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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1713 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1713

 To establish the Resolution, Asset Management, and Liquidation Agency 
  as a successor to the Resolution Trust Corporation, to abolish the 
 Thrift Depositor Protection Oversight Board and the Resolution Trust 
                  Corporation, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 7, 1993

  Mr. Vento introduced the following bill; which was referred to the 
            Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
 To establish the Resolution, Asset Management, and Liquidation Agency 
  as a successor to the Resolution Trust Corporation, to abolish the 
 Thrift Depositor Protection Oversight Board and the Resolution Trust 
                  Corporation, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Revitalization of Depository 
Institution Liquidation Procedures Act of 1993''.

     TITLE I--SINGLE AGENCY FOR CONSERVATOR AND RECEIVERSHIP POWERS

SEC. 101. ESTABLISHMENT OF RESOLUTION, ASSET MANAGEMENT, AND 
              LIQUIDATION AGENCY.

    (a) In General.--Section 21A of the Federal Home Loan Bank Act (12 
U.S.C. 1441a) is amended by striking subsections (a) and (b) and 
inserting the following new subsections:
    ``(a) Resolution, Asset Management, and Liquidation Agency.--
            ``(1) Establishment.--There is hereby established an agency 
        in the executive branch to be known as the Resolution, Asset 
        Management, and Liquidation Agency (hereafter in this section 
        referred to as the `Agency') under the direction of the 
        Secretary of the Treasury.
            ``(2) Management.--
                    ``(A) Administrator.--The agency shall be under the 
                management of an Administrator (hereafter in this 
                section referred to as the `Administrator') who shall 
                be appointed by the President, by and with the advice 
                and consent of the Senate, and shall serve at the 
                pleasure of the President.
                    ``(B) Deputy administrator.--
                            ``(i) Appointment.--The Agency shall have a 
                        Deputy Administrator who shall be appointed by 
                        the President, by and with the advice and 
                        consent of the Senate.
                            ``(ii) Duties and powers.--The Deputy 
                        Administrator shall--
                                    ``(I) perform such duties and 
                                exercise such powers as the 
                                Administrator may prescribe; and
                                    ``(II) exercise the duties and 
                                powers of the Administrator when the 
                                Administrator is absent or unable to 
                                serve or when the position of the 
                                Administrator is vacant.
            ``(3) Staff.--
                    ``(A) In general.--Subject to other provisions of 
                this section and section 104 of the Revitalization of 
                Depository Institution Liquidation Procedures Act of 
                1993, the Administrator may appoint, direct, and fix 
                the pay and number of such officers and employees as 
                the administrator determines to be appropriate.
                    ``(B) Nonapplicability of other provisions.--
                Chapter 51 and subchapters III, VII, and VIII of 
                chapter 53 of title 5, United States Code, shall not 
                apply to the appointment or compensation of employees 
                of the Administrator.
                    ``(C) Staff for pursuing claims against 
                institution-affiliated parties.--
                            ``(i) In general.--The Administrator shall 
                        maintain an executive-level position and 
                        dedicated staff to assist and advise the 
                        Administrator and other agencies in pursuing 
                        cases, civil claims, and administrative 
                        enforcement actions against institution-
                        affiliated parties of insured depository 
                        institutions under the jurisdiction of the 
                        Administrator.
                            ``(ii) Duties.--Staff appointed under 
                        clause (i) shall have such duties as the 
                        Administrator establishes, including the duty 
                        to compile and publish a semiannual report to 
                        the Congress on the coordinated pursuit of 
                        claims by all Federal financial institution 
                        regulatory agencies, including the Department 
                        of Justice and the Securities and Exchange 
                        Commission.
                    ``(D) Utilization of personnel of other agencies.--
                With the agreement of any executive agency (as defined 
                in section 105 of title 5, United States Code), the 
                Administrator shall, whenever practicable, utilize the 
                personnel of any such agency on a reimbursable basis to 
                cover actual and reasonable expenses.
                    ``(E) Prohibition on payments of bonuses.--
                Notwithstanding any other provision of law, the 
                Administrator may not pay any officer whose annual rate 
                of basic pay is equal to or greater than the annual 
                rate of basic pay which is payable under Level I of the 
                Executive Schedule any bonus, award, or other similar 
                cash payment.
            ``(4) Compensation and grade.--
                    ``(A) In general.--The Administrator shall, at all 
                times, classify jobs in the same manner as the Federal 
                Deposit Insurance Corporation and shall provide the 
                same rates of basic pay and additional compensation and 
                benefits to employees as those provided to employees of 
                the Federal Deposit Insurance Corporation.
                    ``(B) Participation in benefit plans.--Employees of 
                the Agency shall be permitted by the Administrator and 
                the Federal Deposit Insurance Corporation to 
                participate in the same health, insurance, pension, and 
                other benefit plans available to employees of the 
                Federal Deposit Insurance Corporation under the same 
                conditions available to employees of the Federal 
                Deposit Insurance Corporation.
                    ``(C) Reimbursement.--The Administrator shall 
                reimburse the Federal Deposit Insurance Corporation for 
                any additional costs incurred by such corporation with 
                respect to employees of the Agency pursuant to this 
                paragraph.
            ``(5) Reorganizations.--
                    ``(A) In general.--If, pursuant to a transfer of 
                functions, a major reorganization, a reduction-in-force 
                or otherwise, the Administrator, in the sole discretion 
                of the Administrator, determines that the services of 
                an employee are unnecessary, the Administrator shall 
                transfer, and the Federal Deposit Insurance Corporation 
                shall accept, such employee at the closest office of 
                the Federal Deposit Insurance Corporation in accordance 
                with the provisions of paragraphs (1), (2), and (4) of 
                section 404 of the Financial Institutions Reform, 
                Recovery and Enforcement Act of 1989.
                    ``(B) Applicability of section 404.--Paragraphs 
                (1), (2), and (4) of section 404 of the Financial 
                Institutions Reform, Recovery, and Enforcement Act of 
                1989 shall apply with respect to each employee referred 
                to in subparagraph (A) (of this paragraph) in the same 
                manner such paragraphs applied with respect to 
                employees identified for transfer under section 403(b) 
                of such Act.
            ``(6) Agreements limiting rights.--The protections provided 
        to employees pursuant to paragraphs (4) and (5) may not be 
        limited or modified by contract, interagency agreement, or 
        otherwise.
            ``(7) GAO study of temporary employees.--Within 6 months of 
        the transfer of employees to the Administrator pursuant to this 
        section, the Comptroller General of the United States shall 
        issue a report concerning the advisability of limiting the 
        Agency's continued use of Liquidation Grade employees.
            ``(8) Sunset provision.--The authority of the Administrator 
        and the Agency to be appointed as a conservator or receiver of 
        an insured depository institution (as defined in section 3(c) 
        of the Federal Deposit Insurance Act) shall cease on October 1, 
        1998.
    ``(b) Duties and Powers.--
            ``(1) Duty to resolve failed depository institutions.--The 
        duty of the Administrator shall be to manage and resolve all 
        insured depository institutions for which the Administrator has 
        been appointed conservator or receiver.
            ``(2) General powers.--In addition to the conservatorship 
        and receivership powers under sections 21C and 21D with regard 
        to all insured depository institutions and subject to any other 
        provision of this section, the Administrator shall have the 
        following powers:
                    ``(A) To adopt, alter, and use an agency seal.
                    ``(B) To enter into contracts.
                    ``(C) To make advance, progress, or other payments.
                    ``(D) To acquire, hold, lease, mortgage, maintain, 
                or dispose of, at public or private sale, real and 
                personal property, using any legally available private 
                sector methods, including securitization of debt or 
                equity, limited partnerships, mortgage investment 
                conduits, and real estate investment trusts, and 
                otherwise exercise all the usual incidents of ownership 
                of property necessary and convenient to the operations 
                of the Agency.
                    ``(E) To sue and be sued in any court of competent 
                jurisdiction.
                    ``(F) To deposit any securities or funds held by 
                the Agency in any facility or depositary described in 
                section 13(b) of the Federal Deposit Insurance Act 
                under the terms and conditions applicable to the 
                Federal Deposit Insurance Corporation under such 
                section 13(b) and pay fees with respect to, and receive 
                interest and dividends on, any such deposit.
                    ``(G) To take warrants, voting and nonvoting 
                equity, or other participation interests in 
                institutions or assets or properties of institutions 
                for which the Agency has been appointed conservator or 
                receiver.
                    ``(H) To make loans and, with respect to eligible 
                residential properties, develop risk sharing structures 
                and other credit enhancements to assist in the 
                provision of property ownership, rental, and 
                cooperative housing opportunities for lower- and 
                moderate-income families.
                    ``(I) To exercise any other power established under 
                this section and such incidental powers as are 
                necessary to carry out the Administrator's duties and 
                functions under this section and sections 21C and 21D.
            ``(3) Special powers.--In addition to the powers of the 
        Administrator described in paragraph (2), the Administrator 
        shall have the following powers:
                    ``(A) Contracts.--The Administrator may enter into 
                contracts with any person, including State housing 
                finance authorities (as such term is defined in section 
                1301 of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989) and insured depository 
                institutions, which the Administrator determines to be 
                necessary or appropriate to carry out its 
                responsibilities under this section. Such contracts 
                shall be subject to the procedures adopted pursuant to 
                paragraph (7).
                    ``(B) Utilization of private sector.--In carrying 
                out the Administrator's duties under this section and 
                sections 21C and 21D, the Administrator shall utilize 
                the services of private persons, including real estate 
                and loan portfolio asset management, property 
                management, auction marketing, and brokerage services, 
                if such services are available in the private sector 
                and the Administrator determines utilization of such 
                services are practicable and efficient.
                    ``(C) Mergers and consolidations.--The 
                Administrator may require a merger or consolidation of 
                any institution over which the Administrator has 
                jurisdiction, if such merger or consolidation is 
                consistent with section 13(c)(4) of the Federal Deposit 
                Insurance Act.
                    ``(D) Organization of savings associations.--The 
                Administrator may organize 1 or more Federal savings 
                associations--
                            ``(i) which shall be chartered by the 
                        Director of the Office of Thrift Supervision,
                            ``(ii) the deposits of which, if any, shall 
                        be insured by the Federal Deposit Insurance 
                        Corporation through the Savings Association 
                        Insurance Fund, and
                            ``(iii) which shall operate in accordance 
                        with subsection (e).
            ``(4) Oaths; subpoenas.--
                    ``(A) In general.--In the course of, or in 
                connection with, any proceeding under this section, or 
                in connection with any claim, the Administrator and any 
                representative of the Administrator, including any 
                person designated to conduct any hearing under this 
                section, shall have the following powers:
                            ``(i) To administer oaths and affirmations.
                            ``(ii) To take depositions or cause 
                        depositions to be taken.
                            ``(iii) To issue, revoke, quash, or modify 
                        subpoenas and subpoenas duces tecum.
                    ``(B) Subpoenas.--The attendance of witnesses and 
                the production of documents provided for in this 
                subsection may be required from any place in any State 
                or in any territory or other place subject to the 
                jurisdiction of the United States at any designated 
                place where such proceeding is being conducted.
                    ``(C) Enforcement of subpoenas.--The Administrator 
                or any party to proceedings under this section may 
                apply to the United States District Court for the 
                District of Columbia, or the United States district 
                court for the judicial district or the United States 
                court in any territory in which such proceeding is 
                being conducted, or where the witness resides or 
                carries on business, for enforcement of any subpoena or 
                subpoena duces tecum issued pursuant to this 
                subsection, and such courts shall have jurisdiction and 
                power to order and require compliance with the subpoena 
                or subpoena duces tecum.
                    ``(D) Witness fees.--Witnesses subpoenaed under 
                this subsection shall be paid the same fees and mileage 
                that are paid witnesses in the district courts of the 
                United States.
                    ``(E) Attorneys' fees.--
                            ``(i) Award.--Any court having jurisdiction 
                        of any proceeding instituted under this section 
                        by an insured depository institution or a 
                        director or officer of any institution, may 
                        allow to any such party such reasonable 
                        expenses and attorneys' fees as the court deems 
                        just and proper.
                            ``(ii) Payment.--Any expenses or fees 
                        awarded under clause (i) by any court shall be 
                        paid by the depository institution or by the 
                        Administrator from assets of the institution.
                    ``(F) Misdemeanor.--Any person who willfully fails 
                or refuses to attend and testify or to answer any 
                lawful inquiry or to produce books, papers, 
                correspondence, memoranda, contracts, agreements, or 
                other records, if in such person's power to do so, in 
                obedience to the subpoena of the Administrator, shall, 
                upon conviction, be subject to a fine under title 18, 
                United States Code, imprisonment for a term of not more 
                than 1 year, or both.
            ``(5) Conduct of administrator's duties as conservator or 
        receiver.--The Administrator shall carry out the 
        Administrator's responsibilities as conservator or receiver for 
        insured depository institutions in a manner which--
                    ``(A) maximizes the net present value return from 
                the sale or other disposition of--
                            ``(i) institutions for which the 
                        Administrator has been appointed conservator or 
                        receiver; or
                            ``(ii) the assets of such institutions;
                    ``(B) minimizes the impact of such transactions on 
                local real estate and financial markets;
                    ``(C) makes efficient use of funds obtained from 
                the Treasury of the United States (whether by 
                appropriation or borrowing, including funds borrowed 
                from the Federal Financing Bank);
                    ``(D) minimizes the amount of any loss realized in 
                the resolution of cases; and
                    ``(E) maximizes the preservation of the 
                availability and affordability of residential real 
                property for low- and moderate-income individuals.
            ``(6) Prohibited practices.--The Administrator may not use 
        any authority under this subsection to engage in any of the 
        following activities:
                    ``(A) Sell assets of an insured depository 
                institution by providing a loan for any portion of the 
                purchase price which--
                            ``(i) defers or delays the payment of 
                        interest; or
                            ``(ii) obligates the purchaser to pay 
                        interest only out of the net income realized by 
                        the purchaser from the assets.
                    ``(B) Arrange for the issuance of securities backed 
                by a pool of the loan assets of an insured depository 
                institution unless the assets--
                            ``(i) have been evaluated using similar 
                        underwriting standards and criteria;
                            ``(ii) have long average maturities;
                            ``(iii) do not require balloon payments of 
                        principal; and
                            ``(iv) provide for the payment of interest 
                        at rates that are based upon the same indexes,
                and unless any representation or warranty offered with 
                the security does not guarantee to the purchaser of the 
                securities, directly or indirectly, an investment 
                return.
                    ``(C) require the inclusion of an asset of an 
                insured depository institution in a bulk sale of assets 
                if the Agency has received a good faith offer to 
                purchase the asset for a price and on terms that would 
                result in proceeds to the Agency in excess of those 
                that would be realized for that asset in the bulk sale.
                    ``(D) Limitation on capital contribution 
                authority.--
                            ``(i) In general.--The Agency may not make 
                        any payment in the form of a capital 
                        contribution to a depository institution which, 
                        at the time of payment, is an institution for 
                        which the Agency or any other person is acting 
                        as conservator.
                            ``(ii) Lending authority not affected.--
                        Clause (i) shall not be construed as 
                        prohibiting the Corporation from making loans 
                        or advances to any such institution.
            ``(7) Regulations, policies, and procedures.--
                    ``(A) Strategies, policies, and goals.--The 
                Administrator may prescribe such regulations and issue 
                such orders, in accordance with subchapter II of 
                chapter 5 of title 5, United States Code, as the 
                Administrator determines to be appropriate to carry out 
                this section and sections 21C and 21D.
                    ``(B) Preparation and maintenance of records 
                relating to solicitation and acceptance of offers.--The 
                Administrator shall--
                            ``(i) document decisions made in the 
                        solicitation and selection process and the 
                        reasons for the decisions; and
                            ``(ii) maintain such documentation in the 
                        offices of the Agency, as well as any other 
                        documentation relating to the solicitation and 
                        selection process.
                    ``(C) Distressed areas.--
                            ``(i) In general.--In developing the 
                        Agency's policies for implementing this 
                        section, the Administrator shall take the 
                        action described in clause (ii) to avoid 
                        adverse economic impact for those real estate 
                        markets that are distressed.
                            ``(ii) Valuation and disposition.--
                                    ``(I) In general.--The 
                                Administrator shall establish an 
                                appraisal or other valuation method for 
                                determining the market value of real 
                                property.
                                    ``(II) Consideration of certain 
                                factors.--With respect to a real 
                                property asset with a market value in 
                                excess of a certain dollar limit (such 
                                limit to be determined by the 
                                Administrator), consideration shall be 
                                given to the volume of assets above 
                                such limit and the potential impact of 
                                sales in distressed areas.
                                    ``(III) Sales in distressed 
                                areas.--The Administrator shall not 
                                sell a real property asset located in a 
                                distressed area without obtaining at 
                                least the minimum disposition price, 
                                unless a determination has been made 
                                that such a transaction furthers the 
                                objectives set forth in paragraph (5).
                            ``(iii) Exception.--The provisions of this 
                        subparagraph shall not apply to any property 
                        which is subject to the requirements of 
                        subsection (c).
                    ``(D) Definitions.--For the purposes of this 
                subsection--
                            ``(i) Minimum disposition price.--
                                    ``(I) In general.--The term 
                                `minimum disposition price' means 95 
                                percent of the market value established 
                                by the Administrator.
                                    ``(II) Change in percentage.--The 
                                Administrator, in the Administrator's 
                                discretion, may change the percentage 
                                provided in subclause (I) from time to 
                                time if the Administrator determines 
                                that such change does not adversely 
                                impact the objectives set forth in 
                                paragraph (5).
                            ``(ii) Sell a real property asset.--The 
                        term `sell a real property asset' means to 
                        convey all title and interest in a piece of 
                        tangible real property in which the 
                        Administrator has a fee simple or equivalent 
                        interest.
                            ``(iii) Real property.--The term `real 
                        property' does not include loans secured by 
                        real property, joint ventures, participation 
                        interests, options, or other similar interests.
                            ``(iv) Sell.--The term `sell' does not 
                        include hypothecation of assets, issuance of 
                        asset backed securities, issuance of joint 
                        ventures, or participation interests, or other 
                        similar activities.
                            ``(v) Distressed area.--
                                    ``(I) In general.--The term 
                                `distressed area' means the geographic 
                                areas in those political subdivisions 
                                designated from time to time by the 
                                Administrator as having depressed real 
                                estate markets.
                                    ``(II) Initial designations.--
                                Unless the Administrator designates 
                                otherwise, the States of Arkansas, 
                                Colorado, Louisiana, New Mexico, 
                                Oklahoma, and Texas shall be deemed to 
                                be distressed areas for purposes of 
                                this subsection.
                            ``(vi) Market value.--The term `market 
                        value' means the most probable price which a 
                        property should bring in a competitive and open 
                        market if--
                                    ``(I) all conditions requisite to a 
                                fair sale are present,
                                    ``(II) the buyer and seller are 
                                acting prudently and are knowledgeable, 
                                and
                                    ``(III) the price is not affected 
                                by any undue stimulus.
                    ``(E) Real estate asset division.--
                            ``(i) Establishment.--The Administrator 
                        shall establish a Real Estate Asset Division to 
                        assist and advise the Administrator with 
                        respect to the management, sale, or other 
                        disposition of real property assets of 
                        institutions for which the Administrator has 
                        been appointed conservator or receiver.
                            ``(ii) Duties.--The Real Estate Asset 
                        Division shall have such duties as the 
                        Administrator establishes, including the 
                        publication of an inventory of real property 
                        assets of institutions subject to the 
                        jurisdiction of the Administrator.
                            ``(iii) Inventory.--The inventory required 
                        under clause (ii) shall be updated and 
                        published semiannually and shall identify 
                        properties with natural, cultural, 
                        recreational, or scientific values of special 
                        significance.
            ``(8) Periodic financing statements.--The Administrator 
        shall prepare periodic financing statements for the Congress 
        and the Secretary of the Treasury which shall detail--
                    ``(A) anticipated funding requirements for 
                operations, case resolution, and asset liquidation,
                    ``(B) anticipated payments on previously issued 
                notes, guarantees, other obligations, and related 
                activities, and
                    ``(C) any proposed use of notes, guarantees or 
                other obligations.
            ``(9) Goal for participation of small business concerns.--
        The Administrator shall have an annual goal that presents the 
        maximum practicable opportunity for small business concerns and 
        small business concerns owned and controlled by socially and 
        economically disadvantaged individuals to participate in the 
        performance of contracts awarded by the Administrator.''.
    (b) Temporary Presidential Detail to Fill Administrator's 
Position.--The position of Administrator of the Resolution, Asset 
Management, and Liquidation Agency may be treated by the President as a 
position which is vacant as of the date of the enactment of this Act 
due to a resignation for purposes of section 3347 of title 5, United 
States Code.
    (c) Exemption From Provisions Relating to the Acquisition and 
Disposal of Real Property.--Section 602 of the Federal Property and 
Administrative Services Act of 1949 (40 U.S.C. 474) is amended by--
            (1) redesignating subsection (f) as subsection (g); and
            (2) inserting after subsection (e) the following new 
        subsection:
    ``(f) Inapplicability to RAMLA.--Titles I, II, IV, and VIII of this 
Act shall not apply with respect to the acquisition or disposal of real 
property by the Administrator of the Resolution, Asset Management, and 
Liquidation Agency.''.
    (d) Technical and Conforming Amendments.--
            (1) Section 21A of the Federal Home Loan Bank Act (12 
        U.S.C. 1441a) is amended by striking ``Corporation'', ``Thrift 
        Depositor Protection Oversight Board'' and ``chief executive 
        officer'' each place any such term appears (other than in 
        subsections (a) and (b) of such section, as amended by 
        subsection (a) of this section) and inserting 
        ``Administrator''.
            (2) Section 21A of the Federal Home Loan Bank Act (12 
        U.S.C. 1441a) is amended by striking subsection (m).
            (3) Section 21B is amended by striking ``Thrift Depositor 
        Protection Oversight Board'' each place such term appears and 
        inserting ``Administrator''.
            (4) Section 21(B)(k) of the Federal Home Loan Bank Act (12 
        U.S.C. 1441b(k)) is amended--
                    (A) by striking paragraph (7) and redesignating 
                paragraphs (2) through (6) as paragraphs (3) through 
                (7), respectively; and
                    (B) by inserting after paragraph (1) the following 
                new paragraph:
            ``(2) Administrator.--The term `Administrator' means the 
        Administrator of the Resolution, Asset Management, and 
        Liquidation Agency.''.

SEC. 102. CONSERVATORSHIP AND RECEIVERSHIP POWERS OF ADMINISTRATOR.

    (a) In General.--The Federal Home Loan Bank Act (12 U.S.C. 1421 et 
seq.) is amended by inserting after section 21B the following new 
sections:

``SEC. 21C. CONSERVATORSHIP AND RECEIVERSHIP POWERS OF ADMINISTRATOR.

    ``(a) Appointment of Administrator as Conservator or Receiver.--
            ``(1) In general.--Notwithstanding any other provision of 
        Federal law, the law of any State, or the constitution of any 
        State, the Administrator of the Resolution, Asset Management, 
        and Liquidation Agency (hereafter in this section referred to 
        as the `Administrator' and `Agency', respectively) may accept 
        appointment and act as conservator or receiver for any insured 
        depository institution upon appointment in the manner provided 
        in paragraph (2) or (3).
            ``(2) Federal depository institutions.--
                    ``(A) Appointment.--
                            ``(i) Conservator.--The Administrator may, 
                        at the discretion of the supervisory authority, 
                        be appointed conservator of any insured Federal 
                        depository institution or District bank and the 
                        Administrator may accept such appointment.
                            ``(ii) Receiver.--The Administrator shall 
                        be appointed receiver, and shall accept such 
                        appointment, whenever a receiver is appointed 
                        for the purpose of liquidation or winding up 
                        the affairs of an insured Federal depository 
                        institution or District bank by the appropriate 
                        Federal banking agency, notwithstanding any 
                        other provision of Federal law or the code of 
                        law for the District of Columbia.
                    ``(B) Additional powers.--In addition to and not in 
                derogation of the powers conferred and the duties 
                imposed by this section on the Administrator as 
                conservator or receiver, the Administrator, to the 
                extent not inconsistent with such powers and duties, 
                shall have any other power conferred on or any duty 
                (which is related to the exercise of such power) 
                imposed on a conservator or receiver for any Federal 
                depository institution under any other provision of 
                law.
                    ``(C) Administrator not subject to any other 
                agency.--When acting as conservator or receiver 
                pursuant to an appointment described in subparagraph 
                (A), the Administrator shall not be subject to the 
                direction or supervision of any other executive agency 
                (as defined in section 105 of title 5, United States 
                Code) or any State in the exercise of the 
                Administrator's rights, powers, and privileges.
                    ``(D) Depository institution in conservatorship 
                subject to banking agency supervision.--Notwithstanding 
                subparagraph (C), any Federal depository institution 
                for which the Administrator has been appointed 
                conservator shall remain subject to the supervision of 
                the appropriate Federal banking agency.
            ``(3) Insured state depository institutions--
                    ``(A) Appointment by appropriate state 
                supervisor.--Whenever the authority having supervision 
                of any insured State depository institution (other than 
                a District depository institution) appoints a 
                conservator or receiver for such institution and 
                tenders appointment to the Administrator, the 
                Administrator may accept such appointment.
                    ``(B) Additional powers.--In addition to the powers 
                conferred and the duties related to the exercise of 
                such powers imposed by State law on any conservator or 
                receiver appointed under the law of such State for an 
                insured State depository institution, the 
                Administrator, as conservator or receiver pursuant to 
                an appointment described in subparagraph (A), shall 
                have the powers conferred and the duties imposed by 
                this section on the Administrator as conservator or 
                receiver.
                    ``(C) Administrator not subject to any other 
                agency.--When acting as conservator or receiver 
                pursuant to an appointment described in subparagraph 
                (A), the Administrator shall not be subject to the 
                direction or supervision of any other executive agency 
                (as defined in section 105 of title 5, United States 
                Code) or any State in the exercise of the 
                Administrator's rights, powers, and privileges.
                    ``(D) Depository institution in conservatorship 
                subject to banking agency supervision.--Notwithstanding 
                subparagraph (C), any insured State depository 
                institution for which the Administrator has been 
                appointed conservator shall remain subject to the 
                supervision of the appropriate State bank or savings 
                association supervisor.
            ``(4) Appointment of administrator by the administrator.--
        Notwithstanding any other provision of Federal law, the law of 
        any State, or the constitution of any State, the Administrator 
        may appoint the Administrator as sole conservator or receiver 
        of any insured State depository institution if--
                    ``(A) the Administrator determines--
                            ``(i) that--
                                    ``(I) a conservator, receiver, or 
                                other legal custodian has been 
                                appointed for such institution;
                                    ``(II) such institution has been 
                                subject to the appointment of any such 
                                conservator, receiver, or custodian for 
                                a period of at least 15 consecutive 
                                days; and
                                    ``(III) 1 or more of the depositors 
                                in such institution is unable to 
                                withdraw any amount of any insured 
                                deposit; or
                            ``(ii) that such institution has been 
                        closed by or under the laws of any State; and
                    ``(B) the Administrator determines that 1 or more 
                of the grounds specified in paragraph (5)--
                            ``(i) existed with respect to such 
                        institution at the time--
                                    ``(I) the conservator, receiver, or 
                                other legal custodian was appointed; or
                                    ``(II) such institution was closed; 
                                or
                            ``(ii) exist at any time--
                                    ``(I) during the appointment of the 
                                conservator, receiver, or other legal 
                                custodian; or
                                    ``(II) while such institution is 
                                closed.
            ``(5) Grounds for appointing conservator or receiver.--The 
        grounds for appointing a conservator or receiver (which may be 
        the Administrator) for any insured depository institution are 
        as follows:
                    ``(A) Assets insufficient for obligations.--The 
                institution's assets are less than the institution's 
                obligations to its creditors and others, including 
                members of the institution.
                    ``(B) Substantial dissipation.--Substantial 
                dissipation of assets or earnings due to--
                            ``(i) any violation of any statute or 
                        regulation; or
                            ``(ii) any unsafe or unsound practice.
                    ``(C) Unsafe or unsound condition.--An unsafe or 
                unsound condition to transact business.
                    ``(D) Cease and desist orders.--Any willful 
                violation of a cease-and-desist order which has become 
                final.
                    ``(E) Concealment.--Any concealment of the 
                institution's books, papers, records, or assets, or any 
                refusal to submit the institution's books, papers, 
                records, or affairs for inspection to any examiner or 
                to any lawful agent of the appropriate Federal banking 
                agency or State bank supervisor.
                    ``(F) Inability to meet obligations.--The 
                institution is likely to be unable to pay its 
                obligations or meet its depositors' demands in the 
                normal course of business.
                    ``(G) Losses.--The institution has incurred or is 
                likely to incur losses that will deplete all or 
                substantially all of its capital, and there is no 
                reasonable prospect for the institution to become 
                adequately capitalized (as defined in section 38(b) of 
                the Federal Deposit Insurance Act) without Federal 
                assistance.
                    ``(H) Violations of law.--Any violation of any law 
                or regulation, or any unsafe or unsound practice or 
                condition that is likely to--
                            ``(i) cause insolvency or substantial 
                        dissipation of assets or earnings;
                            ``(ii) weaken the institution's condition; 
                        or
                            ``(iii) otherwise seriously prejudice the 
                        interests of the institution's depositors or 
                        the deposit insurance fund.
                    ``(I) Consent.--The institution, by resolution of 
                the institution's board of directors, shareholders, or 
                members, consents to the appointment.
                    ``(J) Cessation of insured status.--The institution 
                ceases to be an insured institution.
                    ``(K) Undercapitalization.--The institution is 
                undercapitalized (as defined in section 38(b) of the 
                Federal Deposit Insurance Act), and--
                            ``(i) has no reasonable prospect of 
                        becoming adequately capitalized (as defined in 
                        such section);
                            ``(ii) fails to become adequately 
                        capitalized when required to do so under 
                        section 38(f)(2)(A) of the Federal Deposit 
                        Insurance Act;
                            ``(iii) fails to submit a capital 
                        restoration plan acceptable to the appropriate 
                        Federal banking agency within the time 
                        prescribed under section 38(e)(2)(D) of such 
                        Act; or
                            ``(iv) materially fails to implement a 
                        capital restoration plan submitted and accepted 
                        under section 38(e)(2) of such Act.
                    ``(L) Critical undercapitalization.--The 
                institution--
                            ``(i) is critically undercapitalized (as 
                        defined in section 38(b) of the Federal Deposit 
                        Insurance Act); or
                            ``(ii) otherwise has substantially 
                        insufficient capital.
            ``(6) Appointment by director of the office of thrift 
        supervision.--
                    ``(A) Conservator.--The Administrator may, at the 
                discretion of the Director of the Office of Thrift 
                Supervision, be appointed conservator and the 
                Administrator may accept any such appointment.
                    ``(B) Receiver.--Whenever the Director of the 
                Office of Thrift Supervision appoints a receiver under 
                the provisions of section 5(d)(2)(C) of the Home 
                Owners' Loan Act for the purpose of liquidation or 
                winding up any savings association's affairs the 
                Administrator shall be appointed.
            ``(7) Judicial review.--
                    ``(A) In general.--If the Administrator appoints 
                the Administrator as conservator or receiver under 
                paragraph (4), the insured State depository institution 
                may, within 30 days of such appointment, bring an 
                action in the United States district court for the 
                judicial district in which the home office of such 
                institution is located, or in the United States 
                District Court for the District of Columbia, for an 
                order requiring the Administrator to rescind the 
                appointment.
                    ``(B) Court action.--The court shall, upon the 
                merits, dismiss the action or direct the Administrator 
                to rescind the appointment.
            ``(8) Replacement of conservator of state depository 
        institution.--
                    ``(A) In general.--In the case of any insured State 
                depository institution for which the Administrator 
                appointed the Administrator as conservator pursuant to 
                paragraph (4), the Administrator may, without any 
                requirement of notice, hearing, or other action, 
                rescind the appointment and appoint the Administrator 
                as receiver of such institution.
                    ``(B) Replacement treated as removal of 
                incumbent.--The replacement of a conservator with a 
                receiver under subparagraph (A) shall be treated as the 
                removal of the Agency as conservator.
                    ``(C) Right of review of original appointment not 
                affected.--The replacement of a conservator with a 
                receiver under subparagraph (A) shall not affect any 
                right of the insured State depository institution to 
                obtain review, pursuant to paragraph (7), of the 
                original appointment of the conservator.
            ``(9) Appointment of agency to carry out prompt corrective 
        action.--
                    ``(A) In general.--The appropriate Federal banking 
                agency may appoint the Agency as sole receiver (or, 
                subject to paragraph (11), sole conservator) of any 
                insured State depository institution, after 
                consultation with the appropriate State supervisor, if 
                the appropriate Federal banking agency determines 
                that--
                            ``(i) 1 or more of the grounds specified in 
                        subparagraphs (K) and (L) of paragraph (5) 
                        exist with respect to that institution; and
                            ``(ii) the appointment is necessary to 
                        carry out the purpose of section 38 of the 
                        Federal Deposit Insurance Act.
                    ``(B) Nondelegation.--The appropriate Federal 
                banking agency shall not delegate any action under 
                subparagraph (A).
            ``(10) Agency may be appointed by the fdic as conservator 
        or receiver for insured depository institution to prevent loss 
        to deposit insurance fund.--The Board of Directors of the 
        Federal Deposit Insurance Corporation may appoint the 
        Administrator as sole conservator or receiver of an insured 
        depository institution, after consultation with the appropriate 
        Federal banking agency and the appropriate State supervisor (if 
        any), if the Board of Directors determines that--
                    ``(A) 1 or more of the grounds specified in any 
                subparagraph of paragraph (5) exist with respect to the 
                institution; and
                    ``(B) the appointment is necessary to reduce--
                            ``(i) the risk that the deposit insurance 
                        fund would incur a loss with respect to the 
                        insured depository institution, or
                            ``(ii) any loss that the deposit insurance 
                        fund is expected to incur with respect to that 
                        institution.
            ``(11) Appropriate federal banking agency shall not appoint 
        conservator under certain provisions without giving 
        administrator opportunity to appoint receiver.--The appropriate 
        Federal banking agency shall not appoint a conservator for an 
        insured depository institution under subparagraph (K) or (L) of 
        paragraph (5) without the Administrator's consent unless the 
        agency has given the Administrator 48 hours notice of the 
        agency's intention to appoint the conservator and the grounds 
        for the appointment.
            ``(12) Directors not liable for acquiescing in appointment 
        of conservator or receiver.--The members of the board of 
        directors of an insured depository institution shall not be 
        liable to the institution's shareholders or creditors for 
        acquiescing in or consenting in good faith to--
                    ``(A) the appointment of the Administrator as 
                conservator or receiver for that institution; or
                    ``(B) an acquisition or combination under section 
                38(f)(2)(A)(iii) of the Federal Deposit Insurance Act.
            ``(13) Additional powers.--In any case in which the 
        Administrator is appointed conservator or receiver under 
        paragraph (4), (6), (9), or (10) for any insured State 
        depository institution--
                    ``(A) subject to subparagraph (B), this section 
                shall apply to the Administrator as conservator or 
                receiver in the same manner and to the same extent as 
                if that institution were a Federal depository 
                institution for which the Administrator had been 
                appointed conservator or receiver;
                    ``(B) the Administrator shall apply the law of the 
                State in which the institution is chartered insofar as 
                that law gives the claims of depositors priority over 
                those of other creditors or claimants; and
                    ``(C) the Administrator as receiver of the 
                institution may--
                            ``(i) liquidate the institution in an 
                        orderly manner; and
                            ``(ii) make any other disposition of any 
                        matter concerning the institution, as the 
                        Administrator determines is in the best 
                        interests of the institution, the depositors of 
                        the institution, and the Administrator.
            ``(14) FDIA definitions.--For purposes of this section, the 
        definitions of terms in section 3 of the Federal Deposit 
        Insurance Act shall apply with respect to such terms in this 
        section.
    ``(b) Powers and Duties of Administrator as Conservator or 
Receiver.--
            ``(1) Rulemaking authority of administrator.--The 
        Administrator may prescribe such regulations as the 
        Administrator determines to be appropriate regarding the 
        conduct of conservatorships or receiverships.
            ``(2) General powers.--
                    ``(A) Successor to institution.--The Administrator 
                shall, as conservator or receiver, and by operation of 
                law, succeed to--
                            ``(i) all rights, titles, powers, and 
                        privileges of the insured depository 
                        institution, and of any stockholder, member, 
                        accountholder, depositor, officer, or director 
                        of such institution with respect to the 
                        institution and the assets of the institution; 
                        and
                            ``(ii) title to the books, records, and 
                        assets of any previous conservator or other 
                        legal custodian of such institution.
                    ``(B) Operate the institution.--The Administrator 
                may (subject to the provisions of section 42 of the 
                Federal Deposit Insurance Act), as conservator or 
                receiver--
                            ``(i) take over the assets of and operate 
                        the insured depository institution with all the 
                        powers of the members or shareholders, the 
                        directors, and the officers of the institution 
                        and conduct all business of the institution;
                            ``(ii) collect all obligations and money 
                        due the institution;
                            ``(iii) perform all functions of the 
                        institution in the name of the institution 
                        which is consistent with the appointment as 
                        conservator or receiver; and
                            ``(iv) preserve and conserve the assets and 
                        property of such institution.
                    ``(C) Functions of institution's officers, 
                directors, and shareholders.--The Administrator may, by 
                regulation or order, provide for the exercise of any 
                function by any member or stockholder, director, or 
                officer of any insured depository institution for which 
                the Administrator has been appointed conservator or 
                receiver.
                    ``(D) Powers as conservator.--The Administrator 
                may, as conservator, take such action as may be--
                            ``(i) necessary to put the insured 
                        depository institution in a sound and solvent 
                        condition; and
                            ``(ii) appropriate to carry on the business 
                        of the institution and preserve and conserve 
                        the assets and property of the institution.
                    ``(E) Additional powers as receiver.--The 
                Administrator may (subject to the provisions of section 
                40 of the Federal Deposit Insurance Act), as receiver, 
                place the insured depository institution in liquidation 
                and proceed to realize upon the assets of the 
                institution, having due regard to the conditions of 
                credit in the locality.
                    ``(F) Organization of new institutions.--The 
                Administrator may, as receiver--
                            ``(i) with respect to any insured savings 
                        association and by application to the Director 
                        of the Office of Thrift Supervision, organize a 
                        new Federal savings association to take over 
                        such assets or such liabilities as the 
                        Administrator may determine to be appropriate; 
                        and
                            ``(ii) with respect to any insured bank, 
                        organize a new national bank under subsection 
                        (h) or a bridge bank under subsection (i).
                    ``(G) Merger; transfer of assets and liabilities.--
                            ``(i) In general.--The Administrator may, 
                        as conservator or receiver--
                                    ``(I) merge the insured depository 
                                institution with another insured 
                                depository institution; or
                                    ``(II) subject to clause (ii), 
                                transfer any asset or liability of the 
                                institution in default (including 
                                assets and liabilities associated with 
                                any trust business) without any 
                                approval, assignment, or consent with 
                                respect to such transfer.
                            ``(ii) Approval by appropriate federal 
                        banking agency.--No transfer described in 
                        clause (i)(II) may be made to another 
                        depository institution (other than a new bank 
                        or a bridge bank established pursuant to 
                        subsection (h) or (i)) without the approval of 
                        the appropriate Federal banking agency for such 
                        institution.
                    ``(H) Payment of valid obligations.--The 
                Administrator, as conservator or receiver, shall pay 
                all valid obligations of the insured depository 
                institution in accordance with the prescriptions and 
                limitations of this Act.
                    ``(I) Subpoena authority.--
                            ``(i) In general.--The Administrator may, 
                        as conservator, receiver, or exclusive manager 
                        and for purposes of carrying out any power, 
                        authority, or duty with respect to an insured 
                        depository institution (including determining 
                        any claim against the institution and 
                        determining and realizing upon any asset of any 
                        person in the course of collecting money due 
                        the institution), exercise any power 
                        established under section 21A(b)(5), and the 
                        provisions of such section shall apply with 
                        respect to the exercise of any such power under 
                        this subparagraph in the same manner as such 
                        provisions apply under such section.
                            ``(ii) Authority of administrator.--A 
                        subpoena or subpoena duces tecum may be issued 
                        under clause (i) only by, or with the written 
                        approval of, the Administrator or the 
                        Administrator's designee.
                            ``(iii) Rule of construction.--This 
                        subsection shall not be construed as limiting 
                        any rights that the Administrator, in any 
                        capacity, might otherwise have under section 
                        21A(b)(4).
                    ``(J) Incidental powers.--The Administrator may, as 
                conservator or receiver--
                            ``(i) exercise all powers and authorities 
                        specifically granted to conservators or 
                        receivers, respectively, under this Act and 
                        such incidental powers as shall be necessary to 
                        carry out such powers; and
                            ``(ii) take any action authorized by this 
                        Act,
                which the Administrator determines is in the best 
                interests of the depository institution, the 
                institution's depositors, or the Administrator.
                    ``(K) Utilization of private sector.--In managing 
                and disposing of assets from insured depository 
                institutions, as conservator, receiver, or as an 
                agency, the Administrator shall utilize the services of 
                private persons, including real estate and loan 
                portfolio asset management, property management, 
                auction marketing, and brokerage services, if such 
                services are available in the private sector and the 
                Administrator determines utilization of such services 
                is practicable, efficient, and cost effective.
            ``(3) Authority of receiver to determine claims.--
                    ``(A) In general.--The Administrator may, as 
                receiver, determine claims in accordance with the 
                requirements of this subsection and regulations 
                prescribed under paragraph (4).
                    ``(B) Notice requirements.--The receiver, in any 
                case involving the liquidation or winding up of the 
                affairs of a closed depository institution, shall--
                            ``(i) promptly publish a notice to the 
                        depository institution's creditors to present 
                        their claims, together with proof, to the 
                        receiver by a date specified in the notice 
                        which shall be not less than 90 days after the 
                        publication of such notice; and
                            ``(ii) republish such notice approximately 
                        1 month and 2 months, respectively, after the 
                        publication under clause (i).
                    ``(C) Mailing required.--The receiver shall mail a 
                notice similar to the notice published under 
                subparagraph (B)(i) at the time of such publication to 
                any creditor shown on the institution's books--
                            ``(i) at the creditor's last address 
                        appearing in such books; or
                            ``(ii) upon discovery of the name and 
                        address of a claimant not appearing on the 
                        institution's books within 30 days after the 
                        discovery of such name and address.
            ``(4) Rulemaking authority relating to determination of 
        claims.--
                    ``(A) In general.--The Administrator may prescribe 
                regulations regarding the allowance or disallowance of 
                claims by the receiver and providing for administrative 
                determinations of claims and review of such 
                determination.
                    ``(B) Final settlement payment procedure.--
                            ``(i) In general.--In the handling of 
                        receiverships of insured depository 
                        institutions, to maintain essential liquidity 
                        and to prevent financial disruption, the 
                        Administrator may, after the declaration of an 
                        institution's insolvency, settle all uninsured 
                        and unsecured claims on the receivership with a 
                        final settlement payment which shall constitute 
                        full payment and disposition of the 
                        Administrator's obligations to such claimants.
                            ``(ii) Final settlement payment.--For 
                        purposes of clause (i), a final settlement 
                        payment shall be payment of an amount equal to 
                        the product of the final settlement payment 
                        rate and the amount of the uninsured and 
                        unsecured claim on the receivership.
                            ``(iii) Final settlement payment rate.--For 
                        purposes of clause (ii), the final settlement 
                        payment rate shall be a percentage rate 
                        reflecting an average of the Administrator's 
                        receivership recovery experience, determined by 
                        the Administrator in such a way that over such 
                        time period as the Administrator may determine 
                        to be appropriate, the Administrator in total 
                        will receive no more or less than the 
                        Administrator would have received in total as a 
                        general creditor standing in the place of 
                        insured depositors in each specific 
                        receivership.
                            ``(iv) Authority of administrator.--The 
                        Administrator may undertake such supervisory 
                        actions and prescribe such regulations as may 
                        be necessary to assure that the requirements of 
                        this section can be implemented with respect to 
                        each insured depository institution in the 
                        event of its insolvency.
            ``(5) Procedures for determination of claims.--
                    ``(A) Determination period.--
                            ``(i) In general.--Before the end of the 
                        180-day period beginning on the date any claim 
                        against a depository institution is filed with 
                        the Administrator as receiver, the 
                        Administrator shall determine whether to allow 
                        or disallow the claim and shall notify the 
                        claimant of any determination with respect to 
                        such claim.
                            ``(ii) Extension of time.--The period 
                        described in clause (i) may be extended by a 
                        written agreement between the claimant and the 
                        Administrator.
                            ``(iii) Mailing of notice sufficient.--The 
                        requirements of clause (i) shall be deemed to 
                        be satisfied if the notice of any determination 
                        with respect to any claim is mailed to the last 
                        address of the claimant which appears--
                                    ``(I) on the depository 
                                institution's books;
                                    ``(II) in the claim filed by the 
                                claimant; or
                                    ``(III) in documents submitted in 
                                proof of the claim.
                            ``(iv) Contents of notice of 
                        disallowance.--If any claim filed under clause 
                        (i) is disallowed, the notice to the claimant 
                        shall contain--
                                    ``(I) a statement of each reason 
                                for the disallowance; and
                                    ``(II) the procedures available for 
                                obtaining agency review of the 
                                determination to disallow the claim or 
                                judicial determination of the claim.
                    ``(B) Allowance of proven claims.--The receiver 
                shall allow any claim received on or before the date 
                specified in the notice published under paragraph 
                (3)(B)(i) by the receiver from any claimant which is 
                proved to the satisfaction of the receiver.
                    ``(C) Disallowance of claims filed after end of 
                filing period.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), claims filed after the date 
                        specified in the notice published under 
                        paragraph (3)(B)(i) shall be disallowed and 
                        such disallowance shall be final.
                            ``(ii) Certain exceptions.--Clause (i) 
                        shall not apply with respect to any claim filed 
                        by any claimant after the date specified in the 
                        notice published under paragraph (3)(B)(i) and 
                        such claim may be considered by the receiver 
                        if--
                                    ``(I) the claimant did not receive 
                                notice of the appointment of the 
                                receiver in time to file such claim 
                                before such date; and
                                    ``(II) such claim is filed in time 
                                to permit payment of such claim.
                    ``(D) Authority to disallow claims.--
                            ``(i) In general.--The receiver may 
                        disallow any portion of any claim by a creditor 
                        or claim of security, preference, or priority 
                        which is not proved to the satisfaction of the 
                        receiver.
                            ``(ii) Payments to less than fully secured 
                        creditors.--In the case of a claim of a 
                        creditor against an insured depository 
                        institution which is secured by any property or 
                        other asset of such institution, any receiver 
                        appointed for any insured depository 
                        institution--
                                    ``(I) may treat the portion of such 
                                claim which exceeds an amount equal to 
                                the fair market value of such property 
                                or other asset as an unsecured claim 
                                against the institution; and
                                    ``(II) may not make any payment 
                                with respect to such unsecured portion 
                                of the claim other than in connection 
                                with the disposition of all claims of 
                                unsecured creditors of the institution.
                            ``(iii) Exceptions.--No provision of this 
                        paragraph shall apply with respect to--
                                    ``(I) any extension of credit from 
                                any Federal home loan bank or Federal 
                                Reserve bank to any insured depository 
                                institution; or
                                    ``(II) any security interest in the 
                                assets of the institution securing any 
                                such extension of credit.
                    ``(E) No judicial review of determination pursuant 
                to subparagraph (d).--No court may review the 
                Administrator's determination pursuant to subparagraph 
                (D) to disallow a claim.
                    ``(F) Legal effect of filing.--
                            ``(i) Statute of limitation tolled.--For 
                        purposes of any applicable statute of 
                        limitations, the filing of a claim with the 
                        receiver shall constitute a commencement of an 
                        action.
                            ``(ii) No prejudice to other actions.--
                        Subject to paragraph (12), the filing of a 
                        claim with the receiver shall not prejudice any 
                        right of the claimant to continue any action 
                        which was filed before the appointment of the 
                        receiver.
            ``(6) Provision for agency review or judicial determination 
        of claims.--
                    ``(A) In general.--Before the end of the 60-day 
                period beginning on the earlier of--
                            ``(i) the end of the period described in 
                        paragraph (5)(A)(i) with respect to any claim 
                        against a depository institution for which the 
                        Administrator is receiver; or
                            ``(ii) the date of any notice of 
                        disallowance of such claim pursuant to 
                        paragraph (5)(A)(i),
                the claimant may request administrative review of the 
                claim in accordance with subparagraph (A) or (B) of 
                paragraph (7) or file suit on such claim (or continue 
                an action commenced before the appointment of the 
                receiver) in the district or territorial court of the 
                United States for the district within which the 
                depository institution's principal place of business is 
                located or the United States District Court for the 
                District of Columbia (and such court shall have 
                jurisdiction to hear such claim).
                    ``(B) Statute of limitations.--If any claimant 
                fails to--
                            ``(i) request administrative review of any 
                        claim in accordance with subparagraph (A) or 
                        (B) of paragraph (7); or
                            ``(ii) file suit on such claim (or continue 
                        an action commenced before the appointment of 
                        the receiver),
                before the end of the 60-day period described in 
                subparagraph (A), the claim shall be deemed to be 
                disallowed (other than any portion of such claim which 
                was allowed by the receiver) as of the end of such 
                period, such disallowance shall be final, and the 
                claimant shall have no further rights or remedies with 
                respect to such claim.
            ``(7) Review of claims.--
                    ``(A) Administrative hearing.--
                            ``(i) In general.--If any claimant requests 
                        review under this subparagraph in lieu of 
                        filing or continuing any action under paragraph 
                        (6) and the Administrator agrees to such 
                        request, the Administrator shall consider the 
                        claim after opportunity for a hearing on the 
                        record.
                            ``(ii) Judicial review.--The final 
                        determination of the Administrator with respect 
                        to a claim considered under clause (i) shall be 
                        subject to judicial review under chapter 7 of 
                        title 5, United States Code.
                    ``(B) Other review procedures.--
                            ``(i) In general.--The Administrator shall 
                        also establish such alternative dispute 
                        resolution processes as may be appropriate for 
                        the resolution of claims filed under paragraph 
                        (5)(A)(i).
                            ``(ii) Criteria.--In establishing 
                        alternative dispute resolution processes, the 
                        Administrator shall strive for procedures which 
                        are expeditious, fair, independent, and low-
                        cost.
                            ``(iii) Voluntary binding or nonbinding 
                        procedures.--The Administrator may establish 
                        both binding and nonbinding processes, which 
                        may be conducted by any government or private 
                        party, but all parties, including the claimant 
                        and the Administrator, shall agree to the use 
                        of the process in a particular case.
                            ``(iv) Consideration of incentives.--The 
                        Administrator shall seek to develop incentives 
                        for claimants to participate in the alternative 
                        dispute resolution process.
            ``(8) Expedited determination of claims.--
                    ``(A) Establishment required.--The Administrator 
                shall establish a procedure for expedited relief 
                outside of the routine claims process established under 
                paragraph (5) for claimants who--
                            ``(i) allege the existence of legally valid 
                        and enforceable or perfected security interests 
                        in assets of any depository institution for 
                        which the Administrator has been appointed 
                        receiver; and
                            ``(ii) allege that irreparable injury will 
                        occur if the routine claims procedure is 
                        followed.
                    ``(B) Determination period.--Before the end of the 
                90-day period beginning on the date any claim is filed 
                in accordance with the procedures established pursuant 
                to subparagraph (A), the Administrator shall--
                            ``(i) determine--
                                    ``(I) whether to allow or disallow 
                                such claim; or
                                    ``(II) whether such claim should be 
                                determined pursuant to the procedures 
                                established pursuant to paragraph (5);
                            ``(ii) notify the claimant of the 
                        determination; and
                            ``(iii) if the claim is disallowed, 
                        provide--
                                    ``(I) a written explanation of each 
                                reason for the disallowance; and
                                    ``(II) a written description of the 
                                procedure for obtaining agency review 
                                of the determination or judicial 
                                determination of the claim.
                    ``(C) Period for filing or renewing suit.--Any 
                claimant who files a request for expedited relief shall 
                be permitted to file a suit, or to continue a suit 
                filed before the appointment of the receiver, seeking a 
                determination of the claimant's rights with respect to 
                such security interest after the earlier of--
                            ``(i) the end of the 90-day period 
                        beginning on the date of the filing of a 
                        request for expedited relief; or
                            ``(ii) the date the Administrator denies 
                        the claim.
                    ``(D) Statute of limitations.--If an action 
                described in subparagraph (C) is not filed, or the 
                motion to renew a previously filed suit is not made, 
                before the end of the 30-day period beginning on the 
                date on which such action or motion may be filed in 
                accordance with subparagraph (B), the claim shall be 
                deemed to be disallowed as of the end of such period 
                (other than any portion of such claim which was allowed 
                by the receiver), such disallowance shall be final, and 
                the claimant shall have no further rights or remedies 
                with respect to such claim.
                    ``(E) Legal effect of filing.--
                            ``(i) Statute of limitation tolled.--For 
                        purposes of any applicable statute of 
                        limitations, the filing of a claim with the 
                        receiver shall constitute a commencement of an 
                        action.
                            ``(ii) No prejudice to other actions.--
                        Subject to paragraph (12), the filing of a 
                        claim with the receiver shall not prejudice any 
                        right of the claimant to continue any action 
                        which was filed before the appointment of the 
                        receiver.
            ``(9) Agreement as basis of claim.--
                    ``(A) Agreements against interests of 
                administrator.--No agreement which tends to diminish or 
                defeat the interest of the Agency in any asset acquired 
                by the Agency under this section, either as security 
                for a loan or by purchase or as receiver of any insured 
                depository institution, shall be valid against the 
                Agency or form the basis of, or substantially comprise, 
                a claim against the receiver or the Agency unless such 
                agreement--
                            ``(i) is in writing;
                            ``(ii) was executed by the depository 
                        institution and any person claiming an adverse 
                        interest under the agreement, including the 
                        obligor, contemporaneously with the acquisition 
                        of the asset by the depository institution;
                            ``(iii) was approved by the board of 
                        directors of the depository institution or the 
                        institution's loan committee, and the approval 
                        is reflected in the minutes of such board of 
                        directors or committee; and
                            ``(iv) has been, continuously, from the 
                        time of the execution of the agreement, an 
                        official record of the depository institution.
                    ``(B) Exception to contemporaneous execution 
                requirement.--Notwithstanding section 21D(e)(2), any 
                agreement relating to an extension of credit between a 
                Federal home loan bank or Federal Reserve bank and any 
                insured depository institution which was executed 
                before the extension of credit by such bank to such 
                institution shall be treated as having been executed 
                contemporaneously with such extension of credit for 
                purposes of subparagraph (A).
            ``(10) Payment of claims.--
                    ``(A) In general.--The receiver may, in the 
                receiver's discretion and to the extent funds are 
                available, pay creditor claims which are allowed by the 
                receiver, approved by the Administrator pursuant to a 
                final determination pursuant to paragraph (7) or (8), 
                or determined by the final judgment of any court of 
                competent jurisdiction in such manner and amounts as 
                are authorized under this Act.
                    ``(B) Payment of dividends on claims.--The receiver 
                may, in the receiver's sole discretion, pay dividends 
                on proved claims at any time, and no liability shall 
                attach to the Administrator (in such Administrator's 
                capacity as an agency or receiver), by reason of any 
                such payment, for failure to pay dividends to a 
                claimant whose claim is not proved at the time of any 
                such payment.
            ``(11) Distribution of assets.--
                    ``(A) Subrogated claims; claims of uninsured 
                depositors and other creditors.--The receiver shall--
                            ``(i) retain for the account of the Federal 
                        Deposit Insurance Corporation such portion of 
                        the amounts realized from any liquidation as 
                        may be necessary to satisfy the claim of the 
                        Corporation under section 11(g) of the Federal 
                        Deposit Insurance Act; and
                            ``(ii) pay to depositors and other 
                        creditors the net amounts available for 
                        distribution to them.
                    ``(B) Distribution to shareholders of amounts 
                remaining after payment of all other claims and 
                expenses.--In any case in which funds remain after all 
                depositors, creditors, other claimants, and 
                administrative expenses are paid, the receiver shall 
                distribute such funds to the depository institution's 
                shareholders or members together with the accounting 
                report required under paragraph (15)(B).
            ``(12) Suspension of legal actions.--
                    ``(A) In general.--After the appointment of a 
                conservator or receiver for an insured depository 
                institution, the conservator or receiver may request a 
                stay for a period not to exceed--
                            ``(i) 45 days, in the case of any 
                        conservator; and
                            ``(ii) 90 days, in the case of any 
                        receiver,
                in any judicial action or proceeding to which such 
                institution is or becomes a party.
                    ``(B) Grant of stay by all courts required.--Upon 
                receipt of a request by any conservator or receiver 
                pursuant to subparagraph (A) for a stay of any judicial 
                action or proceeding in any court with jurisdiction of 
                such action or proceeding, the court shall grant such 
                stay as to all parties.
            ``(13) Additional rights and duties.--
                    ``(A) Prior final adjudication.--The Administrator 
                shall abide by any final judgment of any court of 
                competent jurisdiction which was rendered before the 
                appointment of the Administrator as conservator or 
                receiver.
                    ``(B) Rights and remedies of conservator or 
                receiver.--In the event of any appealable judgment, the 
                Administrator as conservator or receiver shall--
                            ``(i) have all the rights and remedies 
                        available to the insured depository institution 
                        (before the appointment of such conservator or 
                        receiver) and the Administrator in its capacity 
                        as an agency, including removal to Federal 
                        court and all appellate rights; and
                            ``(ii) not be required to post any bond in 
                        order to pursue such remedies.
                    ``(C) No attachment or execution.--No attachment or 
                execution may issue by any court upon assets in the 
                possession of the receiver.
                    ``(D) Limitation on judicial review.--Except as 
                otherwise provided in this subsection, no court shall 
                have jurisdiction over--
                            ``(i) any claim or action for payment from, 
                        or any action seeking a determination of rights 
                        with respect to, the assets of any depository 
                        institution for which the Administrator has 
                        been appointed receiver, including assets which 
                        the Administrator may acquire from itself as 
                        such receiver; or
                            ``(ii) any claim relating to any act or 
                        omission of such institution or the 
                        Administrator as receiver.
                    ``(E) Disposition of assets.--In exercising any 
                right, power, privilege, or authority as conservator or 
                receiver in connection with any sale or disposition of 
                assets of any insured depository institution for which 
                the Administrator has been appointed conservator or 
                receiver, including any sale or disposition of assets 
                acquired by the Administrator under paragraph (14), the 
                Administrator shall conduct the operations of the 
                Agency in a manner which--
                            ``(i) maximizes the net present value 
                        return from the sale or disposition of such 
                        assets;
                            ``(ii) minimizes the amount of any loss 
                        realized in the resolution of cases;
                            ``(iii) ensures adequate competition and 
                        fair and consistent treatment of offerors;
                            ``(iv) prohibits discrimination on the 
                        basis of race, sex, or ethnic groups in the 
                        solicitation and consideration of offers; and
                            ``(v) maximizes the preservation of the 
                        availability and affordability of residential 
                        real property for low- and moderate-income 
                        individuals.
            ``(14) Statute of limitations for actions brought by 
        conservator or receiver.--
                    ``(A) In general.--Notwithstanding any provision of 
                any contract, the applicable statute of limitations 
                with regard to any action brought by the Administrator 
                as conservator or receiver shall be--
                            ``(i) in the case of any contract claim, 
                        the longer of--
                                    ``(I) the 6-year period beginning 
                                on the date the claim accrues; or
                                    ``(II) the period applicable under 
                                State law; and
                            ``(ii) in the case of any tort claim, the 
                        longer of--
                                    ``(I) the 3-year period beginning 
                                on the date the claim accrues; or
                                    ``(II) the period applicable under 
                                State law.
                    ``(B) Determination of the date on which a claim 
                accrues.--For purposes of subparagraph (A), the date on 
                which the statute of limitation begins to run on any 
                claim described in such subparagraph shall be the later 
                of--
                            ``(i) the date of the appointment of the 
                        Administrator as conservator or receiver; or
                            ``(ii) the date on which the cause of 
                        action accrues.
            ``(15) Accounting and recordkeeping requirements.--
                    ``(A) In general.--The Administrator as conservator 
                or receiver shall, consistent with the accounting and 
                reporting practices and procedures established by the 
                Administrator, maintain a full accounting of each 
                conservatorship and receivership or other disposition 
                of institutions in default.
                    ``(B) Annual accounting or report.--With respect to 
                each conservatorship or receivership to which the 
                Administrator was appointed, the Administrator shall 
                make an annual accounting or report, as appropriate, 
                available to the Secretary of the Treasury, the 
                Comptroller General of the United States, and the 
                authority which appointed the Administrator as 
                conservator or receiver.
                    ``(C) Availability of reports.--Any report prepared 
                pursuant to subparagraph (B) shall be made available by 
                the Administrator upon request to any shareholder of 
                the depository institution for which the Administrator 
                was appointed conservator or receiver or any other 
                member of the public.
                    ``(D) Recordkeeping requirement.--After the end of 
                the 6-year period beginning on the date the 
                Administrator is appointed as receiver of an insured 
                depository institution, the Administrator may destroy 
                any records of such institution which the 
                Administrator, in the Administrator's discretion, 
                determines to be unnecessary unless--
                            ``(i) the Administrator is directed not to 
                        do so by a court of competent jurisdiction or 
                        governmental agency; or
                            ``(ii) the destruction of such record is 
                        prohibited by law.
            ``(16) Contracts with state housing finance authorities.--
                    ``(A) In general.--The Administrator may enter into 
                contracts with any State housing finance authority for 
                the sale of mortgage-related assets (as such terms are 
                defined in section 1301 of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989) of any 
                depository institution in default (including assets and 
                liabilities associated with any trust business), such 
                contracts to be effective in accordance with their 
                terms without any further approval, assignment, or 
                consent with respect thereto.
                    ``(B) Factors to consider.--In evaluating the 
                disposition of mortgage-related assets to any State 
                housing finance authority the Administrator shall 
                consider--
                            ``(i) the State housing finance authority's 
                        ability to acquire and service current, 
                        delinquent, and defaulted mortgage related 
                        assets;
                            ``(ii) the State housing finance 
                        authority's ability to further national housing 
                        policies;
                            ``(iii) the State housing finance 
                        authority's sensitivity to the impact of the 
                        sale of mortgage related assets upon the State 
                        and local communities;
                            ``(iv) the costs to the Federal Government 
                        associated with alternative ownership or 
                        dispositions of the mortgage related assets;
                            ``(v) the minimization of future guaranties 
                        which may be required of the Federal 
                        Government;
                            ``(vi) the maximization of mortgage related 
                        asset values; and
                            ``(vii) the utilization of institutions 
                        currently established in mortgage related asset 
                        market activities.
            ``(17) Fraudulent transfers.--
                    ``(A) In general.--The Administrator, as 
                conservator or receiver for any insured depository 
                institution, and any conservator appointed by the 
                Comptroller of the Currency or the Director of the 
                Office of Thrift Supervision may avoid a transfer of 
                any interest of an institution-affiliated party, or any 
                person who the Administrator or conservator determines 
                is a debtor of the institution, in property, or any 
                obligation incurred by such party or person, that was 
                made within 5 years of the date on which the 
                Administrator or conservator was appointed conservator 
                or receiver if such party or person voluntarily or 
                involuntarily made such transfer or incurred such 
                liability with the intent to hinder, delay, or defraud 
                the insured depository institution, the Administrator 
                or other conservator, or any other appropriate Federal 
                banking agency.
                    ``(B) Right of recovery.--To the extent a transfer 
                is avoided under subparagraph (A), the Administrator or 
                any conservator described in such subparagraph may 
                recover, for the benefit of the insured depository 
                institution, the property transferred, or, if a court 
                so orders, the value of such property (at the time of 
                such transfer) from--
                            ``(i) the initial transferee of such 
                        transfer or the institution-affiliated party or 
                        person for whose benefit such transfer was 
                        made; or
                            ``(ii) any immediate or mediate transferee 
                        of any such initial transferee.
                    ``(C) Rights of transferee or obligee.--The 
                Administrator or any conservator described in 
                subparagraph (A) may not recover under subparagraph (B) 
                from--
                            ``(i) any transferee that takes for value, 
                        including satisfaction or securing of a present 
                        or antecedent debt, in good faith; or
                            ``(ii) any immediate or mediate good faith 
                        transferee of such transferee.
                    ``(D) Rights under this paragraph.--The rights 
                under this paragraph of the Administrator and any 
                conservator described in subparagraph (A) shall be 
                superior to any rights of a trustee or any other party 
                (other than any party which is a Federal agency) under 
                title 11, United States Code.
            ``(18) Attachment of assets and other injunctive relief.--
        Subject to paragraph (19), any court of competent jurisdiction 
        may, at the request of--
                    ``(A) the Administrator (in the Administrator's 
                capacity as conservator or receiver for any insured 
                depository institution or in the Administrator's 
                capacity as an agency with respect to any asset 
                acquired by, or liability assumed by, the Administrator 
                under this section, section 21D of this Act, or section 
                13 of the Federal Deposit Insurance Act); or
                    ``(B) any conservator appointed by the Comptroller 
                of the Currency or the Director of the Office of Thrift 
                Supervision,
        issue an order in accordance with Rule 65 of the Federal Rules 
        of Civil Procedure, including an order placing the assets of 
        any person designated by the Administrator or such conservator 
        under the control of the court and appointing a trustee to hold 
        such assets.
            ``(19) Standards.--
                    ``(A) Showing.--Rule 65 of the Federal Rules of 
                Civil Procedure shall apply with respect to any 
                proceeding under paragraph (18) without regard to the 
                requirement of such rule that the applicant show that 
                the injury, loss, or damage is irreparable and 
                immediate.
                    ``(B) State proceeding.--If, in the case of any 
                proceeding in a State court, the court determines that 
                rules of civil procedure available under the laws of 
                such State provide substantially similar protections to 
                such party's right to due process as Rule 65 (as 
                modified with respect to such proceeding by 
                subparagraph (A)), the relief sought by the 
                Administrator or a conservator pursuant to paragraph 
                (18) may be requested under the laws of such State.
    ``(c) Provisions Relating to Contracts Entered Into Before 
Appointment of Conservator or Receiver.--
            ``(1) Authority to repudiate contracts.--In addition to any 
        other rights a conservator or receiver may have, the 
        conservator or receiver for any insured depository institution 
        may disaffirm or repudiate any contract or lease--
                    ``(A) to which such institution is a party;
                    ``(B) the performance of which the conservator or 
                receiver, in the conservator's or receiver's 
                discretion, determines to be burdensome; and
                    ``(C) the disaffirmance or repudiation of which the 
                conservator or receiver determines, in the 
                conservator's or receiver's discretion, will promote 
                the orderly administration of the institution's 
                affairs.
            ``(2) Timing of repudiation.--The conservator or receiver 
        appointed for any insured depository institution in accordance 
        with subsection (a) shall determine whether or not to exercise 
        the rights of repudiation under this subsection within a 
        reasonable period following such appointment.
            ``(3) Claims for damages for repudiation.--
                    ``(A) In general.--Except as otherwise provided in 
                subparagraph (C) and paragraphs (4), (5), and (6), the 
                liability of the conservator or receiver for the 
                disaffirmance or repudiation of any contract pursuant 
                to paragraph (1) shall be--
                            ``(i) limited to actual direct compensatory 
                        damages; and
                            ``(ii) determined as of--
                                    ``(I) the date of the appointment 
                                of the conservator or receiver; or
                                    ``(II) in the case of any contract 
                                or agreement referred to in paragraph 
                                (8), the date of the disaffirmance or 
                                repudiation of such contract or 
                                agreement.
                    ``(B) No liability for other damages.--For purposes 
                of subparagraph (A), the term `actual direct 
                compensatory damages' does not include--
                            ``(i) punitive or exemplary damages;
                            ``(ii) damages for lost profits or 
                        opportunity; or
                            ``(iii) damages for pain and suffering.
                    ``(C) Measure of damages for repudiation of 
                financial contracts.--In the case of any qualified 
                financial contract or agreement to which paragraph (8) 
                applies, compensatory damages shall be--
                            ``(i) deemed to include normal and 
                        reasonable costs of cover or other reasonable 
                        measures of damages utilized in the industries 
                        for such contract and agreement claims; and
                            ``(ii) paid in accordance with this 
                        subsection and subsection (g) except as 
                        otherwise specifically provided in this 
                        section.
            ``(4) Leases under which the institution is the lessee.--
                    ``(A) In general.--If the conservator or receiver 
                disaffirms or repudiates a lease under which the 
                insured depository institution was the lessee, the 
                conservator or receiver shall not be liable for any 
                damages (other than damages determined pursuant to 
                subparagraph (B)) for the disaffirmance or repudiation 
                of such lease.
                    ``(B) Payments of rent.--Notwithstanding 
                subparagraph (A), the lessor under a lease to which 
                such subparagraph applies shall--
                            ``(i) be entitled to the contractual rent 
                        accruing before the later of the date--
                                    ``(I) the notice of disaffirmance 
                                or repudiation is mailed; or
                                    ``(II) the disaffirmance or 
                                repudiation becomes effective,
                        unless the lessor is in default or breach of 
                        the terms of the lease;
                            ``(ii) have no claim for damages under any 
                        acceleration clause or other penalty provision 
                        in the lease; and
                            ``(iii) have a claim for any unpaid rent, 
                        subject to all appropriate offsets and 
                        defenses, due as of the date of the appointment 
                        which shall be paid in accordance with this 
                        subsection and subsection (i).
            ``(5) Leases under which the institution is the lessor.--
                    ``(A) In general.--If the conservator or receiver 
                repudiates an unexpired written lease of real property 
                of the insured depository institution under which the 
                institution is the lessor and the lessee is not, as of 
                the date of such repudiation, in default, the lessee 
                under such lease may either--
                            ``(i) treat the lease as terminated by such 
                        repudiation; or
                            ``(ii) remain in possession of the 
                        leasehold interest for the balance of the term 
                        of the lease unless the lessee defaults under 
                        the terms of the lease after the date of such 
                        repudiation.
                    ``(B) Provisions applicable to lessee remaining in 
                possession.--If any lessee under a lease described in 
                subparagraph (A) remains in possession of a leasehold 
                interest pursuant to clause (ii) of such subparagraph--
                            ``(i) the lessee--
                                    ``(I) shall continue to pay the 
                                contractual rent pursuant to the terms 
                                of the lease after the date of the 
                                repudiation of such lease;
                                    ``(II) may offset against any rent 
                                payment which accrues after the date of 
                                the repudiation of the lease, any 
                                damages which accrue after such date 
                                due to the nonperformance of any 
                                obligation of the insured depository 
                                institution under the lease after such 
                                date; and
                            ``(ii) the conservator or receiver shall 
                        not be liable to the lessee for any damages 
                        arising after such date as a result of the 
                        repudiation other than the amount of any offset 
                        allowed under clause (i)(II).
            ``(6) Contracts for the sale of real property.--
                    ``(A) In general.--If the conservator or receiver 
                repudiates any contract (which meets the requirements 
                of each clause of subsection (b)(9)(A)) for the sale of 
                real property and the purchaser of such real property 
                under such contract is in possession and is not, as of 
                the date of such repudiation, in default, such 
                purchaser may either--
                            ``(i) treat the contract as terminated by 
                        such repudiation; or
                            ``(ii) remain in possession of such real 
                        property.
                    ``(B) Provisions applicable to purchaser remaining 
                in possession.--If any purchaser of real property under 
                any contract described in subparagraph (A) remains in 
                possession of such property pursuant to clause (ii) of 
                such subparagraph--
                            ``(i) the purchaser--
                                    ``(I) shall continue to make all 
                                payments due under the contract after 
                                the date of the repudiation of the 
                                contract; and
                                    ``(II) may offset against any such 
                                payments any damages which accrue after 
                                such date due to the nonperformance 
                                (after such date) of any obligation of 
                                the depository institution under the 
                                contract; and
                            ``(ii) the conservator or receiver shall--
                                    ``(I) not be liable to the 
                                purchaser for any damages arising after 
                                such date as a result of the 
                                repudiation other than the amount of 
                                any offset allowed under clause 
                                (i)(II);
                                    ``(II) deliver title to the 
                                purchaser in accordance with the 
                                provisions of the contract; and
                                    ``(III) have no obligation under 
                                the contract other than the performance 
                                required under subclause (II).
                    ``(C) Assignment and sale allowed.--
                            ``(i) In general.--No provision of this 
                        paragraph shall be construed as limiting the 
                        right of the conservator or receiver to assign 
                        the contract described in subparagraph (A) and 
                        sell the property subject to the contract and 
                        the provisions of this paragraph.
                            ``(ii) No liability after assignment and 
                        sale.--If an assignment and sale described in 
                        clause (i) is consummated, the conservator or 
                        receiver shall have no further liability under 
                        the contract described in subparagraph (A) or 
                        with respect to the real property which was the 
                        subject of such contract.
            ``(7) Provisions applicable to service contracts.--
                    ``(A) Services performed before appointment.--In 
                the case of any contract for services between any 
                person and any insured depository institution for which 
                the Administrator has been appointed conservator or 
                receiver, any claim of such person for services 
                performed before the appointment of the conservator or 
                the receiver shall be--
                            ``(i) a claim to be paid in accordance with 
                        subsections (b) and (g); and
                            ``(ii) deemed to have arisen as of the date 
                        the conservator or receiver was appointed.
                    ``(B) Services performed after appointment and 
                prior to repudiation.--If, in the case of any contract 
                for services described in subparagraph (A), the 
                conservator or receiver accepts performance by the 
                other person before the conservator or receiver makes 
                any determination to exercise the right of repudiation 
                of such contract under this section--
                            ``(i) the other party shall be paid under 
                        the terms of the contract for the services 
                        performed; and
                            ``(ii) the amount of such payment shall be 
                        treated as an administrative expense of the 
                        conservatorship or receivership.
                    ``(C) Acceptance of performance no bar to 
                subsequent repudiation.--The acceptance by any 
                conservator or receiver of services referred to in 
                subparagraph (B) in connection with a contract 
                described in such subparagraph shall not affect the 
                right of the conservator or receiver to repudiate such 
                contract under this section at any time after such 
                performance.
            ``(8) Certain qualified financial contracts.--
                    ``(A) Rights of parties to contracts.--Subject to 
                paragraph (10) of this subsection and notwithstanding 
                any other provision of this Act (other than subsection 
                (b)(9) and section 21D(e)), any other Federal law, or 
                the law of any State, no person shall be stayed or 
                prohibited from exercising--
                            ``(i) any right to cause the termination or 
                        liquidation of any qualified financial contract 
                        with an insured depository institution which 
                        arises upon the appointment of the 
                        Administrator as receiver for such institution 
                        at any time after such appointment;
                            ``(ii) any right under any security 
                        arrangement relating to any contract or 
                        agreement described in clause (i); or
                            ``(iii) any right to offset or net out any 
                        termination value, payment amount, or other 
                        transfer obligation arising under or in 
                        connection with 1 or more contracts and 
                        agreements described in clause (i), including 
                        any master agreement for such contracts or 
                        agreements.
                    ``(B) Applicability of other provisions.--
                Subsection (b)(12) shall apply in the case of any 
                judicial action or proceeding brought against any 
                receiver referred to in subparagraph (A), or the 
                insured depository institution for which such receiver 
                was appointed, by any party to a contract or agreement 
                described in subparagraph (A)(i) with such institution.
                    ``(C) Certain transfers not avoidable.--
                            ``(i) In general.--Notwithstanding 
                        paragraph (11), the Administrator, whether 
                        acting as such or as conservator or receiver of 
                        an insured depository institution, may not 
                        avoid any transfer of money or other property 
                        in connection with any qualified financial 
                        contract with an insured depository 
                        institution.
                            ``(ii) Exception for certain transfers.--
                        Clause (i) shall not apply to any transfer of 
                        money or other property in connection with any 
                        qualified financial contract with an insured 
                        depository institution if the Administrator 
                        determines that the transferee had actual 
                        intent to hinder, delay, or defraud such 
                        institution, the creditors of such institution, 
                        or any conservator or receiver appointed for 
                        such institution.
                    ``(D) Certain contracts and agreements defined.--
                For purposes of this subsection--
                            ``(i) Qualified financial contract.--The 
                        term `qualified financial contract' means any 
                        securities contract, commodity contract, 
                        forward contract, repurchase agreement, swap 
                        agreement, and any similar agreement that the 
                        Administrator determines by regulation to be a 
                        qualified financial contract for purposes of 
                        this paragraph.
                            ``(ii) Securities contract.--The term 
                        `securities contract'--
                                    ``(I) has the meaning given to such 
                                term in section 741(7) of title 11, 
                                United States Code, except that the 
                                term `security' (as used in such 
                                section) shall be deemed to include any 
                                mortgage loan, any mortgage-related 
                                security (as defined in section 
                                3(a)(41) of the Securities Exchange Act 
                                of 1934), and any interest in any 
                                mortgage loan or mortgage-related 
                                security; and
                                    ``(II) does not include any 
                                participation in a commercial mortgage 
                                loan unless the Administrator 
                                determines by regulation, resolution, 
                                or order to include any such 
                                participation within the meaning of 
                                such term.
                            ``(iii) Commodity contract.--The term 
                        `commodity contract' has the meaning given to 
                        such term in section 761(4) of title 11, United 
                        States Code.
                            ``(iv) Forward contract.--The term `forward 
                        contract' has the meaning given to such term in 
                        section 101(24) of title 11, United States 
                        Code.
                            ``(v) Repurchase agreement.--The term 
                        `repurchase agreement'--
                                    ``(I) has the meaning given to such 
                                term in section 101(41) of title 11, 
                                the United States Code, except that the 
                                items (as described in such section) 
                                which may be subject to any such 
                                agreement shall be deemed to include 
                                mortgage-related securities (as such 
                                term is defined in section 3(a)(41) of 
                                the Securities Exchange Act of 1934), 
                                any mortgage loan, and any interest in 
                                any mortgage loan; and
                                    ``(II) does not include any 
                                participation in a commercial mortgage 
                                loan unless the Administrator 
                                determines by regulation, resolution, 
                                or order to include any such 
                                participation within the meaning of 
                                such term.
                            ``(vi) Swap agreement.--The term `swap 
                        agreement'--
                                    ``(I) means any agreement, 
                                including the terms and conditions 
                                incorporated by reference in any such 
                                agreement, which is a rate swap 
                                agreement, basis swap, commodity swap, 
                                forward rate agreement, interest rate 
                                future, interest rate option purchased, 
                                forward foreign exchange agreement, 
                                rate cap agreement, rate floor 
                                agreement, rate collar agreement, 
                                currency swap agreement, cross-currency 
                                rate swap agreement, currency future, 
                                or currency option purchased or any 
                                other similar agreement, and
                                    ``(II) includes any combination of 
                                such agreements and any option to enter 
                                into any such agreement.
                            ``(vii) Treatment of master agreement as 1 
                        swap agreement.--Any master agreement for any 
                        agreements described in clause (vi)(I) together 
                        with all supplements to such master agreement 
                        shall be treated as 1 swap agreement.
                            ``(viii) Transfer.--The term `transfer' has 
                        the meaning given to such term in section 
                        101(50) of title 11, United States Code.
                    ``(E) Certain protections in event of appointment 
                of conservator.--Notwithstanding any other provision of 
                this Act (other than paragraph (12) of this subsection 
                and subsection (b)(9)), any other Federal law, or the 
                law of any State, no person shall be stayed or 
                prohibited from exercising--
                            ``(i) any right such person has to cause 
                        the termination, liquidation, or acceleration 
                        of any qualified financial contract with a 
                        depository institution in a conservatorship 
                        based upon a default under such financial 
                        contract which is enforceable under applicable 
                        noninsolvency law;
                            ``(ii) any right under any security 
                        arrangement relating to such qualified 
                        financial contracts; or
                            ``(iii) any right to offset or net out any 
                        termination values, payment amounts, or other 
                        transfer obligations arising under or in 
                        connection with such qualified financial 
                        contracts.
            ``(9) Transfer of qualified financial contracts.--In making 
        any transfer of assets or liabilities of a depository 
        institution in default which includes any qualified financial 
        contract, the conservator or receiver for such depository 
        institution shall either--
                    ``(A) transfer to 1 depository institution (other 
                than a depository institution in default)--
                            ``(i) all qualified financial contracts 
                        between--
                                    ``(I) any person or any affiliate 
                                of such person; and
                                    ``(II) the depository institution 
                                in default;
                            ``(ii) all claims of such person or any 
                        affiliate of such person against such 
                        depository institution under any such contract 
                        (other than any claim which, under the terms of 
                        any such contract, is subordinated to the 
                        claims of general unsecured creditors of such 
                        institution);
                            ``(iii) all claims of such depository 
                        institution against such person or any 
                        affiliate of such person under any such 
                        contract; and
                            ``(iv) all property securing any claim 
                        described in clause (ii) or (iii) under any 
                        such contract; or
                    ``(B) transfer none of the financial contracts, 
                claims, or property referred to in subparagraph (A) 
                (with respect to such person and any affiliate of such 
                person).
            ``(10) Notification of transfer.--
                    ``(A) In general.--If--
                            ``(i) the conservator or receiver for an 
                        insured depository institution in default makes 
                        any transfer of the assets and liabilities of 
                        such institution; and
                            ``(ii) the transfer includes any qualified 
                        financial contract,
                the conservator or receiver shall use such 
                conservator's or receiver's best efforts to notify any 
                person who is a party to any such contract of such 
                transfer by 12:00, noon (local time) on the business 
                day following such transfer.
                    ``(B) Business day defined.--For purposes of this 
                paragraph, the term `business day' means any day other 
                than any Saturday, Sunday, or any day on which either 
                the New York Stock Exchange or the Federal Reserve Bank 
                of New York is closed.
            ``(11) Certain security interests not avoidable.--No 
        provision of this subsection shall be construed as permitting 
        the avoidance of any legally enforceable or perfected security 
        interest in any of the assets of any depository institution 
        except where such an interest is taken in contemplation of the 
        institution's insolvency or with the intent to hinder, delay, 
        or defraud the institution or the creditors of such 
        institution.
            ``(12) Authority to enforce contracts.--
                    ``(A) In general.--The conservator or receiver may 
                enforce any contract, other than a director's or 
                officer's liability insurance contract or a depository 
                institution bond, entered into by the depository 
                institution notwithstanding any provision of the 
                contract providing for termination, default, 
                acceleration, or exercise of rights upon, or solely by 
                reason of, insolvency or the appointment of a 
                conservator or receiver.
                    ``(B) Certain rights not affected.--No provision of 
                this paragraph may be construed as impairing or 
                affecting any right of the conservator or receiver to 
                enforce or recover under a directors or officers 
                liability insurance contract or depository institution 
                bond under other applicable law.
            ``(13) Exception for federal reserve and federal home loan 
        banks.--No provision of this subsection shall apply with 
        respect to--
                    ``(A) any extension of credit from any Federal home 
                loan bank or Federal Reserve bank to any insured 
                depository institution; or
                    ``(B) any security interest in the assets of the 
                institution securing any such extension of credit.
    ``(d) Payment of Insured Deposits.--
            ``(1) In general.--In case of the liquidation of, or other 
        closing or winding up of the affairs of, any insured depository 
        institution, payment of the insured deposits in such 
        institution shall be made by the Administrator as soon as 
        possible, subject to the provisions of subsection (e), either 
        by cash or by making available to each depositor a transferred 
        deposit in a new insured depository institution in the same 
        community or in another insured depository institution in an 
        amount equal to the insured deposit of such depositor.
            ``(2) Request for funds from fdic.--
                    ``(A) In general.--Upon making a determination 
                pursuant to paragraph (1) to pay insured deposits at an 
                insured depository institution which is a Bank 
                Insurance Fund member or a Savings Association 
                Insurance Fund member (including any institution for 
                which the Resolution Trust Corporation had been 
                appointed conservator or receiver under section 21A, as 
                in effect before the date of the enactment of the 
                Revitalization Depository Institution Liquidation 
                Procedures Act of 1993), the Administrator shall 
                request the Federal Deposit Insurance Corporation to 
                transfer to the Administrator the amount required for 
                the Administrator to make such payments.
                    ``(B) Definitions of bif member and saif member.--
                For purposes of subparagraph (A), the terms `Bank 
                Insurance Fund member' and `Savings Association 
                Insurance Fund member' have the meanings given to such 
                terms in paragraphs (4) and (5), respectively, of 
                section 7(l) of the Federal Deposit Insurance Act.
                    ``(C) Amounts paid to new banks and bridge banks.--
                A determination under--
                            ``(i) paragraph (11) or (13) of subsection 
                        (h) of the amount of the insured deposits, 
                        operating expenses, or losses of a new bank; or
                            ``(ii) subsection (i)(5)(B) to make 
                        operating funds available to a bridge bank,
                shall be treated as a determination pursuant to 
                paragraph (1) for purposes of this paragraph.
            ``(3) Proof of claims.--The Administrator, in the 
        Administrator's discretion, may require proof of claims to be 
        filed and may approve or reject such claims for insured 
        deposits.
            ``(4) Resolution of disputes.--
                    ``(A) Resolutions in accordance to agency 
                regulations.--In the case of any disputed claim 
                relating to any insured deposit or any determination of 
                insurance coverage with respect to any deposit, the 
                Administrator may resolve such disputed claim in 
                accordance with regulations prescribed by the 
                Administrator establishing procedures for resolving 
                such claims.
                    ``(B) Adjudication of claims.--If the Administrator 
                has not prescribed regulations establishing procedures 
                for resolving disputed claims, the Administrator may 
                require the final determination of a court of competent 
                jurisdiction before paying any such claim.
            ``(5) Review of administrator's determination.--Final 
        determination made by the Administrator shall be reviewable in 
        accordance with chapter 7 of title 5, United States Code, by 
        the United States Court of Appeals for the District of Columbia 
        or the court of appeals for the Federal judicial circuit where 
        the principal place of business of the depository institution 
        is located.
            ``(6) Statute of limitations.--Any request for review of a 
        final determination by the Administrator shall be filed with 
        the appropriate United States circuit court of appeals not 
        later than 60 days after such determination is ordered.
    ``(e) Subrogation of Agency.--
            ``(1) In general.--Notwithstanding any other provision of 
        Federal law, the law of any State, or the constitution of any 
        State, the Administrator, upon the payment to, or on behalf of, 
        any depositor as provided in subsection (d) in connection with 
        any insured depository institution or insured branch described 
        in such subsection or the assumption of any deposit in such 
        institution or branch by another insured depository institution 
        pursuant to this section or section 13 of the Federal Deposit 
        Insurance Act, shall be subrogated to all rights of the 
        depositor against such institution or branch to the extent of 
        such payment or assumption, subject to paragraph (2).
            ``(2) Claim of fdic.--Any right of the Administrator under 
        subparagraph (A) with respect to any payment to a depositor 
        under subsection (d) shall be subject to any claim of the 
        Federal Deposit Insurance Corporation under section 11(g) of 
        the Federal Deposit Insurance Act with respect to any transfer 
        of funds from the Corporation to the Administrator pursuant to 
        section 11(f) of such Act in connection with such payment.
            ``(3) Dividends on subrogated amounts.--The subrogation of 
        the Administrator under paragraph (1) with respect to any 
        insured depository institution shall include the right on the 
        part of the Administrator to receive the same dividends from 
        the proceeds of the assets of such institution and recoveries 
        on account of stockholders' liability as would have been 
        payable to the depositor on a claim for the insured deposit, 
        but such depositor shall retain such claim for any uninsured or 
        unassumed portion of the deposit.
            ``(4) Waiver of certain claims.--With respect to any bank 
        which closes after May 25, 1938, the Administrator shall waive, 
        in favor only of any person against whom stockholders' 
        individual liability may be asserted, any claim on account of 
        such liability in excess of the liability, if any, to the bank 
        or its creditors, for the amount unpaid upon such stock in such 
        bank; but any such waiver shall be effected in such manner and 
        on such terms and conditions as will not increase recoveries or 
        dividends on account of claims to which the Administrator is 
        not subrogated.
            ``(5) Applicability of state law.--If the Administrator is 
        appointed pursuant to subsection (a)(3), or determines not to 
        invoke the authority conferred in subsection (a)(4), the rights 
        of depositors and other creditors of any State depository 
        institution shall be determined in accordance with the 
        applicable provisions of State law.
    ``(f) Supervisory Records.--In addition to the requirements of 
section 7(a)(2) of the Federal Deposit Insurance Act to provide to the 
Administrator copies of reports of examination and reports of 
condition, whenever the Administrator has been appointed as receiver 
for an insured depository institution, the appropriate Federal banking 
agency shall make available all supervisory records to the receiver 
which may be used by the receiver in any manner the receiver determines 
to be appropriate.
    ``(g) Valuation of Claims in Default.--
            ``(1) In general.--Notwithstanding any other provision of 
        Federal law or the law of any State and regardless of the 
        method which the Administrator determines to utilize with 
        respect to an insured depository institution in default or in 
        danger of default, including transactions authorized under 
        subsection (i) of this section and section 13(c) of the Federal 
        Deposit Insurance Act, this subsection shall govern the rights 
        of the creditors (other than insured depositors) of such 
        institution.
            ``(2) Maximum liability.--The maximum liability of the 
        Administrator, acting as receiver or in any other capacity, to 
        any person having a claim against the receiver or the insured 
        depository institution for which such receiver is appointed 
        shall equal the amount such claimant would have received if the 
        Administrator had liquidated the assets and liabilities of such 
        institution without exercising the Administrator's authority 
        under subsection (i) of this section or section 13 of the 
        Federal Deposit Insurance Act.
            ``(3) Additional payments authorized.--
                    ``(A) In general.--The Administrator may, in the 
                Administrator's discretion and in the interests of 
                minimizing the losses of the Federal Deposit Insurance 
                Corporation, use the Agency's own resources, or request 
                resources from the Federal Deposit Insurance 
                Corporation, to make additional payments or credit 
                additional amounts to or with respect to or for the 
                account of any claimant or category of claimants.
                    ``(B) Source of funds.--
                            ``(i) Bank insurance fund.--If the 
                        depository institution in default is a Bank 
                        Insurance Fund member, the Federal Deposit 
                        Insurance Corporation may only make funds 
                        available to the Administrator for payments 
                        under subparagraph (A) out of funds held in the 
                        Bank Insurance Fund.
                            ``(ii) Savings association insurance 
                        fund.--If the depository institution in default 
                        is a Savings Association Insurance Fund member 
                        (including institutions for which the 
                        Resolution Trust Corporation was appointed as a 
                        conservator or receiver before such corporation 
                        was abolished), the Federal Deposit Insurance 
                        Corporation may only make funds available to 
                        the Administrator for payments under 
                        subparagraph (A) out of funds held in the 
                        Savings Association Insurance Fund.
                            ``(iii) Associations subject to fslic 
                        resolution fund.--If the depository institution 
                        in default is an institution for which the 
                        Administrator has been appointed conservator or 
                        receiver under section 11A(a)(5) of the Federal 
                        Deposit Insurance Act, funds for the 
                        institution shall be obtained by the 
                        Administrator from--
                                    ``(I) the Administrator's own 
                                resources under subsections (b) and (c) 
                                of section 11A of the Federal Deposit 
                                Insurance Act; and
                                    ``(II) the Federal Deposit 
                                Insurance Corporation out of funds held 
                                in the Savings Association Insurance 
                                Fund.
                    ``(C) Manner of payment.--The Administrator may 
                make the payments or credit the amounts specified in 
                subparagraph (A) directly to the claimants or may make 
                such payments or credit such amounts to an open insured 
                depository institution to induce such institution to 
                accept liability for such claims.
                    ``(D) Limit on additional liability.-- 
                Notwithstanding any other provision of Federal or State 
                law, or the constitution of any State, the 
                Administrator shall not be obligated, as a result of 
                having made any such payment or credited any amount 
                under subparagraph (A) to or with respect to or for the 
                account of any claimant or category of claimants, to 
                make payments to any other claimant or category of 
                claimants.
    ``(h) New Banks.--
            ``(1) Organization authorized.--As soon as possible after 
        the default of an insured bank, the Administrator, if it finds 
        that it is advisable and in the interest of the depositors of 
        the insured bank in default or the public shall organize a new 
        national bank in the same community as the bank in default to 
        assume the insured deposits of such bank in default and 
        otherwise to perform temporarily the functions hereinafter 
        provided for.
            ``(2) Articles of association.--The articles of association 
        and the organization certificate of the new bank shall be 
        executed by representatives designated by the Administrator.
            ``(3) Capital stock.--No capital stock need be paid in by 
        the Administrator.
            ``(4) Executive officer.--The new bank shall not have a 
        board of directors, but shall be managed by an executive 
        officer appointed by the Administrator who shall be subject to 
        the Administrator's direction.
            ``(5) Subject to laws relating to national banks.--In all 
        other respects, the new bank shall be organized in accordance 
        with the provisions of law relating to the organization of 
        national banks, as in effect on the date of organization.
            ``(6) New deposits.--The new bank may, with the approval of 
        the Administrator, accept new deposits which shall be subject 
        to withdrawal on demand and which, except where the new bank is 
        the only bank in the community, shall not exceed $100,000 from 
        any depositor.
            ``(7) Insured status.--The new bank, without application to 
        or approval by the Federal Deposit Insurance Corporation, shall 
        be an insured depository institution and shall maintain on 
        deposit with the Federal Reserve bank of the new bank's 
        district reserves in the amount required by law for member 
        banks, but the new bank shall not be required to subscribe for 
        stock of the Federal Reserve bank.
            ``(8) Investments.--Funds of the new bank shall be kept on 
        hand in cash, invested in obligations of the United States or 
        obligations guaranteed as to principal and interest by the 
        United States, or deposited with the Administrator, any Federal 
        Reserve bank, or, to the extent of the insurance coverage on 
        any such deposit, an insured depository institution.
            ``(9) Conduct of business.--The new bank, unless otherwise 
        authorized by the Comptroller of the Currency, shall transact 
        business only as authorized by this Act and as may be 
        incidental to the new bank's organization.
            ``(10) Exempt status.--Notwithstanding any other provision 
        of Federal or State law, the new bank and the bank's franchise, 
        property, and income shall be exempt from all taxation now or 
        hereafter imposed by the United States, by any territory, 
        dependency, or possession of the United States, or by any 
        State, county, municipality, or local taxing authority.
            ``(11) Transfer of deposits.--
                    ``(A) In general.--Upon the organization of a new 
                bank, the Administrator shall--
                            ``(i) promptly make available to the new 
                        bank an amount equal to the estimated insured 
                        deposits of the bank in default plus the 
                        estimated amount of the expenses of operating 
                        the bank; and
                            ``(ii) determine as soon as possible the 
                        amount due each depositor for the depositor's 
                        insured deposit in the bank in default, and the 
                        total expenses of operation of the new bank.
                    ``(B) Adjustments.--Upon making any determination 
                under subparagraph (A)(ii), the Administrator shall 
                adjust the amounts which were estimated and made 
                available pursuant to subparagraph (A)(i) so as to 
                conform to the amounts so determined.
            ``(12) Earnings.--Earnings of the new bank shall be paid 
        over or credited to the Administrator and treated as amounts 
        received from a liquidation for purposes of subsection 
        (b)(11)(A).
            ``(13) Losses.--If any new bank, during the period the bank 
        remains a new bank under this subsection, sustains any losses 
        with respect to which the bank is not effectively protected 
        from loss (other than by reason of being an insured bank), the 
        Administrator shall furnish to the bank additional funds in the 
        amount of such losses.
            ``(14) Payment of insured deposits.--
                    ``(A) Assumption of transferred deposits.--A new 
                bank shall assume, as transferred deposits, the payment 
                of the insured deposits of the depositors of the bank 
                in default to each of the depositors of the bank in 
                default.
                    ``(B) Transfers for operational expenses and 
                liquidity purposes.--Of the amounts so made available, 
                the Administrator shall transfer to the new bank, in 
                cash, such sums as may be necessary to enable the bank 
                to meet the bank's expenses of operation and immediate 
                cash demands on such transferred deposits, and the 
                remainder of such amounts shall be subject to 
                withdrawal by the new bank on demand.
            ``(15) Issuance of stock.--
                    ``(A) In general.--The Administrator may provide 
                for capital stock of the new bank to be offered for 
                sale on such terms and conditions as the Administrator 
                determines to be advisable and in an amount sufficient, 
                in the opinion of the Administrator, to allow the 
                business of the new bank to be conducted on a sound 
                basis, but in no event less than that required by 
                section 5138 of the Revised Statutes for the 
                organization of a national bank in the place where such 
                new bank is located.
                    ``(B) First right of purchase.--The stockholders of 
                the insured bank in default shall be given the first 
                opportunity to purchase, in an offering under 
                subparagraph (A), any shares of common stock of the new 
                bank.
            ``(16) Issuance of certificate.--
                    ``(A) Organization of successor national bank.--
                Upon proof that an adequate amount of capital stock in 
                the new bank has been subscribed and paid for in cash, 
                the Comptroller of the Currency shall require the 
                articles of association and the organization 
                certificate of the new bank to be amended to conform to 
                the requirements for the organization of a national 
                bank.
                    ``(B) Authority of successor bank to commence 
                business.--When the amendments required to be made by a 
                new bank under subparagraph (A) have been made and the 
                requirements of law with respect to the organization of 
                a national bank have been complied with by such bank, 
                the Comptroller of the Currency shall issue to the bank 
                a certificate of authority to commence business.
                    ``(C) Change of status.--Upon the issuance of a 
                certificate of authority to commence business to a new 
                bank under subparagraph (B), the bank--
                            ``(i) shall cease to have the status of a 
                        new bank;
                            ``(ii) shall be managed by directors 
                        elected by the bank's own shareholders;
                            ``(iii) may exercise all the powers granted 
                        by law to a national bank;
                            ``(iv) shall be subject to all provisions 
                        of law relating to national banks; and
                            ``(v) shall continue to be an insured bank 
                        without application to or approval by the 
                        Federal Deposit Insurance Corporation.
            ``(17) Transfer to other institution.--If the capital stock 
        of the new bank is not offered for sale, or if an adequate 
        amount of capital for such new bank is not subscribed and paid 
        for, the Administrator--
                    ``(A) may offer to transfer the new bank's business 
                to any insured depository institution in the same 
                community which will--
                            ``(i) take over the bank's assets;
                            ``(ii) assume the new bank's liabilities; 
                        and
                            ``(iii) pay to the Administrator for such 
                        business such amount as the Administrator may 
                        deem adequate; or
                    ``(B) in the Administrator's discretion, may--
                            ``(i) change the location of the new bank 
                        to--
                                    ``(I) an office of the Agency; or
                                    ``(II) to some other place; or
                            ``(ii) at any time, wind up the bank's 
                        affairs as provided in this section.
            ``(18) Winding up.--
                    ``(A) In general.--If the capital stock of the new 
                bank is not sold or the bank is not acquired (as 
                defined in section 13(f)(8)(B) of the Federal Deposit 
                Insurance Act) before the end of the 2-year period 
                beginning on the date of the organization of the new 
                bank, the Administrator shall--
                            ``(i) wind up the affairs of such bank, 
                        after giving such notice as the Comptroller of 
                        the Currency may require;
                            ``(ii) terminate the bank;
                            ``(iii) certify to the Comptroller of the 
                        Currency the termination of the new bank.
                    ``(B) Agency as successor to terminated bank.--
                After the termination of a new bank under subparagraph 
                (A), the Administrator shall be liable for the 
                obligations of such bank and shall be the owner of the 
                banks assets.
            ``(19) Applicability of certain laws.--The provisions of 
        sections 5220 and 5221 of the Revised Statutes shall not apply 
        to a new bank under this subsection.
    ``(i) Bridge Banks.--
            ``(1) Organization.--
                    ``(A) Purpose.--Subject to any other requirement of 
                this subsection, if 1 or more insured banks are in 
                default, or if the Federal Deposit Insurance 
                Corporation determines that 1 or more insured banks are 
                in danger of default (as defined in section 3 of the 
                Federal Deposit Insurance Act), the Administrator may, 
                in the Administrator's discretion (and after notice 
                from the Administrator of any such determination) 
                organize, and the Office of the Comptroller of the 
                Currency shall charter, 1 or more national banks which 
                shall be known as bridge banks and shall have the 
                powers and attributes of national banks.
                    ``(B) Authorities.--Upon the granting of a charter 
                to a bridge bank, the bridge bank may--
                            ``(i) assume such deposits of any insured 
                        bank that is in default or in danger of default 
                        as the Administrator may, in the 
                        Administrator's discretion, determine to be 
                        appropriate, except that if any insured 
                        deposits of a bank are assumed, all insured 
                        deposits of that bank shall be assumed by the 
                        bridge bank or another insured depository 
                        institution;
                            ``(ii) assume such other liabilities 
                        (including liabilities associated with any 
                        trust business) of any insured bank that is in 
                        default or in danger of default as the 
                        Administrator may, in the Administrator's 
                        discretion, determine to be appropriate;
                            ``(iii) purchase such assets (including 
                        assets associated with any trust business) of 
                        any insured bank that is in default or in 
                        danger of default as the Administrator may, in 
                        the Administrator's discretion, determine to be 
                        appropriate; and
                            ``(iv) perform any other temporary function 
                        which the Administrator may, in the 
                        Administrator's discretion, prescribe in 
                        accordance with this Act.
                    ``(C) Articles of association.--The articles of 
                association and organization certificate of a bridge 
                bank as approved by the Administrator shall be executed 
                by 3 representatives designated by the Administrator.
                    ``(D) Interim directors.--A bridge bank shall have 
                an interim board of directors consisting of not fewer 
                than 5 nor more than 10 members appointed by the 
                Administrator.
                    ``(E) National bank.--A bridge bank shall be 
                organized as a national bank.
                    ``(F) Determination of a bank in danger of 
                default.--For purposes of this subsection, the 
                determination that a bank is in danger of default shall 
                be made by the Federal Deposit Insurance Corporation.
            ``(2) Chartering.--
                    ``(A) Conditions.--A national bank may be chartered 
                by the Comptroller of the Currency as a bridge bank 
                only if the Administrator determines that--
                            ``(i) the amount which is reasonably 
                        necessary to operate such bridge bank will not 
                        exceed the amount which is reasonably necessary 
                        to save the cost of liquidating, including 
                        paying the insured accounts of, 1 or more 
                        insured banks in default or in danger of 
                        default with respect to which the bridge bank 
                        is chartered;
                            ``(ii) the continued operation of any 
                        insured bank in default or in danger of default 
                        with respect to which the bridge bank is 
                        chartered is essential to provide adequate 
                        banking services in the community where each 
                        such bank in default or in danger of default is 
                        located; or
                            ``(iii) the continued operation of any such 
                        insured bank in default or in danger of default 
                        with respect to which the bridge bank is 
                        chartered is in the best interest of--
                                    ``(I) the depositors of any such 
                                bank in default or in danger of 
                                default; or
                                    ``(II) the public.
                    ``(B) Insured national bank.--A bridge bank shall 
                be an insured bank from the time the bank is chartered 
                as a national bank.
                    ``(C) Bridge bank treated as being in default for 
                certain purposes.--A bridge bank shall be treated as an 
                insured bank in default at such times and for such 
                purposes as the Administrator may, in the 
                Administrator's discretion, determine to be 
                appropriate.
                    ``(D) Management.--Upon the granting of a charter 
                to a bridge bank, the bridge bank shall be under the 
                management of a board of directors consisting of not 
                fewer than 5 nor more than 10 members appointed by the 
                Administrator.
                    ``(E) Bylaws.--The board of directors of a bridge 
                bank shall adopt such bylaws as may be approved by the 
                Administrator.
            ``(3) Transfer of assets and liabilities.--
                    ``(A) In general.--
                            ``(i) Transfer upon grant of charter.--If a 
                        bridge bank is chartered under this subsection 
                        with respect to an insured bank in default, the 
                        Administrator, as receiver, and any other 
                        receiver appointed with respect to the bank in 
                        default, may transfer any assets and 
                        liabilities of the bank in default to the 
                        bridge bank in accordance with paragraph (1).
                            ``(ii) Subsequent transfers.--At any time 
                        after a charter is granted to a bridge bank, 
                        the Administrator, as receiver, or any other 
                        receiver appointed with respect to an insured 
                        bank in default, may transfer to the bridge 
                        bank any assets and liabilities of the bank in 
                        default as the Administrator may, in the 
                        Administrator's discretion, determine to be 
                        appropriate in accordance with paragraph (1).
                            ``(iii) Treatment of trust business.--For 
                        purposes of this paragraph, the trust business 
                        of any insured bank in default, including any 
                        fiduciary appointment of such bank, shall be 
                        included among and treated as the bank's assets 
                        and liabilities.
                            ``(iv) Effective without approval.--The 
                        transfer of any asset or liability of an 
                        insured bank in default, including any asset or 
                        liability associated with the trust business of 
                        the bank, to a bridge bank shall be effective 
                        without any further approval under Federal or 
                        State law, assignment, or consent with respect 
                        to the transferral.
                    ``(B) Intent of congress regarding continuing 
                operations.--It is the intent of the Congress that, in 
                order to prevent unnecessary hardship or losses to the 
                customers of any insured bank in default with respect 
                to which a bridge bank is chartered, especially 
                creditworthy farmers, small businesses, and households, 
                the Administrator should--
                            ``(i) continue to honor commitments made by 
                        the bank in default to creditworthy customers, 
                        and
                            ``(ii) not interrupt or terminate 
                        adequately secured loans which are transferred 
                        under subparagraph (A) and are being repaid by 
                        the debtor in accordance with the terms of the 
                        loan instrument.
            ``(4) Powers of bridge banks.--Each bridge bank chartered 
        under this subsection shall have all corporate powers of, and 
        be subject to the same provisions of law as, a national bank, 
        except that--
                    ``(A) the Administrator may--
                            ``(i) remove the interim directors and 
                        directors of a bridge bank;
                            ``(ii) fix the compensation of members of 
                        the interim board of directors and the board of 
                        directors and senior management, as determined 
                        by the Administrator in the Administrator's 
                        discretion, of a bridge bank; and
                            ``(iii) waive any requirement established 
                        under section 5145, 5146, 5147, 5148, or 5149 
                        of the Revised Statutes (relating to directors 
                        of national banks) or section 31 of the Banking 
                        Act of 1933 which would otherwise be applicable 
                        with respect to directors of a bridge bank by 
                        operation of paragraph (2)(B);
                    ``(B) the Administrator may indemnify the 
                representatives for purposes of paragraph (1)(B) and 
                the interim directors, officers, employees, and agents 
                of a bridge bank on such terms as the Administrator 
                determines to be appropriate;
                    ``(C) no requirement under section 5138 of the 
                Revised Statutes or any other provision of law relating 
                to the capital of a national bank shall apply with 
                respect to a bridge bank;
                    ``(D) the Comptroller of the Currency may establish 
                a limitation on the extent to which any person may 
                become indebted to a bridge bank without regard to the 
                amount of the bridge bank's capital or surplus;
                    ``(E) the board of directors of a bridge bank--
                            ``(i) shall elect a chairperson who may 
                        also serve in the position of chief executive 
                        officer, except that such person shall not 
                        serve either as chairperson or as chief 
                        executive officer without the prior approval of 
                        the Administrator; and
                            ``(ii) may appoint a chief executive 
                        officer who is not also the chairperson, except 
                        that such person shall not serve as chief 
                        executive officer without the prior approval of 
                        the Administrator;
                    ``(F) a bridge bank shall not be required to 
                purchase stock of any Federal Reserve bank;
                    ``(G) the Comptroller of the Currency shall waive 
                any requirement for a fidelity bond with respect to a 
                bridge bank at the request of the Administrator;
                    ``(H) any judicial action to which a bridge bank 
                becomes a party by virtue of the bridge bank's 
                acquisition of any assets or assumption of any 
                liabilities of a bank in default shall be stayed from 
                further proceedings for a period of up to 45 days at 
                the request of the bridge bank;
                    ``(I) no agreement which tends to diminish or 
                defeat the right, title or interest of a bridge bank in 
                any asset of an insured bank in default acquired by it 
                shall be valid against the bridge bank unless such 
                agreement meets the requirements of subsection 
                (b)(9)(A);
                    ``(J) notwithstanding subsection (b)(9)(A), any 
                agreement relating to an extension of credit between a 
                Federal home loan bank or Federal Reserve bank and any 
                insured depository institution which was executed 
                before the extension of credit by such bank to such 
                depository institution shall be treated as having been 
                executed contemporaneously with such extension of 
                credit for purposes of subparagraph (I); and
                    ``(K) a bridge bank may not, in any transaction or 
                series of transactions, issue capital stock or be a 
                party to any merger, consolidation, disposition of 
                assets or liabilities, sale or exchange of capital 
                stock, or similar transaction, or change the bank's 
                charter without the prior approval of the 
                Administrator.
            ``(5) Capital.--
                    ``(A) No capital required.--The Administrator shall 
                not be required to--
                            ``(i) issue any capital stock on behalf of 
                        a bridge bank chartered under this subsection; 
                        or
                            ``(ii) purchase any capital stock of a 
                        bridge bank, except that notwithstanding any 
                        other provision of Federal or State law, the 
                        Administrator may purchase and retain capital 
                        stock of a bridge bank in such amounts and on 
                        such terms as the Administrator, in the 
                        Administrator's discretion, determines to be 
                        appropriate.
                    ``(B) Operating funds in lieu of capital.--Upon the 
                organization of a bridge bank, and thereafter, as the 
                Administrator may, in the Administrator's discretion, 
                determine to be necessary or advisable, the 
                Administrator may make available to the bridge bank, 
                upon such terms and conditions and in such form and 
                amounts as the Administrator may determine (in the 
                Administrator's discretion), funds for the operation of 
                the bridge bank in lieu of capital.
                    ``(C) Authority to issue capital stock.--The 
                Administrator shall cause capital stock of a bridge 
                bank to be issued and offered for sale in such amounts 
                and on such terms and conditions as the Administrator 
                may, in the Administrator's discretion, determine after 
                making a determination that such an offering is 
                appropriate.
            ``(6) No federal status.--
                    ``(A) Agency status.--A bridge bank shall not be 
                treated as an agency, establishment, or instrumentality 
                of the United States.
                    ``(B) Employee status.--
                            ``(i) No federal employee status.--A person 
                        who serves at the request of the Administrator 
                        as a representative for purposes of paragraph 
                        (1)(B) or who is an interim director, director, 
                        officer, employee, or agent of a bridge bank 
                        shall not be considered to be an officer or 
                        employee of the United States, or of any agency 
                        or instrumentality of the United States, solely 
                        by virtue of service in any such capacity.
                            ``(ii) Status of federal employee on 
                        detail.--Any employee of the Administrator or 
                        of any Federal instrumentality who serves at 
                        the request of the Administrator as a 
                        representative for purposes of paragraph 
                        (1)(B), or is an interim director, director, 
                        officer, employee, or agent of a bridge bank 
                        shall not--
                                    ``(I) solely by virtue of service 
                                in any such capacity lose any existing 
                                status as an officer or employee of the 
                                United States for purposes of title 5, 
                                United States Code, or any other 
                                provision of law; or
                                    ``(II) receive any salary or 
                                benefits for service in any such 
                                capacity with respect to a bridge bank 
                                in addition to such salary or benefits 
                                as are obtained through employment with 
                                the Administrator or such Federal 
                                instrumentality.
            ``(7) Assistance authorized.--The Administrator may, in the 
        Administrator's discretion, provide assistance under section 
        13(c) of the Federal Deposit Insurance Act--
                    ``(A) to facilitate any transaction described in 
                clause (i), (ii), or (iii) of paragraph (10)(A) with 
                respect to any bridge bank in the same manner and to 
                the same extent as such assistance may be provided 
                under such section with respect to an insured bank in 
                default; or
                    ``(B) to facilitate a bridge bank's acquisition of 
                any assets or the assumption of any liabilities of an 
                insured bank in default.
            ``(8) Acquisition.--
                    ``(A) In general.--The responsible agency shall 
                notify the Attorney General of any transaction 
                involving the merger or sale of a bridge bank requiring 
                approval under section 18(c) of the Federal Deposit 
                Insurance Act and, if a report on competitive factors 
                is requested within 10 days, such transaction may not 
                be consummated before the 5th calendar day after the 
                date of approval by the responsible agency (as defined 
                in section 18(c)(2) of the Federal Deposit Insurance 
                Act) with respect to the transaction.
                    ``(B) Exception.--If the responsible agency (as so 
                defined) finds that the agency must act immediately to 
                prevent the probable failure of 1 of the banks 
                involved, subparagraph (A) shall not apply and the 
                transaction may be consummated immediately upon 
                approval by the agency.
                    ``(C) Rule applicable to out-of-state holding 
                companies.--
                            ``(i) In general.--Any depository 
                        institution, including an out-of-State 
                        depository institution, or any out-of-State 
                        depository institution holding company may 
                        acquire and retain the capital stock or assets 
                        of, or otherwise acquire and retain a bridge 
                        bank if the bridge bank at any time had assets 
                        aggregating $500,000,000 or more, as determined 
                        by the Administrator on the basis of the bridge 
                        bank's reports of condition or on the basis of 
                        the last available reports of condition of any 
                        insured bank in default which has been 
                        acquired, or whose assets have been acquired, 
                        by the bridge bank.
                            ``(ii) Form of acquisition.--The acquiring 
                        entity may acquire the bridge bank only in the 
                        same manner and to the same extent as such 
                        entity may acquire an insured bank in default 
                        under section 13(f)(2) of the Federal Deposit 
                        Insurance Act.
            ``(9) Duration of bridge bank.--
                    ``(A) In general.--Subject to subparagraph (B) and 
                paragraphs (11) and (12), the status of a bridge bank 
                as such shall terminate at the end of the 2-year period 
                following the date it was granted a charter.
                    ``(B) Extension of period.--The Administrator may, 
                in the Administrator's discretion, extend the status of 
                the bridge bank as such for 3 additional 1-year 
                periods.
            ``(10) Termination of bridge bank status.--The status of 
        any bridge bank, as such, shall terminate upon the earliest 
        of--
                    ``(A) the merger or consolidation of the bridge 
                bank with a depository institution that is not a bridge 
                bank;
                    ``(B) at the election of the Administrator, the 
                sale of a majority of the capital stock of the bridge 
                bank to an entity other than the Administrator and 
                other than another bridge bank;
                    ``(C) the sale of 80 percent or more of the capital 
                stock of the bridge bank to an entity other than the 
                Administrator or another bridge bank;
                    ``(D) at the election of the Administrator--
                            ``(i) the assumption of all or 
                        substantially all of the deposits and other 
                        liabilities of the bridge bank by a depository 
                        institution holding company or a depository 
                        institution that is not a bridge bank; or
                            ``(ii) the acquisition of all or 
                        substantially all of the assets of the bridge 
                        bank by a depository institution holding 
                        company, a depository institution that is not a 
                        bridge bank, or other entity as permitted under 
                        applicable law; and
                    ``(E) the expiration of the period applicable under 
                paragraph (9), or the earlier dissolution of the bridge 
                bank as provided in paragraph (12).
            ``(11) Effect of termination events.--
                    ``(A) Merger or consolidation.--A bridge bank that 
                participates in a merger or consolidation as provided 
                in paragraph (10)(A) shall be considered for all 
                purposes to be a national bank with all the rights, 
                powers, and privileges of a national bank, and such 
                merger or consolidation shall be conducted in 
                accordance with, and shall have the effect provided in, 
                the provisions of applicable law.
                    ``(B) Charter conversion.--Following the sale of a 
                majority of the capital stock of the bridge bank as 
                provided in paragraph (10)(B), the Administrator may 
                amend the charter of the bridge bank to reflect the 
                termination of the status of the bridge bank as such, 
                whereupon the bank shall remain a national bank, with 
                all of the rights, powers, and privileges of a national 
                bank, and shall be subject to all laws and regulations 
                applicable to national banks.
                    ``(C) Sale of stock.--Following the sale of 80 
                percent or more of the capital stock of a bridge bank 
                as provided in paragraph (10)(C), the bank shall remain 
                a national bank, with all of the rights, powers, and 
                privileges of a national bank, and shall be subject to 
                all laws and regulations applicable to national banks.
                    ``(D) Assumption of liabilities and sale of 
                assets.--Following the assumption of all or 
                substantially all of the liabilities of the bridge 
                bank, or the sale of all or substantially all of the 
                assets of the bridge bank in accordance with paragraph 
                (10)(D), the bridge bank may retain, at the election of 
                the Administrator, the bank's status as a bridge bank 
                for the period provided in paragraph (9).
                    ``(E) Effect on holding companies.--A depository 
                institution holding company acquiring a bridge bank 
                under section 13(f) of the Federal Deposit Insurance 
                Act or paragraph (8)(C) of this subsection (or any 
                predecessor provision) shall--
                            ``(i) not be impaired or adversely affected 
                        by the termination of the status of a bridge 
                        bank under subparagraph (A), (B), (C), or (D) 
                        of paragraph (10); and
                            ``(ii) be entitled to the rights and 
                        privileges provided in section 13(f) of such 
                        Act.
                    ``(F) Amendments to charter.--Following the 
                consummation of a transaction described in subparagraph 
                (A), (B), (C), or (D) of paragraph (10), the charter of 
                the resulting institution shall be amended to reflect 
                the termination of bridge bank status, if appropriate.
            ``(12) Dissolution of bridge bank.--
                    ``(A) In general.--Notwithstanding any other 
                provision of State or Federal law, if the bridge bank's 
                status as such has not previously been terminated by 
                the occurrence of an event specified in subparagraph 
                (A), (B), (C), or (D) of paragraph (10)--
                            ``(i) the Administrator may, in the 
                        Administrator's discretion, dissolve a bridge 
                        bank in accordance with this paragraph at any 
                        time; and
                            ``(ii) the Administrator shall promptly 
                        commence dissolution proceedings in accordance 
                        with this paragraph upon the expiration of the 
                        2-year period following the date the bridge 
                        bank was chartered, or any extension of such 
                        period under paragraph (9).
                    ``(B) Procedures.--
                            ``(i) Appointment of receiver.--The 
                        Comptroller of the Currency shall appoint the 
                        Administrator receiver for a bridge bank upon 
                        certification by the Administrator to the 
                        Comptroller of the Currency of the 
                        Administrator's determination to dissolve the 
                        bridge bank.
                            ``(ii) Duty of receiver.--The 
                        Administrator, as receiver, shall wind up the 
                        affairs of the bridge bank in conformity with 
                        the provisions of law relating to the 
                        liquidation of closed national banks.
                            ``(iii) Rights and powers of receiver.--
                        With respect to any such bridge bank, the 
                        Administrator, as receiver, shall have all the 
                        rights, powers, and privileges and shall 
                        perform the duties related to the exercise of 
                        such rights, powers, or privileges granted by 
                        law to a receiver of any insured depository 
                        institution.
                            ``(iv) Independence of receiver.--
                        Notwithstanding any other provision of law, the 
                        Administrator shall not be subject to the 
                        direction or supervision of any State agency or 
                        other Federal agency in the exercise of the 
                        Administrator's rights, powers, and privileges 
                        under this subparagraph.
            ``(13) Multiple bridge banks.--Subject to paragraph 
        (1)(B)(i), the Administrator may, in the Administrator's 
        discretion, organize 2 or more bridge banks under this 
        subsection to assume any deposits of, assume any other 
        liabilities of, and purchase any assets of a single bank in 
        default.

``SEC. 21D. PROVISIONS APPLICABLE TO AGENCY AS CONSERVATOR OR RECEIVER.

    ``(a) Other Exemptions.--
            ``(1) In general.--The following provisions shall apply 
        with respect to the Agency when the Agency is acting as a 
        receiver:
                    ``(A) Tax exemption.--Subject to paragraph (3), the 
                Agency, including the franchise, capital, reserves, 
                surplus, and income of the Agency, shall be exempt from 
                all taxation imposed by any State, county, 
                municipality, or local taxing authority.
                    ``(B) Exemption from attachment, foreclosure, and 
                sale.--No property of the Agency shall be subject to 
                levy, attachment (including the attachment of any 
                involuntary lien), garnishment, foreclosure, or sale 
                without the consent of the Administrator.
                    ``(C) Exemption from penalties.--The Agency shall 
                not be liable for any amounts in the nature of 
                penalties or fines, including those arising from the 
                failure of any person to pay any real property, 
                personal property, probate, or recording tax or any 
                recording or filing fees when due.
            ``(2) Exception for federal tax.--This subsection shall not 
        apply with respect to any tax imposed (or other amount arising) 
        under the Internal Revenue Code of 1986.
            ``(3) Exception for real property tax.--Notwithstanding 
        paragraph (1)(A), any real property of the Administrator shall 
        be subject to State, territorial, county, municipal, or local 
        taxation to the same extent according to the property's value 
        as other real property is taxed, except that, notwithstanding 
        the failure of any person to challenge an assessment under 
        State law of such property's value, such value, and the tax on 
        with respect to such value, shall be determined as of the 
        period for which such tax is imposed.
    ``(b) Certain Convicted Debtors Prohibited From Purchasing 
Assets.--
            ``(1) Convicted debtors.--Except as provided in paragraph 
        (2), any individual who--
                    ``(A) has been convicted of an offense under 
                section 215, 656, 657, 1005, 1006, 1007, 1008, 1014, 
                1032, 1341, 1343, or 1344 of title 18, United States 
                Code, or of conspiring to commit such an offense, 
                affecting any insured depository institution for which 
                any conservator or receiver has been appointed; and
                    ``(B) is in default on any loan or other extension 
                of credit from such insured depository institution 
                which, if not paid, will cause substantial loss to the 
                institution, any deposit insurance fund, the 
                Administrator, or the FSLIC Resolution Fund,
        may not purchase any asset of such institution from the 
        conservator or receiver.
            ``(2) Settlement of claims.--Paragraph (1) shall not apply 
        to the sale or transfer by the Administrator of any asset of 
        any insured depository institution to any individual if the 
        sale or transfer of the asset resolves or settles, or is part 
        of the resolution or settlement, of--
                    ``(A) 1 or more claims that have been, or could 
                have been, asserted by the Administrator against the 
                individual; or
                    ``(B) obligations owed by the individual to any 
                insured depository institution, the FSLIC Resolution 
                Fund, or the Administrator.
    ``(c) Expedited Procedures for Certain Claims.--
            ``(1) Time for filing notice of appeal.--
                    ``(A) In general.--The notice of appeal of any 
                order, whether interlocutory or final, entered in any 
                case brought by the Administrator against an insured 
                depository institution's director, officer, employee, 
                agent, attorney, accountant, or appraiser or any other 
                person employed by or providing services to an insured 
                depository institution shall be filed not later than 30 
                days after the date of entry of the order.
                    ``(B) Hearing.--The hearing of the appeal shall be 
                decided not later than 120 days after the date of the 
                notice of the appeal.
                    ``(C) Decision.--The appeal shall be decided not 
                later than 180 days after the date of the notice of the 
                appeal.
            ``(2) Scheduling.--
                    ``(A) In general.--Consistent with section 1657 of 
                title 18, United States Code, a court of the United 
                States shall expedite the consideration of any case 
                brought by the Administrator against an insured 
                depository institution's director, officer, employee, 
                agent, attorney, accountant, or appraiser or any other 
                person employed by or providing services to an insured 
                depository institution.
                    ``(B) Priority.--As far as practicable, a court 
                referred to in subparagraph (A) shall give a case 
                referred to in such paragraph priority on the court's 
                docket.
            ``(3) Judicial discretion.--The court may modify the 
        schedule and limitations stated in paragraphs (1) and (2) in a 
        particular case, based on a specific finding that the ends of 
        justice that would be served by making such a modification 
        would outweigh the best interest of the public in having the 
        case resolved expeditiously.
    ``(d) Sale of Assets to Administrator.--
            ``(1) In general.--Any conservator, receiver, or liquidator 
        appointed for any insured depository institution in default, 
        including the Administrator, shall be entitled to offer the 
        assets of such depository institutions for sale to the 
        Administrator or as security for loans from the Administrator.
            ``(2) Proceeds.--The proceeds of every sale or loan of 
        assets to the Administrator shall be utilized for the same 
        purposes and in the same manner as other funds realized from 
        the liquidation of the assets of such depository institutions.
            ``(3) Rights and powers of administrator.--
                    ``(A) In general.--With respect to any asset 
                acquired or liability assumed pursuant to this section, 
                the Administrator shall have all of the rights, powers, 
                privileges, and authorities of the Administrator as 
                receiver under this section.
                    ``(B) Rule of construction.--Such rights, powers, 
                privileges, and authorities shall be in addition to and 
                not in derogation of any rights, powers, privileges, 
                and authorities otherwise applicable to the 
                Administrator.
                    ``(C) Fiduciary responsibility.--In exercising any 
                right, power, privilege, or authority described in 
                subparagraph (A), the Administrator shall continue to 
                be subject to the fiduciary duties and obligations of 
                the Administrator as receiver to claimants against the 
                insured depository institution in receivership.
                    ``(D) Disposition of assets.--In exercising any 
                right, power, privilege, or authority described in 
                subparagraph (A) regarding the sale or disposition of 
                assets sold to the Administrator pursuant to paragraph 
                (1), the Administrator shall conduct the Agency's 
                operations in a manner which--
                            ``(i) maximizes the net present value 
                        return from the sale or disposition of such 
                        assets;
                            ``(ii) minimizes the amount of any loss 
                        realized in the resolution of cases;
                            ``(iii) ensures adequate competition and 
                        fair and consistent treatment of offerors;
                            ``(iv) prohibits discrimination on the 
                        basis of race, sex, or ethnic groups in the 
                        solicitation and consideration of offers; and
                            ``(v) maximizes the preservation of the 
                        availability and affordability of residential 
                        real property for low- and moderate-income 
                        individuals.
            ``(4) Loans.--The Administrator, in the Administrator's 
        discretion, may make loans on the security of or may purchase 
        and liquidate or sell any part of the assets of an insured 
        depository institution which may be in default at any time.
    ``(e) Agreements Against Interests of Administrator.--No agreement 
which tends to diminish or defeat the interest of the Administrator in 
any asset acquired by the Administrator under this section or sections 
21A or 21C, either as security for a loan or by purchase or as receiver 
of any insured depository institution, shall be valid against the 
Administrator unless such agreement--
            ``(1) is in writing,
            ``(2) was executed by the depository institution and any 
        person claiming an adverse interest under the agreement, 
        including the obligor, contemporaneously with the acquisition 
        of the asset by the depository institution,
            ``(3) was approved by the board of directors of the 
        depository institution or the institution's loan committee, 
        which approval shall be reflected in the minutes of such board 
        or committee, and
            ``(4) has been, continuously, from the time of the 
        agreement's execution, an official record of the depository 
        institution.
    ``(f) Foreign Investigations.--The Administrator, as conservator or 
receiver of any insured depository institution and for purposes of 
carrying out any power, authority, or duty with respect to an insured 
depository institution--
            ``(1) may request the assistance of any foreign banking 
        authority and provide assistance to any foreign banking 
        authority in accordance with section 8(v); and
            ``(2) may each maintain an office to coordinate foreign 
        investigations or investigations on behalf of foreign banking 
        authorities.
    ``(g) Prohibition on Entering Secrecy Agreements and Protective 
Orders.--The Administrator may not enter into any agreement or approve 
any protective order which prohibits the Administrator from disclosing 
the terms of any settlement of an administrative or other action for 
damages or restitution brought by the Administrator in the 
Administrator's capacity as conservator or receiver for an insured 
depository institution.
    ``(n) Bond Not Required; Agents; Fee.--
            ``(1) Bonds and agents.--The Administrator, as receiver of 
        an insured depository institution or branch of a foreign bank--
                    ``(A) shall not be required to furnish bond; and
                    ``(B) may appoint any person as agent to assist the 
                Agency in carrying out the Administrator's duties as 
                receiver.
            ``(2) Fees.--All fees, compensation, and expenses of 
        liquidation and administration shall be fixed by the 
        Administrator and may be paid by the Administrator out of funds 
        coming into the Administrator's possession as receiver.
    ``(i) Conditions Applicable To Resolution Proceedings.--
            ``(1) Consideration of local economic impact required.--The 
        Administrator shall fully consider the adverse economic impact 
        on local communities, including businesses and farms, of 
        actions to be taken by it during the administration and 
        liquidation of loans of a depository institution in default.
            ``(2) Actions to alleviate adverse economic impact to be 
        considered.--The actions which the Administrator shall consider 
        include the release of proceeds from the sale of products and 
        services for family living and business expenses and shortening 
        the undue length of the decisionmaking process for the 
        acceptance of offers of settlement contingent upon third party 
        financing.
            ``(3) Guidelines required.--The Administrator shall adopt 
        and publish procedures and guidelines to minimize adverse 
        economic effects caused by the Administrator's actions on 
        individual debtors in the community.
            ``(4) Financial services industry impact analysis.--After 
        the appointment of the Administrator as conservator or receiver 
        for any insured depository institution and before taking any 
        action under this section or section 13 in connection with the 
        resolution of such institution, the Administrator shall--
                    ``(A) evaluate the likely impact of the means of 
                resolution, and any action which the Administrator may 
                take in connection with such resolution, on the 
                viability of other insured depository institutions in 
                the same community; and
                    ``(B) take such evaluation into account in 
                determining the means for resolving the institution and 
                establishing the terms and conditions for any such 
                action.
    ``(j) Limitation on Court Action.--Except as provided in this 
section, no court may take any action, except at the request of the 
Administrator by regulation or order, to restrain or affect the 
exercise of powers or functions of the Administrator as a conservator 
or a receiver.
    ``(k) Liability of Directors and Officers.--A director or officer 
of an insured depository institution may be held personally liable for 
monetary damages in any civil action by, on behalf of, or at the 
request or direction of the Administrator, which action is prosecuted 
wholly or partially for the benefit of the Administrator--
            ``(1) acting as conservator or receiver of such 
        institution,
            ``(2) acting based upon a suit, claim, or cause of action 
        purchased from, assigned by, or otherwise conveyed by such 
        receiver or conservator, or
            ``(3) acting based upon a suit, claim, or cause of action 
        purchased from, assigned by, or otherwise conveyed in whole or 
        in part by an insured depository institution or an affiliate of 
        an insured depository institution in connection with assistance 
        provided under section 13,
for gross negligence, including any similar conduct or conduct that 
demonstrates a greater disregard of a duty of care (than gross 
negligence) including intentional tortious conduct, as such terms are 
defined and determined under applicable State law. Nothing in this 
paragraph shall impair or affect any right of the Administrator under 
other applicable law.
    ``(l) Damages.--In any proceeding related to any claim against an 
insured depository institution's director, officer, employee, agent, 
attorney, accountant, appraiser, or any other party employed by or 
providing services to an insured depository institution, recoverable 
damages determined to result from the improvident or otherwise improper 
use or investment of any insured depository institution's assets shall 
include principal losses and appropriate interest.
    ``(m) Disclosures Required.--
            ``(1) Borrowers.--Not later than 6 months after being 
        appointed as receiver for any failed insured depository 
        institution that received funds, the Administrator, shall make 
        available to the public the name and loan balance of any 
        borrower from the institution who--
                    ``(A) was an executive officer, director, or 
                principal shareholder of the institution, or a related 
                interest of any such person, as such terms are defined 
                in section 22(h) of the Federal Reserve Act; and
                    ``(B) at the time that the receiver was appointed, 
                was more than 90 days delinquent on a loan.
            ``(2) Transactions.--Not later than 12 months after being 
        appointed receiver for any failed insured depository 
        institution that received funds, the Administrator shall make 
        available, and periodically update, a list of pending and 
        settled lawsuits brought by the Administrator involving 
        transactions (other than loans described in paragraph (1)) that 
        caused a material loss to such institution or to the deposit 
        insurance fund.
            ``(3) Definitions.--For purposes of this subsection--
                    ``(A) Failed depository institution.--The term 
                `failed', when used in connection with a reference to 
                an insured depository institution, means an insured 
                depository institution--
                            ``(i) for which the Administrator has been 
                        appointed as receiver or liquidating agent; or
                            ``(ii) with respect to which the 
                        Administrator or the Federal Deposit Insurance 
                        Corporation has exercised the power to provide 
                        assistance under section 13(c)(2) of the 
                        Federal Deposit Insurance Act.
                    ``(B) Received funds.--The term `received funds', 
                when used in connection with a reference to an insured 
                depository institution, means a transaction in which an 
                insured depository institution, any company that 
                controls such institution, or any acquiring institution 
                receives cash or other valuable consideration from the 
                Federal Deposit Insurance Corporation or any Federal 
                Reserve bank (with respect to any loan by such bank 
                which is outstanding for more than 30 days while the 
                insured depository institution is critically 
                undercapitalized) within the 1-year period before the 
                failure of the insured depository institution whether 
                in the form of a loan, a payment to depositors or other 
                creditors, the assumption of liabilities, or otherwise.
    ``(n) Payment as Discharge of Liability.--Payment of an insured 
deposit to any person by the Administrator shall discharge the 
Administrator, and payment of a transferred deposit to any person by 
the new bank or by an insured depository institution in which a 
transferred deposit has been made available shall discharge the 
Administrator and such new bank or other insured depository 
institution, to the same extent that payment to such person by the 
depository institution in default would have discharged the institution 
from liability for the insured deposit.
    ``(o) Recognition of Owners.--Except as otherwise prescribed by the 
Administrator, the Administrator, any new bank, and any other insured 
depository institution shall not be required to recognize as the owner 
of any portion of a deposit appearing on the records of the depository 
institution in default under a name other than that of the claimant, 
any person whose name or interest as such owner is not disclosed on the 
records of such depository institution in default as part owner of said 
deposit, if such recognition would increase the aggregate amount of the 
insured deposits in such depository institution in default.
    ``(p) Offsets for Other Liabilities.--The Administrator may 
withhold payment of such portion of the insured deposit of any 
depositor in a depository institution in default as may be required to 
provide for the payment of the amount of any liability of such 
depositor to the depository institution in default or the receiver for 
such institution, which is not offset against a claim due from such 
depository institution, pending the determination and payment of such 
amount by such depositor or any other person liable for such amount.
    ``(q) Disposition of Unclaimed Accounts.--
            ``(1) Cash distributions.--
                    ``(A) In general.--If, in connection with any cash 
                distribution under section 21C(d) to insured depositors 
                at any insured depository institution, any depositor 
                fails to claim such payment for the depositor's insured 
                deposit from the Administrator before the later of--
                            ``(i) the end of the 3-month period 
                        beginning on the date on which the 
                        Administrator mailed a notice of the 
                        distribution to the depositor at the last-known 
                        address for the depositor on the books of the 
                        institution; and
                            ``(ii) the end of the 18-month period 
                        beginning on the date of the appointment of a 
                        receiver for such institution,
                the Administrator shall notify the appropriate State 
                and offer to transfer to the custody of such State an 
                amount equal to the insured deposit of such depositor 
                at such institution for disposition by such State in 
                accordance with any State law which provides for the 
                disposition of abandoned or unclaimed property in the 
                State.
                    ``(B) Disposition of claims if state does not 
                accept custody.--
                            ``(i) Availability to depositor.--If the 
                        appropriate State does not accept the custody 
                        of the amount of any insured deposit which the 
                        Administrator offers to transfer under 
                        subparagraph (A), the Administrator shall 
                        permit the depositor (on whose behalf such 
                        transfer was offered) to make a claim against 
                        the Administrator for an amount equal to the 
                        insured deposit.
                            ``(ii) Termination of claim at end of 
                        receivership.--If a depositor described in 
                        clause (i) fails to make a claim under such 
                        clause for the amount of the insured deposit of 
                        such depositor at the insured depository 
                        institution before the termination of the 
                        receivership--
                                    ``(I) all rights of the depositor 
                                against the Administrator with respect 
                                to such insured deposit shall be 
                                barred; and
                                    ``(II) notwithstanding any 
                                provision of State law, the insured 
                                deposit shall become the property of 
                                the Administrator.
                    ``(C) Disposition of claims if state does accept 
                custody.--If the appropriate State does accept the 
                custody of the amount of any insured deposit which the 
                Administrator offers to transfer under subparagraph 
                (A), all rights of the depositor against the 
                Administrator with respect to such deposit shall be 
                barred as of the date of the transfer.
                    ``(D) Reversion to administrator after 10 years and 
                termination of all claims of depositor.--If an insured 
                deposit is transferred to the custody of the 
                appropriate State and is not claimed by the depositor 
                before the end of the 10-year period beginning on the 
                date of the transfer--
                            ``(i) the deposit shall be transferred back 
                        to the Administrator;
                            ``(ii) all rights of the depositor against 
                        the State with respect to such insured deposit 
                        shall be barred as of the date of the transfer 
                        to the Administrator; and
                            ``(iii) notwithstanding any provision of 
                        State law, the insured deposit shall become the 
                        property of the Administrator.
            ``(2) Transferred deposits.--
                    ``(A) In general.--If the Administrator satisfies 
                the Administrator's obligation under section 21C(d)(1) 
                by making available to each depositor a transferred 
                deposit in an insured depository institution (including 
                a new bank or bridge bank), all rights of the depositor 
                against the Administrator with respect to the 
                transferred deposit shall be barred as of the date of 
                the transfer except to the extent otherwise provided 
                under subparagraph (B).
                    ``(B) Offer to transfer to states.--If any 
                depositor fails to claim a transferred deposit from the 
                insured depository institution to which such transfer 
                was made under section 21C(d)(1) before the end of the 
                18-month period beginning on the date of the deposit 
                transfer to such institution--
                            ``(i) the institution shall transfer the 
                        insured deposit back to the Administrator;
                            ``(ii) the Administrator shall notify the 
                        appropriate State and offer to transfer to the 
                        custody of such State an amount equal to the 
                        insured deposit of such depositor at such 
                        institution for disposition by such State in 
                        accordance with any State law which provides 
                        for the disposition of abandoned or unclaimed 
                        property in the State; and
                            ``(iii) subparagraphs (B), (C), and (D) of 
                        paragraph (1) shall apply with respect to such 
                        deposit as of the date the Administrator 
                        notifies the appropriate State pursuant to 
                        clause (ii).
            ``(3) Appropriate state defined.--For purposes of this 
        subsection, the term `appropriate State' means, with respect to 
        any insured deposit for which a cash distribution or 
        transferred deposit is made available under section 21C(d), the 
        State whose laws providing for the disposition of abandoned or 
        unclaimed property would have applied to such deposit if no 
        conservator or receiver had been appointed for the depository 
        institution (as of the date of the distribution or 
        transfer).''.
    (b) Payment of Insured Deposits and Other Resolution Costs by 
FDIC.--Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 
1821(f)) is amended by striking subsections (f) and (g) and inserting 
the following new subsections:
    ``(f) Transfers to Resolution, Asset Management, and Liquidation 
Agency.--
            ``(1) In general.--Upon receipt of a request from the 
        Administrator of the Resolution, Asset Management, and 
        Liquidation Agency under section 13(c)(11) of this Act or 
        section 21C(d) of the Federal Home Loan Bank Act, the 
        Corporation shall transfer to the Administrator the amount 
        requested.
            ``(2) Payments for insured deposits.--All transfers under 
        paragraph (1) by the Corporation pursuant to a request under 
        section 21C(d) of the Federal Home Loan Bank Act--
                    ``(A) with respect to a closed Bank Insurance Fund 
                member, shall be made only from the Bank Insurance 
                Fund; and
                    ``(B) with respect to a closed Savings Association 
                Insurance Fund member, shall be made only from the 
                Savings Association Insurance Fund.
            ``(3) Payments for section 13(c) assistance.--All transfers 
        under paragraph (1) by the Corporation pursuant to a request 
        under section 13(c)(11) shall be made in accordance with 
        section 13(c)(12).
    ``(g) Claim of Corporation Against Administrator.--In the case of 
any transfer to the Administrator under subsection (f) with respect to 
any insured depository institution, the Corporation shall have a claim 
against the Administrator of the Resolution, Asset Management, and 
Liquidation Agency for the amount by which the amount realized by the 
Administrator pursuant to the subrogation under section 21C(e) of the 
Federal Home Loan Bank Act exceeds the administrative expenses incurred 
by the Administrator as receiver of such institution (to the extent 
such excess amount does not exceed the amount of the transfer).''.
    (c) Assistance and Acquisition Authority of Administrator and 
FDIC.--
            (1) Assistance powers of the agency and the fdic.--Section 
        13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823) is 
        amended to read as follows:
    ``(c) Financial Assistance for Failed or Failing Insured Depository 
Institutions.--
            ``(1) Assistance authorized.--The appropriate agency may, 
        in the sole discretion of the head of the agency and upon such 
        terms and conditions as the head of the agency may prescribe, 
        to make loans to, to make deposits in, to purchase the assets 
        or securities of, to assume the liabilities of, or to make 
        contributions to, any insured depository institution--
                    ``(A) if such action is taken to prevent the 
                default of such insured depository institution;
                    ``(B) if, with respect to an insured depository 
                institution in default, such action is taken to restore 
                such institution to normal operation; or
                    ``(C) if, when severe financial conditions exist 
                which threaten the stability of a significant number of 
                insured depository institutions or of insured 
                depository institutions possessing significant 
                financial resources, such action is taken in order to 
                lessen the risk to the appropriate agency posed by such 
                insured depository institution under such threat of 
                instability.
            ``(2) Assistance in connection with mergers and 
        acquisitions.--
                    ``(A) In general.--In order to facilitate a merger 
                or consolidation of a qualified insured depository 
                institution with another insured depository 
                institution, the sale of any asset of, or the 
                assumption of any liability of, a qualified insured 
                depository institution by another insured depository 
                institution, or the acquisition of the stock of a 
                qualified insured depository institution, the 
                appropriate agency may, in the sole discretion of the 
                head of the agency and upon such terms and conditions 
                as the head of the agency may prescribe--
                            ``(i) purchase any such assets or assume 
                        any such liabilities;
                            ``(ii) make loans or contributions to, or 
                        deposits in, or purchase the securities of, the 
                        acquiring insured depository institution or the 
                        company which controls or will acquire control 
                        of the acquiring insured depository 
                        institution; and
                            ``(iii) guarantee the acquiring insured 
                        depository institution, or the company which 
                        controls or will acquire control of the 
                        acquiring insured depository institution, 
                        against loss by reason of such institution's 
                        acquisition of a qualified insured depository 
                        institution or by reason of such company 
                        acquiring control of such acquiring insured 
                        depository institution.
                    ``(B) Stay of other action on request.--At the 
                request of the appropriate agency, any action to which 
                the appropriate agency is or becomes a party by 
                acquiring any asset or exercising any other authority 
                under this section shall be stayed by the court of 
                jurisdiction for a period of 60 days.
                    ``(C) Qualified insured depository institution 
                defined.--For purposes of subparagraph (A), the term 
                `qualified insured depository institution' means an 
                insured depository institution which--
                            ``(i) is in default;
                            ``(ii) in the judgment of the Board of 
                        Directors, is in danger of default; or
                            ``(iii) when severe financial conditions 
                        exist which threaten the stability of a 
                        significant number of insured depository 
                        institutions or of insured depository 
                        institutions possessing significant financial 
                        resources, is determined by the appropriate 
                        agency, in the sole discretion of the head of 
                        the agency, to require assistance under 
                        subparagraph (A) in order to lessen the risk to 
                        any appropriate agency or deposit insurance 
                        fund posed by such insured depository 
                        institution under such threat of instability.
                    ``(D) Additional definitions.--For purposes of this 
                paragraph--
                            ``(i) Acquiring insured depository 
                        institution.--The term `acquiring insured 
                        depository institution' means an insured 
                        depository institution which acquires (as 
                        defined in subsection (f)(8)(B)) another 
                        insured depository institution.
                            ``(ii) Acquisition.--The term `acquisition' 
                        means a transaction described in any clause of 
                        subsection (f)(8)(B).
            ``(3) Appropriate agency defined.--For purposes of this 
        subsection and subsections (f) and (k)--
                    ``(A) In general.--The term `appropriate agency' 
                means--
                            ``(i) the Corporation, in the case of any 
                        payments authorized to be made under this 
                        section to, or on behalf of, an insured 
                        depository institution for which a conservator 
                        or receiver has not been appointed; and
                            ``(ii) the Resolution, Asset Management, 
                        and Liquidation Agency, in the case of any 
                        payments authorized to be made under this 
                        section to, or on behalf of, an insured 
                        depository institution for which a conservator 
                        or receiver has been appointed.
                    ``(B) Head of the appropriate agency.--The term 
                `head of the appropriate agency' means--
                            ``(i) the Board of Directors, in the case 
                        of the Corporation; and
                            ``(ii) the Administrator, in the case of 
                        the Resolution, Asset Management, and 
                        Liquidation Agency.
            ``(4) Least-cost resolution required.--
                    ``(A) In general.--Notwithstanding any other 
                provision of this Act, the appropriate agency may not 
                exercise any authority under this subsection or 
                subsection (d), (f), (h), or (k) of this section with 
                respect to any insured depository institution unless--
                            ``(i) the agency determines that the 
                        exercise of such authority is necessary to meet 
                        the obligation of the Corporation to provide 
                        insurance coverage for the insured deposits in 
                        such institution; and
                            ``(ii) the total amount of any expenditures 
                        by the Administrator or the Corporation and any 
                        obligations incurred by the Administrator or 
                        the Corporation (including any immediate and 
                        long-term obligation of any such agency and any 
                        direct or contingent liability for future 
                        payment by any such agency) in connection with 
                        the exercise of any such authority with respect 
                        to such institution is the least costly to the 
                        applicable deposit insurance fund of all 
                        possible methods for meeting any obligation of 
                        the Administrator or the Corporation under this 
                        section or section 21C or 21D of the Federal 
                        Home Loan Bank Act.
                    ``(B) Determining least costly approach.--In 
                determining how to satisfy the appropriate agency's 
                obligations to an institution's insured depositors at 
                the least possible cost to the deposit insurance fund, 
                the agency shall comply with the following provisions:
                            ``(i) Present-value analysis; documentation 
                        required.--The appropriate agency shall--
                                    ``(I) evaluate alternatives on a 
                                present-value basis, using a realistic 
                                discount rate;
                                    ``(II) document that evaluation and 
                                the assumptions on which the evaluation 
                                is based, including any assumptions 
                                with regard to interest rates, asset 
                                recovery rates, asset holding costs, 
                                and payment of contingent liabilities; 
                                and
                                    ``(III) retain the documentation 
                                for not less than 5 years.
                            ``(ii) Foregone tax revenues.--Federal tax 
                        revenues that the Government would forego as 
                        the result of a proposed transaction, to the 
                        extent reasonably ascertainable, shall be 
                        treated as if they were revenues foregone by 
                        the deposit insurance fund.
                    ``(C) Time of determination.--
                            ``(i) General rule.--For purposes of this 
                        subsection, the determination of the costs of 
                        providing any assistance under paragraph (1) or 
                        (2) or any other provision of this section with 
                        respect to any depository institution shall be 
                        made as of the date on which the appropriate 
                        agency makes the determination to provide such 
                        assistance to the institution under this 
                        section.
                            ``(ii) Rule for liquidations.--For purposes 
                        of this subsection, the determination of the 
                        costs of liquidation of any depository 
                        institution shall be made as of the earliest 
                        of--
                                    ``(I) the date on which a 
                                conservator is appointed for such 
                                institution;
                                    ``(II) the date on which a receiver 
                                is appointed for such institution; or
                                    ``(III) the date on which the 
                                appropriate agency makes any 
                                determination to provide any assistance 
                                under this section with respect to such 
                                institution.
                    ``(D) Liquidation costs.--In determining the cost 
                of liquidating any depository institution for the 
                purpose of comparing the costs under subparagraph (A) 
                (with respect to such institution), the amount of such 
                cost may not exceed the amount which is equal to the 
                sum of the insured deposits of such institution as of 
                the earliest of the dates described in subparagraph 
                (C), minus the present value of the total net amount 
                the Administrator could reasonably expect to receive 
                from the disposition of the assets of such institution 
                in connection with such liquidation.
                    ``(E) Deposit insurance funds available for 
                intended purpose only.--
                            ``(i) In general.--After December 31, 1994, 
                        or at such earlier time as the appropriate 
                        agency determines to be appropriate, the 
                        appropriate agency may not take any action, 
                        directly or indirectly, with respect to any 
                        insured depository institution that would have 
                        the effect of increasing losses to any 
                        insurance fund by protecting--
                                    ``(I) depositors for more than the 
                                insured portion of deposits (determined 
                                without regard to whether such 
                                institution is liquidated); or
                                    ``(II) creditors other than 
                                depositors.
                            ``(ii) Deadline for regulations.--The 
                        appropriate agency shall prescribe regulations 
                        to implement clause (i) not later than January 
                        1, 1994, and the regulations shall take effect 
                        not later than January 1, 1995.
                            ``(iii) Purchase and assumption 
                        transactions.--No provision of this 
                        subparagraph shall be construed as prohibiting 
                        the Administrator from allowing any person who 
                        acquires any assets or assumes any liabilities 
                        of any insured depository institution for which 
                        the Administrator has been appointed 
                        conservator or receiver to acquire uninsured 
                        deposit liabilities of such institution so long 
                        as the insurance fund does not incur any loss 
                        with respect to such deposit liabilities in an 
                        amount greater than the loss which would have 
                        been incurred with respect to such liabilities 
                        if the institution had been liquidated.
                    ``(F) Discretionary determinations.--Any 
                determination which the appropriate agency may make 
                under this paragraph shall be made in the sole 
                discretion of the agency.
                    ``(G) Systemic risk.--
                            ``(i) Emergency determination by secretary 
                        of the treasury.--Notwithstanding subparagraphs 
                        (A) and (E), if, upon the written 
                        recommendation of the head of the appropriate 
                        agency (in the case of the Corporation, upon a 
                        vote of not less than two-thirds of the members 
                        of the Board of Directors) and the Board of 
                        Governors of the Federal Reserve System (upon a 
                        vote of not less than two-thirds of the members 
                        of such Board), the Secretary of the Treasury 
                        (in consultation with the President) determines 
                        that--
                                    ``(I) the appropriate agency's 
                                compliance with subparagraphs (A) and 
                                (E) with respect to an insured 
                                depository institution would have 
                                serious adverse effects on economic 
                                conditions or financial stability; and
                                    ``(II) any action or assistance 
                                under this subparagraph would avoid or 
                                mitigate such adverse effects,
                        the agency may take other action or provide 
                        assistance under this section as necessary to 
                        avoid or mitigate such effects.
                            ``(ii) Repayment of loss.--The Corporation 
                        shall recover, to the appropriate insurance 
                        fund, any loss arising from any action taken or 
                        assistance provided with respect to an insured 
                        depository institution under clause (i) 
                        expeditiously from 1 or more emergency special 
                        assessments on the members of the insurance 
                        fund (of which such institution is a member) 
                        equal to the product of--
                                    ``(I) an assessment rate 
                                established by the Corporation; and
                                    ``(II) the amount of each member's 
                                average total assets during the 
                                semiannual period, minus the sum of the 
                                amount of the member's average total 
                                tangible equity and the amount of the 
                                member's average total subordinated 
                                debt.
                            ``(iii) Documentation required.--The 
                        Secretary of the Treasury shall--
                                    ``(I) document any determination 
                                under clause (i); and
                                    ``(II) retain the documentation for 
                                review under clause (iv).
                            ``(iv) GAO review.--The Comptroller General 
                        of the United States shall review and report to 
                        the Congress on any determination under clause 
                        (i), including--
                                    ``(I) the basis for the 
                                determination;
                                    ``(II) the purpose for which any 
                                action was taken pursuant to such 
                                clause; and
                                    ``(III) the likely effect of the 
                                determination and such action on the 
                                incentives and conduct of insured 
                                depository institutions and uninsured 
                                depositors.
                            ``(v) Notice.--
                                    ``(I) In general.--The Secretary of 
                                the Treasury shall provide written 
                                notice of any determination under 
                                clause (i) to the Committee on Banking, 
                                Housing, and Urban Affairs of the 
                                Senate and the Committee on Banking, 
                                Finance and Urban Affairs of the House 
                                of Representatives.
                                    ``(II) Description of basis of 
                                determination.--The notice under 
                                subclause (I) shall include a 
                                description of the basis for any 
                                determination under clause (i).
                    ``(H) Rule of construction.--No provision of law 
                shall be construed as permitting the appropriate agency 
                to take any action prohibited by this paragraph unless 
                such provision expressly provides, by direct reference 
                to this paragraph, that this paragraph shall not apply 
                with respect to such action.
            ``(5) Prohibition on purchase of common stock.--
                    ``(A) In general.--The appropriate agency may not 
                use any authority under this subsection to purchase the 
                voting or common stock of an insured depository 
                institution.
                    ``(B) Authority to enter into agreements.--
                Subparagraph (A) shall not be construed as limiting the 
                ability of the appropriate agency to enter into and 
                enforce covenants and agreements that the agency 
                determines to be necessary to protect the financial 
                interest of the agency and the deposit insurance funds.
            ``(6) Tax deferred status.--
                    ``(A) In general.--During any period in which an 
                insured depository institution has received assistance 
                under this subsection and such assistance is still 
                outstanding, such insured depository institution may 
                defer the payment of any State or local tax which is 
                determined on the basis of the deposits held by such 
                insured depository institution or of the interest or 
                dividends paid on such deposits.
                    ``(B) Repayment of deferred taxes.--
                            ``(i) In general.--When an insured 
                        depository institution referred to in 
                        subparagraph (A) no longer has any outstanding 
                        assistance, such insured depository institution 
                        shall pay all taxes which were deferred under 
                        subparagraph (A).
                            ``(ii) Repayment plan.--Payments pursuant 
                        to clause (i) shall be made in accordance with 
                        a payment plan established by the appropriate 
                        agency, after consultation with the applicable 
                        State and local taxing authorities.
            ``(7) Rule relating to transfers of trust business.--Any 
        transfer under paragraph (2)(A) of any assets or liabilities 
        associated with any trust business of an insured depository 
        institution in default shall be effective without any State or 
        Federal approval, assignment, or consent with respect to such 
        transfer.
            ``(8) Assistance before appointment of conservator or 
        receiver.--
                    ``(A) In general.--Subject to the least-cost 
                provisions of paragraph (4), the Corporation shall 
                consider providing direct financial assistance under 
                this section for depository institutions before the 
                appointment of a conservator or receiver for such 
                institution only under the following circumstances:
                            ``(i) Troubled condition criteria.--The 
                        Corporation determines--
                                    ``(I) grounds for the appointment 
                                of a conservator or receiver exist or 
                                likely will exist in the future unless 
                                the depository institution's capital 
                                levels are increased; and
                                    ``(II) it is unlikely that the 
                                institution can meet all currently 
                                applicable capital standards without 
                                assistance.
                            ``(ii) Other criteria.--The depository 
                        institution meets the following criteria:
                                    ``(I) The appropriate Federal 
                                banking agency and the Corporation have 
                                determined that, during such period of 
                                time preceding the date of such 
                                determination as the agency or the 
                                Corporation considers to be relevant, 
                                the institution's management has been 
                                competent and has complied with 
                                applicable laws, rules, and supervisory 
                                directives and orders.
                                    ``(II) The institution's management 
                                did not engage in any insider dealing, 
                                speculative practice, or other abusive 
                                activity.
                    ``(B) Public disclosure.--Any determination under 
                this paragraph to provide assistance under this section 
                shall be made in writing and published in the Federal 
                Register.
            ``(9) Subordination of assistance.--Any assistance provided 
        under this subsection may be in subordination to the rights of 
        depositors and other creditors.
            ``(10) Items in annual report.--In the appropriate agency's 
        annual report to the Congress, the agency shall report the 
        total amount saved, or the amount which the agency estimates 
        has been saved, by exercising any authority under this 
        subsection.
            ``(11) Request for funds from fdic.--Upon making a 
        determination to make any payment under this subsection to or 
        on behalf of any insured depository institution which is a Bank 
        Insurance Fund member or a Savings Association Insurance Fund 
        member, the Administrator shall request the Federal Deposit 
        Insurance Corporation to transfer to the Administrator the 
        amount required for the Administrator to make such payment.
            ``(12) Source of funds.--
                    ``(A) Bank insurance fund.--If the depository 
                institution to which, or on whose behalf, a payment is 
                made under this subsection is a Bank Insurance Fund 
                member, only funds held in the Bank Insurance Fund may 
                be--
                            ``(i) used by the Corporation to make such 
                        payments; or
                            ``(ii) transferred to the Administrator to 
                        make such payments pursuant to a request under 
                        paragraph (11).
                    ``(B) Savings association insurance fund.--If the 
                depository institution to which, or on whose behalf, a 
                payment is made under this subsection is a Savings 
                Association Insurance Fund member (including 
                institutions for which the Resolution Trust Corporation 
                was appointed as a conservator or receiver before such 
                corporation was abolished), only funds held in the 
                Savings Association Insurance Fund may be--
                            ``(i) used by the Corporation to make such 
                        payments; or
                            ``(ii) transferred to the Administrator to 
                        make such payments pursuant to a request under 
                        paragraph (11).
                    ``(C) Associations subject to fslic resolution 
                fund.--If the depository institution to which, or on 
                whose behalf, a payment is made under this subsection 
                is an institution for which the Administrator has been 
                appointed conservator or receiver under section 
                11A(a)(5) of the Federal Deposit Insurance Act as the 
                successor of the Corporation, funds for such payments 
                shall be obtained by the Administrator from the 
                Administrator's own resources under subsections (b) and 
                (c) of section 11A.
            ``(13) Assistance for acquisitions by other persons.--The 
        appropriate agency may provide any person which acquires (as 
        defined in subsection (f)(8)(B)) an insured depository 
        institution under subsection (f) or (k) with any financial 
        assistance as the agency could provide to an insured depository 
        institution under this subsection.''.
            (2) Interstate emergency bank acquisition authority of the 
        agency and the fdic.--Section 13(f) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1823(f)) is amended to read as 
        follows:
    ``(f) Assisted Emergency Interstate Acquisitions.--
            ``(1) Authority available only with subsection (c) 
        assistance.--This subsection shall apply only to an acquisition 
        of an insured bank or a holding company by an out-of-State bank 
        or savings association or an out-of-State holding company for 
        which the appropriate agency provides assistance under 
        subsection (c).
            ``(2) Failed banks.--
                    ``(A) In general.--If an insured bank with total 
                assets of $500,000,000 or more (as determined from its 
                most recent report of condition) is in default, the 
                Administrator, as receiver, may, in the Administrator's 
                discretion and upon such terms and conditions as the 
                Administrator may determine, arrange the sale of assets 
                of the bank in default and the assumption of the 
                liabilities of the bank in default, including the sale 
                of such assets to and the assumption of such 
                liabilities by an insured depository institution which 
                is--
                            ``(i) located in the State in which the 
                        bank in default was chartered; and
                            ``(ii) controlled by an out-of-State bank 
                        or an out-of-State depository institution 
                        holding company.
                    ``(B) Approval of other regulatory agencies.--No 
                transaction may be approved by the Administrator under 
                this paragraph without the approval of the primary 
                Federal or State supervisor of all parties to the 
                transaction, to the extent such approval is otherwise 
                lawfully required.
                    ``(C) Consultation with state bank supervisor.--
                            ``(i) In general.--Before making a 
                        determination to take any action under 
                        subparagraph (A), the Administrator shall 
                        consult the State bank supervisor of the State 
                        in which the insured bank in default was 
                        chartered.
                            ``(ii) Opportunity for objection.-- The 
                        State bank supervisor shall be given a 
                        reasonable opportunity, and in no event less 
                        than 48 hours, to object to the approval by the 
                        Administrator of a transaction under this 
                        paragraph.
                            ``(iii) Notice before appointment.--Notice 
                        under clause (ii) may be provided by the 
                        Administrator with respect to a bank in default 
                        before a receiver is appointed for the bank, if 
                        the Administrator determines an appointment of 
                        a receiver is pending.
                            ``(iv) Written notice of determination.--If 
                        the State bank supervisor objects to a 
                        transaction under this paragraph during the 
                        period available for such objection in 
                        accordance with clause (ii), the Administrator 
                        shall provide to the State bank supervisor a 
                        written certification of the Administrator's 
                        determination with respect to such objection as 
                        soon as practicable after the determination is 
                        made.
            ``(3) Emergency acquisitions of insured banks in danger of 
        default.--
                    ``(A) Acquisition of insured banks in danger of 
                default.--1 or more out-of-State banks or out-of-State 
                depository institution holding companies may acquire 
                and retain all or part of the shares or assets of, or 
                otherwise acquire and retain--
                            ``(i) an insured bank in danger of default 
                        which has total assets of $500,000,000 or more; 
                        or
                            ``(ii) 2 or more affiliated insured banks 
                        in danger of default which have aggregate total 
                        assets of $500,000,000 or more, if the 
                        aggregate total assets of such banks is equal 
                        to or greater than 33 percent of the aggregate 
                        total assets of all affiliated insured banks.
                    ``(B) Acquisition of a holding company or other 
                bank affiliate.--If 1 or more out-of-State banks or 
                out-of-State depository institution holding companies 
                acquire 1 or more affiliated insured banks under 
                subparagraph (A) the aggregate total assets of which is 
                equal to or greater than 33 percent of the aggregate 
                total assets of all affiliated insured banks, any such 
                out-of-State bank or out-of-State insured depository 
                holding company may also, as part of the same 
                transaction, acquire and retain the shares or assets 
                of, or otherwise acquire and retain--
                            ``(i) the holding company which controls 
                        the affiliated insured banks so acquired; or
                            ``(ii) any other affiliated insured bank.
                    ``(C) Request for assistance by corporate board of 
                directors.--The Corporation may assist an acquisition 
                or merger authorized under subparagraph (A) only if the 
                board of directors or trustees of each insured bank in 
                danger of default which is being acquired has requested 
                in writing that the Corporation assist the acquisition 
                or merger.
                    ``(D) Certain acquisitions authorized after 
                assistance is provided.--Notwithstanding paragraph (1), 
                if--
                            ``(i) at any time after the date of the 
                        enactment of the Financial Institutions 
                        Emergency Acquisitions Amendments of 1987, the 
                        Corporation provides any assistance under 
                        subsection (c) to an insured bank; and
                            ``(ii) at the time such assistance is 
                        granted, the insured bank, the holding company 
                        which controls the insured bank (if any), or 
                        any affiliated insured bank is eligible to be 
                        acquired by an out-of-State bank or out-of-
                        State depository institution holding company 
                        under this paragraph,
                the insured bank, the holding company, and such other 
                affiliated insured bank shall remain eligible, subject 
                to such terms and conditions as the Corporation (in the 
                discretion of the Board of Directors) may impose, to be 
                acquired by an out-of-State bank or out-of-State 
                depository institution holding company under this 
                paragraph as long as any portion of such assistance 
                remains outstanding.
                    ``(E) State bank supervisor approval.--The 
                Corporation may take no final action in connection with 
                any acquisition under this paragraph unless the State 
                bank supervisor of the State in which the bank in 
                danger of default is located approves the acquisition.
                    ``(F) Other requirements not affected.--No 
                provision of this paragraph shall be construed as 
                affecting any other requirement under Federal or State 
                law for regulatory approval of an acquisition under 
                this paragraph.
                    ``(G) Acquisition may be conditioned on receipt of 
                consideration for corporation's assistance.--Any 
                acquisition described in subparagraph (D) may be 
                conditioned on the receipt of such consideration for 
                the Corporation's assistance to the extent the Board of 
                Directors deems appropriate.
            ``(4) Coordination with other provisions of law.--
                    ``(A) Acquisitions not subject to certain other 
                laws.--Section 3(d) of the Bank Holding Company Act of 
                1956, any provision of State law, and section 10(e)(3) 
                of the Home Owners' Loan Act shall not apply so as to 
                prohibit any acquisition under paragraph (2) or (3), 
                except that an out-of-State bank may make such an 
                acquisition only if such ownership is otherwise 
                specifically authorized.
                    ``(B) Operation of branches.--Any subsidiary 
                created by operation of this subsection may retain and 
                operate any existing branch or branches of the 
                institution merged with or acquired under paragraph (2) 
                or (3), but otherwise shall be subject to the 
                conditions upon which a national bank may establish and 
                operate branches in the State in which such insured 
                institution is located.
                    ``(C) Change of headquarters.--No insured 
                institution acquired under this subsection shall, after 
                such acquisition, move the principal office or any 
                branch office of the institution which, if the 
                institution were a national bank, the institution would 
                be prohibited from moving.
                    ``(D) Subsequent nonemergency interstate 
                acquisitions subject to state law.--
                            ``(i) In general.--Any out-of-State bank 
                        holding company which acquires control of an 
                        insured bank in any State under paragraph (2) 
                        or (3) may acquire any other insured bank and 
                        establish branches in such State to the same 
                        extent as a bank holding company whose insured 
                        bank subsidiaries' operations are principally 
                        conducted in such State may acquire any other 
                        insured bank or establish branches.
                            ``(ii) Delayed date of applicability.--
                        Clause (i) shall not apply with respect to any 
                        out-of-State bank holding company referred to 
                        in such clause before the earlier of--
                                    ``(I) the end of the 2-year period 
                                beginning on the date the acquisition 
                                referred to in such clause with respect 
                                to such company is consummated; or
                                    ``(II) the end of any period 
                                established under State law during 
                                which such out-of-State bank holding 
                                company may not be treated as a bank 
                                holding company whose insured bank 
                                subsidiaries' operations are 
                                principally conducted in such State for 
                                purposes of acquiring other insured 
                                banks or establishing bank branches.
                            ``(iii) Determination of principally 
                        conducted.--For purposes of this subparagraph, 
                        the State in which the operations of a holding 
                        company's insured bank subsidiaries are 
                        principally conducted is the State determined 
                        under section 3(d) of the Bank Holding Company 
                        Act of 1956 with respect to such holding 
                        company.
                    ``(E) Certain state interstate banking laws 
                inapplicable.--Any holding company which acquires 
                control of any insured bank or holding company under 
                subparagraph (D) or paragraph (2) or (3) shall not, by 
                reason of such acquisition, be required under the law 
                of any State to divest any other insured bank or be 
                prevented from acquiring any other bank or holding 
                company.
            ``(5) Solicitation of offers.--In determining whether to 
        arrange a sale of assets and assumption of liabilities or an 
        acquisition or a merger under the authority of paragraph (2) or 
        (3), the appropriate agency may solicit such offers or 
        proposals as are practicable from any prospective purchasers or 
        merger partners the agency determines, in the head of the 
        agency's sole discretion, are qualified and are capable of 
        acquiring the assets and liabilities of the bank in default or 
        in danger of default.
            ``(6) Consideration of offers.--
                    ``(A) Lowest acceptable offer.--If, after receiving 
                offers, the lowest acceptable offer is from an offeror 
                which is not an existing in-State bank of the same type 
                as the bank that is in default or in danger of default 
                (or, if such bank is an insured bank other than a 
                mutual savings bank, the lowest acceptable offer is not 
                from an in-State holding company), the appropriate 
                agency shall permit the offeror which makes the initial 
                lowest acceptable offer and each offeror who makes an 
                offer the estimated cost of which to the agency is 
                within 15 percent or $15,000,000, whichever is less, of 
                the initial lowest acceptable offer to submit a new 
                offer.
                    ``(B) Minimize cost.--In considering authorizations 
                under this subsection, the appropriate agency shall 
                give consideration to the need to minimize the cost of 
                financial assistance and to the maintenance of 
                specialized depository institutions.
                    ``(C) Priorities.--The appropriate agency shall 
                authorize transactions under this subsection in order 
                of the following priorities:
                            ``(i) First, between depository 
                        institutions of the same type within the same 
                        State.
                            ``(ii) Second, between depository 
                        institutions of the same type--
                                    ``(I) in different States which by 
                                statute specifically authorize such 
                                acquisitions; or
                                    ``(II) in the absence of such 
                                statutes, in different States which are 
                                contiguous.
                            ``(iii) Third, between depository 
                        institutions of the same type in different 
                        States other than the States described in 
                        clause (ii).
                            ``(iv) Fourth, between depository 
                        institutions of different types in the same 
                        State.
                            ``(v) Fifth, between depository 
                        institutions of different types--
                                    ``(I) in different States which by 
                                statute specifically authorize such 
                                acquisitions; or
                                    ``(II) in the absence of such 
                                statutes, in different States which are 
                                contiguous.
                            ``(vi) Sixth, between depository 
                        institutions of different types in different 
                        States other than the States described in 
                        clause (v).
                    ``(D) Minority bank priority.--In the case of a 
                minority-controlled bank, the appropriate agency shall 
                seek an offer from other minority-controlled banks 
                before proceeding with the bidding priorities set forth 
                in subparagraph (B).
                    ``(E) Agency determinations are determinative.--In 
                determining the cost of offers and reoffers, the 
                appropriate agency's calculations and estimations shall 
                be determinative.
                    ``(F) Time limits.--The appropriate agency may set 
                reasonable time limits on offers and reoffers.
            ``(7) Antitrust provision.--No transaction may be 
        authorized under paragraph (2) or (3)--
                    ``(A) which would result in a monopoly, or which 
                would be in furtherance of any combination or 
                conspiracy to monopolize or to attempt to monopolize 
                the business of banking in any part of the United 
                States;
                    ``(B) whose effect in any section of the country 
                may be substantially to lessen competition, or to tend 
                to create a monopoly, or which in any other manner 
                would be in restraint of trade, unless the appropriate 
                agency finds that the anticompetitive effects of the 
                proposed transactions are clearly outweighed in the 
                public interest by the probable effect of the 
                transaction in meeting the convenience and needs of the 
                community to be served; or
                    ``(C) if, in the opinion of the appropriate agency, 
                the acquisition threatens the safety and soundness of 
                the acquirer or does not result in the future viability 
                of the resulting depository institution.
            ``(8) Definition.--For purposes of this subsection--
                    ``(A) In-state depository institution or in-state 
                holding company.--The terms `in-State depository 
                institution' and `in-State holding company' mean an 
                existing insured depository institution currently 
                operating in the State in which the bank in default or 
                in danger of default is chartered and a company that 
                controls an insured depository institution subsidiary 
                in the State in which the bank in default or in danger 
                of default is chartered, respectively.
                    ``(B) Acquire.--The term `acquire' means to 
                acquire, directly or indirectly, ownership or control 
                through--
                            ``(i) an acquisition of shares;
                            ``(ii) an acquisition of assets or 
                        assumption of liabilities;
                            ``(iii) a merger or consolidation; or
                            ``(iv) any similar transaction.
                    ``(C) Affiliated insured bank.--The term 
                `affiliated insured bank' means--
                            ``(i) when used in connection with a 
                        reference to a depository institution holding 
                        company, an insured bank which is a subsidiary 
                        of such holding company; and
                            ``(ii) when used in connection with a 
                        reference to 2 or more insured banks, insured 
                        banks which are subsidiaries of the same 
                        holding company.
                    ``(D) Subsidiary.--Notwithstanding section 3(w)(4), 
                the term `subsidiary' has the meaning given to such 
                term in section 2(d) of the Bank Holding Company Act of 
                1956.
                    ``(E) Lowest acceptable offer.--The term `lowest 
                acceptable offer' means the offer presenting the lowest 
                expense to the appropriate agencies that is in a form 
                and with conditions acceptable to the appropriate 
                agency.
            ``(9) No assistance authorized for certain subsidiaries of 
        holding companies.--
                    ``(A) In general.--The appropriate agency shall not 
                provide any assistance to a subsidiary, other than a 
                subsidiary that is an insured depository institution, 
                of a holding company in connection with any acquisition 
                under this subsection.
                    ``(B) Intermediate holding company permitted.--This 
                paragraph shall not be construed as prohibiting an 
                intermediate holding company or an affiliate of an 
                insured depository institution from being a conduit for 
                assistance ultimately intended for an insured bank.
            ``(10) Annual report.--
                    ``(A) Required.--In the appropriate agency's annual 
                report to the Congress, the agency shall include a 
                report on the acquisitions approved under this 
                subsection during the preceding year.
                    ``(B) Contents.--The report required under 
                subparagraph (A) shall contain the following 
                information:
                            ``(i) The number of acquisitions under this 
                        subsection.
                            ``(ii) A brief description of each such 
                        acquisition and the circumstances under which 
                        such acquisition occurred.
            ``(11) Determination of total assets.--For purposes of this 
        subsection, the total assets of any insured bank shall be 
        determined on the basis of the most recent report of condition 
        of such bank which is available at the time of such 
        determination.
            ``(12) Acquisition of minority bank by minority bank 
        holding company without regard to asset size.--
                    ``(A) In general.--For the purpose of ensuring 
                continued minority control of a minority-controlled 
                bank, paragraphs (2) and (3) shall apply with respect 
                to the acquisition of a minority-controlled bank by an 
                out-of-State minority-controlled depository institution 
                or depository institution holding company without 
                regard to the fact that the total assets of such 
                minority-controlled bank is less than $500,000,000.
                    ``(B) Definitions.--For purposes of this 
                paragraph--
                            ``(i) Minority bank.--The term `minority 
                        bank' means any depository institution 
                        described in clause (i), (ii), or (iii) of 
                        section 19(b)(1)(A) of the Federal Reserve 
                        Act--
                                    ``(I) more than 50 percent of the 
                                ownership or control of which is held 
                                by one or more minority individuals; 
                                and
                                    ``(II) more than 50 percent of the 
                                net profit or loss of which accrues to 
                                minority individuals.
                            ``(ii) Minority.--The term `minority' means 
                        any Black American, Native American, Hispanic 
                        American, or Asian American.''.
            (3) Insured branches of foreign banks.--Section 13(h) of 
        the Federal Deposit Insurance Act (12 U.S.C. 1823(h)) is 
        amended to read as follows:
    ``(h) Applicability to Insured Branches of Foreign Banks.--The 
powers conferred on the appropriate agencies and the heads of such 
agencies (as such terms are defined in subsection (c)(3)) by this 
section to take action to reopen an insured depository institution in 
default or to avert the default of an insured depository institution 
may be used with respect to an insured branch of a foreign bank if, in 
the judgment of the head of the appropriate agency, the public interest 
in avoiding the closing of such branch substantially outweighs any 
additional risk of loss to the Bank Insurance Fund which the exercise 
of such powers would entail.''.
            (4) Emergency savings association acquisition authority of 
        the agency and the fdic.--Section 13(k) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1923(k)) is amended to read as 
        follows:
    ``(k) Emergency Acquisitions.--
            ``(1) In general.--
                    ``(A) Acquisitions authorized.--
                            ``(i) Transactions described.--
                        Notwithstanding any provision of State law, 
                        upon determining that severe financial 
                        conditions threaten the stability of a 
                        significant number of savings associations, or 
                        of savings associations possessing significant 
                        financial resources, the appropriate agency (as 
                        defined in subsection (c)(3)), in the 
                        discretion of the head of the agency and upon a 
                        determination by the head of the agency that a 
                        transaction under this subsection would lessen 
                        the risk to the agency or a deposit insurance 
                        fund, may authorize--
                                    ``(I) a savings association that is 
                                eligible for assistance pursuant to 
                                subsection (c) to merge or consolidate 
                                with, or to transfer the association's 
                                assets and liabilities to, any other 
                                savings association or any insured 
                                bank,
                                    ``(II) any other savings 
                                association to acquire control of such 
                                savings association, or
                                    ``(III) any company to acquire 
                                control of such savings association or 
                                to acquire the assets or assume the 
                                liabilities of the association.
                            ``(ii) Safety and soundness requirement.--
                        The appropriate agency may not authorize any 
                        transaction under this subsection unless the 
                        agency determines that the authorization will 
                        not present a substantial risk to the safety or 
                        soundness of the savings association to be 
                        acquired or any acquiring entity.
                            ``(iii) Terms of transactions.--Mergers, 
                        consolidations, transfers, and acquisitions 
                        under this subsection shall be on such terms as 
                        the appropriate agency shall provide.
                            ``(iv) Approval by appropriate agency.--
                        Where otherwise required by law, transactions 
                        under this subsection shall be approved by the 
                        appropriate Federal banking agency of every 
                        party to the transaction.
                            ``(v) Acquisitions by savings 
                        associations.--Any Federal savings association 
                        which acquires another savings association 
                        pursuant to clause (i) may, with the 
                        concurrence of the Director of the Office of 
                        Thrift Supervision, hold that savings 
                        association as a subsidiary notwithstanding the 
                        percentage limitations of section 5(c)(4)(B) of 
                        the Home Owners' Loan Act.
                            ``(vi) Dual service.--Dual service by a 
                        management official that would otherwise be 
                        prohibited under the Depository Institution 
                        Management Interlocks Act may, with the 
                        approval of the appropriate agency, continue 
                        for up to 10 years.
                            ``(vii) Continued applicability of certain 
                        state restrictions.--No provision of this 
                        subsection shall be construed as superseding 
                        any State law which restricts or limits the 
                        activities of a savings association on behalf 
                        of another entity.
                    ``(B) Consultation with state official.--
                            ``(i) Consultation required.--Before making 
                        a determination to take any action under 
                        subparagraph (A), the appropriate agency shall 
                        consult the State bank supervisor of the 
                        acquired institution.
                            ``(ii) Opportunity for objection.--The 
                        State bank supervisor shall be given a 
                        reasonable opportunity, and in no event less 
                        than 48 hours, to object to the approval by the 
                        appropriate agency of a transaction under this 
                        paragraph.
                            ``(iii) Notice before appointment.--Notice 
                        under clause (ii) may be provided by the 
                        Administrator with respect to a savings 
                        association before a receiver is appointed for 
                        the association, if the Administrator 
                        determines an appointment of a receiver is 
                        pending.
                            ``(iv) Written notice of determination.--If 
                        the State bank supervisor objects to a 
                        transaction under this paragraph during the 
                        period available for such objection in 
                        accordance with clause (ii), the appropriate 
                        agency shall provide to the State bank 
                        supervisor a written certification of the 
                        agency's determination with respect to such 
                        objection as soon as practicable after the 
                        determination is made.
            ``(2) Solicitation of offers.--
                    ``(A) In general.--In considering authorizations 
                under this subsection, the appropriate agency may 
                solicit such offers or proposals as are practicable 
                from any prospective purchasers or merger partners the 
                agency determines, in the head of the agency's sole 
                discretion, are both qualified and capable of acquiring 
                the assets and liabilities of the savings association.
                    ``(B) Minority-controlled depository 
                institutions.--In the case of a minority-controlled 
                depository institution, the appropriate agency shall 
                seek an offer from other minority-controlled depository 
                institutions before seeking an offer from other 
                persons.
            ``(3) Technical authority.--
                    ``(A) Determinations are determinative.--In 
                determining the cost of offers under this subsection, 
                the appropriate agency's calculations and estimations 
                shall be determinative.
                    ``(B) Time limits.--The appropriate agency may set 
                reasonable time limits on offers.
            ``(4) Branching provisions.--
                    ``(A) Maintenance of existing branches.--If a 
                merger, consolidation, transfer, or acquisition under 
                this subsection involves a savings association eligible 
                for assistance and a bank or bank holding company, a 
                savings association may retain and operate any existing 
                branch or branches or any other existing facilities.
                    ``(B) New branches.--If the savings association 
                continues to exist as a separate entity, the 
                association may establish and operate new branches to 
                the same extent as any savings association that is not 
                affiliated with a bank holding company the home office 
                of which is located in the same State.
                    ``(C) Restrictions.--
                            ``(i) In general.--Notwithstanding 
                        subparagraph (A), if--
                                    ``(I) the home office of a savings 
                                association described in such 
                                subparagraph is not in the same State 
                                in which the home office of a bank 
                                subsidiary of the bank holding company 
                                is located; and
                                    ``(II) such association does not 
                                qualify as a domestic building and loan 
                                association under section 7701(a)(19) 
                                of the Internal Revenue Code of 1986, 
                                or does not meet the asset composition 
                                test imposed by subparagraph (C) of 
                                that section on institutions seeking so 
                                to qualify,
                        such savings association shall be subject to 
                        the conditions upon which a bank may retain, 
                        operate, and establish branches in the State in 
                        which the savings association is located.
                            ``(ii) Transition period.--The appropriate 
                        agency, for good cause shown, may allow a 
                        savings association up to 2 years to comply 
                        with the requirements of clause (i).
            ``(5) Assistance before appointment of conservator or 
        receiver.--
                    ``(A) Assistance proposals.--The Corporation shall 
                consider proposals by Savings Association Insurance 
                Fund members for assistance pursuant to subsection (c) 
                before grounds exist for appointment of a conservator 
                or receiver for such member under the following 
                circumstances:
                            ``(i) Troubled condition criteria.--The 
                        Corporation determines--
                                    ``(I) that grounds for appointment 
                                of a conservator or receiver exist or 
                                likely will exist in the future unless 
                                the member's tangible capital is 
                                increased;
                                    ``(II) that it is unlikely that the 
                                member can achieve positive tangible 
                                capital without assistance; and
                                    ``(III) that providing assistance 
                                pursuant to the member's proposal would 
                                be likely to lessen the risk to the 
                                Corporation.
                            ``(ii) Other criteria.--The member meets 
                        the following criteria:
                                    ``(I) Before enactment of the 
                                Financial Institutions Reform, 
                                Recovery, and Enforcement Act of 1989, 
                                the member was solvent under applicable 
                                regulatory accounting principles but 
                                had negative tangible capital.
                                    ``(II) The member's negative 
                                tangible capital position is 
                                substantially attributable to its 
                                participation in acquisition and merger 
                                transactions that were instituted by 
                                the Federal Home Loan Bank Board or the 
                                Federal Savings and Loan Insurance 
                                Corporation for supervisory reasons.
                                    ``(III) The member is a qualified 
                                thrift lender (as defined in section 
                                10(m) of the Home Owners' Loan Act) or 
                                would be a qualified thrift lender if 
                                commercial real estate owned and 
                                nonperforming commercial loans acquired 
                                in acquisition and merger transactions 
                                that were instituted by the Federal 
                                Home Loan Bank Board or the Federal 
                                Savings and Loan Insurance Corporation 
                                for supervisory reasons were excluded 
                                from the member's total assets.
                                    ``(IV) The appropriate Federal 
                                banking agency has determined that the 
                                member's management is competent and 
                                has complied with applicable laws, 
                                rules, and supervisory directives and 
                                orders.
                                    ``(V) The member's management did 
                                not engage in insider dealing or 
                                speculative practices or other 
                                activities that jeopardized the 
                                member's safety and soundness or 
                                contributed to its impaired capital 
                                position.
                                    ``(VI) The member's offices are 
                                located in an economically depressed 
                                region.
                    ``(B) Corporation consideration of assistance 
                proposal.--If a member meets the requirements of 
                clauses (i) and (ii) of subparagraph (A), the 
                Corporation shall consider providing direct financial 
                assistance.
                    ``(C) Economically depressed region defined.--For 
                purposes of this paragraph, the term `economically 
                depressed region' means any geographical region which 
                the Corporation determines by regulation to be a region 
                within which real estate values have suffered serious 
                decline due to severe economic conditions, such as a 
                decline in energy or agricultural values or prices.''.
            (5) Technical and conforming amendment.--Subsection 13 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1823) is amended 
        by striking subsections (d), (e), and (g).
    (d) Repeal of FDIC Receivership and Conservatorship Authority.--
            (1) In general.--The Federal Deposit Insurance Act (12 
        U.S.C. 1811 et seq.) is amended--
                    (A) by striking subsections (c), (d), (e), (f), 
                (g), (h), (i), (j), (k), (l), (m), (o), (p), (q), (r), 
                and (s) of section 11; and
                    (B) by striking section 12.
            (2) Limited fdic authority to establish bridge banks.--
        Section 11(n)(1) of the Federal Deposit Insurance Act (12 
        U.S.C. 1821(n)(1)) is amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``1 or more insured banks 
                        are in default, or when''; and
                            (ii) by striking the comma after ``may 
                        become in default''; and
                    (B) in subparagraph (B), by striking ``in default 
                or in danger of default'' each place such term appears 
                and inserting ``in danger of default''.
    (e) Transfer of Functions.--Except to the extent otherwise provided 
by this Act or any amendment made by this Act, all functions performed 
by the Federal Deposit Insurance Corporation as a conservator or 
receiver of an insured depository institution, as of the day before the 
effective date of this Act, are hereby transferred to the Administrator 
of the Resolution, Asset Management, and Liquidation Agency.
    (f) Access to Reports of Condition and Examination Reports.--
            (1) Reports of condition.--Section 7(a)(2) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1817(a)(2)) is amended--
                    (A) in the 1st sentence--
                            (i) by inserting ``and, in the case of a 
                        depository institution for which the 
                        Administrator of the Resolution, Asset 
                        Management, and Liquidation Agency has been 
                        appointed as conservator or receiver, the 
                        Administrator'' after ``The Corporation''; and
                            (ii) by inserting ``or Administrator'' 
                        after ``the Corporation''; and
                    (B) in the 2d sentence--
                            (i) by inserting ``and the Administrator'' 
                        after ``The Corporation''; and
                            (ii) by inserting ``or the Administrator'' 
                        after ``made to, the Corporation''.
            (2) Technical and conforming amendment relating to 
        information sharing.--Section 11(t)(2)(A) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1821(t)(2)(A)) is amended by 
        striking clause (ii) and inserting the following new clause:
                            ``(ii) The Resolution, Asset Management, 
                        and Liquidation Agency.''.

SEC. 103. ABOLITION OF RESOLUTION TRUST CORPORATION.

    (a) In General.--The Thrift Depositor Protection Oversight Board 
and the Resolution Trust Corporation are hereby abolished.
    (b) Transfer of Functions.--Except to the extent otherwise provided 
by this Act or any amendment made by this Act, all functions performed 
by the Resolution Trust Corporation, including any appointment as a 
conservator or receiver, as of the day before the effective date of 
this Act are hereby transferred to the Administrator of the Resolution, 
Asset Management, and Liquidation Agency.
    (c) Transfer of Assets and Liabilities.--All assets and 
liabilities, including any real or personal property, of the Thrift 
Depositor Protection Oversight Board and the Resolution Trust 
Corporation shall be transferred to the Administrator of the 
Resolution, Asset Management, and Liquidation Agency.
    (d) Availability of RTC Funds.--Amounts appropriated under section 
21A of the Federal Home Loan Bank Act which remain available for 
expenditure by the Resolution Trust Corporation on the day before the 
date of the enactment of this Act shall become available to the Federal 
Deposit Insurance Corporation as of such date for deposit in the 
Savings Association Insurance Fund.
    (e) Savings Provision.--
            (1) Existing rights, duties, and obligations not 
        affected.--Subsections (a) and (b) shall not affect the 
        validity of any right, duty, or obligation of the United 
        States, the Thrift Depositor Protection Oversight Board, the 
        Resolution Trust Corporation, or any other person, which--
                    (A) arises under or pursuant to the Federal Home 
                Loan Bank Act, the Federal Deposit Insurance Act, or 
                any other Federal law; and
                    (B) existed on the day before the date of the 
                enactment of this Act.
            (2) Continuation of suits.--No action or other proceeding 
        commenced by or against the Thrift Depositor Protection 
        Oversight Board or the Resolution Trust Corporation, in any 
        capacity, shall abate by reason of the enactment of this Act, 
        except that the Administrator of the Resolution, Asset 
        Management, and Liquidation Agency shall be substituted for the 
        Chairperson of the Thrift Depositor Protection Oversight Board, 
        the Thrift Depositor Protection Oversight Board, the Resolution 
        Trust Corporation, or the chief executive officer of the 
        Resolution Trust Corporation, as the case may be, as a party to 
        any such action or proceeding.
    (f) Continuation of Orders, Resolutions, Determinations, and 
Regulations.--All orders, resolutions, determinations, and regulations, 
which--
            (1) have been issued, made, prescribed, or allowed to 
        become effective by the Thrift Depositor Protection Oversight 
        Board or the Resolution Trust Corporation or by a court of 
        competent jurisdiction, in the performance of functions which 
        are transferred by this Act; and
            (2) are in effect on the date this Act takes effect (or 
        become effective after such date pursuant to the terms of the 
        order, resolution, determination or regulation, as in effect on 
        such date),
 shall continue in effect according to the terms of such orders, 
resolutions, determinations, and regulations and shall be enforceable 
by or against the Administrator of the Resolution, Asset Management, 
and Liquidation Agency until modified, terminated, set aside, or 
superseded in accordance with applicable law by the Administrator, by 
any court of competent jurisdiction, or by operation of law.

SEC. 104. EMPLOYEE TRANSFERS.

    (a) All RTC-Assigned Employees To Be Transferred.--All Federal 
Deposit Insurance Corporation employees assigned to the Resolution 
Trust Corporation on the day before the effective date of this Act, 
including liquidation-grade, general-grade, and general-grade term 
employees, shall be transferred to the Administrator of the Resolution, 
Asset Management, and Liquidation Agency (hereafter in this subsection 
referred to as the ``Administrator'') 60 days after the establishment 
of the Agency.
    (b) FDIC-Assigned Employees To Be Transferred.--
            (1) In general.--All Federal Deposit Insurance Corporation 
        employees assigned to the Federal Deposit Insurance Corporation 
        on the day before enactment of this Act, including liquidation-
        grade, general-grade, and general-grade term employees, who are 
        performing liquidation, resolution or other functions 
        transferred pursuant to this Act, shall be transferred to the 
        Administrator 60 days after establishment of the Agency.
            (2) Joint identification.--The Federal Deposit Insurance 
        Corporation and the Administrator shall jointly identify which 
        Federal Deposit Insurance Corporation-assigned employees are 
        performing liquidation, resolution, or other transferred 
        functions.
    (c) TDPOB Employees To Be Transferred.--All employees of the Thrift 
Depositor Protection Oversight Board on the day before enactment of 
this Act shall be transferred to the Administrator 60 days after the 
establishment of the Agency.
    (d) Rights of Transferred Employees.--
            (1) In general.--Except as otherwise provided in this 
        section, each employee transferred pursuant to this section 
        shall be transferred to a substantially similar position in an 
        office within the same local commuting area, and shall be 
        guaranteed a position with the same status, tenure (except 
        general-grade term employees who shall be transferred without 
        limitation as to term), pay (including any regional or cost-of-
        living differential), and grade as that held on the day 
        immediately preceding the enactment of this Act. Each 
        transferred employee shall receive notice of his position 
        assignment not later than 60 days after transfer into the 
        Administrator.
            (2) LG employees.--Liquidation-grade employees assigned to 
        either the Federal Deposit Insurance Corporation or the 
        Resolution Trust Corporation shall be transferred to an office 
        within the same local commuting area, and shall be guaranteed a 
        position with the same pay (including any regional or cost-of-
        living differential), and grade as that held on the day 
        immediately preceding the enactment of this Act, and shall be 
        separated in accordance with the terms of the appointment, 
        unless the appointment is renewed by the Administrator.
            (3) TDPOB employees.--Employees of the Thrift Depositor 
        Protection Oversight Board shall be transferred to a similar 
        position in an office within the same local commuting area, and 
        shall be guaranteed a position with the same tenure, pay 
        (including any regional or cost-of-living differential), and 
        grade as that held on the day immediately preceding the 
        enactment of this Act. Employees who are in the excepted 
        service whose counterparts from the Federal Deposit Insurance 
        Corporation are in the competitive service shall have their 
        status converted to competitive without any further action.
            (4) Additional employee protections.--Each employee 
        transferred pursuant to this section, other than a liquidation-
        grade employee, shall not be involuntarily separated or reduced 
        in grade or compensation for 1 year after the date of the 
        transfer, except for cause. A transfer pursuant to this Act 
        shall be deemed a ``transfer of function'' for the purposes of 
        section 3503 of title 5, United States Code, and a ``major 
        transfer of function'' for purposes of affording affected 
        employees retirement under section 8336(d)(2) or 8414(b)(1)(B) 
        of title 5, United States Code.
    (e) Personnel Authority of the Administrator.--Before the transfer 
of employees pursuant to this section, the Administrator--
            (1) may use employees assigned to the Resolution Trust 
        Corporation or the Federal Deposit Insurance Corporation on a 
        temporary basis; and
            (2) shall reimburse the appropriate corporation for the 
        agency's actual expenses.
    (f) Transfer Upon Failure To Reauthorize.--
            (1) In general.--Upon the expiration of the period during 
        which the Administrator may be appointed as receiver, detailed 
        employees of other Executive agencies (as defined in section 
        105 of title 5, United States Code) shall be returned to the 
        detailing agency and all other employees shall be identified 
        for transfer to the closest office of the Federal Deposit 
        Insurance Corporation in accordance with the provisions of 
        paragraphs (1), (2), and (4) of section 404 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989.
            (2) Applicability of section 404.--Paragraphs (1), (2), and 
        (4) of section 404 of the Financial Institutions Reform, 
        Recovery, and Enforcement Act of 1989 shall apply with respect 
        to each employee identified for transfer under paragraph (1) 
        (of this subsection) in the same manner such paragraphs applied 
        with respect to employees identified for transfer under section 
        403(b) of such Act.

SEC. 105. TRANSFER OF FSLIC RESOLUTION FUND TO AGENCY.

    (a) In General.--Section 11A(a) of the Federal Deposit Insurance 
Act (12 U.S.C. 1821a(a)) is amended--
            (1) in paragraph (1), by striking ``Corporation'' and 
        inserting ``Administrator of the Resolution, Asset Management, 
        and Liquidation Agency (hereafter in this section referred to 
        as the `Administrator')'';
            (2) by striking paragraph (3) and inserting the following 
        new paragraph:
            ``(3) Separate holding.--Assets and liabilities transferred 
        to the FSLIC Resolution Fund shall be assets and liabilities of 
        the Fund and not the Administrator and shall not be 
        consolidated with the assets and liabilities of the 
        Administrator.'';
            (3) by striking paragraph (4) and inserting the following 
        new paragraph:
            ``(4) Rights, powers, and duties.--Effective on the date of 
        the enactment of the Revitalization of Depository Institution 
        Liquidation Procedures Act of 1993, the Administrator shall 
        have all rights, powers, and duties to carry out the 
        Administrator's duties with respect to the assets and 
        liabilities of the FSLIC Resolution Fund that the Administrator 
        otherwise has under this Act and sections 21A, 21C, and 21D of 
        the Federal Home Loan Bank Act.''; and
            (4) by striking paragraph (5) and inserting the following 
        new paragraph:
            ``(5) Administrator as conservator or receiver.--
                    ``(A) In general.--Effective on the date of the 
                enactment of the Revitalization of Depository 
                Institution Liquidation Procedures Act of 1993, the 
                Administrator shall succeed the Corporation as 
                conservator or receiver with respect to any depository 
                institution--
                            ``(i) the accounts of which were insured 
                        before August 10, 1989 by the Federal Savings 
                        and Loan Insurance Corporation; and
                            ``(ii) for which a conservator or receiver 
                        was appointed before January 1, 1989.
                    ``(B) Rights, powers, and duties.--When acting as 
                conservator or receiver with respect to any depository 
                institution described in subparagraph (A), the 
                Administrator shall have all rights, powers, and duties 
                that the Administrator otherwise has as conservator or 
                receiver under this Act and sections 21A, 21C, and 21D 
                of the Federal Home Loan Bank Act.''.
    (b) Technical and Conforming Amendments.--Section 11A of the 
Federal Deposit Insurance Act (12 U.S.C. 1821a) is amended--
            (1) in subsection (b), by striking (4); and
            (2) in subsection (c)(1), by striking ``Corporation'' and 
        inserting ``Administrator''.

                        TITLE II--FUNDING ISSUES

SEC. 201. MAXIMUM OBLIGATION LIMITATION OF ADMINISTRATOR.

    Section 21A(j)(1) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(j)(1)(B)) is amended by striking ``$50,000,000,000'' and 
inserting ``$31,200,000,000''.

SEC. 202. BORROWING BY ADMINISTRATOR LIMITED TO FEDERAL FINANCING BANK.

    Section 21A(i)(1) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(i)(1)) is amended by adding the following new subparagraph:
                    ``(C) Additional borrowing.--The Administrator may 
                borrow only from the Treasury of the United States or 
                from the Federal Financing Bank.''.

                           TITLE III--REPORTS

SEC. 301. STUDY OF PRIVATE SECTOR CONTRACTORS.

    Section 21A(p) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(p)) is amended by adding at the end the following new paragraph:
            ``(3) Study of private sector contractors.--The 
        Administrator shall conduct a detailed review of contractor 
        performance of its major activities, such as asset valuation, 
        cost test calculation, property management, etc., for the 
        purpose of preparing a report to the Senate Banking, Housing, 
        and Urban Affairs Committee and the House Banking, Finance and 
        Urban Affairs Committee on the benefits and burdens of 
        contracting out tasks to private sector firms as compared to 
        the benefits and burdens of performing the work with its 
        employees.''.

SEC. 302. ADDITIONAL REPORTS.

    Section 21A(k)(7) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(k)(7)) is amended to read as follows:
            ``(7) Quarterly reports.--
                    ``(A) Reports required.--Not later than May 31, 
                August 31, November 30, and the last day of February of 
                each year, the Administrator shall submit reports to 
                the Committee on Banking, Finance and Urban Affairs of 
                the House of Representatives and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate.
                    ``(B) Assets on hand.--
                            ``(i) In general.--Each report under this 
                        paragraph shall include a report on the assets 
                        on hand at the beginning and end of the 
                        reporting quarter in receiverships or 
                        conservatorships or in institutions under 
                        supervisory control of the Administrator.
                            ``(ii) Information required to be 
                        included.--For each asset, the following 
                        information shall be reported:
                                    ``(I) Category of asset.
                                    ``(II) Location of asset.
                                    ``(III) Book value of asset.
                                    ``(IV) Fair market value of asset 
                                as identified either for purposes of 
                                borrowing from the Federal Financing 
                                Bank or for purposes of calculating the 
                                least-cost resolution method.
                                    ``(V) Information on whether data 
                                reported is estimated or confirmed from 
                                books and records or other reliable 
                                sources.
                                    ``(VI) Any ancillary matter that 
                                may affect the sale of the asset, such 
                                as hazardous waste, environmental or 
                                historic significance of the asset, 
                                incomplete records, title problems, tax 
                                or materialmens' liens, or adverse 
                                economic conditions existing in the 
                                local area in which the asset is 
                                located.
                    ``(C) Asset sales.--
                            ``(i) In general.--Each report under this 
                        paragraph shall include a report on asset sales 
                        during the reporting quarter, including the 
                        information enumerated in subparagraph (A).
                            ``(ii) Information required to be 
                        included.--For each asset sale, the following 
                        information shall be reported:
                                    ``(I) The sale price of the asset.
                                    ``(II) The terms of any financing.
                                    ``(III) Any terms of a sale which 
                                obligate the Administrator to future 
                                liability with regard to the asset 
                                (including such matters as `puts', 
                                seller financing, and guaranteed 
                                yields).
                                    ``(IV) The period of time during 
                                which the asset was under the control 
                                of the Administrator.
                                    ``(V) Any expenditure made in 
                                connection with the preservation or the 
                                sale of the asset (including fees paid 
                                to interim servicers, asset management 
                                and disposition contractors, real 
                                estate brokers, securities brokers or 
                                underwriters, auctioneers, and 
                                insurance and professional fees).
                                    ``(VI) The calculation of net 
                                proceeds to the Administrator or the 
                                savings association, and the net 
                                proceeds as adjusted for contingencies 
                                and allowances.
                                    ``(VII) The calculation of the net 
                                loss (or gain) on each asset, using the 
                                value of the asset on the books of a 
                                depository institution as of the date 
                                of the declaration of conservatorship 
                                or receivership or the imposition of 
                                regulatory supervision as the basis.
                                    ``(VIII) Information on whether the 
                                sale was made by auction or a bulk 
                                sale, under the affordable housing 
                                program, or through a securitization 
                                process.
                    ``(D) Formats for subparagraphs (b) and (c).--The 
                information specified in subparagraphs (B) and (C) 
                shall be reported in the following formats (and any 
                other that the Administrator, in the Administrator's 
                discretion, deems useful):
                            ``(i) By categories of asset and location.
                            ``(ii) By categories of asset, location, 
                        type of sale, and continuing or contingent 
                        liabilities of the Administrator.
                            ``(iii) By categories of asset, location, 
                        and type of financing.
                            ``(iv) By categories of asset, holding 
                        period, and location.
                            ``(v) By categories of asset, location, and 
                        value of other assets of a similar type in the 
                        local market still held or under the control of 
                        the Administrator.
                    ``(E) Descriptive information.--The reports shall 
                contain summary tables, subtotals, and such descriptive 
                information as may be needed to assure the presentation 
                of complete and accurate data.
                    ``(F) Definitions.--For purposes of this 
                paragraph--
                            ``(i) Category of assets.--The term 
                        `category of assets' means the following:
                                    ``(I) Cash.
                                    ``(II) Securities.
                                    ``(III) Loans.
                                    ``(IV) Real estate.
                                    ``(V) Other.
                            ``(ii) Director.--The term `Director' means 
                        the Director of the Office of Thrift 
                        Supervision.
                            ``(iii) Loan.--The term `loan' means--
                                    ``(I) residential mortgages secured 
                                by 1- to 4-family dwellings;
                                    ``(II) construction loans;
                                    ``(III) land loans;
                                    ``(IV) land development loans;
                                    ``(V) other mortgage loans;
                                    ``(VI) consumer loans; and
                                    ``(VII) commercial loans.
                            ``(iv) Real estate.--The term `real estate' 
                        means--
                                    ``(I) commercial real estate;
                                    ``(II) residential real estate;
                                    ``(III) residential single-family 
                                real estate;
                                    ``(IV) residential multifamily real 
                                estate; and
                                    ``(V) undeveloped or raw land.
                            ``(v) Commercial real estate.--The term 
                        `commercial real estate' means--
                                    ``(I) office buildings, subdivided 
                                into categories by net rentable or 
                                saleable square feet;
                                    ``(II) shopping centers, subdivided 
                                by size;
                                    ``(III) golf courses, race tracks, 
                                sports complexes and stadiums, and 
                                other types of recreational facilities; 
                                and
                                    ``(IV) hotels and motels subdivided 
                                by size.
                            ``(vi) Location.--The term `location' 
                        means--
                                    ``(I) street address, lot and 
                                block, or other designation sufficient 
                                to precisely locate the asset;
                                    ``(II) city and State;
                                    ``(III) Standard Metropolitan 
                                Statistical Area, or if the asset is 
                                not located within such an area, then 
                                the county; and
                                    ``(IV) jurisdiction of regional, 
                                consolidated, and field office of the 
                                Administrator.
                            ``(vii) Type of sale.--The term `type of 
                        sale' includes--
                                    ``(I) bulk sales;
                                    ``(II) the issuance and sale of 
                                securities backed by a pool of assets 
                                held by the Administrator;
                                    ``(III) auction sales;
                                    ``(IV) sales under the affordable 
                                housing program; and
                                    ``(V) seller-financed sales.
                            ``(viii) the term `law firm'--
                                    ``(I) means any person who provides 
                                legal services for hire; and
                                    ``(II) includes all partners, 
                                associates, employees, branch offices, 
                                and affiliates of such a person.
                    ``(G) Data on private sector contractors.--
                            ``(i) In general.--For each contract 
                        outstanding at the end of the reporting 
                        quarter, the Administrator shall report the 
                        following:
                                    ``(I) The type of contract.
                                    ``(II) The name and principal 
                                address of the contractor.
                                    ``(III) The total dollar value of 
                                the contract.
                                    ``(IV) The amount of fees or 
                                consideration paid to the contractor 
                                during the quarter and since the 
                                inception of the contract.
                                    ``(V) Information on whether a 
                                waiver of the conflict of interest 
                                rules were granted in connection with 
                                the award of the contract and the names 
                                and addresses of persons who were 
                                granted any such waivers.
                                    ``(VI) A brief description of any 
                                ongoing problems with the contract or 
                                with the assets or services that are 
                                the subject of the contract.
                                    ``(VII) The total value of assets 
                                delivered to the contractor, sold by 
                                the contractor pursuant to the 
                                contract, the total receipts received 
                                from the contractor, total fees and 
                                charges paid to the contractor, the 
                                terms of any asset sales, and the value 
                                and location of any assets returned to 
                                the Administrator pursuant to an asset 
                                sale, if applicable.
                            ``(ii) Subcontractor information.--The 
                        information required under clause (i) shall be 
                        reported for each subcontractor of a contractor 
                        who performs a substantial part of the value of 
                        the contractor's agreement with the 
                        Administrator.
                            ``(iii) Types of contracts specifically 
                        included.--For purposes of this subparagraph, 
                        the term `type of contract' includes the 
                        following:
                                    ``(I) Asset management and 
                                disposition contracts.
                                    ``(II) Interim servicing 
                                agreements.
                                    ``(III) Collection agreements.
                                    ``(IV) Brokerage or underwriting 
                                contracts.
                                    ``(V) Property management 
                                contracts.
                                    ``(VI) Professional services 
                                contracts.
                                    ``(VII) Financial services 
                                contracts.
                    ``(H) Status of claims and suits.--With respect to 
                each claim pending at the end of the quarter against 
                any depository institution for which the Administrator 
                has been appointed conservator or receiver, the 
                Administrator, any managing agent of the Administrator, 
                any entity which has contracted to provide services to 
                the Administrator on account of a failed depository 
                institution and each claim pending at such time on 
                behalf of the insured depository institution, the 
                Administrator shall provide the following information, 
                together with any additional information which may be 
                necessary in the discretion of the Administrator to 
                provide a true and accurate evaluation of the claim:
                            ``(i) The name of the claimant.
                            ``(ii) The amount of any monetary claim and 
                        a description of other relief requested.
                            ``(iii) The court or tribunal in which the 
                        claim is pending, if any.
                            ``(iv) The law firm retained by the 
                        Administrator (if any), the firm's assessment 
                        of the validity of the claim, and the number of 
                        other claims or suits being handled by the firm 
                        on behalf of the Administrator or any other 
                        depository institution for which the 
                        Administrator has been appointed conservator or 
                        receiver.
                            ``(v) With respect to any law firm referred 
                        to in clause (iv), whether a waiver of the 
                        conflict of interest rules has been made in 
                        connection with the provision of services by 
                        the firm.
                            ``(vi) The aggregate of fees paid to any 
                        law firm during the quarter in connection with 
                        the claim.
                            ``(vii) The expected date of resolution of 
                        the claim.
                            ``(viii) The condition of any collateral 
                        involved with respect to the claim.
                            ``(ix) The nature of any counterclaims or 
                        defenses.
                            ``(x) The attorney or supervisor employed 
                        by the Administrator who is responsible for 
                        monitoring the claims process on behalf of the 
                        Administrator.
                    ``(I) Currency and analysis of information.--
                            ``(i) In general.--The Administrator shall, 
                        within 6 months of the date of the enactment of 
                        the Revitalization of Depository Institution 
                        Liquidation Procedures Act of 1993, provide the 
                        information required in reports under this 
                        paragraph, on a real time basis with the 
                        capability of sorting, comparing, and 
                        summarizing across categories, locations, 
                        relationships and association, and status, so 
                        that the progress of the resolution effort can 
                        be meaningfully judged.
                            ``(ii) Certification.--The Administrator 
                        shall certify each printed report as being true 
                        and accurate to the best ability of the 
                        Administrator, and all estimates or 
                        questionable data shall be prominently marked.
                    ``(J) Federal financing bank loan status.--The 
                report shall contain the following information with 
                respect to loans from the Federal Financing Bank to the 
                Administrator:
                            ``(i) The total amount of loans outstanding 
                        at the beginning of the quarter.
                            ``(ii) The total amount of loans originated 
                        during the quarter.
                            ``(iii) The total amount of loans repaid 
                        during the quarter.
                            ``(iv) The total amount of loans 
                        outstanding at the end of the quarter.
                    ``(K) Seller financing.--The report shall contain 
                information regarding the Administrator's use of seller 
                financing to encourage the sales of assets during the 
                quarter, including the following:
                            ``(i) A total of the amount of funds used 
                        for seller financing purposes during the 
                        quarter.
                            ``(ii) The number of applications received 
                        by the Administrator which requested seller 
                        financing.
                            ``(iii) A breakdown of the type of assets 
                        sold, according to the categories listed in 
                        subclauses (I) through (VIII) of subparagraph 
                        (B)(vii).
                            ``(iv) Projections of the total amount of 
                        seller financing which will be needed during 
                        the succeeding 2 quarters.''.

SEC. 303. STUDY OF STANDARDIZED RECORDS.

    On or before June 1, 1993, the Office of Thrift Supervision shall 
report to the Senate Committee on Banking, Housing, and Urban Affairs 
and the House Committee on Banking, Finance and Urban Affairs, on the 
feasibility of requiring a nationwide uniform automated recordkeeping 
system for insured depository institutions that would assure the 
creation, maintenance and accuracy of the books and records of savings 
and loan institutions in a manner sufficient to assure that if 
regulatory action must be initiated against such an insured depository 
institution, the conservator or receiver shall receive complete and 
substantially accurate information about the assets and liabilities of 
the institution.

                     TITLE IV--REGULATORY MEASURES

SEC. 401. 2 PERCENT CAPITAL CUT-OFF.

    (a) In General.--Section 38(h)(3) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831o(h)(3)) is amended to read as follows:
            ``(3) Conservatorship or receivership required.--
                    ``(A) In general.--Before the end of the 180-day 
                period beginning on the date any insured depository 
                institution becomes critically undercapitalized and 
                notwithstanding any provision of State law, the 
                appropriate Federal banking agency shall appoint a 
                receiver or, with the approval of the Agency, a 
                conservator for such institution.
                    ``(B) Appointment of receiver required if other 
                action fails to restore capital.--In the case of any 
                institution described in subparagraph (A) for which a 
                receiver was not appointed before the end of the 180-
                day period referred to in such subparagraph, the 
                appropriate Federal banking agency shall, 
                notwithstanding any provision of State law, appoint a 
                receiver for such institution as follows:
                            ``(i) If the capital of such institution 
                        does not exceed the critical capital level at 
                        the end of the 9-month period beginning on the 
                        date action is first taken by the agency under 
                        subparagraph (A) with respect to such 
                        institution, a receiver shall be appointed by 
                        the end of such period.
                            ``(ii) If the capital of such institution 
                        exceeds the critical capital level at the end 
                        of such 9-month period but fails to exceed such 
                        level at the end of any of the first 3 months 
                        following such period, a receiver shall be 
                        appointed as of the end of such month.
                    ``(C) Acquisition by another insured depository 
                institution.--Notwithstanding the requirement under 
                subparagraph (A) to appoint a conservator or receiver 
                for an insured depository institution and subject to 
                section 13, the appropriate Federal banking agency may 
                require the insured depository institution to be 
                acquired (as defined in section 13(f)(8)(B)) by another 
                insured depository institution which offers to acquire 
                such institution if the agency determines, with the 
                concurrence of the Agency that such acquisition would 
                resolve the capital problems of the institution in a 
                manner that is least costly to the affected deposit 
                insurance fund.''.

SEC. 402. PUBLIC AVAILABILITY OF EXAMINATION INFORMATION.

    (a) Availability Required for Certain Institutions.--
            (1) In general.--Each appropriate banking agency shall make 
        available to the public copies of reports of all examinations 
        of each failed depository institution that received funds, as 
        defined in section 406, or of a holding company of such 
        institution, that was performed by that banking agency or its 
        predecessor, during the 5-year period preceding the transfer, 
        failure, or receipt of funds.
            (2) Consultation.--Each appropriate banking agency other 
        than the National Credit Union Administration Board shall 
        consult with the Federal Deposit Insurance Corporation or the 
        Agency prior to making such reports available to the public.
    (b) Delay of Publication.--
            (1) Threats to safety or soundness of institution.--
                    (A) In general.--If the appropriate banking agency 
                makes a determination in writing that release of an 
                examination report would seriously threaten the safety 
                or soundness of an insured depository institution, such 
                agency may initially delay release of the examination 
                report for a reasonable period of time, not to exceed 
                12 months from the date of the transfer, failure, or 
                receipt of funds described in section 406.
                    (B) Extension of delay.--Any determination under 
                subparagraph (A) may be renewed on an annual basis.
            (2) Ongoing investigations.--If the appropriate banking 
        agency or the Agency determines in writing that release of a 
        portion of an examination report would hinder an ongoing 
        investigation of alleged negligence, or of other activity that 
        would give rise to either administrative or civil proceedings, 
        the portion of the examination report directly pertaining to 
        the alleged negligence or other activity, may be withheld from 
        release during the investigation, until the earliest of--
                    (A) the date a notice of charges is issued;
                    (B) the date a complaint is filed; or
                    (C) the end of a period not to exceed 24 months 
                from the date of the transfer, failure, or receipt of 
                funds described in section 406.
            (3) Delay pending criminal investigation.--
                    (A) In general.--If the appropriate banking agency 
                and the Attorney General of the United States or, in 
                the case of a State-chartered depository institution, 
                the attorney general of a State, jointly determine that 
                release of a portion of an examination report would 
                hinder an ongoing investigation of alleged criminal 
                activity, the portion of the examination report 
                directly pertaining to the alleged crime may be 
                withheld from release until the earliest of--
                            (i) the termination of such investigation;
                            (ii) the issuance of an indictment; or
                            (iii) the end of a period not to exceed 5 
                        years from the date of the transfer, failure or 
                        receipt of funds described in section 406, 
                        whichever is earlier.
                    (B) GAO access to information.--The Attorney 
                General of the United States or the attorney general of 
                a State shall provide the Comptroller General of the 
                United States with access to information regarding any 
                such criminal investigation, and shall identify any law 
                enforcement agencies or resources assigned to the 
                investigation.
    (c) Exclusion of Open Institutions.--
            (1) Open institutions.--This section shall not apply to any 
        open insured depository institution and shall not be construed 
        to require disclosure to the public of any report of 
        examination of any open insured depository institution.
            (2) Affiliated solvent institutions.--In connection with 
        the release of an examination report of a holding company of a 
        failed institution, nothing in this section shall be construed 
        as requiring the release of any examination report information 
        regarding any solvent depository institution that is also a 
        subsidiary of such holding company.

SEC. 403. PROHIBITION OF CONFIDENTIAL SETTLEMENTS.

    Notwithstanding any other provision of law or any regulation or 
order, any agreement or settlement of claims between the Agency or the 
Federal Deposit Insurance Corporation and any other party which relates 
to an institution described in section 406 shall be made available to 
the public.

SEC. 404. APPLICABILITY.

    The requirements of section 402 shall apply--
            (1) to any insured depository institution that has had its 
        assets or liabilities, or any part thereof, transferred to the 
        FSLIC Resolution Fund or the Agency; or
            (2) to any Bank Insurance Fund member that has failed and 
        received funds, if during either the fiscal year in which the 
        institution failed or the fiscal year in which the institution 
        received funds, as defined in section 406, the Bank Insurance 
        Fund--
                    (A) had outstanding loans, or had otherwise 
                received funds, from the Department of the Treasury, 
                the Federal Financing Bank, or any Federal Reserve 
                bank; or
                    (B) had a negative fund balance;
            (3) to any Savings Association Insurance Fund member that 
        has failed and received funds, if during either the fiscal year 
        in which the institution failed or the fiscal year in which the 
        institution received funds, as defined in section 406, the 
        Savings Association Insurance Fund--
                    (A) had outstanding loans, or had otherwise 
                received funds, from the Department of the Treasury, 
                the Federal Financing Bank, or any Federal Reserve 
                bank; or
                    (B) had a negative fund balance; and
            (4) to any insured credit union that has failed and 
        received funds, if during either the fiscal year in which the 
        credit union failed or the fiscal year in which the credit 
        union received funds, as defined in section 406, the National 
        Credit Union Share Insurance Fund--
                    (A) had outstanding loans, or had otherwise 
                received funds, from the Department of the Treasury, 
                the Federal Financing Bank, or any Federal Reserve 
                Bank; or
                    (B) had a negative fund balance.

SEC. 405. REMOVAL OF CUSTOMER INFORMATION FROM EXAMINATION REPORTS.

    In making available reports of examinations under section 402, each 
appropriate Federal banking agency shall excise the following 
information:
            (1) Noninstitution-affiliated parties.--The name of any 
        person who is not an institution-affiliated party with respect 
        to an insured depository institution and any other identifying 
        information with respect to any such person.
            (2) Institution-affiliated parties.--The name of any 
        institution-affiliated party and any information relating to an 
        institution-affiliated party that is not relevant to the 
        relationship between the insured depository institution and the 
        party.
            (3) Open institutions.--The name of any open insured 
        depository institution and any other identifying information 
        with respect to any such institution.
            (4) Examiners.--Any reference to any examiner or other 
        banking agency employee involved in the examination of the 
        insured depository institution.
            (5) Whistleblowers.--Any reference to any person who has 
        provided information in confidence to a banking agency which 
        may be utilized to pursue a civil or criminal action.

SEC. 406. DEFINITIONS.

    For purposes of this section--
            (1) an insured depository institution has ``failed'' if the 
        Federal Deposit Insurance Corporation, Agency, or National 
        Credit Union Administration Board--
                    (A) has been appointed as receiver or liquidating 
                agent for such institution; or
                    (B) has exercised the power to provide assistance 
                under section 13(c)(2) of the Federal Deposit Insurance 
                Act or the analogous powers under section 21A of the 
                Federal Home Loan Bank Act;
            (2) an insured depository institution has ``received 
        funds'' if the institution, any company that controls such 
        institution, or any acquiring institution receives cash or 
        other valuable consideration from the National Credit Union 
        Administration Board, the Agency, the Federal Deposit Insurance 
        Corporation, or any Federal Reserve bank that lends for more 
        than 30 days while the insured depository institution is 
        critically undercapitalized within the 1-year period before the 
        failure of the insured depository institution whether in the 
        form of a loan, a payment to depositors or other creditors, the 
        assumption of liabilities, or otherwise;
            (3) the term ``insured depository institution'' has the 
        same meaning as in section 3 of the Federal Deposit Insurance 
        Act, except that such term includes an insured credit union, as 
        defined in section 101 of the Federal Credit Union Act; and
            (4) the term ``appropriate banking agency'' means the 
        Federal Deposit Insurance Corporation, the Board of Governors 
        of the Federal Reserve System, the Comptroller of the Currency, 
        the Office of Thrift Supervision, or the National Credit Union 
        Administration Board, and, in the case of a State-chartered 
        depository institution, the appropriate State depository 
        institution regulatory agency.

SEC. 407. ADDITIONAL DISCLOSURES BY FDIC, NCUA, AND AGENCY.

    (a) Borrowers.--Not later than 6 months after being appointed 
receiver or liquidating agent for any failed institution that received 
funds, as defined in section 406, the Federal Deposit Insurance 
Corporation, the National Credit Union Administration, or the Agency, 
as appropriate, shall make available to the public the name and loan 
balance of any borrower who--
            (1) was an executive officer, director, or principal 
        shareholder of the institution, or a related interest of any 
        such person, as such terms are defined in section 22(h) of the 
        Federal Reserve Act; and
            (2) at the time that the receiver was appointed, was more 
        than 90 days delinquent on a loan.
    (b) Transactions.--Not later than 12 months after being appointed 
receiver or liquidating agent for any failed institution that received 
funds, as defined in section 406, the Federal Deposit Insurance 
Corporation, the National Credit Union Administration Board, or the 
Agency shall make available, and update periodically thereafter, a list 
of pending and settled lawsuits brought by such agency involving 
transactions (other than loans described in subsection (a)) that caused 
a material loss to such institution or to the deposit insurance fund.

SEC. 408. GAO AUDITS.

    (a) In General.--The Comptroller General of the United States shall 
selectively audit examination reports made available to the public by 
the appropriate Federal banking agencies under section 402, and 
disclosures made by the Federal Deposit Insurance Corporation, National 
Credit Union Administration, and Agency under section 407, to assess 
compliance with the requirements of those sections.
    (b) Nature, Scope, Terms, and Conditions.--The Comptroller General 
shall determine the nature, scope, terms, and conditions of audits 
conducted under this section.

 TITLE V--COURT-ORDERED RESTITUTION IN CASES OF FINANCIAL INSTITUTION 
                       FRAUD AND PRIVATE ACTIONS

SEC. 501. IMPROVEMENTS IN COLLECTION OF COURT-ORDERED RESTITUTION IN 
              CASES OF FINANCIAL INSTITUTION FRAUD.

    (a) In General.--Section 8 of the Federal Deposit Insurance Act (12 
U.S.C. 1818) is amended by adding at the end the following new 
subsection:
    ``(w) Special Rules Relating to Banking Law Convictions.--
            ``(1) Prejudgment attachment of proceeds of banking law 
        violation.--In the case of any property obtained by any person 
        as a result of any act which the Attorney General has probable 
        cause to believe is a banking law violation or any property 
        traceable to any such act, such property may be treated as 
        property obtained from a banking law violation, or as property 
        traceable to such violation, for purposes of section 1345(a)(2) 
        of title 18, United States Code.
            ``(2) Restitution due upon issuance of order.--
        Notwithstanding paragraph (1) of section 3663(f), in the case 
        of an order of restitution issued in connection with a 
        conviction for a banking law violation, restitution shall be 
        due in full as of the date of the order.
            ``(3) Restitution order enforceable until paid.--
        Notwithstanding any provision of section 3663 of title 18, 
        United States Code, any restitution order issued under such 
        section in connection with a conviction for a banking law 
        violation shall remain enforceable under such title until the 
        total amount of restitution has been paid.
            ``(4) Enforcement of restitution order as a lien.--In 
        addition to the enforcement authority under subsection (h) of 
        section 3663 of title 18, United States Code, a restitution 
        order issued under such section in connection with a banking 
        law violation--
                    ``(A) shall constitute a lien against all of the 
                defendant's property; and
                    ``(B) may be recorded as a lien in any appropriate 
                Federal or State office for the recording of liens 
                against real or personal property.
            ``(5) Appointment of temporary receiver.--In the case of 
        any action to enforce a restitution order issued under section 
        3663 of title 18, United States Code, in connection with a 
        banking law violation, the court--
                    ``(A) on the motion of--
                            ``(i) a recipient of restitution under the 
                        order; or
                            ``(ii) any person authorized to act on 
                        behalf of any such recipient; or
                    ``(B) on the court's own motion,
        may appoint a temporary receiver to administer the defendant's 
        assets to ensure payment of restitution pursuant to the order 
        to the maximum possible extent.
            ``(6) Disclosure of financial information in presentence 
        report to recipients of restitution.--In any case in which a 
        restitution order has been issued under section 3663 of title 
        18, United States Code, in connection with a banking law 
        violation, any financial information relating to the defendant 
        which is contained in the report on the presentence 
        investigation conducted pursuant to Rule 32(c) of the Federal 
        Rules of Criminal Procedure with respect to such violation 
        shall be made available by the court after the sentencing of 
        the defendant to any recipient of restitution under the order 
        and any person authorized to act on behalf of any such 
        recipient, including any person who files an action on behalf 
        of the Agency under subsection (x).
            ``(7) Payment of restitution directly to agency.--
                    ``(A) In general.--Notwithstanding any provision of 
                section 3663 of title 18, United States Code, or the 
                terms of any restitution order issued under such 
                section in connection with a banking law violation 
                before the date of the enactment of the Revitalization 
                of Depository-Institution Liquidation Procedures Act of 
                1993, that portion of the amount of restitution under 
                any order under such section which accrues to the 
                benefit of the Agency in accordance with such order, 
                including any amount accruing to the Agency in the 
                Agency's capacity as conservator or receiver for an 
                insured depository institution, shall be paid directly 
                to the Agency by the defendant subject to the 
                restitution order.
                    ``(B) Notice by agency.--If the Agency succeeds to 
                the interest of any person receiving restitution under 
                section 3663 of title 18, United States Code, in 
                connection with a banking law violation, the Agency 
                shall promptly notify the defendant who is subject to 
                the restitution order of the amount which shall be paid 
                directly to the Agency and the procedure for making 
                such payment.
                    ``(C) Procedures.--The Agency the Attorney General, 
                and the Director of the Administrative Office of the 
                United States Courts shall establish procedures for 
                providing notice to any appropriate officer or employee 
                of the United States, any appropriate court of the 
                United States, or any other interested party to any 
                restitution order issued under section 3663 of title 
                18, United States Code, in connection with a banking 
                law violation that the Agency has succeeded to the 
                interest of any person receiving restitution under such 
                order.
                    ``(D) Applicability to rtc and ncua.--If any 
                portion of the amount of any restitution ordered under 
                section 3663 of title 18, United States Code, accrues 
                to the benefit of the Agency or the National Credit 
                Union Administration, subparagraphs (A), (B), and (C) 
                shall be applied by substituting ``Resolution, Asset 
                Management and Liquidation Agency'' or `National Credit 
                Union Administration', as the case may be, for 
                `Corporation' each place such term appears.
                    ``(E) Scope of application.--This paragraph shall 
                apply with respect to restitution payable under any 
                restitution order issued under section 3663 of title 
                18, United States Code, without regard to the date of 
                issue of the order.
            ``(8) Consideration of defendant's ability to pay 
        prohibited.--In determining the amount of any restitution 
        ordered under section 3663 of title 18, United States Code, in 
        connection with a banking law violation or making any 
        determination under section 3663(g) of such title with respect 
        to any defendant who is subject to such order, the court shall 
        not take into account the ability of the defendant to pay.
            ``(9) Notice to recipient of restitution.--If the full 
        amount of restitution required to be paid by a defendant 
        pursuant to a restitution order issued under section 3663 of 
        title 18, United States Code, in connection with a banking law 
        violation has not been paid before the end of any period of 
        supervised release of such defendant pursuant to the sentence 
        of the court, the United States Parole Commission or the 
        probation officer of a district court of the United States, as 
        the case may be, shall provide notice of the end of such period 
        to each recipient of restitution under such order who has not 
        been fully repaid.
            ``(10) Banking law violation defined.--For purposes of this 
        subsection and subsection (x), the term `banking law violation' 
        has the meaning given to such term in section 3322(d) of title 
        18, United States Code.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect at the end of the 90-day period beginning on the date of 
the enactment of this Act and shall apply with respect to any banking 
law violation or restitution order issued under section 3663 of title 
18, United States Code, in connection with any such violation without 
regard to the date on which the violation was committed or the date of 
issue of the order.

SEC. 502. PRIVATE ACTIONS TO COLLECT RESTITUTION.

    (a) In General.--Section 8 of the Federal Deposit Insurance Act (12 
U.S.C. 1818) is amended by inserting after subsection (w) (as added by 
section 504 of this title) the following new subsection:
    ``(x) Private Actions to Collect Restitution Ordered In Connection 
With Banking Law Violations.--
            ``(1) In general.--If any portion of the amount of 
        restitution ordered under section 3663 of title 18, United 
        States Code, for which the Agency is the recipient, including 
        any amount accruing to the Agency in the Agency's capacity as 
        conservator or receiver for any insured depository institution 
        which is a recipient under the order, remains outstanding at 
        the end of the 6-month period beginning on the later of--
                    ``(A) the date the restitution order is issued; or
                    ``(B) in the case of any such depository 
                institution, the date of the appointment of the Agency 
                as conservator or receiver for the depository 
                institution.
        any person may file an action in a Federal or State court of 
        competent jurisdiction to recover, on behalf of the Agency any 
        asset of, or traceable to, any person liable for such portion 
        of the restitution in satisfaction of the order.
            ``(2) Share of assets.--Subject to paragraph (9), if any 
        asset is recovered on behalf of the Agency in an action under 
        paragraph (1), the person who brought the action shall be 
        entitled to receive from the Agency an amount equal to the sum 
        of--
                    ``(A) 30 percent of that portion of the recovery 
                value of all the assets recovered pursuant to such 
                action which does not exceed $1,000,000;
                    ``(B) 20 percent of that portion of the recovery 
                value of all the assets recovered pursuant to such 
                action which exceeds $1,000,000 and does not exceed 
                $5,000,000;
                    ``(C) 10 percent of that portion of the recovery 
                value of all the assets recovered pursuant to such 
                action which exceeds $5,000,000 and does not exceed 
                $10,000,000; and
                    ``(D) 5 percent of that portion of the recovery 
                value of all the assets recovered pursuant to such 
                action which exceeds $10,000,000.
            ``(3) Double awards prohibited.--No person who receives, 
        pursuant to paragraph (2), any share of an asset recovered in 
        an action under paragraph (1) shall be entitled to receive or 
        retain any reward under section 34 of the Federal Deposit 
        Insurance Act or section 3059A of title 18, United States Code, 
        for providing any information relating to such asset.
            ``(4) Protection of moving party.--The provisions of 
        section 3059A(e) of title 18, United States Code, shall apply 
        with respect to any person who brings an action under paragraph 
        (1) in the same manner as such provisions apply to any person 
        described in such section.
            ``(5) Notice to agency.--Any person who brings an action 
        under this subsection shall promptly notify the Agency of--
                    ``(A) the filing of any action under this section;
                    ``(B) any final judgment or order with regard to 
                such action; and
                    ``(C) any settlement discussions among the parties 
                to such action.
            ``(6) Settlement without agency consent prohibited.--No 
        settlement agreement with regard to any action under paragraph 
        (1) may be entered into or agreed to by any person who brought 
        the action on behalf of the Agency without the prior written 
        consent of the Agency.
            ``(7) Counterclaims.--If a counterclaim is filed in any 
        action under paragraph (1), no action may be taken in 
        connection with such action until the counterclaim has been 
        served on any appropriate party, including the Attorney General 
        or the Agency.
            ``(8) Award of cost and attorney fees to prevailing 
        plaintiff.--In addition to any amount received under paragraph 
        (2) by any person who brings an action on behalf of the Agency 
        under paragraph (1) and prevails, the court, in the court's 
        discretion, may allow the person reasonable attorneys' fees and 
        other costs of such person in connection with such action.
            ``(9) Ineligibility of certain persons for share of 
        assets.--Paragraph (2) shall not apply with respect to the 
        following persons in the case of any action brought by any such 
        person under paragraph (1) in connection with a restitution 
        order referred to in such paragraph:
                    ``(A) Any current or former officer or employee of 
                the United States or any State who directly or 
                indirectly obtained, in whole or in part, any 
                information with respect to any asset which is the 
                subject of the action while acting within the course of 
                such officer's or employee's government employment.
                    ``(B) Any person who participated in any banking 
                law violation which resulted in the issuance of the 
                restitution order.
                    ``(C) Any institution-affiliated party who withheld 
                any information which such person had a fiduciary duty 
                to disclose relating to any banking law violation that 
                resulted in the issuance of the restitution order.
                    ``(D) Any member of the immediate family of a 
                defendant who is subject to the restitution order.
            ``(10) Exception for certain assets.--This subsection shall 
        not apply with respect to any asset referred to in paragraph 
        (1) in which the Agency has--
                    ``(A) perfected a security interest before the date 
                an action is filed under paragraph (1); or
                    ``(B) otherwise asserted a legal interest as a 
                matter of public record before such date.
            ``(11) Avoidable transfers.--Any person who brings an 
        action under paragraph (1) with respect to any asset may 
        exercise any authority of the Agency under section 11(d)(17) to 
        avoid a transfer and recover the value of the asset, subject to 
        the provisions of such section.
            ``(12) Applicability to agency and ncua.--If any portion of 
        the amount of any restitution ordered under section 3663 of 
        title 18, United States Code, accrues to the benefit of the 
        Agency or the National Credit Union Administration, this 
        subsection shall be applied by substituting `Resolution, Asset 
        Management and Liquidation Agency' or `National Credit Union 
        Administration', as the case may be, for `Corporation' each 
        place such term appears, except that section 207(b)(16) of the 
        Federal Credit Union Act shall apply with respect to the 
        authority of any person under paragraph (11) to avoid a 
        transfer of an asset and recover the value of the asset on 
        behalf of the National Credit Union Administration.''.
    (b) Scope of Application.--The amendment made by subsection (a) 
shall apply to any restitution order issued under section 3663 of title 
18, United States Code, in connection with a banking law violation 
which is in effect, or becomes effective, on or after the date of the 
enactment of this Act.

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