Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE, TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the
‘‘Thrift Charter Conversion Act of 1995’’.
(b) TABLE OF CONTENTS.—The table of contents of
this Act is as follows:
TITLE I—BANK INSURANCE FUND AND SAVINGS ASSOCIATION
INSURANCE FUND
Sec. 101. Special assessment.
Sec. 102. Assessments on insured depository institutions.
Sec. 103. Merger of bank insurance fund and savings association insurance
fund after recapitalization of SAIF.
Sec. 104. Refund of amounts in deposit insurance fund in excess of designated
reserve amount.
Sec. 105. Assessments authorized only if needed to maintain the reserve ratio
of a deposit insurance fund.
TITLE II—STATUS OF BANKS AND SAVINGS ASSOCIATIONS
Sec. 201. Termination of Federal savings associations; treatment of State sav-
ings associations as banks for purposes of Federal banking law.
Sec. 202. Treatment of certain activities and affiliations of bank holding com-
panies resulting from this Act.
Sec. 203. Transition provisions for activities of savings associations which con-
vert into or become treated as banks.
Sec. 204. Registration of bank holding companies resulting from conversions of
savings associations to banks or treatment of savings associa-
tions as banks.
Sec. 205. Additional transition provisions and special rules.
Sec. 206. Technical and conforming amendments.
Sec. 207. References to savings associations and State banks in Federal law.
Sec. 208. Repeal of Home Owners’ Loan Act.
Sec. 209. Effective date; definitions.
TITLE III—TRANSFER OF FUNCTIONS, PERSONNEL, AND
PROPERTY
Sec. 301. Office of Thrift Supervision abolished.
Sec. 302. Determination of transferred functions and employees.
Sec. 303. Savings provisions.
Sec. 304. References in Federal law to Director of the Office of Thrift Super-
vision.
Sec. 305. Reconfiguration of board of directors of FDIC as a result of removal
of Director of the Office of Thrift Supervision.
TITLE IV—LOAN LOSS RESERVE TREATMENT
Sec. 401. Repeal of special thrift bad debt reserve method.
TITLE 
I—BANK 
INSURANCE
FUND AND SAVINGS ASSOCIA-
TION INSURANCE FUND
SEC. 101. SPECIAL ASSESSMENT.
Section 7(b)(6) of the Federal Deposit Insurance Act
(12 U.S.C. 1817(b)(6)) is amended—
(1) by redesignating clauses (i), (ii), and (iii) of
subparagraph (A) as subclauses (I), (II), and (III),
respectively;
(2) by redesignating subparagraphs (A) and
(B) as clauses (i) and (ii), respectively;
(3) by moving the left margin of such clauses
and subclauses (as so redesignated) 2 ems to the
right;
(4) by striking ‘‘SPECIAL
ASSESSMENTS.—In
addition to’’ and inserting ‘‘SPECIAL
ASSESS-
MENTS.—
‘‘(A) IN GENERAL.—In addition to’’; and
(5) by adding at the end the following new sub-
paragraph:
‘‘(B) SINGLE
ADDITIONAL
SPECIAL
AS-
SESSMENT
WITH
RESPECT
TO
CERTAIN
AC-
COUNTS.—
‘‘(i) IN
GENERAL.—The Corporation
shall impose, on the basis of such factors
as the Board of Directors considers to be
appropriate, a single special assessment on
the institutions described in the following
subclauses (other than institutions exempt
under subparagraph (C):
‘‘(I) Each Savings Association
Insurance Fund member (including
any Savings Association Insurance
Fund member referred to in section
5(d)(2)(G)).
‘‘(II) Each Bank Insurance Fund
member which has deposits which are
treated, under section 5(d)(3), as de-
posits which are insured by the Sav-
ings Association Insurance Fund.
‘‘(ii) AMOUNT OF ASSESSMENT.—The
assessment imposed under clause (i) shall
be in an amount equal to such percentage
of the Savings Association Insurance Fund
assessment base of the institutions subject
to such assessment on which assessments
are imposed under the risk-based assess-
ment system established pursuant to para-
graph (1) (or, in the case of an institution
described in subclause (II), the adjusted
attributable deposit amount determined
under subparagraph (C) of section 5(d)(3)
for purposes of subparagraph (B)(i) of
such section) as of March 31, 1995, as the
Board of Directors determines, in the
Board of Directors’ discretion, to be nec-
essary in order for the reserve ratio of the
Savings Association Insurance Fund to
meet the designated reserve ratio on the
1st business day of January, 1996.
‘‘(iii) DEPOSIT
OF
ASSESSMENT.—
Notwithstanding any other provision of
law, the proceeds of any assessment im-
posed under clause (i) shall be deposited in
the Savings Association Insurance Fund.
‘‘(iv) DATE PAYMENT DUE.—The spe-
cial assessment imposed under this sub-
paragraph shall be—
‘‘(I) due on the 1st business day
of January, 1996; and
‘‘(II) paid to the Corporation on
the later of the due date or such other
date as the Corporation may prescribe
which may not be later than the end
of the 60-day period beginning on the
date of the Thrift Charter Conversion
Act of 1995.
‘‘(C) 
SPECIAL
RULES
FOR
CERTAIN
UNDERCAPITALIZED INSTITUTIONS.—
‘‘(i) IN GENERAL.—The Board of Di-
rectors may exempt any insured depository
institution from the payment of the assess-
ment imposed under subparagraph (B)(i)
if the exemption would reduce risk to the
Savings Association Insurance Fund.
‘‘(ii) CONTINUATION
OF
PRIOR
AS-
SESSMENT
RATE.—Notwithstanding para-
graph (2) or any other provision of this
subsection, the semiannual assessment rate
applicable under paragraph (2) during the
period beginning on January 1, 1996, and
ending on December 31, 1999, with re-
spect to any insured depository institution
which receives an exemption under clause
(i) shall be the semiannual assessment rate
applicable to Savings Association Insur-
ance Fund members under paragraph (2)
as of June 30, 1995.
‘‘(iii) SPECIAL
RULE
FOR
OAKAR
BANKS.—If an insured depository institu-
tion to which clause (ii) applies is an insti-
tution 
described 
in 
subparagraph
(B)(i)(II), section 5(d)(3), as in effect on
September 13, 1995, shall continue to
apply with respect to such institution for
purposes of clause (ii) without regard to
the repeal of such section by section 102(c)
of the Thrift Charter Conversion Act of
1995.
‘‘(iv) DEPOSIT OF ASSESSMENT.—As-
sessments imposed under paragraph (2) in
accordance with clause (i) on depository in-
stitutions to which such clause applies
shall be deposited—
‘‘(I) in the Savings Association
Insurance Fund until such fund is
merged into the deposit insurance
fund pursuant to section 103(a)(2) of
the Thrift Charter Conversion Act of
1995; and
‘‘(II) after such merger, in the
deposit insurance fund.
‘‘(D) PRO RATA PAYMENT OF SPECIAL AS-
SESSMENT BY EXEMPT INSTITUTIONS AUTHOR-
IZED.—In the case of any depository institution
which receives an exemption under subpara-
graph (C)(i) from the special assessment im-
posed under subparagraph (B), subparagraph
(C)(ii) shall cease to apply with respect to such
institution as of the date on which the institu-
tion makes a payment to the Corporation, on
such terms as the Board of Directors may pre-
scribe, in an amount equal to the product of—
‘‘(i) 12.5 percent of the product of—
‘‘(I) the Savings Association In-
surance Fund assessment base of the
institution which would have been
used in the calculation of the amount
of such special assessment if the insti-
tution had not received the exemption
from such assessment; and
‘‘(II) the percentage rate cal-
culated by the Board of Directors
under subparagraph (B)(ii) for use in
determining the amount of the special
assessment for depository institutions
which did not receive an exemption
under subparagraph (C); and
‘‘(ii) the whole number of full semi-
annual periods which begin after the date
of such payment and end before January
1, 2000.’’.
SEC. 102. ASSESSMENTS ON INSURED DEPOSITORY INSTI-
TUTIONS.
(a) FINANCING CORPORATION ASSESSMENTS ON ALL
FDIC-INSURED
DEPOSITORY
INSTITUTIONS.—Section
21(f) of the Federal Home Loan Bank Act (12 U.S.C.
1441(f)(2)) is amended—
(1) in the portion of paragraph (2) which pre-
cedes subparagraph (A)—
(A) by striking ‘‘each Savings Association
Insurance Fund member’’ and inserting ‘‘each
insured depository institution (as defined in sec-
tion 3(c)(2) of the Federal Deposit Insurance
Act)’’; and
(B) by striking ‘‘such members’’ and in-
serting ‘‘such institutions’’; and
(2) in paragraph (2)(A), by striking ‘‘Savings
Association Insurance Fund members’’ and inserting
‘‘insured depository institutions’’.
(b) ASSESSMENT RATES FOR SAIF MEMBERS MAY
NOT BE LESS THAN ASSESSMENT RATES FOR BIF MEM-
BERS.—Section 7(b)(2)(F) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1817(b)(2)(F)) is amended—
(1) by striking ‘‘and’’ at the end of clause (i);
(2) by striking the period at the end of clause
(ii) and inserting ‘‘; and’’; and
(3) by adding at the end the following new
clause:
‘‘(iii) notwithstanding any other provi-
sion of this subsection, assessment rates
for Savings Association Insurance Fund
members may not be less than assessment
rates for Bank Insurance Fund mem-
bers.’’.
(c) REPEAL
OF EXIT MORATORIUM
AND OAKAR
BANK PROVISIONS.—Effective January 1, 1998, section
5(d) of the Federal Deposit Insurance Act (12 U.S.C.
1815(d)) is amended by striking paragraphs (2) and (3).
(d) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 7(b)(2)(D) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(2)(D)) is amend-
ed by striking ‘‘Savings Association Insurance Fund
members’’ and inserting ‘‘members of a deposit in-
surance fund’’.
(2) Section 21(k) of the Federal Home Loan
Bank Act (12 U.S.C. 1441(k)) is amended—
(A) by striking paragraph (1); and
(B) by redesignating paragraphs (2) and
(3) as paragraphs (1) and (2), respectively.
(3) Section 7(b)(2)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1817(b)(2)(A)) is amend-
ed by adding at the end the following new clause:
‘‘(v) COORDINATION WITH SECTION 21
OF FEDERAL HOME LOAN BANK ACT.—No
provision of this subparagraph limiting the
amount of assessments for purposes of this
subsection shall be construed as limiting
the amount of assessments which may be
imposed by the Financing Corporation
under section 21(f)(2) of the Federal
Home Loan Bank Act.’’.
(e) EFFECTIVE DATE.—The amendments made by
subsections (a), (b), and (d) shall take effect on January
1, 1996.
SEC. 103. MERGER OF BANK INSURANCE FUND AND SAV-
INGS ASSOCIATION INSURANCE FUND AFTER
RECAPITALIZATION OF SAIF.
(a) ESTABLISHMENT
OF
DEPOSIT
INSURANCE
FUND.—
(1) IN GENERAL.—Effective January 1, 1998,
section 11(a)(5) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(a)(5)) is amended to read as
follows:
‘‘(5) DEPOSIT INSURANCE FUND.—
‘‘(A) ESTABLISHMENT.—There is estab-
lished a fund to be known as the deposit insur-
ance fund which shall—
‘‘(i) be maintained and administered
by the Corporation; and
‘‘(ii) initially consist of the assets and
liabilities of the Bank Insurance Fund and
Savings Association Insurance Fund which
have been merged by the Corporation into
the deposit insurance fund pursuant to
section 103(a)(2) of the Thrift Charter
Conversion Act of 1995, other than any as-
sets of the Savings Association Insurance
Fund which have been deposited in the
special reserve of the deposit insurance
fund pursuant to section 103(b)(2) of such
Act.
‘‘(B) USES.—The deposit insurance fund
shall be available to the Corporation for use in
carrying out the insurance purposes of the Cor-
poration in accordance with this Act with re-
spect to insured depository institutions.
‘‘(C) DEPOSITS.—All amounts assessed
against insured depository institutions by the
Corporation shall be deposited into the deposit
insurance fund.’’.
(2) MERGER BY CORPORATION.—Except with
respect to any assets of the Savings Association In-
surance Fund which are required to be deposited in
the special reserve of the deposit insurance fund
pursuant to subsection (b)(2), the Corporation shall
merge the Bank Insurance Fund and the Savings
Association Insurance Fund on January 1, 1998,
into the deposit insurance fund established by the
amendment made by paragraph (1).
(b) ESTABLISHMENT OF SPECIAL RESERVE OF THE
DEPOSIT INSURANCE FUND.—
(1) IN GENERAL.—Effective January 1, 1998,
section 11(a)(6) is amended to read as follows:
‘‘(6) SPECIAL RESERVE OF THE DEPOSIT IN-
SURANCE FUND.—
‘‘(A) IN GENERAL.—There is established a
fund to be known as the special reserve of the
deposit insurance fund which shall—
‘‘(i) be maintained and administered
by the Corporation; and
‘‘(ii) initially consist of amounts de-
posited in the special reserve pursuant to
section 103(b)(2) of the Thrift Charter
Conversion Act of 1995.
‘‘(B) EMERGENCY
USE
OF
SPECIAL
RE-
SERVE.—
‘‘(i) USE
AUTHORIZED.—Subject to
clause (ii) and notwithstanding subpara-
graph (C), the Corporation may, in the
sole discretion of the Board of Directors,
transfer amounts from the special reserve
for deposit in the deposit insurance fund
for use in accordance with paragraph
(5)(B).
‘‘(ii) CONDITIONS
ON
TRANSFER.—
The Board of Directors may authorize a
transfer under clause (i) only if—
‘‘(I) the Board of Directors de-
termines that the reserve ratio of the
deposit insurance fund is less than 50
percent of the designated reserve
ratio; and
‘‘(II) the Board of Directors
finds that the reserve ratio of the de-
posit insurance will likely be less than
the designated reserve ratio of the
fund for each of the 4 calendar quar-
ters beginning after the date of such
determination.
‘‘(C) NO REFUNDS OR OTHER USES AU-
THORIZED.—Except as provided in subpara-
graph (B), the Corporation may not make any
payment from the special reserve, make any re-
fund or provide any credit to any insured de-
pository institution with respect to any amount
in the special reserve, or use any amount in the
special reserve for any other purpose (including
the use of any such amount as security for the
repayment of any obligation of the Corpora-
tion).
‘‘(D) EXCLUSION OF SPECIAL RESERVE IN
CALCULATING
THE
RESERVE
RATIO.—No
amount in the special reserve may be taken into
account in calculating the reserve ratio of the
deposit insurance fund under section 7.’’.
(2) TRANSFER
AND
DEPOSIT
BY
CORPORA-
TION.—If, at the time of the merger of the Bank In-
surance Fund and the Savings Association Insur-
ance Fund pursuant to subsection (a)(2), the reserve
ratio of the Savings Association Insurance Fund ex-
ceeds the designated reserve ratio, the Corporation
shall transfer from such fund to the special reserve
of the deposit insurance fund established by the
amendment made by paragraph (1) an amount equal
to the amount which causes the reserve ratio of the
Savings Association Insurance Fund to exceed the
designated reserve ratio.
(c) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 3(y) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(y)) is amended by strik-
ing ‘‘Bank Insurance Fund or the Savings Associa-
tion Insurance Fund, as appropriate’’ and inserting
‘‘the deposit insurance fund established under sec-
tion 11(a)(5)’’.
(2) Section 11(a) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(a)) is amended by strik-
ing paragraphs 4(A) and (7).
(3) Section 5(d)(1) of the Federal Deposit In-
surance Act (12 U.S.C. 1815(d)(1)) is amended—
(A) in subparagraph (A), by striking ‘‘re-
serve ratios’’ and all that follows through the
period and inserting ‘‘the reserve ratio of the
deposit insurance fund.’’;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as
subparagraph (B).
(4) Section 7 of the Federal Deposit Insurance
Act (12 U.S.C. 1817) is amended by striking sub-
section (l).
(5) Section 7(b)(2) of the Federal Deposit In-
surance Act (12 U.S.C. 1817(b)(2)) is amended—
(A) by striking subparagraphs (B), (F),
and (G);
(B) in clauses (i) and (iv) of subparagraph
(A), by striking ‘‘each deposit insurance fund’’
and inserting ‘‘the deposit insurance fund’’;
(C) in subparagraph (A)(iii), by striking
‘‘a deposit insurance fund’’ and inserting ‘‘the
deposit insurance fund’’; and
(D) by inserting after subparagraph (E)
the following new subparagraph:
‘‘(F) RESERVE RATIO DEFINED.—For pur-
poses of this subsection, the term ‘reserve ratio’
means the ratio of the net worth of the deposit
insurance fund to aggregate estimated insured
deposits held in all insured depository institu-
tions.’’.
(6) Section 7(b)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1817(b)(3)) is amended—
(A) in subparagraph (A) by striking ‘‘any
deposit insurance fund’’ and inserting ‘‘the de-
posit insurance fund’’; and
(B) by striking subparagraphs (C) and
(D).
(7) Subparagraph (A) of section 7(b)(6) of the
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C.
1817(b)(6)) (as so redesignated by section 101 of
this subtitle) is amended—
(A) in clause (i)—
(i) by inserting ‘‘or’’ after the semi-
colon at the end of subclause (I);
(ii) by striking subclause (II); and
(iii) by striking ‘‘; and’’ at the end of
subclause (III) and inserting a period; and
(B) by striking clause (ii).
(8) Section 11(a)(4)(B) of the Federal Deposit
Insurance Act (12 U.S.C. 1821(a)(4)(B)) is amend-
ed by striking ‘‘Bank Insurance Fund and the Sav-
ings Association Insurance Fund’’ and inserting ‘‘de-
posit insurance fund’’.
(9) Paragraph (1) of section 11(f) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1821(f)) is
amended by striking ‘‘depositor, except that—’’ and
all that follows through the period at the end of the
paragraph and inserting ‘‘depositor.’’.
(10) Section 11(i)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(i)(3)) is amended—
(A) by striking subparagraph (B); and
(B) in subparagraph (C), by striking ‘‘sub-
paragraphs (A) and (B)’’ and inserting ‘‘sub-
paragraph (A)’’.
(11) Section 11A(a)(3) of the Federal Deposit
Insurance Act (12 U.S.C. 1821a(a)(3)) is amended
by striking ‘‘Bank Insurance Fund, the Savings As-
sociation Insurance Fund,’’ and inserting ‘‘deposit
insurance fund’’.
(12) Section 11A(f) of the Federal Deposit In-
surance Act (12 U.S.C. 1821a(f)) is amended by
striking ‘‘Savings Association Insurance Fund’’ and
inserting ‘‘deposit insurance fund’’.
(13) Section 13(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(a)(1)) is amended
by striking ‘‘Bank Insurance Fund, the Savings As-
sociation Insurance Fund,’’ and inserting ‘‘deposit
insurance fund, the special reserve of the deposit in-
surance fund,’’.
(14) Section 13(c)(4)(G) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(c)(4)(G)) is amend-
ed—
(A) in clause (ii)—
(i) by striking ‘‘appropriate insurance
fund’’ and inserting ‘‘deposit insurance
fund’’;
(ii) by striking ‘‘the members of the
insurance fund (of which such institution
is a member)’’ and inserting ‘‘insured de-
pository institutions’’;
(iii) by striking ‘‘each member’s’’ and
inserting ‘‘each insured depository institu-
tion’s’’; and
(iv) by striking ‘‘the member’s’’ and
inserting ‘‘the institution’s’’.
(15) Section 13(c) of the Federal Deposit In-
surance Act (12 U.S.C. 1823(c)) is amended by
striking paragraph (11).
(16) Section 13(h) of the Federal Deposit In-
surance Act (12 U.S.C. 1823(h)) is amended by
striking ‘‘Bank Insurance Fund’’ and inserting ‘‘de-
posit insurance fund’’.
(17) Section 13(k)(4)(B)(i) of the Federal De-
posit Insurance Act (12 U.S.C. 1823(k)(4)(B)(i)) is
amended by striking ‘‘Savings Association Insurance
Fund member’’ and inserting ‘‘savings association’’.
(18) Section 13(k)(5)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(k)(5)(A)) is amend-
ed by striking ‘‘Savings Association Insurance Fund
members’’ and inserting ‘‘savings associations’’.
(19) Section 14(a) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(a)) is amended—
(A) by striking ‘‘Bank Insurance Fund or
the Savings Association Insurance Fund’’ and
inserting ‘‘deposit insurance fund’’; and
(B) by striking ‘‘each such fund’’ and in-
serting ‘‘the fund’’.
(20) Section 14(b) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(b)) is amended by
striking ‘‘Bank Insurance Fund or Savings Associa-
tion Insurance Fund’’ and inserting ‘‘deposit insur-
ance fund’’.
(21) Section 14(c) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(c)) is amended by
striking paragraph (3).
(22) Section 14 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1824) is amended by striking
subsection (d).
(23) Section 15(c)(5) of the Federal Deposit
Insurance Act (12 U.S.C. 1825(c)(5)) is amended—
(A) by striking ‘‘Bank Insurance Fund or
Savings Association Insurance Fund, respec-
tively,’’ and inserting ‘‘deposit insurance fund’’;
(B) by striking ‘‘Bank Insurance Fund or
Savings Association Insurance Fund, respec-
tively;’’ and inserting ‘‘deposit insurance fund;’’;
and
(C) by striking ‘‘Bank Insurance Fund or
the Savings Association Insurance Fund, re-
spectively,’’ and inserting ‘‘deposit insurance
fund,’’.
(24) Section 17(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1827(a)(1)) is amended
by striking ‘‘Bank Insurance Fund, the Savings As-
sociation Insurance Fund,’’ each place such term ap-
pears and inserting ‘‘deposit insurance fund’’.
(25) Section 17(d) of the Federal Deposit In-
surance Act (12 U.S.C. 1827(d)) is amended by
striking ‘‘Bank Insurance Fund, the Savings Asso-
ciation Insurance Fund,’’ each place such term ap-
pears and inserting ‘‘deposit insurance fund’’.
(26) The heading for section 17(a) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1827(a)) is
amended by striking ‘‘BIF, SAIF,’’ and inserting
‘‘THE DEPOSIT INSURANCE FUND’’.
(27) Section 18(m)(3) of the Federal Deposit
Insurance Act (12 U.S.C. 1828(m)(3)) is amend-
ed—
(A) in subparagraph (A)—
(i) by striking ‘‘Savings Association
Insurance Fund.’’ and inserting ‘‘deposit
insurance fund.’’; and
(ii) by striking ‘‘Savings Association
Insurance Fund member’’ and inserting
‘‘savings association’’; and
(B) in subparagraph (C), by striking ‘‘Sav-
ings Association Insurance Fund or the Bank
Insurance Fund’’ and inserting ‘‘deposit insur-
ance fund’’.
(28) Subsections (a)(1) and (d)(1)(A) of section
24 of the Federal Deposit Insurance Act (12 U.S.C.
1831a) are each amended by striking ‘‘appropriate’’.
(29) Section 24(e)(2) of the Federal Deposit
Insurance Act (12 U.S.C. 1831a(e)(2)) is amend-
ed—
(A) in subparagraph (A), by striking ‘‘of
which such banks are members’’; and
(B) in subparagraph (B)(ii), by striking
‘‘of which such bank is a member’’.
(30) Section 24(f)(6)(B) of the Federal Deposit
Insurance Act (12 U.S.C. 1831a(f)(6)(B)) is amend-
ed by striking ‘‘of which such bank is a member’’.
(31) Section 28 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831e) is amended by striking
‘‘affected deposit insurance fund’’ each place such
term appears and inserting ‘‘deposit insurance
fund’’.
(32) Section 31 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831h(a)) is hereby repealed.
(33) Section 36(i)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1831m(i)(3)) is amended by
striking ‘‘affected’’.
(34) Section 38 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831o) is amended by striking
subsection (o).
(35) Section 21B(f)(2)(C)(ii) of the Federal
Home 
Loan 
Bank 
Act 
(12 
U.S.C.
1441b(f)(2)(C)(ii)) is amended by striking ‘‘to Sav-
ings Association Insurance Fund members’’ where
such term appears in subclauses (I) and (II) and in-
serting ‘‘to insured depository institutions which
were Savings Association Insurance Fund members
as of the date of the enactment of the Thrift Char-
ter Conversion Act of 1995’’.
(d) EFFECTIVE
DATE
OF
AMENDMENTS.—The
amendments made by subsection (c) shall take effect on
January 1, 1998.
SEC. 104. REFUND OF AMOUNTS IN DEPOSIT INSURANCE
FUND IN EXCESS OF DESIGNATED RESERVE
AMOUNT.
Subsection (e) of section 7 of the Federal Deposit In-
surance Act (12 U.S.C. 1817(e)) is amended to read as
follows:
‘‘(e) REFUNDS.—
‘‘(1) OVERPAYMENTS.—In the case of any pay-
ment of an assessment by an insured depository in-
stitution in excess of the amount due to the Cor-
poration, the Corporation may—
‘‘(A) refund the amount of the excess pay-
ment to the insured depository institution; or
‘‘(B) credit such excess amount toward the
payment of subsequent semiannual assessments
until such credit is exhausted.
‘‘(2) BALANCE IN INSURANCE FUND IN EXCESS
OF DESIGNATED RESERVE.—
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), if as of the end of any semiannual
period the amount of the actual reserves in the
Bank Insurance Fund (until the merger of such
fund into the deposit insurance fund pursuant
to section 103(a)(2) of the Thrift Charter Con-
version Act of 1995) or the deposit insurance
fund (after the establishment of such fund
under section 103(a)(1) of such Act) exceeds
the balance required to meet the designated re-
serve applicable with respect to such fund, such
excess amount shall be refunded to members of
the fund by the Corporation on such basis as
the Board of Directors determines to be appro-
priate, taking into account the factors consid-
ered under the risk-based assessment system.
‘‘(B) REFUND NOT TO EXCEED PREVIOUS
SEMIANNUAL
ASSESSMENT.—The amount of
any refund under this paragraph to any mem-
ber of a deposit insurance fund for any semi-
fice of Thrift Supervision on the day before the date
such position is abolished shall—
(A) continue to provide such services on a
reimbursable basis, in accordance with the
terms of the arrangement pursuant to which
such services were provided until the arrange-
ment is modified or terminated in accordance
with such terms, except that effective January
1, 1998, the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, or the
Board of Governors of the Federal Reserve Sys-
tem, as the case may be, shall be substituted
for the Director of the Office of Thrift Super-
vision as a party to the arrangement; and
(B) consult with the Comptroller, the Cor-
poration, or the Board to coordinate and facili-
tate a prompt and reasonable transition.
(d) TRANSFER OF PROPERTY.—Effective January 1,
1998, all property of the Office of Thrift Supervision shall
be transferred to the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, or the Board of
Governors of the Federal Reserve System, as determined
in accordance with subsections (a) and (b).