I
106TH CONGRESS
1ST SESSION
H. R. 3374
To strengthen the special examination authority of the Federal Deposit Insur-
ance Corporation in order to protect the Bank Insurance Fund and
the Savings Association Insurance Fund, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
NOVEMBER 16, 1999
Mr. LEACH introduced the following bill; which was referred to the Committee
on Banking and Financial Services
A BILL
To strengthen the special examination authority of the Fed-
eral Deposit Insurance Corporation in order to protect
the Bank Insurance Fund and the Savings Association
Insurance Fund, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Federal Deposit Insur-
ance Corporation Examination Enhancement and Insur-
ance Fund Protection Act’’.
SEC. 2. STRENGTHENING OF FDIC BACKUP AUTHORITY.
(a) SPECIAL EXAMINATIONS OF INSURED DEPOSI-
TORY INSTITUTIONS.—Section 10(b)(3) of the Federal
Deposit Insurance Act (12 U.S.C. 1820(b)(3)) is
amended—
(1) by striking ‘‘DEPOSITORY INSTITUTION.—In
addition to the examinations’’ and inserting ‘‘DEPOS-
ITORY INSTITUTION.—
‘‘(A) IN GENERAL.—In addition to the ex-
aminations’’;
(2) by striking ‘‘Board of Directors’’ and in-
serting ‘‘Chairperson of the Board of Directors’’;
and
(3) by adding at the end the following new sub-
paragraphs:
‘‘(B) COORDINATION
AND
MINIMIZATION
OF DISRUPTION.—In exercising any authority
under subparagraph (A) with respect to any in-
sured depository institution, all reasonable ef-
forts shall be made to—
‘‘(i) coordinate with any other appro-
priate Federal banking agency or State
bank supervisor with respect to such de-
pository institution; and
‘‘(ii) minimize any disruptive effect of
an examination on the operation of the de-
pository institution.
‘‘(C) NOTICE TO OTHER MEMBERS OF THE
BOARD OF DIRECTORS AND THE APPROPRIATE
BANKING AGENCY OR SUPERVISOR.—The Chair-
person of the Board of Directors shall promptly
notify each other member of the Board of Di-
rectors, the Chairman of the Board of Gov-
ernors of the Federal Reserve System (in the
case of a State member bank), and the appro-
priate State bank supervisor (in the case of a
State depository institution) whenever a deci-
sion is made to conduct a special examination
of an insured depository institution under sub-
paragraph (A).’’.
(b) AMENDMENT RELATING TO INFORMATION RE-
QUIRED TO BE SHARED WITH THE FDIC UNDER EXIST-
ING LAW.—The 1st sentence of section 7(a)(2)(A) of the
Federal Deposit Insurance Act (12 U.S.C. 1817(a)(2)(A))
is amended by inserting ‘‘, in as prompt a manner as is
practicable,’’ after ‘‘shall have access’’.
(c) PROCEDURES REQUIRED FOR SHARING OTHER
INFORMATION NEEDED FOR INSURANCES PURPOSES.—
Section 7(a)(2) of the Federal Deposit Insurance Act (12
U.S.C. 1817(a)(2)) is amended by adding at the end the
following new subparagraph:
‘‘(C) 
ADDITIONAL
INFORMATION.—The
Federal banking agencies shall establish proce-
dures for providing the Corporation with access
to such additional information as may be need-
ed by the Corporation for insurance purposes.’’.
(d) TECHNICAL CORRECTION.—Section 7(a)(2) of
the Federal Deposit Insurance Act (12 U.S.C. 1817(a)(2))
is amended by striking ‘‘(2)(A) The Corporation and,’’
and inserting ‘‘(2) ACCESS TO REPORTS AND INFORMA-
TION.—
‘‘(A) IN
GENERAL.— The Corporation
and,’’.
Æ