (15

5 U.S.C. 1667a) is amended by striking ‘‘Board’’ and insert6 ing ‘‘Commission’’.

7 (gg) AMENDMENT TO SECTION 184.—Subsection

8 184(a) of the Truth in Lending Act (15 U.S.C. 1667c(a))

9 is amended by striking ‘‘Board’’ and inserting ‘‘Commis10 sion’’.

11 (hh) AMENDMENT TO SECTION 186.—Section 186 of

12 the Truth in Lending Act (15 U.S.C. 1667e) is amended

13 by striking ‘‘Board’’ each place it appears and inserting

14 ‘‘Commission’’.

15 SEC. 650. AMENDMENTS TO THE TRUTH IN SAVINGS ACT.

16 (a) AMENDMENT TO SECTION 263.—Section 263 of

17 the Truth in Savings Act (12 U.S.C. 4302) is amended

18 by striking ‘‘Board’’ each place it appears and inserting

19 ‘‘Commission’’.

20 (b) AMENDMENT TO SECTION 264.—Section 264 of

21 the Truth in Savings Act (12 U.S.C. 4303) is amended

22 by striking ‘‘Board’’ each place it appears and inserting

23 ‘‘Commission’’.

24 (c) AMENDMENT TO SECTION 265.—Section 265 of

25 the Truth in Savings Act (12 U.S.C. 4304) is amended
315

S 1895 IS

1 by striking ‘‘Board’’ each place it appears and inserting

2 ‘‘Commission’’.

3 (d) AMENDMENT TO SECTION 266.—Section 266 of

4 the Truth in Savings Act (12 U.S.C. 4305) is amended

5 by striking ‘‘Board’’ and inserting ‘‘Commission’’.

6 (e) AMENDMENT TO SECTION 269.—Section 269 of

7 the Truth in Savings Act (12 U.S.C. 4308) is amended

8 by striking ‘‘Board’’ each place it appears and inserting

9 ‘‘Commission’’.

10 (f) AMENDMENT TO SECTION 270.—Section 270 of

11 the Truth in Savings Act (12 U.S.C. 4309) is amended—

12 (1) by amending paragraph (1) of subsection

13 (a) to read as follows:

14 ‘‘(1) section 8 of the Federal Deposit Insurance

15 Act by the Commission in the case of—

16 ‘‘(A) insured depository institutions (as de17 fined in section 3(c)(2) of the Federal Deposit

18 Insurance Act);

19 ‘‘(B) depository institutions described in

20 clause (i), (ii) or (iii) of section 19(b)(1)(A) of

21 the Federal Reserve Act which are not insured

22 depository institutions (as defined in section

23 3(c)(2) of the Federal Deposit Insurance Act);

24 and
316

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1 ‘‘(C) depository institutions described in

2 clause (v) and or (vi) of section 19(b)(1)(A) of

3 the Federal Reserve Act which are not insured

4 depository institutions (as defined in section

5 3(c)(2) of the Federal Deposit Insurance Act);

6 and’’; and

7 (2) by striking ‘‘Board’’ each place it appears

8 and inserting ‘‘Commission’’.

9 (g) AMENDMENT TO SECTION 271.—Section 271 of

10 the Truth in Savings Act (12 U.S.C. 4310) is amended

11 by striking ‘‘Board’’ each place it appears in subsection

12 (f) and inserting ‘‘Commission’’.

13 (h) AMENDMENT TO SECTION 272.—Section 272 of

14 the Truth in Savings Act (12 U.S.C. 4311) is amended

15 by striking ‘‘Board’’ each place it appears and inserting

16 ‘‘Commission’’.

17 (i) AMENDMENTS TO SECTION 274.—Section 274 of

18 the Truth in Savings Act (12 U.S.C. 4313) is amended—

19 (1) in paragraph (2), by striking ‘‘Board’’ and

20 inserting ‘‘Commission’’; and

21 (2) by amending paragraph (4) to read as fol22 lows:

23 ‘‘(4) COMMISSION.—The term ‘Commission’

24 means the Federal Banking Commission.’’.
317

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1 SEC. 651. REPEAL OF OBSOLETE CURRENCY STATUTES.

2 (a) OBSOLETE CURRENCY PROVISIONS RE3 PEALED.—

4 (1) CURRENCY PROVISIONS IN REVISED STAT5 UTES REPEALED.—The following sections of the Re6 vised Statutes are repealed:

7 (A) Section 5203 (12 U.S.C. 87).

8 (B) Section 5206 (12 U.S.C. 88).

9 (C) Section 5196 (12 U.S.C. 89).

10 (D) Section 5158 (12 U.S.C. 102).

11 (E) Section 5159 (12 U.S.C. 101a).

12 (F) Section 5172 (12 U.S.C. 104).

13 (G) Section 5173 (12 U.S.C. 107).

14 (H) Section 5174 (12 U.S.C. 108).

15 (I) Section 5182 (12 U.S.C. 109).

16 (J) Section 5183 (12 U.S.C. 110).

17 (K) Section 5195 (12 U.S.C. 123).

18 (L) Section 5184 (12 U.S.C. 124).

19 (M) Section 5226 (12 U.S.C. 131).

20 (N) Section 5227 (12 U.S.C. 132).

21 (O) Section 5228 (12 U.S.C. 133).

22 (P) Section 5229 (12 U.S.C. 134).

23 (Q) Section 5230 (12 U.S.C. 137).

24 (R) Section 5231 (12 U.S.C. 138).

25 (S) Section 5232 (12 U.S.C. 135).

26 (T) Section 5233 (12 U.S.C. 136).
318

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1 (U) Section 5185 (12 U.S.C. 151).

2 (V) Section 5186 (12 U.S.C. 152).

3 (W) Section 5160 (12 U.S.C. 168).

4 (X) Section 5161 (12 U.S.C. 169).

5 (Y) Section 5162 (12 U.S.C. 170).

6 (Z) Section 5163 (12 U.S.C. 171).

7 (AA) Section 5164 (12 U.S.C. 172).

8 (BB) Section 5165 (12 U.S.C. 173).

9 (CC) Section 5166 (12 U.S.C. 174).

10 (DD) Section 5167 (12 U.S.C. 175).

11 (EE) Section 5222 (12 U.S.C. 183).

12 (FF) Section 5223 (12 U.S.C. 184).

13 (GG) Section 5224 (12 U.S.C. 185).

14 (HH) Section 5225 (12 U.S.C. 186).

15 (II) Section 5237 (12 U.S.C. 195).

16 (2) CURRENCY PROVISIONS IN OTHER STAT17 UTES REPEALED.—The following provisions of law

18 are repealed:

19 (A) Section 12 of the Act entitled ‘‘An Act

20 to define and fix the standard of value, to main21 tain the parity of all forms of money issued or

22 coined by the United States, to refund the pub23 lic debt, and for other purposes.’’ and approved

24 March 14, 1900 (12 U.S.C. 101).
319

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1 (B) Section 3 of the Act entitled ‘‘An Act

2 to amend the laws relating to the denomina3 tions, and notes by national banks and to per4 mit the issuance of notes of small denomina5 tions, and for other purposes.’’ and approved

6 October 5, 1917 (12 U.S.C. 103).

7 (C) The following sections of the Act enti8 tled ‘‘An Act fixing the amount of United

9 States notes, providing for a redistribution of

10 the national-bank currency, and for other pur11 poses.’’ and approved June 20, 1874:

12 (i) Section 5 (12 U.S.C. 105).

13 (ii) Section 3 (12 U.S.C. 121).

14 (iii) Section 8 (12 U.S.C. 126).

15 (iv) Section 4 (12 U.S.C. 176).

16 (D) The following sections of the Act enti17 tled ‘‘An Act to enable national-banking asso18 ciations to extend their corporate existence, and

19 for other purposes.’’ and approved July 12,

20 1882:

21 (i) Section 8 (12 U.S.C. 177).

22 (ii) Section 9 (12 U.S.C. 178).

23 (3) OTHER STATUTES REPEALED.—

24 (A) The Act entitled ‘‘An Act to amend the

25 National Bank Act in providing for redemption
320

S 1895 IS

1 of national bank notes stolen from or lost by

2 banks of issue.’’ and approved July 28, 1892

3 (12 U.S.C. 125) is repealed.

4 (B) The Act entitled ‘‘An Act authorizing

5 the conversion of national gold banks.’’ and ap6 proved February 14, 1880 (12 U.S.C. 153) is

7 repealed.

8 (b) FEDERAL RESERVE ACT AND OTHER LAWS

9 AMENDED.—

10 (1) FEDERAL RESERVE ACT.—

11 (A) The eighth paragraph of the fourth

12 undesignated paragraph of section 4 of the

13 Federal Reserve Act (12 U.S.C. 341) is amend14 ed by striking ‘‘Comptroller of the Currency’’

15 and inserting ‘‘Secretary of the Treasury’’.

16 (B) Subsection 11(d) of the Federal Re17 serve Act (12 U.S.C. 248(d)) is amended—

18 (i) by striking ‘‘bureau under the

19 charge of the Comptroller of the Currency’’

20 and inserting ‘‘Secretary of the Treasury’’;

21 and

22 (ii) by striking ‘‘Comptroller’’ the sec23 ond place it appears and inserting ‘‘Sec24 retary’’.
321

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1 (C) Section 16 of the Federal Reserve Act

2 is amended—

3 (i) in the first sentence of the eighth

4 undesignated paragraph (12 U.S.C. 418),

5 by striking ‘‘the Comptroller of the Cur6 rency shall, under the direction of the Sec7 retary of the Treasury,’’ and inserting ‘‘the

8 Secretary of the Treasury shall’’;

9 (ii) in the ninth undesignated para10 graph (12 U.S.C. 419), to read as follows:

11 ‘‘When such notes have been prepared, the notes shall

12 be delivered to the Board of Governors of the Federal Re13 serve System subject to the order of the Secretary of the

14 Treasury for the delivery of such notes in accordance with

15 this Act.’’;

16 (iii) in the tenth undesignated para17 graph (12 U.S.C. 420)—

18 (I) by striking ‘‘Comptroller of

19 the Currency’’ and inserting ‘‘Sec20 retary of the Treasury’’; and

21 (II) by striking ‘‘Federal Reserve

22 Board’’ and inserting ‘‘Board of Gov23 ernors of the Federal Reserve Sys24 tem’’; and
322

S 1895 IS

1 (iv) in the eleventh undesignated

2 paragraph (12 U.S.C. 421), to read as fol3 lows:

4 ‘‘The Secretary of the Treasury may examine the

5 plates, dies, bed pieces, and other material used in the

6 printing of Federal Reserve notes and may issue regula7 tions relating to such examinations.’’.

8 (D) The sixth undesignated paragraph of

9 section 18 of the Federal Reserve Act (omitted

10 from U.S. Code) is amended—

11 (i) by striking ‘‘Comptroller of the

12 Currency’’ each place it appears and in13 serting ‘‘Secretary of the Treasury’’; and

14 (ii) in the seventh sentence, by strik15 ing ‘‘Comptroller’’ and inserting ‘‘Sec16 retary of the Treasury’’.

17 (2) OTHER LAWS.—

18 (A) The Act entitled ‘‘An Act to provide

19 for the redemption of national-bank notes, Fed20 eral Reserve notes, and Federal Reserve notes

21 which cannot be identified as to the bank of

22 issue.’’ and approved June 13, 1933, is amend23 ed—

24 (i) in the first section (12 U.S.C.

25 121a)—
323

S 1895 IS

1 (I) by striking ‘‘whenever any na2 tional-bank notes, Federal Reserve

3 bank notes,’’ and inserting ‘‘whenever

4 any Federal Reserve bank notes’’; and

5 (II) by striking ‘‘, and the notes,

6 other than Federal Reserve notes, so

7 redeemed shall be forwarded to the

8 Comptroller of the Currency for can9 cellation and destruction’’; and

10 (ii) in the second section (12 U.S.C.

11 122a)—

12 (I) by striking ‘‘National-bank

13 notes and’’; and

14 (II) by striking ‘‘national-bank

15 notes and’’.

16 (B) The first section of the Act entitled

17 ‘‘An Act making appropriations for sundry civil

18 expenses of Government for the fiscal year end19 ing June thirtieth, eighteen hundred and sev20 enty-six, and for other purposes.’’ and approved

21 March 3, 1875 (12 U.S.C. 106), is amended in

22 the first paragraph that appears under the

23 heading ‘‘NATIONAL CURRENCY.’’ by striking

24 ‘‘Secretary of the Treasury: Provided, That’’
324

S 1895 IS

1 and all that follows through the period and in2 serting ‘‘Secretary of the Treasury.’’.

3 (C) The Act entitled ‘‘An Act to simplify

4 the accounts of the Treasurer of the United

5 States, and for other purposes.’’ and approved

6 October 10, 1940 (12 U.S.C. 177a) is amended

7 by striking all after the enacting clause and in8 serting the following: ‘‘The cost of transporting

9 and redeeming outstanding national bank notes

10 and Federal Reserve bank notes as may be pre11 sented to the Treasurer of the United States

12 for redemption shall be paid from the regular

13 annual appropriation for the Department of the

14 Treasury.’’.

15 (D) Section 5234 of the Revised Statutes

16 (12 U.S.C. 192) is amended by striking ‘‘has

17 refused to pay its circulating notes as therein

18 mentioned, and’’.

19 (E) Section 5236 of the Revised Statutes

20 (12 U.S.C. 194) is amended by striking ‘‘, after

21 full provision has been first made for refunding

22 to the United States any deficiency in redeem23 ing the notes of such association,’’.
325

S 1895 IS

1 (F) Section 5238 of the Revised Statutes

2 (12 U.S.C. 196) is amended by striking the

3 first sentence.

4 (c) CLERICAL AMENDMENTS.—

5 (1) The table of sections for chapter 1 of title

6 LXII of the Revised Statutes of the United States

7 is amended—

8 (A) by inserting after the item relating to

9 section 5156 the following new item:

‘‘5156A. Mergers, consolidations, and other acquisitions authorized.’’;

10 and

11 (B) by striking the items relating to sec12 tions 5141 and 5151.

13 (2) The table of sections for chapter 2 of title

14 LXII of the Revised Statutes of the United States

15 is amended—

16 (A) by striking ‘‘OBTAINING AND ISSUING

17 CIRCULATING NOTES.’’ and inserting ‘‘CERTIFI18 CATION FOR COMMENCEMENT OF BUSINESS

19 AND NATIONAL BANKING ASSOCIATIONS.’’;

20 (B) in the item relating to section 5168, by

21 striking ‘‘Comptroller’’ and inserting ‘‘Federal

22 Banking Commission’’; and

23 (C) by striking the item relating to each of

24 the following sections:

25 (i) Section 5158.
326

S 1895 IS

1 (ii) Section 5159.

2 (iii) Section 5160.

3 (iv) Section 5161.

4 (v) Section 5162.

5 (vi) Section 5163.

6 (vii) Section 5164.

7 (viii) Section 5165.

8 (ix) Section 5166.

9 (x) Section 5167.

10 (xi) Section 5171.

11 (xii) Section 5172.

12 (xiii) Section 5173.

13 (xiv) Section 5174.

14 (xv) Section 5175.

15 (xvi) Section 5176.

16 (xvii) Section 5177.

17 (xviii) Section 5178.

18 (xix) Section 5179.

19 (xx) Section 5180.

20 (xxi) Section 5181.

21 (xxii) Section 5182.

22 (xxiii) Section 5183.

23 (xxiv) Section 5184.

24 (xxv) Section 5185.

25 (xxvi) Section 5186.
327

S 1895 IS

1 (xxvii) Section 5187.

2 (xxviii) Section 5188.

3 (xxix) Section 5189.

4 (3) The table of sections for chapter 3 of title

5 LXII of the Revised Statutes of the United States

6 is amended—

7 (A) in the item relating to section 5211, by

8 striking ‘‘Comptroller of the Currency’’ and in9 serting ‘‘Federal Banking Commission’’; and

10 (B) by striking the item relating to each of

11 the following sections:

12 (i) Section 5193.

13 (ii) Section 5194.

14 (iii) Section 5195.

15 (iv) Section 5196.

16 (v) Section 5202.

17 (vi) Section 5203.

18 (vii) Section 5206.

19 (viii) Section 5209.

20 (ix) Section 5212.

21 (4) The table of sections for chapter 4 of title

22 LXII of the Revised Statutes of the United States

23 is amended—

24 (A) by inserting after the item relating to

25 section 5239 the following new item:

‘‘5239A. Regulatory authority.’’;
328

S 1895 IS

1 and

2 (B) by striking the items relating to the

3 following sections:

4 (i) Section 5222.

5 (ii) Section 5223.

6 (iii) Section 5224.

7 (iv) Section 5225.

8 (v) Section 5226.

9 (vi) Section 5227.

10 (vii) Section 5228.

11 (viii) Section 5229.

12 (ix) Section 5230.

13 (x) Section 5231.

14 (xi) Section 5232.

15 (xii) Section 5233.

16 (xiii) Section 5237.

17 (xiv) Section 5243.

18 TITLE VII—CONFORMING AMENDMENTS

19 TO OTHER STATUTES

20 SEC. 701. AMENDMENTS TO THE BALANCED BUDGET AND

21 EMERGENCY DEFICIT CONTROL ACT OF 1985.

22 (a) AMENDMENT TO SECTION 250.—Section

23 250(c)(19) of the Balanced Budget and Emergency Defi24 cit Control Act of 1985 (2 U.S.C. 900(c)(19)) is amended

25 by striking ‘‘Office of Thrift Supervision, the Comptroller
329

S 1895 IS

1 of the Currency Assessment Fund’’ and inserting ‘‘Fed2 eral Banking Commission’’.

3 (b) AMENDMENTS TO SECTION 255.—Section

4 255(g)(1)(A) of the Balanced Budget and Emergency

5 Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is

6 amended—

7 (1) by striking ‘‘Comptroller of the Currency’’;

8 (2) by striking ‘‘Director of the Office of Thrift

9 Supervision’’; and

10 (3) inserting ‘‘Federal Banking Commission’’

11 before ‘‘Federal Deposit Insurance Corporation’’.

12 (c) AMENDMENTS TO SECTION 256.—Section

13 256(h)(4) of the Balanced Budget and Emergency Deficit

14 Control Act of 1985 (2 U.S.C. 906(h)(4)) is amended—

15 (1) in subparagraph (A), by striking ‘‘Comp16 troller of the Currency’’ and inserting ‘‘Federal

17 Banking Commission’’;

18 (2) by striking subparagraphs (C) and (D); and

19 (3) by redesignating subparagraphs (E)

20 through (I) as subparagraphs (C) through (G).

21 SEC. 702. AMENDMENTS TO THE BANKRUPTCY CODE.

22 (a) AMENDMENT TO SECTION 101.—Section

23 101(3)(A) of the Bankruptcy Code (11 U.S.C. 101(3)(A))

24 is amended by striking ‘‘the appropriate Federal banking
330

S 1895 IS

1 agency (as defined in section 3(q) of such Act)’’ and in2 serting ‘‘the Federal Banking Commission’’.

3 (b) AMENDMENTS TO SECTION 365.—Section 365(o)

4 of the Bankruptcy Code (11 U.S.C. 356(o)) is amended—

5 (1) by striking ‘‘Director of the Office of Thrift

6 Supervision, the Comptroller of the Currency’’ and

7 inserting ‘‘Federal Banking Commission’’; and

8 (2) by striking ‘‘its’’ and inserting ‘‘their’’.

9 (c) AMENDMENT TO SECTION 507.—Section

10 507(a)(8) of the Bankruptcy Code (11 U.S.C. 507(a)(8))

11 is amended by striking ‘‘Director of the Office of Thrift

12 Supervision, the Comptroller of the Currency’’ and insert13 ing ‘‘Federal Banking Commission’’.

14 SEC. 703. AMENDMENTS TO THE COMMODITY EXCHANGE

15 ACT.

16 Section 4f(c) of the Commodity Exchange Act (7

17 U.S.C. 6f(c)) is amended—

18 (a) in paragraph (1)—

19 (1) by striking the colon after ‘‘sub20 section’’;

21 (2) by striking ‘‘(i) The’’ and inserting

22 ‘‘the’’; and

23 (3) by striking clause (ii);

24 (b) by striking ‘‘the Federal banking agency’’,

25 and ‘‘a Federal banking agency’’, and ‘‘any Federal
331

S 1895 IS

1 banking agency’’ each place they appear and insert2 ing ‘‘the Federal Banking Commission’’;

3 (c) in paragraph (4)(A), by striking ‘‘each such

4 Federal banking agency’’ and inserting ‘‘the Federal

5 Banking Commission’’; and

6 (d) in paragraph (5), by striking ‘‘the agency’’

7 each place it appears and inserting ‘‘the Federal

8 Banking Commission’’.

9 SEC. 704. AMENDMENTS TO THE CRIME CONTROL ACT OF

10 1990.

11 (a) AMENDMENTS TO SECTION 2539.—Section

12 2539(c)(2) of the Crime Control Act of 1990, Public Law

13 101–647, is amended—

14 (1) in subparagraph (C), by striking ‘‘Office of

15 Thrift Supervision’’ and inserting ‘‘Federal Banking

16 Commission’’; and

17 (2) by striking subparagraph (F) and redesig18 nating subparagraphs (G) and (H) as subpara19 graphs (F) through (G).

20 (b) AMENDMENT TO SECTION 2554.—Section

21 2554(b)(2) of the Crime Control Act of 1990, Public Law

22 101–647, is amended by striking ‘‘Director of the Office

23 of Thrift Supervision’’ and inserting ‘‘Chairman of the

24 Federal Banking Commission’’.
332

S 1895 IS

1 SEC. 705. AMENDMENT TO THE ENERGY CONSERVATION

2 AND PRODUCTION ACT.

3 Section 303(7) of the Energy Conservation and Prod4 uct Act (42 U.S.C. 6832(7)) is amended by striking

5 ‘‘Board of Governors of the Federal Reserve System, the

6 Federal Deposit Insurance Corporation, the Comptroller

7 of the Currency, the Federal Home Loan Bank Board,

8 the Federal Savings and Loan Insurance Corporation’’

9 and inserting ‘‘Federal Banking Commission’’.

10 SEC. 706. AMENDMENTS TO THE FARM CREDIT ACT OF 1971.

11 (a) AMENDMENT TO SECTION 5.20.—Section 5.20 of

12 the Farm Credit Act of 1971 (12 U.S.C. 2255) is amend13 ed by striking ‘‘Comptroller of the Currency’’ and insert14 ing ‘‘Federal Banking Commission’’.

15 (b) AMENDMENT TO SECTION 5.22.—Section 5.22 of

16 the Farm Credit Act of 1971 (12 U.S.C. 2257) is amend17 ed by striking ‘‘Comptroller of the Currency’’ and insert18 ing ‘‘Federal Banking Commission’’.

19 SEC. 707. AMENDMENTS TO THE FEDERAL TRADE COMMIS20 SION ACT.

21 Section 18(f) of the Federal Trade Commission Act

22 (15 U.S.C. 57a(f)) is amended—

23 (a) in the heading of subsection (f), by striking

24 ‘‘BOARD OF GOVERNORS OF THE FEDERAL RE25 SERVE SYSTEM, FEDERAL HOME LOAN BANK
333

S 1895 IS

1 BOARD’’ and inserting ‘‘FEDERAL BANKING COM2 MISSION’’;

3 (b) in paragraph (1)—

4 (1) by striking ‘‘The Board of Governors

5 of the Federal Reserve System (with respect to

6 banks) and the Federal Home Loan Bank

7 Board (with respect to’’ and inserting ‘‘The

8 Federal Banking Commission (with respect to

9 banks described in paragraph (2) and’’; and

10 (2) by striking ‘‘such Board’’ each place it

11 appears and inserting ‘‘such agency’’;

12 (c) in paragraph (2)—

13 (1) by striking ‘‘in the case of—’’; and

14 (2) by striking subparagraphs (A) through

15 (C) and inserting ‘‘by the Federal Banking

16 Commission in the case of national banks,

17 banks operating under the code of law for the

18 District of Columbia, member banks of the

19 Federal Reserve System (other than national

20 banks), branches and agencies of foreign banks,

21 commercial lending companies owned or con22 trolled by foreign banks, and organizations op23 erating under section 25 or 25A of the Federal

24 Reserve Act, savings associations and other
334

S 1895 IS

1 banks insured by the Federal Deposit Insurance

2 Corporation.’’;

3 (d) in paragraph (5)—

4 (1) by striking ‘‘any agency referred to in

5 paragraph (2)’’ and inserting ‘‘the Federal

6 Banking Commission’’; and

7 (2) by striking ‘‘each of the agencies re8 ferred to in that paragraph’’ and inserting ‘‘the

9 Federal Banking Commission’’;

10 (e) in paragraph (6), by striking ‘‘Board of

11 Governors of the Federal Reserve System’’ and in12 serting ‘‘Federal Banking Commission’’; and

13 (f) by striking paragraph (3) and redesignating

14 paragraphs (4) through (7) as paragraphs (3)

15 through (6).

16 SEC. 708. AMENDMENT TO THE FINANCIAL REPORTS ACT

17 OF 1988.

18 Section 3602 of the Financial Reports Act of 1988

19 (22 U.S.C. 5352) is amended by striking ‘‘Comptroller of

20 the Currency’’ and inserting ‘‘Federal Banking Commis21 sion’’.

22 SEC. 709. AMENDMENT TO THE FLOOD DISASTER PROTEC23 TION ACT OF 1973.

24 Section 3(a)(5) of the Flood Disaster Protection Act

25 of 1973, as amended (42 U.S.C. 4003(a)(5)) is amended
335

S 1895 IS

1 by striking ‘‘Comptroller of the Currency’’ and inserting

2 ‘‘Federal Banking Commission.’’

3 SEC. 710. AMENDMENTS TO THE INTERNAL REVENUE CODE

4 OF 1986.

5 (a) AMENDMENT TO SECTION 581.—Section 581 of

6 the Internal Revenue Code (26 U.S.C. 581) is amended

7 by striking ‘‘Comptroller of the Currency’’ and inserting

8 ‘‘Federal Banking Commission’’.

9 (b) AMENDMENT TO SECTION 584.—Section

10 584(a)(2) of the Internal Revenue Code (26 U.S.C.

11 584(a)(2)) is amended by striking ‘‘Board of Governors

12 of the Federal Reserve System or the Comptroller of the

13 Currency’’ and inserting ‘‘Federal Banking Commission’’.

14 (c) AMENDMENT TO SECTION 3305.—Section

15 3305(c) of the Internal Revenue Code (26 U.S.C. 3305(c))

16 is amended by striking ‘‘Comptroller of the Currency’’ and

17 inserting ‘‘Federal Banking Commission’’.

18 (d) AMENDMENT TO SECTION 7507.—Section

19 7507(a) of the Internal Revenue Code (26 U.S.C.

20 7507(a)) is amended by striking ‘‘Comptroller of the Cur21 rency’’ and inserting ‘‘Federal Banking Commission’’.

22 SEC. 711. AMENDMENT TO THE INVESTMENT ADVISERS ACT

23 OF 1940.

24 Section 202(a)(2) of the Investment Advisers Act of

25 1940 (15 U.S.C. 80b–2(a)(2)) is amended by striking
336

S 1895 IS

1 ‘‘Comptroller of the Currency’’ and inserting ‘‘Federal

2 Banking Commission’’.

3 SEC. 712. AMENDMENTS TO THE INVESTMENT COMPANY

4 ACT OF 1940.

5 (a) AMENDMENT TO SECTION 2.—Section 2(a)(5) of

6 the Investment Company Act of 1940 (15 U.S.C. 80a–

7 2(a)(5)) is amended by striking ‘‘Comptroller of the Cur8 rency’’ and inserting ‘‘Federal Banking Commission’’.

9 (b) AMENDMENT TO SECTION 6.—Section 6(a)(3) of

10 the Investment Company Act of 1940 (15 U.S.C. 80a–

11 6(a)(3)) is amended by inserting ‘‘or successor thereto’’

12 after ‘‘Federal Savings and Loan Insurance Corporation’’.

13 SEC. 713. AMENDMENTS TO THE NEIGHBORHOOD REIN14 VESTMENT CORPORATION ACT.

15 (a) AMENDMENTS TO SECTION 604.—Section 604 of

16 the Neighborhood Reinvestment Corporation Act, as

17 amended (42 U.S.C. 8103) is amended—

18 (1) in subsection (a)(5), by striking ‘‘Comptrol19 ler of the Currency’’ and inserting ‘‘Chairman of the

20 Federal Banking Commission’’; and

21 (2) in subsection (f), by striking ‘‘Comptroller

22 of the Currency, through a duly designated Deputy

23 Comptroller’’.
337

S 1895 IS

1 (b) AMENDMENT TO SECTION 606.—Section 606 of

2 the Neighborhood Reinvestment Corporation Act, as

3 amended (42 U.S.C. 8105(c)(3)) is amended—

4 (1) by striking ‘‘Comptroller of the Currency’’

5 and inserting ‘‘Federal Banking Commission’’; and

6 (2) by striking ‘‘the Federal Home Loan Bank

7 Board’’.

8 SEC. 714. AMENDMENT TO THE PAPERWORK REDUCTION

9 ACT OF 1980.

10 Section 3502(10) of the Paperwork Reduction Act of

11 1980 (44 U.S.C. 3502(10)) is amended by inserting ‘‘the

12 Federal Banking Commission’’ after the ‘‘Consumer Prod13 uct Safety Commission’’.

14 SEC. 715. AMENDMENTS TO THE SECURITIES EXCHANGE

15 ACT OF 1934.

16 (a) AMENDMENTS TO SECTION 3.—Section 3 of the

17 Securities Exchange Act of 1934 (15 U.S.C. 78c) is

18 amended—

19 (1) in subsection (a)—

20 (A) in paragraph (6), by striking ‘‘Comp21 troller of the Currency’’ and inserting ‘‘Federal

22 Banking Commission’’; and

23 (B) by amending paragraph (34) to read

24 as follows:
338

S 1895 IS

1 ‘‘(34) The term ‘appropriate regulatory agency’

2 means:

3 ‘‘(A) When used with respect to a munici4 pal securities dealer—

5 ‘‘(i) the Federal Banking Commission,

6 in the case of—

7 ‘‘(I) a national bank or a bank

8 operating under the Code of Law for

9 the District of Columbia, or a subsidi10 ary or a department or division of any

11 such bank;

12 ‘‘(II) a State member bank of the

13 Federal Reserve System, a subsidiary

14 or a department or division thereof, a

15 bank holding company, a subsidiary of

16 a bank holding company which is a

17 bank other than a bank specified in

18 subclause (I) or (III) of this subpara19 graph, or a subsidiary or a depart20 ment or division of such subsidiary;

21 and

22 ‘‘(III) a bank insured by the

23 Federal Deposit Insurance Corpora24 tion (other than a member of the Fed-
339

S 1895 IS

1 eral Reserve System), or a subsidiary

2 or department or division thereof; and

3 ‘‘(ii) the Commission in the case of all

4 other municipal securities dealers.

5 ‘‘(B) When used with respect to a clearing

6 agency or transfer agent—

7 ‘‘(i) the Federal Banking Commission,

8 in the case of—

9 ‘‘(I) a national bank or a bank

10 operating under the Code of Law for

11 the District of Columbia, or a subsidi12 ary of any such bank;

13 ‘‘(II) a State member bank of the

14 Federal Reserve System, a subsidiary

15 thereof, a bank holding company, or a

16 subsidiary of a bank holding company

17 which is a bank other than a bank

18 specified in subclause (I) or (II) of

19 this subparagraph; and

20 ‘‘(III) a bank insured by the

21 Federal Deposit Insurance Corpora22 tion (other than a member of the Fed23 eral Reserve System), or a subsidiary

24 thereof; and
340

S 1895 IS

1 ‘‘(ii) the Commission in the case of all

2 other clearing agencies and transfer

3 agents.

4 ‘‘(C) When used with respect to a partici5 pant or applicant to become a participant in a

6 clearing agency or a person requesting or hav7 ing access to services offered by a clearing

8 agency—

9 ‘‘(i) the Federal Banking Commission,

10 when the appropriate regulatory agency for

11 such clearing agency is not the Commis12 sion, in the case of—

13 ‘‘(I) a national bank or a bank

14 operating under the Code of Law for

15 the District of Columbia;

16 ‘‘(II) a State member bank of the

17 Federal Reserve System, a bank hold18 ing company, or a subsidiary of a

19 bank holding company, or a subsidi20 ary of a bank holding company which

21 is a bank other than a bank specified

22 in subclause (I) or (III) of this sub23 paragraph; and

24 ‘‘(III) a bank insured by the

25 Federal Deposit Insurance Corpora-
341

S 1895 IS

1 tion (other than a member of the Fed2 eral Reserve System); and

3 ‘‘(ii) the Commission in all other

4 cases.

5 ‘‘(D) When used with respect to an institu6 tional investment manager which is a bank the

7 deposits of which are insured in accordance

8 with the Federal Deposit Insurance Act (12

9 U.S.C. 1811 et seq.), the Federal Banking

10 Commission.

11 ‘‘(E) When used with respect to a national

12 securities exchange or registered securities asso13 ciation, member thereof, person associated with

14 a member thereof, applicant to become a mem15 ber thereof or to become associated with a

16 member thereof, or person requesting or having

17 access to services offered by such exchange or

18 association or member thereof, or the Municipal

19 Securities Rulemaking Board, the Commission.

20 ‘‘(F) When used with respect to a person

21 exercising investment discretion with respect to

22 an account—

23 ‘‘(i) the Federal Banking Commission,

24 in the case of—
342

S 1895 IS

1 ‘‘(I) a national bank or a bank

2 operating under the Code of Law for

3 the District of Columbia;

4 ‘‘(II) any other member bank of

5 the Federal Reserve System; and

6 ‘‘(III) any other bank the depos7 its of which are insured in accordance

8 with the Federal Deposit Insurance

9 Act; and

10 ‘‘(ii) the Commission in the case of all

11 other such persons.

12 ‘‘(G) When used with respect to a govern13 ment securities broker or government securities

14 dealer, or person associated with a government

15 securities broker or government securities deal16 er—

17 ‘‘(i) the Federal Banking Commission,

18 in the case of—

19 ‘‘(I) a national bank or a bank in

20 the District of Columbia examined by

21 the Federal Banking Commission;

22 ‘‘(II) a foreign bank, a branch or

23 agency of a foreign bank, a commer24 cial lending company owned or con25 trolled by a foreign bank (as such
343

S 1895 IS

1 terms are used in the International

2 Banking Act of 1978), or a corpora3 tion organized or having an agreement

4 with the Federal Banking Commission

5 pursuant to section 25 or 25A of the

6 Federal Reserve Act;

7 ‘‘(III) a State member bank of

8 the Federal Reserve System;

9 ‘‘(IV) a bank insured by the Fed10 eral Deposit Insurance Corporation

11 (other than a member of the Federal

12 Reserve System or a Federal savings

13 bank); and

14 ‘‘(V) a savings association (as de15 fined in section 3(b) of the Federal

16 Deposit Insurance Act) the deposits of

17 which are insured by the Federal De18 posit Insurance Corporation; and

19 ‘‘(ii) the Commission, in the case of

20 all other government securities brokers and

21 government securities dealers.

22 As used in this paragraph, the terms ‘bank holding

23 company’ and ‘subsidiary of a bank holding com24 pany’ have the meanings given them in section 2 of
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1 the Bank Holding Company Act of 1956 (12 U.S.C.

2 1841).’’.

3 (b) AMENDMENT TO SECTION 12.—Section 12(i) of

4 the Securities Exchange Act of 1934 (12 U.S.C. 78l(i))

5 is amended to read as follows:

6 ‘‘(i) SECURITIES ISSUED BY BANKS.—In respect of

7 any securities issued by banks and savings associations the

8 deposits of which are insured in accordance with the Fed9 eral Deposit Insurance Act, the powers, functions, and du10 ties vested in the Commission to administer and enforce

11 sections 12, 13, 14(a), 14(c), 14(d), 14(f), and 16 of this

12 title are vested in the Federal Banking Commission. The

13 Federal Banking Commission shall have the power to

14 make such rules and regulations as may be necessary for

15 the execution of the functions vested in it as provided in

16 this subsection. In carrying out its responsibilities under

17 this subsection, the Federal Banking Commission shall

18 issue substantially similar regulations to regulations and

19 rules issued by the Commission under sections 12, 13,

20 14(a), 14(c), 14(d), 14(f), and 16 of this title, unless it

21 finds that implementation of substantially similar regula22 tions with respect to insured banks and insured institu23 tions are not necessary or appropriate in the public inter24 est or for protection of investors, and publish such find25 ings, and the detailed reasons therefor, in the Federal
345

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1 Register. Such regulations of the Federal Banking Com2 mission, or the reasons for failure to publish such substan3 tially similar regulations to those of the Commission, shall

4 be published in the Federal Register within 120 days of

5 October 28, 1974, and, thereafter, within 60 days of any

6 changes made by the Commission in its relevant regula7 tions and rules.’’.

8 (c) AMENDMENT TO SECTION 13.—Section 13(f)(4)

9 of the Securities Exchange Act of 1934 (15 U.S.C.

10 78m(f)(4)) is amended in the last sentence by striking

11 ‘‘appropriate regulatory agency’’ and inserting ‘‘Federal

12 Banking Commission’’.

13 (d) AMENDMENTS TO SECTION 15.—Section 15(c) of

14 the Securities Exchange Act of 1934 (15 U.S.C. 78o(c))

15 is amended—

16 (1) in paragraph (1)(E)—

17 (A) in the 1st sentence, by striking ‘‘each

18 appropriate regulatory agency’’ and inserting

19 ‘‘Federal Banking Commission’’; and

20 (B) in the second sentence, by striking

21 ‘‘any appropriate regulatory agency’’ and in22 serting ‘‘Federal Banking Commission’’; and

23 (2) in paragraph (2)(E)—
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1 (A) in the 1st sentence, by striking ‘‘each

2 appropriate regulatory agency’’ and inserting

3 ‘‘Federal Banking Commission’’; and

4 (B) in the second sentence, by striking

5 ‘‘any appropriate regulatory agency’’ and in6 serting ‘‘Federal Banking Commission’’.

7 (e) AMENDMENTS TO SECTION 15B.—Section 15B(c)

8 of the Securities Exchange Act of 1934 (15 U.S.C. 78o–

9 4) is amended—

10 (1) in paragraph (5)—

11 (A) by striking ‘‘such appropriate regu12 latory agency’’ each place it appears and insert13 ing ‘‘the Federal Banking Commission’’; and

14 (B) in the first sentence, by striking ‘‘With

15 respect to any municipal securities dealer for

16 which the Commission is not the appropriate

17 regulatory agency, the appropriate regulatory

18 agency for such municipal securities dealer’’

19 and inserting ‘‘With respect to any municipal

20 securities dealer for which the Federal Banking

21 Commission is the appropriate regulatory agen22 cy, the Federal Banking Commission’’; and

23 (2) in paragraph (6)(A)—

24 (A) by striking ‘‘appropriate regulatory

25 agency for such municipal securities dealer’’
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1 and inserting ‘‘Federal Banking Commission’’;

2 and

3 (B) by striking ‘‘such appropriate regu4 latory agency’’ each place it appears and insert5 ing ‘‘the Federal Banking Commission’’.

6 (f) AMENDMENTS TO SECTION 15C.—Section 15C of

7 the Securities Exchange Act of 1934 (15 U.S.C. 78o–5)

8 is amended—

9 (1) in subsection (b)(2)(C)—

10 (A) in the heading of subsection (b)(2)(C),

11 by striking ‘‘FEDERAL BANKING AGENCY’’ and

12 inserting ‘‘FEDERAL BANKING COMMISSION’’;

13 (B) by striking ‘‘the Federal banking agen14 cy’’, and ‘‘a Federal banking agency’’, and ‘‘any

15 Federal banking agency’’ each place they ap16 pear and inserting ‘‘the Federal Banking Com17 mission’’;

18 (C) in clause (i), by striking ‘‘each such

19 Federal banking agency’’ and inserting ‘‘Fed20 eral Banking Commission’’;

21 (D) in the heading of clause (ii), by strik22 ing ‘‘BANKING AGENCY’’ and inserting ‘‘FED23 ERAL BANKING COMMISSION’’;

24 (E) in clause (iii)—
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1 (i) by striking ‘‘the appropriate regu2 latory agency’’ each place it appears and

3 inserting ‘‘the Commission’’;

4 (ii) in subclause (I), by striking ‘‘such

5 banking agency’’ and inserting ‘‘the Fed6 eral Banking Commission’’; and

7 (iii) in subclause (II), by striking

8 ‘‘such agency’’ each place it appears and

9 inserting ‘‘the Federal Banking Commis10 sion’’;

11 (F) in clause (v), by striking ‘‘an appro12 priate regulatory agency’’ and inserting ‘‘the

13 Commission’’;

14 (G) in clause (vi)—

15 (i) in the heading, by striking ‘‘bank16 ing agencies’’ and inserting ‘‘the Federal

17 Banking Commission’’; and

18 (ii) by striking ‘‘appropriate regu19 latory agency’’ and ‘‘the appropriate regu20 latory agency’’ each place they appear and

21 inserting ‘‘the Commission’’; and

22 (H) by striking clause (vii);

23 (2) in subsection (c)(2)(E), by striking ‘‘Each

24 appropriate regulatory agency (other than the Com-
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1 mission)’’ and inserting ‘‘The Federal Banking Com2 mission’’;

3 (3) in subsection (d)—

4 (A) in paragraph (2)—

5 (i) by striking ‘‘an appropriate regu6 latory agency’’ and inserting ‘‘the Federal

7 Banking Commission’’;

8 (ii) by striking ‘‘recipient agency’’ and

9 inserting ‘‘Federal Banking Commission’’;

10 and

11 (iii) by striking ‘‘any appropriate reg12 ulatory agency’’ and inserting ‘‘the Federal

13 Banking Commission’’; and

14 (B) in paragraph (3)—

15 (i) in subparagraph (A), by striking

16 ‘‘an appropriate regulatory agency’’, and

17 inserting ‘‘the Federal Banking Commis18 sion’’;

19 (ii) in subparagraph (C), by striking

20 ‘‘the appropriate regulatory agency’’ after

21 ‘‘the Commission shall notify’’ and insert22 ing ‘‘the Federal Banking Commission’’;

23 (iii) in subparagraph (D)—

24 (I) by striking ‘‘any other appro25 priate regulatory agency’’ and insert-
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1 ing ‘‘the Federal Banking Commis2 sion’’; and

3 (II) by striking ‘‘other appro4 priate regulatory agencies’’ each place

5 it appears and inserting ‘‘Federal

6 Banking Commission’’;

7 (iv) in subparagraph (E), by striking

8 ‘‘any appropriate regulatory agency other

9 than the Commission’’ and inserting ‘‘the

10 Federal Banking Commission’’; and

11 (v) in subparagraph (F)—

12 (I) in the first sentence, by strik13 ing ‘‘appropriate regulatory agencies’’

14 and inserting ‘‘Federal Banking Com15 mission’’; and

16 (II) in the second sentence—

17 (aa) by striking ‘‘any appro18 priate regulatory agency’’ each

19 place it appears and inserting

20 ‘‘the Federal Banking Commis21 sion’’; and

22 (bb) by striking ‘‘appro23 priate regulatory agency’’ and in24 serting ‘‘Federal Banking Com25 mission’’;
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1 (4) in subsection (g)(1)—

2 (A) by striking ‘‘the Comptroller of the

3 Currency’’ and inserting ‘‘the Federal Banking

4 Commission’’; and

5 (B) by striking ‘‘the Director of the Office

6 of Thrift Supervision, the Federal Savings and

7 Loan Insurance Corporation,’’.

8 (g) AMENDMENTS TO SECTION 17.—Section 17 of

9 the Securities Exchange Act of 1934 (15 U.S.C. 78q) is

10 amended—

11 (1) in subsection (b)—

12 (A) by striking ‘‘appropriate regulatory

13 agency for such persons’’ each place it appears

14 and inserting ‘‘Federal Banking Commission’’;

15 (B) by striking ‘‘for which it is not the ap16 propriate regulatory agency, give notice to the

17 appropriate regulatory agency for such clearing

18 agency, transfer agent, or municipal securities

19 dealer’’ and inserting ‘‘for which the Federal

20 Banking Commission is the appropriate regu21 latory agency, give notice to the Federal Bank22 ing Commission’’; and

23 (C) by striking ‘‘such appropriate regu24 latory agency’’ each place it appears and insert25 ing ‘‘the Federal Banking Commission’’;
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1 (2) in subsection (c)—

2 (A) in paragraph (1)—

3 (i) by striking ‘‘for which the Com4 mission is not the appropriate regulatory

5 agency’’ and inserting ‘‘for which the Fed6 eral Banking Commission is the appro7 priate regulatory agency’’;

8 (ii) by striking ‘‘appropriate regu9 latory agency for such clearing agency,

10 transfer agent, or municipal securities

11 dealer’’ and inserting ‘‘Federal Banking

12 Commission’’;

13 (iii) by striking ‘‘such appropriate reg14 ulatory agency’’ and inserting ‘‘the Federal

15 Banking Commission’’; and

16 (iv) by striking ‘‘each agency enumer17 ated in section 3(a)(34)(A) of this title’’

18 and inserting ‘‘Federal Banking Commis19 sion’’;

20 (B) in paragraph (2)—

21 (i) by striking ‘‘The appropriate regu22 latory agency for a clearing agency, trans23 fer agent, or municipal securities dealer for

24 which the Commission is not the appro-
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1 priate regulatory agency’’ and inserting

2 ‘‘The Federal Banking Commission’’;

3 (ii) by striking ‘‘by such appropriate

4 regulatory agency’’ and inserting ‘‘by the

5 Federal Banking Commission’’;

6 (iii) by striking ‘‘such appropriate reg7 ulatory agency, if any,’’ and inserting ‘‘the

8 Federal Banking Commission’’; and

9 (iv) by striking ‘‘the agency’’ and in10 serting ‘‘the Federal Banking Commis11 sion’’;

12 (C) in paragraph (3), by striking ‘‘appro13 priate regulatory agency for a clearing agency,

14 transfer agent, or municipal securities dealer

15 for which the Commission is not the appro16 priate regulatory agency’’ and inserting ‘‘Fed17 eral Banking Commission’’; and

18 (D) in paragraph (4)—

19 (i) by striking ‘‘the appropriate regu20 latory agency’’ each place it appears and

21 inserting ‘‘the Federal Banking Commis22 sion’’;

23 (ii) by striking ‘‘such agency’’ and in24 serting ‘‘the Federal Banking Commis25 sion’’; and
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1 (iii) by striking ‘‘, or filed with an2 other appropriate regulatory agency’’;

3 (3) in subsection (f)(4)—

4 (A) by striking the colon after ‘‘to’’ and in5 serting ‘‘the Federal Banking Commission.’’;

6 and

7 (B) by striking subparagraphs (A), (B)

8 and (C); and

9 (4) in subsection (h)(3)—

10 (A) by amending the heading to read as

11 follows:

12 ‘‘(3) SPECIAL PROVISIONS WITH RESPECT TO

13 ASSOCIATED PERSONS SUBJECT TO REGULATION BY

14 THE FEDERAL BANKING COMMISSION.—’’;

15 (B) by striking ‘‘a Federal banking agen16 cy’’ and ‘‘the Federal banking agency’’ each

17 place they appear and inserting ‘‘the Federal

18 Banking Commission’’;

19 (C) in subparagraph (A), by striking ‘‘each

20 such Federal banking agency’’ and inserting

21 ‘‘the Federal Banking Commission’’;

22 (D) in the heading of subparagraph (B),

23 by striking ‘‘BANKING AGENCY’’ and inserting

24 ‘‘FEDERAL BANKING AGENCY’’;
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1 (E) in subparagraph (C), by striking ‘‘such

2 agency’’ each place it appears in clauses (i) and

3 (ii) and inserting ‘‘the Federal Banking Com4 mission’’;

5 (F) in subparagraph (D), by striking ‘‘any

6 Federal banking agency’’ and inserting ‘‘the

7 Federal Banking Commission’’;

8 (G) in subparagraph (E), by striking ‘‘any

9 Federal banking agency’’ and inserting ‘‘the

10 Federal Banking Commission’’;

11 (H) in the heading in subparagraph (F),

12 by striking ‘‘BANKING AGENCIES’’ and inserting

13 ‘‘THE FEDERAL BANKING COMMISSION’’; and

14 (I) by striking subparagraph (G).

15 (h) AMENDMENTS TO SECTION 17A.—Section

16 17A(d) of Securities Exchange Act of 1934 (15 U.S.C.

17 78q–1(d)) is amended—

18 (1) in paragraph (1), by striking ‘‘appropriate

19 regulatory agency’’ and inserting ‘‘Federal Banking

20 Commission’’;

21 (2) in paragraph (2), by striking ‘‘for which the

22 Commission is not the appropriate regulatory agen23 cy, the appropriate regulatory agency for such clear24 ing agency or transfer agent’’ and inserting ‘‘for

25 which the Federal Banking Commission is the ap-
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1 propriate regulatory agency, the Federal Banking

2 Commission’’; and

3 (3) in paragraph (3)(A)—

4 (A) by striking ‘‘for which the Commission

5 is not the appropriate regulatory agency, the

6 Commission and the appropriate regulatory

7 agency for such clearing agency or transfer

8 agent’’ and inserting ‘‘for which the Federal

9 Banking Commission is the appropriate regu10 latory agency, the Commission and the Federal

11 Banking Commission’’;

12 (B) in clause (i), by striking ‘‘such appro13 priate regulatory agency’’ and inserting ‘‘the

14 Federal Banking Commission’’; and

15 (C) in clause (ii), by striking ‘‘such appro16 priate regulatory agency’’ and inserting ‘‘the

17 Federal Banking Commission’’.

18 (i) AMENDMENTS TO SECTION 21B.—Section 21B of

19 the Securities Exchange Act of 1934 (15 U.S.C. 78u–2)

20 is amended—

21 (1) in subsection (a)—

22 (A) by striking ‘‘the appropriate regulatory

23 agency’’ and inserting ‘‘the Federal Banking

24 Commission’’; and
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1 (B) in paragraph (3), by striking ‘‘any

2 other appropriate regulatory agency’’ and in3 serting ‘‘the Federal Banking Commission’’;

4 (2) in subsection (c)—

5 (A) in the introductory text, by striking

6 ‘‘the appropriate regulatory agency’’ and insert7 ing ‘‘the Federal Banking Commission’’; and

8 (B) in paragraph (4), by striking ‘‘another

9 appropriate regulatory agency’’ and inserting

10 ‘‘the Federal Banking Commission’’;

11 (3) in subsection (d), by striking ‘‘appropriate

12 regulatory agency’’ each place it appears and insert13 ing ‘‘Federal Banking Commission’’; and

14 (4) in subsection (e), by striking ‘‘appropriate

15 regulatory agency’’ each place it appears and insert16 ing ‘‘Federal Banking Commission’’.

17 (j) AMENDMENTS TO SECTION 23.—Section 23 of the

18 Securities Exchange Act of 1934 (15 U.S.C. 78w) is

19 amended—

20 (1) by striking ‘‘other agencies enumerated in

21 section 3(a)(34) of this title (15 U.S.C. 78c(a)(34))’’

22 each place it appears and inserting ‘‘Federal Bank23 ing Commission’’; and

24 (2) in the last sentence of subsection (a)(1), by

25 striking ‘‘other agency enumerated in section
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1 3(a)(34) of this title (15 U.S.C. 78c(a)(34))’’ and

2 insert ‘‘the Federal Banking Commission’’.

3 (k) AMENDMENTS TO SECTION 25.—Section 25(d) of

4 the Securities Exchange Act of 1934 (15 U.S.C. 78y(d))

5 is amended—

6 (1) by amending the heading to read as follows:

7 ‘‘(d) OTHER APPROPRIATE REGULATORY AGENCY’’;

8 and

9 (2) in paragraph (1), by striking ‘‘agencies enu10 merated in section 3(a)(34) of this title (15 U.S.C.

11 78c(a)(34)) insofar as such agencies are acting pur12 suant to this title’’ and inserting Federal Banking

13 Commission insofar as the Federal Banking Com14 mission is acting pursuant to this title’’.

15 SEC. 716. AMENDMENT TO THE SMALL BUSINESS INVEST16 MENT ACT OF 1958.

17 Section 308(b) of the Small Business Investment Act

18 of 1958 (15 U.S.C. 687(b)) is amended by striking ‘‘or

19 the Federal Savings and Loan Insurance Corporation’’.

20 SEC. 717. AMENDMENTS TO TITLE 5, UNITED STATES CODE

21 (a) AMENDMENT TO SECTION 3132.—Section

22 3132(a)(1)(D) of title 5, United States Code (5 U.S.C.

23 3132(a)(1)(D)) is amended by striking ‘‘Office of the

24 Comptroller of the Currency, the Office of Thrift Super25 vision’’ and inserting ‘‘Federal Banking Commission’’.
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1 (b) AMENDMENT TO SECTION 5313.—Section 5313

2 of title 5, United States Code (5 U.S.C. 5313) is amended

3 by adding at the end the following new item:

4 ‘‘Chairperson of the Federal Banking Commis5 sion.’’.

6 (c) AMENDMENTS TO SECTION 5314.—Section 5314

7 of title 5, United States Code (5 U.S.C. 5314) is amend8 ed—

9 (1) by adding at the end of the following new

10 item:

11 ‘‘Presidentially appointed members of the Fed12 eral Banking Commission (2).’’; and

13 (2) 90 days after the designated transfer date,

14 by striking ‘‘Comptroller of the Currency’’ and ‘‘Di15 rector of the Office of Thrift Supervision’’.

16 SEC. 718. AMENDMENTS TO TITLE 18, UNITED STATES

17 CODE.

18 (a) AMENDMENT TO SECTION 212.—Section 212 of

19 title 18, United States Code (18 U.S.C. 212) is amend20 ed—

21 (1) by striking ‘‘Comptroller of the Currency’’

22 and inserting ‘‘Federal Banking Commission’’; and

23 (2) by striking ‘‘the Office of Thrift Super24 vision’’.
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1 (b) AMENDMENT TO SECTION 655.—Section 655 of

2 title 18, United States Code (18 U.S.C. 655) is amended

3 by striking ‘‘Comptroller of the Currency’’ and inserting

4 ‘‘Federal Banking Commission’’.

5 (c) AMENDMENT TO SECTION 657.—Section 657 of

6 title 18, United States Code (18 U.S.C. 657) is amended

7 by striking ‘‘Office of Thrift Supervision’’ and inserting

8 ‘‘Federal Banking Commission’’.

9 (d) AMENDMENT TO SECTION 981.—Section

10 981(a)(1)(D) of title 18, United States Code (18 U.S.C.

11 981(a)(1)(D)) is amended by striking ‘‘Office of the

12 Comptroller of the Currency or the Office of Thrift Super13 vision’’ and inserting ‘‘Federal Banking Commission’’.

14 (e) AMENDMENT TO SECTION 982.—Section

15 982(a)(3) of title 18, United States Code (18 U.S.C.

16 982(a)(3)) is amended by striking ‘‘Office of the Comp17 troller of the Currency or the Office of Thrift Supervision’’

18 and inserting ‘‘Federal Banking Commission’’.

19 (f) AMENDMENT TO SECTION 1005.—Section 1005

20 of title 18, United States Code (18 U.S.C. 1005) is

21 amended by striking ‘‘Comptroller of the Currency’’ and

22 inserting ‘‘Federal Banking Agency’’.

23 (g) AMENDMENT TO SECTION 1006.—Section 1006

24 of title 18, United States Code (18 U.S.C. 1006) is
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1 amended by striking ‘‘Office of Thrift Supervision’’ and

2 inserting ‘‘Federal Banking Commission’’.

3 (h) AMENDMENT TO SECTION 1014.—Section 1014

4 of title 18, United States Code (18 U.S.C. 1014) is

5 amended by striking ‘‘Office of Thrift Supervision’’ and

6 inserting ‘‘Federal Banking Commission’’.

7 (i) AMENDMENT TO SECTION 1032.—Section 1032

8 of title 18, United States Code (18 U.S.C. 1032) is

9 amended by striking ‘‘Comptroller of the Currency or the

10 Director of the Office of Thrift Supervision’’ and inserting

11 ‘‘Federal Banking Commission’’.

12 (j) AMENDMENT TO SECTION 1114.—Section 1114

13 of title 18, United States Code (18 U.S.C. 1114) is

14 amended by striking ‘‘Comptroller of the Currency, the

15 Office of Thrift Supervision’’ and inserting ‘‘Federal

16 Banking Commission’’.

17 (k) AMENDMENT TO SECTION 1906.—Section 1906

18 of title 18, United States Code (18 U.S.C. 1906) is

19 amended to read as follows:

20 ‘‘Whoever, being an examiner, public or private, or

21 a General Accounting Office employee with access to bank

22 examination report information under section 714 of title

23 31, United States Code, or a member of the Board of Gov24 ernors of the Federal Reserve System, a member of the

25 Board of Directors of the Federal Deposit Insurance Cor-
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1 poration, or an employee of the Board of Governors of

2 the Federal Reserve System or the Federal Deposit Insur3 ance Corporation with access to bank examination report

4 information under section 307 of the Regulatory Consoli5 dation Act of 1994, discloses the names of borrowers or

6 the collateral for loans of any member bank of the Federal

7 Reserve System, or any bank insured by the Federal De8 posit Insurance Corporation examined by him or subject

9 to General Accounting Office audit under section 714 of

10 title 31, United States Code, or to whom bank examina11 tion report information has been given under section 307

12 of the Regulatory Consolidation Act of 1994, without first

13 having obtained the express permission in writing from the

14 Commission, or from the board of directors of such bank,

15 except when ordered to do so by a court of competent ju16 risdiction, or by direction of the Congress of the United

17 States, or either House thereof, or any committee of the

18 Congress or either House duly authorized or as authorized

19 by section 714 of title 31, United States Code, shall be

20 fined not more than $5,000 or imprisoned not more than

21 one year or both.’’.

22 (l) AMENDMENT TO SECTION 1908.—Section 1908

23 of title 18, United States Code (18 U.S.C. 1908) is

24 amended by striking ‘‘Comptroller of the Currency’’ and

25 inserting ‘‘Federal Banking Commission’’.
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1 SEC. 719. AMENDMENT TO TITLE 25, UNITED STATES CODE.

2 Section 162a(a) of title 25, United States Code (25

3 U.S.C. 162a(a)) is amended by striking ‘‘Board of Gov4 ernors of the Federal Reserve System in the case of mem5 ber banks, and of the Board of Directors of the Federal

6 Deposit Insurance Corporation in the case of insured

7 nonmember banks’’ and inserting ‘‘Federal Banking Com8 mission’’.

9 SEC. 720. AMENDMENTS OF TITLE 28, UNITED STATES

10 CODE.

11 (a) AMENDMENT TO SECTION 1348.—Section 1348

12 of title 28, United States Code (28 U.S.C. 1348) is

13 amended by striking ‘‘Comptroller of the Currency’’ and

14 inserting ‘‘Federal Banking Commission’’.

15 (b) AMENDMENTS TO SECTION 1394.—Section 1394

16 of title 28, United States Code (28 U.S.C. 1394) is

17 amended—

18 (1) in the heading of section 1934, by striking

19 ‘‘Comptroller of the Currency’’ and inserting ‘‘Fed20 eral Banking Commission’’; and

21 (2) by striking ‘‘Comptroller of the Currency’’

22 and inserting ‘‘Federal Banking Commission’’.

23 (c) AMENDMENT TO SECTION 2001.—Section

24 2001(c) of title 28, United States Code (28 U.S.C.

25 2001(c)) is amended by striking ‘‘Comptroller of the Cur26 rency’’ and inserting ‘‘Federal Banking Commission’’.
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1 (d) AMENDMENT TO SECTION 2002.—Section 2002

2 of title 28, United States Code (28 U.S.C. 2002) is

3 amended by striking ‘‘Comptroller of the Currency’’ and

4 inserting ‘‘Federal Banking Commission’’.

5 (e) AMENDMENT TO SECTION 2004.—Section 2004

6 of title 28, United States Code (28 U.S.C. 2004) is

7 amended by striking ‘‘Comptroller of the Currency’’.

8 SEC. 721. AMENDMENTS TO TITLE 31, UNITED STATES

9 CODE.

10 (a) REPEAL OF SECTION 307.—Section 307 of title

11 31, United States Code (31 U.S.C. 307) is repealed.

12 (b) REPEAL OF SECTION 309.—Section 309 of title

13 31, United States Code (31 U.S.C. 309) is repealed.

14 (c) AMENDMENTS TO SECTION 321.—Section 321 of

15 title 31, United States Code (31 U.S.C. 321) is amend16 ed—

17 (1) by inserting ‘‘and’’ at the end of subsection

18 (c)(1);

19 (2) in subsection (c)(2) by striking ‘‘Comptrol20 ler of the Currency’’ and inserting ‘‘Federal Banking

21 Commission’’;

22 (3) by striking subsection (c)(3); and

23 (4) by striking subsection (e).
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1 (d) AMENDMENTS TO SECTION 714.—Section 714 of

2 title 31, United States Code (31 U.S.C. 714) is amend3 ed—

4 (1) in the heading of section 714, by striking

5 ‘‘Office of the Comptroller of the Currency’’ and in6 serting ‘‘Federal Banking Commission’’; and

7 (2) in subsection (a) by striking ‘‘Office of the

8 Comptroller of the Currency, and the Office of

9 Thrift Supervision’’ and inserting ‘‘Federal Banking

10 Agency’’.

11 (e) AMENDMENT TO SECTION 718.—Section 718(a)

12 of title 31, United States Code (31 U.S.C. 718(a)) is

13 amended by striking ‘‘Office of the Comptroller of the

14 Currency’’ and inserting ‘‘Federal Banking Commission’’.

15 (f) AMENDMENT TO SECTION 1321.—Section

16 1321(b) of title 31, United States Code (31 U.S.C. 1321)

17 is amended by striking ‘‘Comptroller of the Currency’’ and

18 inserting ‘‘Federal Banking Commission’’.

19 SEC. 722. AMENDMENTS TO TITLE 44, UNITED STATES

20 CODE.

21 (a) AMENDMENT TO SECTION 1111.—Section 1111

22 of title 44, United States Code (44 U.S.C. 1111) is

23 amended by striking ‘‘Comptroller of the Currency’’ and

24 inserting ‘‘Federal Banking Commission’’.
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1 (b) AMENDMENT TO SECTION 1344.—Section 1344

2 of title 44, United States Code (44 U.S.C. 1344) is

3 amended by striking ‘‘Comptroller of the Currency’’ each

4 place it appears and inserting ‘‘Federal Banking Commis5 sion’’.

6 SEC. 723. AMENDMENT TO THE TRUST INDENTURE ACT OF

7 1939.

8 Section 321(b) of the Trust Indenture Act of 1939

9 (15 U.S.C. 77uuu(b)) is amended by striking ‘‘Comptrol10 ler of the Currency’’ and inserting ‘‘Federal Banking

11 Commission’’.

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