TITLE 
IV—FEDERAL 
DEPOSIT
INSURANCE 
CORPORATION
AMENDMENTS
SEC. 401. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT.
(a) APPLICATION FOR INSURANCE.—Section 5 of the
Federal Deposit Insurance Act (12 U.S.C. 1815) is
amended—
(1) in subsection (a), by striking ‘‘Comptroller
of the Currency’’, each place such term appears, and
inserting ‘‘Administrator of the Federal Bank
Agency’’.
(2) in subsection (a), by striking ‘‘Adminis-
trator of the Office of Thrift Supervision’’, each
place such term appears, and inserting ‘‘Adminis-
trator of the Federal Bank Agency’’.
(b) AMENDMENTS TO SECTION 18 OF THE FEDERAL
DEPOSIT INSURANCE ACT.—Section 18 of the Federal
Deposit Insurance Act (12 U.S.C. 1828) is amended—
(1) in subsection (c)—
(A) by striking ‘‘responsible agency’’ each
place such term appears and inserting ‘‘appro-
priate Federal banking agency’’;
(B) by striking ‘‘responsible agencies’’ each
place such term appears and inserting ‘‘appro-
priate Federal banking agencies’’;
(C) by striking ‘‘the other two banking
agencies referred to in this subsection’’ each
place such term appears and inserting ‘‘the
other appropriate Federal banking agency’’;
(D) by striking ‘‘the other two banking
agencies’’ each place such term appears and in-
serting ‘‘the other appropriate Federal banking
agency’’;
(E) in paragraph (2), by striking ‘‘written
approval’’ and all that appears after such term
in such paragraph and inserting ‘‘written ap-
proval of the appropriate Federal banking
agency for the acquiring, assuming, or resulting
institution.’’; and
(F) by striking subparagraph (B) of para-
graph (2) and redesignating subsequent sub-
paragraphs accordingly;
(2) in subsection (g), by striking ‘‘Adminis-
trator of the Office of Thrift Supervision’’ each place
such term appears and inserting ‘‘Administrator of
the Federal Bank Agency’’; and
(3) in subsection (i)(2), by striking ‘‘written
consent’’ and all that appears after such term in
such paragraph and inserting ‘‘written consent of
the appropriate Federal banking agency for the
acquiring, assuming or resulting institution.’’.
TITLE V—REORGANIZATION OF
BOARDS OF DIRECTORS
SEC. 501. FEDERAL DEPOSIT INSURANCE CORPORATION
BOARD OF DIRECTORS.
(a) REORGANIZATION.—Section 2 of the Federal
Deposit Insurance Act (12 U.S.C. 1812) is amended—
(1) by striking ‘‘Comptroller of the Currency’’
each place such term appears and inserting ‘‘Admin-
istrator of the Federal Bank Agency’’;
(2) by striking ‘‘Director of the Office of Thrift
Supervision’’ each place such term appears and in-
serting ‘‘Chairman of the Board of Governors of the
Federal Reserve System or a Governor of the Board
of Governors of the Federal Reserve System dele-
gated by the Chairman of the Board of Governors’’;
and
(3) in subsection (a), by striking paragraph (2).
(b) CONFORMING AMENDMENT TO THE FEDERAL
RESERVE ACT.—Section 11(k) of the Federal Reserve Act
(12 U.S.C. 248(k)) is amended by adding at the end there-
of the following: ‘‘The Chairman may delegate the author-
ity of the Chairman to serve as a member of the Board
of Directors of the Federal Deposit Insurance Corporation
to any other member of the Board.’’.
(c) EFFECTIVE DATE.—The amendments made by
this subsection shall take effect on January 1, 1995.
SEC. 502. AMENDMENTS TO THE FEDERAL RESERVE ACT.
(a) The 7th undesignated paragraph of section 9 of
the Federal Reserve Act (12 U.S.C. 325) is amended to
read as follows:
‘‘(7) As a condition of membership, such banks
shall be subject to examinations made by the appro-
priate Federal banking agency (as defined in section
3(q) of the Federal Deposit Insurance Act).’’.
(b) The 8th undesignated paragraph of section 9 of
the Federal Reserve Act (12 U.S.C. 326) is amended by
striking ‘‘Whenever’’ and all that follows through the colon
and inserting ‘‘Whenever the appropriate Federal banking
agency (as defined in section 3(q) of the Federal Deposit
Insurance Act) shall approve the examinations made by
the State authorities, such examinations and the reports
the examination reports may be accepted in lieu of
examinations made by the appropriate Federal banking
agency:’’.
(c) The 13th undesignated paragraph of section 9 of
the Federal Reserve Act (12 U.S.C. 330) is amended by
striking the 1st sentence and inserting the following new
sentence: ‘‘Banks which become members of the Federal
Reserve System under authority of this section shall be
subject to the provisions of this section and to the provi-
sions of this Act which relate specifically to member
banks, but shall subject to examination by their appro-
priate Federal banking agency (as defined in section 3(q)
of the Federal Deposit Insurance Act)’’.
(d) The 16th undesignated paragraph of section 9 of
the Federal Reserve Act (12 U.S.C. 333) is amended, in
the 1st sentence, by inserting ‘‘, by the appropriate Fed-
eral banking agency (as defined in section 3(q) of the
Federal Deposit Insurance Act)’’ after ‘‘examination’’.
(e) The 22d undesignated paragraph of section 9 of
the Federal Reserve Act (12 U.S.C. 338) is amended to
read as follows:
‘‘(22) In connection with examinations of State
member banks, examiners selected or approved by
the appropriate Federal banking agency (as defined
in section 3(q) of the Federal Deposit Insurance
Act) shall make such examinations of the affairs of
all affiliates of such bank as shall be necessary to
disclose fully the relations between such banks and
their affiliates and the effect of such relations upon
the affairs of such banks. The expense of examina-
tion of affiliates of any State member bank may, in
the discretion of the appropriate Federal regulator,
be assessed against such bank and when so assessed,
shall be paid by such bank to the appropriate Fed-
eral regulator. In the event of the refusal to give any
information requested in the course of the examina-
tion of any such affiliate, or in the event of the re-
fusal to permit such examination, or in the event of
the refusal to pay any expense so assessed, the ap-
propriate Federal regulator shall inform the Board
of Governors of the Federal Reserve System of such
refusal. The Board of Governors of the Federal Re-
serve System may, in its discretion, require any or
all State member banks affiliated with such affiliate
to surrender their stock in the Federal reserve bank
and to forfeit all rights and privileges of membership
in the Federal Reserve System, as provided in this
section.’’.
(f) This section and the amendments made by this
section shall take effect on January 1, 1995.
SEC. 503. AMENDMENT TO THE BANK HOLDING COMPANY
ACT.
(a) SUBSTITUTION OF APPROPRIATE AGENCY FOR
BOARD.—
(1) IN GENERAL.—The Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.) is amended by
striking ‘‘Board’’ each place such term appears
(other than in section 2(f)) and inserting ‘‘appro-
priate Federal banking agency’’.
(2) APPROPRIATE FEDERAL BANKING AGENCY
DEFINED.—Section 2(f) of the Bank Holding Com-
pany Act of 1956 (1841(f)) is amended to read as
follows:
‘‘(f) APPROPRIATE FEDERAL BANKING AGENCY.—
The term ‘appropriate Federal banking agency’ has the
meaning given to such term in section 3(q) of the Federal
Deposit Insurance Act.’’.
(b) REPORTS.—Section 5(c) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1844(c)) is amended
by striking the last sentence.
SEC. 504. AMENDMENT TO THE BANK HOLDING COMPANY
AMENDMENTS ACT OF 1970.
Section 106(a) of the Bank Holding Company Act
Amendments of 1970 (12 U.S.C. 1971) is amended by
adding the following sentence at the end thereof: ‘‘The
term ‘appropriate Federal banking agency’ means ‘appro-
priate Federal banking agency (as defined in section 3(q)
of the Federal Deposit Insurance Act).’’.
TITLE VI—REGULATORY
UNIFORMITY
SEC. 601. AMENDMENTS RELATING TO THE FINANCIAL IN-
STITUTIONS EXAMINATION COUNCIL.
(a) UNIFORM EXAMINATION AND SUPERVISION.—
Subsection (a) of section 1006 of the Federal Financial
Institutions Examination Council Act of 1978 is amended
to read as follows:
‘‘(a) UNIFORM EXAMINATION AND SUPERVISION.—
The Council shall, insofar as is practicable, establish uni-
form principles and standards for the examination and su-
pervision of financial institutions and other providers of
financial services within the jurisdiction of the member
agencies, which shall be applied by the member agencies.’’.
(b) RECOMMENDATIONS FOR UNIFORMITY IN OTHER
SUPERVISORY
MATTERS.—Subsection (b)(1) of section
1006 of the Federal Financial Institutions Examination
Council Act of 1978 is amended to read as follows:
‘‘(b) UNIFORMITY
IN
OTHER
SUPERVISORY
MAT-
TERS.—
‘‘(1) IN
GENERAL.—The Council shall make
recommendations for uniformity in other supervisory
matters, such as identifying financial institutions
and other providers of financial services in need of
special supervisory attention, the adequacy of super-
visory tools for determining the impact of affiliate
operations on insured depository institutions and the
ability of the member agencies to discover possible
fraud or questionable practices.’’.
(c) UNIFORM REGULATIONS.—Section 1006 of the
Federal Financial Institutions Examination Council Act of
1978 is amended—
(1) by redesignating subsections (e) and (f) as
subsections (g) and (h), respectively; and
(2) by inserting after subsection (d) the follow-
ing new subsections:
‘‘(e) UNIFORM REGULATIONS.—
‘‘(1) SUBMISSION OF EACH PROPOSED REGULA-
TION.—Each Federal financial institutions regu-
latory agency shall submit each proposed regulation
relating to the supervision and regulation of finan-
cial institutions to the Council for comments and
recommendations.
‘‘(2) REVIEW
AND
RECOMMENDATIONS.—The
Council shall review any proposed regulation submit-
ted under subsection (a) and shall provide such com-
ments and recommendations to the appropriate Fed-
eral regulatory agency as the Council determines to
be appropriate in order to—
‘‘(A) maintain, insofar as is practicable,
uniformity in the requirements of the regula-
tions of the appropriate Federal regulatory
agencies;
‘‘(B) ensure that such regulations address
such unsafe or unsound practices involving de-
pository institution holding companies and their
affiliates as the Council may identify based
upon the Council’s or any appropriate Federal
regulatory agency’s experience in administering
this Act; and
‘‘(C) ensure that such regulations take into
account competitive conditions in domestic and
international financial markets.
‘‘(f) AUTHORITY TO ISSUE REGULATIONS.—
‘‘(1) IN GENERAL.—Notwithstanding any other
provision of law, the Council may, by unanimous
vote, issue in the name of the Council any uniform
regulation, interpretation, guideline, order, or other
administrative action which could be taken sepa-
rately by any of Federal agencies represented on the
Council under the Federal Reserve Act, the Federal
Deposit Insurance Act, the Home Owners Loan Act,
title LXII of the Revised Statutes of the United
States, or the Bank Holding Company Act of 1956.
‘‘(2) JUDICIAL REVIEW.—Any action taken by
the Council under paragraph (1) shall be subject to
judicial review as if the action was taken by the
member of the Council in whose stead the Council
acted.’’.
(d) TECHNICAL AND CONFORMING AMENDMENT.—
Section 1003(1) of the Federal Financial Institutions Ex-
amination Council Act of 1978 (12 U.S.C. 3302(1)) is
amended to read as follows:
‘‘(1) FEDERAL FINANCIAL INSTITUTIONS REGU-
LATORY AGENCIES.—The term ‘Federal financial in-
stitutions regulatory agencies’ means the Board of
Governors of the Federal Reserve System, the Fed-
eral Deposit Insurance Corporation, the Federal
Bank Agency, and the National Credit Union
Administration.’’.
TITLE VII—CREDIT UNIONS
SEC. 701. COMPARABLE SUPERVISORY STANDARDS FOR
CREDIT UNIONS.
Insured credit unions (as defined in section 101(7)
of the Federal Credit Union Act) shall be supervised by
the National Credit Union Administration under stand-
ards which are comparable to the standards under which
Federal depository institutions (as defined in section 3(c)
of the Federal Deposit Insurance Act) are supervised by
the appropriate Federal banking agency (as defined in
section 3(q) of the Federal Deposit Insurance Act, as
amended by section 302 of this Act), taking into account
the unique mission and nature of credit unions.
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HR 1227 IH——2
HR 1227 IH——3