I
103D CONGRESS
1ST SESSION
H. R. 59
To increase the amount of credit available to fuel economic growth by reduc-
ing the regulatory burden imposed upon depository institutions, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 5, 1993
Mr. BEREUTER introduced the following bill; which was referred to the
Committee on Banking, Finance and Urban Affairs
A BILL
To increase the amount of credit available to fuel economic
growth by reducing the regulatory burden imposed upon
depository institutions, 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 ‘‘Depository Institution
Burden Relief Act of 1993’’.
SEC. 2. PURPOSES.
The purposes of this Act are as follows:
(1) To increase regulatory efficiency by elimi-
nating duplicative and needless regulatory require-
ments that are unrelated to assuring the safety and
soundness of financial institutions.
(2) To reduce regulatory compliance burdens on
capital-efficient depository institutions, especially
small, community-oriented depository institutions,
which come in the form of costly software purchases
and hiring additional staff solely for regulatory com-
pliance duties.
(3) To decrease statutory prescription of regu-
lations of financial institutions.
(4) To increase the bank regulator’s supervisory
discretion, and thus, increase some flexibility in its
examinations of financial institutions.
(5) To encourage bank regulators to return to
a practice of reviewing its regulations and discarding
stale ones.
(6) To ensure that bank attention is focused on
complying with regulations that are designed to en-
sure safe and sound operation of the institutions.
(7) To reduce regulatory burdens for banks, the
cost of which is eventually borne by the public—ei-
ther by higher cost of services or in terms of less
service.
(8) To ensure that Federal banking agency re-
sources are targeted at those financial institutions
operating in areas where banking services are a
problem or in dispute.
(9) To reduce the cost of regulation of the
banking industry to the Federal Government.
TITLE I—SUPERVISORY
REFORMS
SEC. 101. COORDINATION OF FEDERAL AND STATE EXAMI-
NATIONS 
TO 
REDUCE 
DUPLICATIVE 
EF-
FORTS.
(a) RECIPROCITY FOR STATE EXAMINATIONS.—Sec-
tion 10(d)(3) of the Federal Deposit Insurance Act (12
U.S.C. 1820(d)(3)) (as amended by section 111 of the
Federal Deposit Insurance Corporation Improvement Act
of 1991) is amended to read as follows:
‘‘(3) STATE EXAMINATIONS ACCEPTABLE.—The
examination requirement established under para-
graph (1) may be satisfied by an examination of the
insured depository institution conducted by the ap-
propriate State bank supervisor during the 12-
month period if the appropriate Federal banking
agency determines that the State examination car-
ries out the purposes of this subsection.’’.
(b) STATE COORDINATION WITH FEDERAL EXAMI-
NATIONS.—The appropriate Federal banking agencies and
appropriate State bank supervisors shall, to the greatest
extent practicable—
(1) coordinate examinations of insured deposi-
tory institutions; and
(2) obtain and use copies of reports of examina-
tions of insured depository institutions made by any
other appropriate Federal banking agency or appro-
priate State bank supervisor.
(c) TECHNICAL AND CONFORMING AMENDMENT.—
Section 3(r) of the Federal Deposit Insurance Act (12
U.S.C. 1813(r)) is amended to read as follows:
‘‘(r) APPROPRIATE STATE BANK SUPERVISOR.—The
term ‘appropriate State bank supervisor’ means any offi-
cer, agency, or other entity of any State which has primary
regulatory authority over State banks or State savings as-
sociations in such State.’’.
SEC. 102. COORDINATION OF FEDERAL AND STATE RE-
PORTING REQUIREMENTS TO REDUCE DU-
PLICATIVE EFFORTS.
(a) STATE
ACCESS
TO
FEDERAL
AGENCY
RE-
PORTS.—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 ‘‘and any appropriate State bank
supervisor’’ after ‘‘The Corporation’’.
(b) STATE COORDINATION WITH FEDERAL REPORT-
ING REQUIREMENTS.—The Federal banking agencies and
State bank supervisors shall, to the greatest extent prac-
ticable—
(1) coordinate the number, types, and frequency
of reports (as defined in section 44(b)(4) of the Fed-
eral Deposit Insurance Act) required to be submitted
by insured depository institutions and the type and
amount of information required to be included in
such reports; and
(2) obtain and use copies of reports of condition
and other reports submitted by such institutions to
any such agency or supervisor.
SEC. 103. CONSOLIDATED REPORTS IN THE CASE OF CAP-
ITAL-EFFICIENT DEPOSITORY INSTITUTION
SUBSIDIARIES OF DEPOSITORY INSTITUTION
HOLDING COMPANIES.
(a) IN GENERAL.—The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended by adding at
the end the following new section:
‘‘SEC. 44. REPORT AND REGULATORY RELIEF PROVISIONS.
‘‘(a) CONSOLIDATED REPORTS ALLOWED.—Notwith-
standing any provision of this Act, title LXII of the Re-
vised Statutes, the Federal Reserve Act, the Home Own-
ers’ Loan Act, or the Bank Holding Company Act of 1956
or any regulation prescribed under any such law, any pro-
vision of any such law which requires the submission of
any report to any appropriate Federal banking agency by
any capital-efficient insured depository institution which
is a subsidiary of a depository institution holding company
may be satisfied with respect to such depository institution
by a consolidated report by the holding company which
consolidates the information required to meet the require-
ments of such provision with respect to each capital-effi-
cient insured depository institution subsidiary of the hold-
ing company.’’.
(b) CAPITAL-EFFICIENT INSURED DEPOSITORY IN-
STITUTION DEFINED.—Section 3(c) of the Federal De-
posit Insurance Act (12 U.S.C. 1813(c)) is amended by
adding at the end the following new paragraph:
‘‘(6) CAPITAL-EFFICIENT INSURED DEPOSITORY
INSTITUTION.—The term ‘capital-efficient insured
depository institution’ means an insured depository
institution which—
‘‘(A) is adequately capitalized (as defined
in section 38); and
‘‘(B) has a CAMEL composite rating of 1
or 2 under the Uniform Financial Institution
Rating System or an equivalent rating under a
comparable system.’’.
SEC. 104. APPLICABILITY OF CERTAIN REQUIREMENTS RE-
LATING TO EARLY IDENTIFICATION OF NEED-
ED IMPROVEMENTS.
Section 36 of the Federal Deposit Insurance Act (12
U.S.C. 1831m) is amended by adding at the end the fol-
lowing new subsection:
‘‘(k) APPLICABILITY
TO CAPITAL-EFFICIENT IN-
SURED DEPOSITORY INSTITUTIONS.—This section shall
not apply with respect to any capital-efficient insured de-
pository institution.’’.
SEC. 105. REDUCTION IN SUBMISSION OF DUPLICATIVE IN-
FORMATION.
Section 44 of the Federal Deposit Insurance Act (as
added by section 5 of this Act) is amended by inserting
after subsection (a) the following new subsection:
‘‘(b) REDUCTION IN SUBMISSION OF DUPLICATIVE
INFORMATION.—
‘‘(1) DESCRIBING
INFORMATION
PREVIOUSLY
SUBMITTED.—In the case of any information
which—
‘‘(A) is required to be included in a report
submitted by any insured depository institution
to an appropriate Federal banking agency pur-
suant to any provision of this Act, title LXII of
the Revised Statutes, the Federal Reserve Act,
the Home Owners’ Loan Act, or the Bank
Holding Company Act of 1956, or any regula-
tion prescribed under any such law; and
‘‘(B) was included in a report submitted by
such institution (before the date of the submis-
sion of the report referred to in subparagraph
(A)) to such agency or any other Federal bank-
ing agency,
the requirement to include such information in the
report referred to in subparagraph (A) shall be
deemed to be met if the report contains an explicit
reference to the report in which such information
was previously included.
‘‘(2) COORDINATION
OF
INFORMATION
RE-
QUIREMENTS.—
‘‘(A) SUBMISSION OF DUPLICATIVE INFOR-
MATION
PROHIBITED.—Notwithstanding 
any
provision of this Act, title LXII of the Revised
Statutes, the Federal Reserve Act, the Home
Owners’ Loan Act, or the Bank Holding Com-
pany Act of 1956, or any regulation prescribed
under any such law, a Federal banking agency
may not require the submission by any insured
depository institution of information which is
available from any other Federal banking
agency.
‘‘(B) CONSULTATION REQUIRED.—The ap-
propriate Federal banking agencies shall con-
sult with each other through the Financial In-
stitutions Examination Council on a regular
basis to—
‘‘(i) coordinate the manner in which
information is collected from insured de-
pository institutions; and
‘‘(ii) ensure compliance with subpara-
graph (A) and section 1012 of the Federal
Financial Institutions Examination Council
Act of 1978.
‘‘(3) PROHIBITION ON REQUIRING THE SUBMIS-
SION OF MORE THAN 1 COPY OF ANY REPORT.—A
Federal banking agency may not require the submis-
sion of more than 1 copy of any report, including
any exhibit or other material required to be filed
with any report, submitted by any insured depository
institution to such agency.
‘‘(4) REPORTS DEFINED.—For purposes of this
section, the term ‘report’ includes any application,
notice, or other document.’’.
‘‘(2) NONAPPLICABILITY IN CASE OF FALSE OR
MISLEADING
REPORTS.—This subsection shall not
apply to any insured depository institution which—
‘‘(A) fails to make any report of condition
described in paragraph (1) within the period of
time required, or submits a false or misleading
report of condition during the 10-year period
beginning on the date the appropriate Federal
banking agency determines that such action or
failure to act has occurred, unless the institu-
tion demonstrates to the satisfaction of such
agency—
‘‘(i) that—
‘‘(I) the institution maintains
procedures 
reasonably 
adapted 
to
avoid any inadvertent error; and
‘‘(II) the failure to file the report
within the period of time required or
the submission of a false or mislead-
ing report was unintentional and a re-
sult of such inadvertent error; or
‘‘(ii) in the case of a report submitted
after the period of time required, that—
‘‘(I) the report was minimally
late; and
‘‘(II) the late submission by the
institution was inadvertent; or
‘‘(B) is required by order to file a report
of condition.’’.
(b) REPEAL OF PUBLICATION REQUIREMENTS.—
(1) The 5th sentence of section 5211(a) of the
Revised Statutes (12 U.S.C. 161(a)) is amended by
striking ‘‘; and the statement of resources and liabil-
ities in the same form in which it is made to the
Comptroller shall be published in a newspaper’’ and
all that follows through the period and inserting a
period.
(2) Section 5211(c) of the Revised Statutes (12
U.S.C. 161(c)) is amended by striking the 5th sen-
tence.
(3) Section 7(a)(1) of the Federal Deposit In-
surance Act (12 U.S.C. 1817(a)(1)) is amended by
striking the 4th sentence.
(4) The last sentence of the 6th undesignated
paragraph of section 9 of the Federal Reserve Act
(12 U.S.C. 324) is amended by striking ‘‘and shall
be published’’ and all that follows through the end
of the sentence and inserting a period.
(c) REDUCTION
OF OTHER CALL REPORT BUR-
DENS.—
(1) IN GENERAL.—Before the end of the 120-
day period beginning on the date of enactment of
this Act, each appropriate Federal banking agency
shall review the regulatory burden and costs in-
curred by insured depository institutions in connec-
tion with their preparation of reports of condition.
(2) FACTORS TO BE CONSIDERED.—In conduct-
ing the review required under paragraph (1), each
agency shall consider all relevant factors that the
agency determines to be necessary to correctly deter-
mine the extent of the burden and costs, including—
(A) the actual dollar cost to insured depos-
itory institutions in preparing such reports;
(B) the time and resources expended to
meet regulatory directives;
(C) the frequency with which the agency
has modified the types of information required
to be reported in such reports and the costs and
burdens associated with complying with such
modifications;
(D) the types of report of condition infor-
mation required of other types of insured depos-
itory institutions by such institutions’ appro-
priate Federal banking agencies; and
(E) the extent to which such costs and
burdens impact upon the availability of credit.
(3) CORRECTIVE MEASURES.—
(A) IN
GENERAL.—After conducting the
review required under paragraph (1), each ap-
propriate Federal banking agency shall, in con-
sultation with the other appropriate Federal
banking agencies, revise the agency’s report of
condition requirements to eliminate any unnec-
essary burdens and costs.
(B) CONSIDERATION
OF
BURDENS
AND
COSTS.—Before making any subsequent modi-
fication in report of condition requirements,
each appropriate Federal banking agency shall
consider the extent to which such modifications
impose unnecessary regulatory burdens and
costs upon insured depository institutions.
(4) AMENDMENT
RELATING
TO
NATIONAL
BANKS.—Section 5211(a) of the Revised Statutes
(12 U.S.C. 161(a)) is amended by adding at the end
the following sentence: ‘‘Any change in the form of
report of condition made under this subsection shall
be effective only once in a particular calendar year,
and only after at least 6 months from the date that
notice of the change is published in the Federal Reg-
ister, except that such a change may be effective on
a subsequent date or after less notice if the Comp-
troller makes a specific finding that an additional
change in the form or a shorter advance-notice pe-
riod is necessary because of an emergency or change
in Federal law.’’.
(5) AMENDMENT
RELATING
TO
STATE
NON-
MEMBER INSURED BANKS.—Section 7(a) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1817(a) is
amended by adding at the end the following new
paragraph:
‘‘(10) TRANSITION
PERIOD
FOR
CHANGES
IN
REPORT REQUIREMENTS.—Any change in the form
of reports of condition made under this subsection
shall be effective only once in a particular calendar
year, and only after at least 6 months from the date
that notice of the change is published in the Federal
Register, except that such a change may be effective
on a subsequent date or after less notice if the
Board of Directors makes a specific finding that an
additional change in the form or a shorter advance-
notice period is necessary because of an emergency
or change in Federal law.’’.
(6) AMENDMENT RELATING TO STATE MEMBER
BANKS.—The 6th undesignated paragraph of section
9 of the Federal Reserve Act (12 U.S.C. 324) is
amended by adding at the end the following sen-
tence: ‘‘Any change in the form of report of condi-
tion made under this subsection shall be effective
only once in a particular calendar year, and only
after at least 6 months from the date that notice of
the change is published in the Federal Register, ex-
cept that such a change may be effective on a subse-
quent date or after less notice if the Board of Gov-
ernors of the Federal Reserve System makes a spe-
cific finding that an additional change in the form
or a shorter advance-notice period is necessary be-
cause of an emergency or change in Federal law.’’.
(7) AMENDMENT RELATING TO SAVINGS ASSO-
CIATION.—Section 5(v) of the Home Owners’ Loan
Act (12 U.S.C. 1464(v)) is amended by adding at
the end the following new paragraph:
‘‘(9) TRANSITION PERIOD FOR CHANGES IN RE-
PORT REQUIREMENTS.—Any change in the form of
reports of condition made under this subsection shall
be effective only once in a particular calendar year,
and only after at least 6 months from the date that
notice of the change is published in the Federal Reg-
ister, except that such a change may be effective on
a subsequent date or after less notice if the Director
makes a specific finding that an additional change in
the form or a shorter advance-notice period is nec-
essary because of an emergency or change in Fed-
eral law.’’.
(8) 
AMENDMENT
RELATING
TO
CREDIT
UNIONS.—Section 202(a)(1) of the Federal Credit
Union Act (12 U.S.C. 1782(a)(1)) is amended by
adding at the end the following sentence: ‘‘Any
change in the form of reports of condition made
under this subsection shall be effective only once in
a particular calendar year, and only after at least 6
months from the date that notice of the change is
published in the Federal Register, except that such
a change may be effective on a subsequent date or
after less notice if the Board makes a specific find-
ing that an additional change in the form or a short-
er advance-notice period is necessary because of an
emergency or change in Federal law.’’.
(9) DEFINITIONS.—For purposes of this sub-
section, the terms ‘‘insured depository institution’’
and ‘‘appropriate Federal banking agency’’ shall
have the same meanings as provided in section 3 of
the Federal Deposit Insurance Act.
(d) EFFECTIVE DATE.—The amendment made by
subsection (a) shall apply with respect to reports of condi-
(A) diminishing either compliance with or
enforcement of consumer laws in any respect;
or
(B) endangering the safety and soundness
of insured depository institutions.
(b) REPORT.—At the end of each 4-year period be-
ginning on the date of the enactment of this Act, each
Federal banking agency shall submit to the Congress a
report describing the revisions identified under subsection
(a)(3).
(c) UNIFORM REGULATIONS.—In prescribing regula-
tions on any matter or issuing any interpretation of any
such regulation, each appropriate Federal banking agency
shall ensure, subject to any other applicable provision of
law, that the regulation, and any formal or informal inter-
pretation of such regulation, are uniform with the regula-
tions and interpretations of each other appropriate Fed-
eral banking agency regarding such matter.
(d) DEFINITIONS.—For purposes of this section—
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ has the meaning given to such term in section
3(q) of the Federal Deposit Insurance Act.
(2) INSURED DEPOSITORY INSTITUTION.—The
term ‘‘insured depository institution’’ has the mean-
ing given to such term in section 3(c)(2) of the Fed-
eral Deposit Insurance Act.
SEC. 111. REPEAL OF INTERBANK LIABILITY PROVISIONS.
Section 23 of the Federal Reserve Act (12 U.S.C.
371b–2) is repealed.
SEC. 112. APPROVALS FOR CAPITAL-EFFICIENT STATE
BANKS.
Section 24(g) of the Federal Deposit Insurance Act
(12 U.S.C. 1831a(g)) is amended to read as follows:
‘‘(g) DETERMINATIONS.—
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), the Corporation shall make determina-
tions under this section by regulation or order.
‘‘(2) EXPEDITED
APPROVAL
FOR
CERTAIN
WELL-QUALIFIED INSURED STATE BANKS.—If—
‘‘(A) any State bank which is a capital-effi-
cient insured depository institution files a notice
with the Corporation which states the bank’s
intention to engage, directly or through a sub-
sidiary, in any activity which is subject to sub-
section (a) or (d) and describes such activity;
and
‘‘(B) before the end of the 45-day period
beginning on the date such notice is filed the
Corporation has not determined that such activ-
ity poses a significant risk to the appropriate
deposit insurance fund,
the Corporation shall be deemed to have determined
as of the end of such period that such activity poses
no significant risk to the appropriate deposit insur-
ance fund.’’.
SEC. 113. COMMUNITY REINVESTMENT ACT AMENDMENTS.
(a) SELF-CERTIFICATION.—The Community Rein-
vestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended
by adding after section 808 the following new sections:
‘‘SEC. 809. SELF-CERTIFICATION.
‘‘(a) SCOPE.—
‘‘(1) IN
GENERAL.—This section shall only
apply during a calendar year to a regulated financial
institution that—
‘‘(A) has not been found to be in violation
of section 701(a) of the Equal Credit Oppor-
tunity Act, or any other substantive provision of
such Act, for the 5-year period preceding such
calendar year;
‘‘(B) does not currently have a rating of
‘needs to improve’ or ‘substantial noncompli-
ance’ from the appropriate Federal financial su-
pervisory agency under section 807(b); and
‘‘(C) had total assets, as of the preceding
December 31, less than $250,000,000.
‘‘(2) INDEXING OF MINIMUM TOTAL ASSET RE-
QUIREMENT.—For purposes of paragraph (1), the
amount referred to in paragraph (1)(C) shall be ad-
justed annually after December 31, 1992, by the an-
nual percentage increase in the Consumer Price
Index for Urban Wage Earners and Clerical Work-
ers published by the Bureau of Labor Statistics.
‘‘(b) MODIFIED REPORTING.—In lieu of being evalu-
ated under section 804 and receiving a written evaluation
under section 807 during the calendar year referred to in
subsection (a), a regulated financial institution described
in subsection (a) shall—
‘‘(1) declare in writing to the appropriate Fed-
eral financial supervisory agency that—
‘‘(A) the institution is a regulated financial
institution described in subsection (a); and
‘‘(B) the institution is in compliance with
the requirements of this subsection;
‘‘(2) display any notices that may be required
by the appropriate Federal financial supervisory
agency concerning the institution’s compliance with
the requirements of this Act; and
‘‘(3) make available for public inspection the
following information regarding the record of such
institution in meeting the credit needs of the institu-
tion’s entire community:
‘‘(A) An identification of the community
served by the institution.
‘‘(B) A list of the types of credit offered by
the institution.
‘‘(C) Any public comments received within
the previous 2 years regarding the institution’s
service of the entire community’s credit needs.
‘‘(D) Copies of any declaration submitted
under paragraph (1).
‘‘(c) PENALTIES.—If the appropriate Federal finan-
cial supervisory agency finds that a regulated financial in-
stitution has submitted intentionally false information to
the appropriate Federal financial supervisory agency or
otherwise has willfully violated the requirements of sub-
section (b), such institution—
‘‘(1) shall, notwithstanding this section, be sub-
ject to the requirements of section 804 for a period
of not more than 10 years; and
‘‘(2) shall be subject to a fine of not more than
$10,000.
‘‘(d) COMMUNITY
CHALLENGE.—The appropriate
Federal financial supervisory agency shall investigate any
allegation filed against a regulated financial institution
subject to this section that relates to whether such institu-
tion is helping to meet the credit needs of the institution’s
entire community, consistent with the safe and sound op-
eration of such institution.
‘‘SEC. 810. SAFE HARBOR.
‘‘Notwithstanding section 804(2), an application for
a deposit facility by a regulated financial institution shall
not be denied on the basis of such institution’s compliance
with this Act if such institution—
‘‘(1) received a rating ‘Outstanding record of
meeting community credit needs’ or ‘Satisfactory
record of meeting community credit needs’ in the in-
stitution’s last evaluation under section 804; or
‘‘(2) maintains continued compliance with sec-
tion 809.
‘‘SEC. 811. STATE EXAMINATIONS.
‘‘The appropriate Federal financial supervisory agen-
cy may accept examinations conducted by State super-
visory agencies pursuant to comparable State community
reinvestment laws in order to satisfy the requirements of
this Act.
‘‘SEC. 812. EXPEDITED EXAMINATION PROCEDURES.
‘‘(a) IN GENERAL.—In connection with an examina-
tion of a regulated financial institution, the appropriate
Federal financial supervisory agency shall establish a 2-
tiered approach to evaluating a regulated financial institu-
tion pursuant to section 804.
‘‘(b) CONDITION
FOR COMPREHENSIVE EXAMINA-
TION.—A comprehensive and in-depth examination of per-
formance pursuant to section 804 shall only be conducted
if the appropriate Federal financial supervisory agency is
not satisfied that credit is being extended throughout the
community in a nondiscriminatory manner.’’.
(b) DUPLICATIVE INFORMATION COLLECTION.—Sec-
tion 804 of the Community Reinvestment Act of 1977 (12
U.S.C. 2903) is amended—
(1) by striking ‘‘and’’ at the end of paragraph
(1);
(2) by striking the period at the end of para-
graph (2) and inserting instead ‘‘; and’’; and
(3) by adding after paragraph (2) following new
paragraph:
‘‘(3) not require a regulated financial insti-
tution to collect, prepare, file or maintain data
or information for purposes of assessing the in-
stitution’s record of helping to meet the credit
needs of its entire community, if such data or
information is also required to be submitted
under the Home Mortgage Disclosure Act of
1975.’’.
(c) PUBLIC DISCLOSURE.—Section 807(b)(1)(B) of
the Community Reinvestment Act of 1977 (12 U.S.C.
2906(b)(1)(B)) is amended by striking ‘‘and data’’.
SEC. 114. CLARIFICATION OF DEFINITION.
Section 803(b) of the Community Reinvestment Act
of 1977 (12 U.S.C. 2902(b)) in the 2d paragraph which
is designated as paragraph (2) (defining regulated finan-
cial institution) by inserting ‘‘and does not include any
bank described in section 2(c)(2)(F) of the Bank Holding
Company Act of 1956’’ before the semicolon.
SEC. 115. ASSESSMENT BASE FOR DEPOSIT INSURANCE
PREMIUMS.
Section 7 of the Federal Deposit Insurance Act (12
U.S.C. 1817) is amended—
(1) in the 3d sentence of subsection (a)(3)—
(A) by striking ‘‘, and the reports on such
dates shall be the basis for the certified state-
ment to be filed in July pursuant to subsection
(c) of this section’’; and
(B) by striking ‘‘, and the reports on such
dates shall be the basis for the certified state-
ment to be filed in January pursuant to sub-
section (c) of this section’’; and
(2) in subsection (b)(3) (as in effect before the
effective date of the amendment made by section
302(a) of Federal Deposit Insurance Corporation
Improvement Act of 1991) is amended by adding at
the end the following new sentence: ‘‘Notwithstand-
ing the preceding sentence, if the Corporation deter-
mines that the implementation of filing of certified
statements under subsection (c) would be facilitated,
the Corporation may adopt procedures under which
the average assessment base is calculated using the
assessment base on the last date in the immediately
preceding assessment period in which the institution
was required to make a report of condition in lieu
of the assessment base on the last date in the cur-
rent assessment period for which the institution was
required to make a report of condition.’’.
SEC. 116. ECONOMIC ANALYSIS OF CERTAIN BANKING REG-
ULATIONS.
(a) STATEMENT REQUIRED.—An appropriate Fed-
eral banking agency that certifies, pursuant to section
605(b) of title 5, United States Code, that a proposed or
final rule will not have a significant economic impact on
a substantial number of all small banks or savings associa-
tions, shall publish with such certification a detailed state-
ment that contains—
(1) an explanation of why the rule will not have
such an economic impact;
(2) an estimate of the number of small banks
or savings associations affected by the rule;
(3) an estimate of the costs and benefits to
each small bank or savings association attributable
to compliance with the rule; and
(4) in the case of a proposed rule, a request for
public comments on the economic impact of and the
number of small banks or savings associations af-
fected by the rule.
(b) FINAL RULES.—The preamble of each final rule
prescribed by an appropriate Federal banking agency
which has been preceded by a proposed rule shall—
(1) specifically respond to comments from the
public addressing the economic impact of, or the
number of small banks or savings associations af-
fected by, the proposed rule; and
(2) explain whether and how the final rule re-
sponds to those comments.
(c) DEFINITIONS.—For purposes of this section—
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ has the meaning given to such term in section
3 of the Federal Deposit Insurance Act.
(2) SMALL BANK OR SAVINGS ASSOCIATION.—
The term ‘‘small bank or savings association’’ means
a bank or savings association (as defined in section
3 of the Federal Deposit Insurance Act) that has
total assets of not more than $250,000,000.
(3) SUBSTANTIAL NUMBER.—The term ‘‘sub-
stantial number’’ means more than 20 percent.
SEC. 117. OFFICE OF REGULATORY QUALITY.
The Federal Deposit Insurance Act (12 U.S.C. 1811
et seq.) is amended by inserting after section 44 (as added
by section 5 of this Act) the following new section:
‘‘SEC. 45. OFFICE OF REGULATORY QUALITY.
‘‘(a) ESTABLISHMENT
REQUIRED.—Each appro-
priate Federal banking agency shall—
‘‘(1) establish, within 180 days of the enact-
ment of this section, a separate Office of Regulatory
Quality to determine and monitor the accuracy, con-
sistency and quality of the examination activities of
such agency; and
‘‘(2) establish the position of director of the Of-
fice of Regulatory Quality as the head of such office.
‘‘(b) REGIONAL EMPLOYEES.—
‘‘(1) ASSIGNMENT.—The director of the Office
of Regulatory Quality of each appropriate Federal
banking agency shall assign 1 or more employees of
the Office of Regulatory Quality to each regional of-
fice of such agency.
‘‘(2) NUMBER OF EMPLOYEES.—The number of
employees assigned to each regional office under
paragraph (1) shall be sufficient to adequately mon-
itor and maintain the quality of the examinations of
that regional office.
‘‘(c) REPORTS OF COMPLAINTS OR QUESTIONS.—
Any insured depository institution and any officer, direc-
tor, employee or other representative of any insured depos-
itory institution may report to the Office of Regulatory
Quality of the appropriate Federal banking agency respon-
sible for the supervision of that insured depository institu-
tion any complaints or questions that such institution or
person may have regarding the examination activities of
the Federal banking agency or any employee of that
agency.
‘‘(d) DEVELOPMENT OF UNIFORM STANDARDS OF
ACCURACY, CONSISTENCY, AND QUALITY.—
‘‘(1) IN GENERAL.—The directors of the Offices
of Regulatory Quality of the appropriate Federal
banking agencies shall, on a coordinated basis, de-
velop a uniform form which sets forth the standards
upon which the accuracy, consistency and quality of
the examination activities of each appropriate Fed-
eral banking agency shall be evaluated.
‘‘(2) AVAILABILITY OF FORM.—The forms pre-
pared pursuant to paragraph (1) shall be made
available to each insured depository institution for
use in evaluating the appropriate Federal banking
agencies.
‘‘(3) NOTICE
OF
AVAILABILITY
OF
FORM.—
Upon the completion of any examination involving
an insured depository institution, the appropriate
Federal banking agency shall notify such institution
of the availability of the forms prepared pursuant to
paragraph (1).
‘‘(e) RESPONSE TO QUESTIONS AND COMPLAINTS
RELATING TO AGENCY OPERATIONS.—
‘‘(1) INVESTIGATION AND RESPONSE.—An Of-
fice of Regulatory Quality shall promptly investigate
and respond to each complaint and question received
under subsection (c) with respect to the Federal
banking agency of which the Office is a part.
‘‘(2) REFERRAL.—If an Office receives a com-
plaint or question regarding another Federal bank-
ing agency, or an employee of another Federal bank-
ing agency, it shall promptly refer such complaint or
question to the appropriate Office of Regulatory
Quality for that agency.
‘‘(f) ACCESS TO AGENCY RECORDS.—The director of
an Office of Regulatory Quality, and any duly authorized
representative of that Office, shall have access to, and the
right to examine and copy, all records and recorded infor-
mation in any form within the possession or control of that
Federal banking agency or any employee or representative
of that agency which the director of the Office of Regu-
latory Quality deems relevant to the investigation under
this section.
‘‘(g) ACCESS TO AGENCY INFORMATION.—The direc-
tor of an Office of Regulatory Quality shall have the same
right of access to information under this section with re-
spect to the appropriate Federal banking agency, and the
same right to enforce this access, as the Comptroller Gen-
eral pursuant to section 716 of title 31, United States
Code.
‘‘(h) SUBPOENA AUTHORITY; CONFIDENTIALITY.—
‘‘(1) SUBPOENA
AUTHORITY.—The provisions
of section 716(c) of title 31, United States Code,
shall apply to the director of an Office of Regulatory
Quality, or any representative of that Office, with
respect to information which is necessary for the Of-
fice to carry out the purposes of this section in the
same manner such section applies to the Comptroller
of the Currency.
‘‘(2) CONFIDENTIALITY OF INFORMATION, COM-
PLAINT, AND COMPLAINANT.—An Office of Regu-
latory Quality, and the director and any representa-
tive of such Office, shall maintain the confidentiality
of—
‘‘(A) any information contained in any
form described in subsection (d) which is sub-
mitted to the Office;
‘‘(B) any complaint or question received
from any insured depository institution or any
representative of that institution; and
‘‘(C) the identity of any insured depository
institution and any representative of an institu-
tion which submits any such form, complaint,
or question.
‘‘(i) ANNUAL REPORT.—
‘‘(1) REPORT REQUIRED.—The director of the
Office of Regulatory Quality for each appropriate
Federal banking agency shall submit an annual re-
port to the Congress which shall contain informa-
tion, with respect to the 12-month period for which
such report is made, regarding the accuracy, consist-
ency and quality of the examination activities of
such agency, the nature and number of complaints
and questions received regarding such agency and its
employees and the actions taken by that Office of
Regulatory Quality to improve the accuracy, consist-
ency and quality of the examination activities of the
agency.
‘‘(2) RECOMMENDATIONS.—The director of
such Office shall also include within that report rec-
ommendations to simplify and streamline such exam-
ination activities.’’.
SEC. 118. PRIORITY OF SAFETY AND SOUNDNESS EXAMINA-
TIONS.
Section 10 of the Federal Deposit Insurance Act (12
U.S.C. 1820) is amended by adding at the end the follow-
ing new subsection:
‘‘(g) PRIORITY OF SAFETY AND SOUNDNESS EXAMI-
NATIONS.—No insured depository institution shall be sub-
ject to any routine examination, other than an examina-
tion for purposes of determining the safety and soundness
of such institution, more frequently than the frequency at
which the institution is subject to full-scope, on-site exami-
nations required under subsection (d).’’.
SEC. 119. BANK HOLDING COMPANY FORMATION THROUGH
REORGANIZATIONS.
(a) EXCEPTION TO APPROVAL REQUIREMENTS IN
CONNECTION
WITH
CERTAIN
BANK
REORGANIZA-
TIONS.—The 2d sentence of section 3(a) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842(a)) is
amended—
(1) by striking out ‘‘or (B)’’ and inserting in
lieu thereof ‘‘(B)’’; and
(2) by inserting before the period at the end the
following: ‘‘; or (C) the acquisition by a company of
control of a bank in connection with a reorganization
described in paragraph (1) of subsection (h) if the
requirements of such subsection are met’’.
(b) EXPEDITED PROCEDURES FOR CERTAIN REOR-
GANIZATIONS OF BANKS INTO HOLDING COMPANIES.—
Section 3 of the Bank Holding Company Act of 1956 (12
U.S.C. 1842) is amended by adding at the end thereof
the following new subsection:
‘‘(h) EXPEDITED PROCEDURES FOR CERTAIN REOR-
GANIZATIONS OF BANKS INTO HOLDING COMPANIES.—
‘‘(1) REORGANIZATION DESCRIBED.—For pur-
poses of subparagraph (C) of the second sentence of
subsection (a), a reorganization is described in this
paragraph if—
‘‘(A) the transaction represents the ex-
change, by the shareholders of the bank, of sub-
stantially all of the shares of a capital-efficient
bank for shares of a newly-formed bank holding
company;
‘‘(B) each shareholder of the newly-formed
bank holding company holds, after such ex-
change, substantially the same proportionate in-
terest in the bank holding company as each
such shareholder held in the bank before such
exchange, other than any change in the share-
holders’ proportionate interest in such holding
company which resulted from the exercise of
dissenting shareholders’ rights under State or
Federal law; and
‘‘(C) immediately following the reorganiza-
tion, the resulting bank holding company meets
the capital and other financial standards pre-
scribed by the Board by regulation for a bank
holding company.
‘‘(2) EXPEDITED PROCEDURE.—The exception
provided by subparagraph (C) of the second sentence
of subsection (a) to the approval requirement of
such subsection shall apply with respect to a reorga-
nization described in paragraph (1) of this sub-
section, if—
‘‘(A) the bank referred to in paragraph
(1)(A) provides notice to the Board of such re-
organization at least 30 days before the date on
which such reorganization is scheduled to begin;
and
‘‘(B) the Board has not—
‘‘(i) issued an order before such date
disapproving such reorganization; or
‘‘(ii) issued a notice before such date
that the provisions of this subsection are
not applicable to such reorganization by
reason of paragraph (3).
‘‘(3) EXCEPTION IN CASE OF CERTAIN NON-
BANKING
ACTIVITIES.—This subsection shall not
apply to any reorganization described in paragraph
(1) if, as a result of such reorganization, the bank
holding company would be engaging in any activity
other than banking or managing and controlling
banks.
‘‘(4) CAPITAL-EFFICIENT BANK DEFINED.—The
term ‘capital-efficient bank’ means a bank which is
a capital-efficient insured depository institution (as
defined in section 3(c)(6) of the Federal Deposit
Insurance Act).’’.
SEC. 120. EXPEDITED PROCEDURES FOR CERTAIN BANK
HOLDING COMPANIES TO SEEK APPROVAL
TO ENGAGE IN CERTAIN NONBANKING AC-
TIVITIES.
(a) IN GENERAL.—Section 4 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1843) is amended by
adding at the end the following new subsection:
‘‘(j) NOTICE PROCEDURES FOR NONBANKING AC-
TIVITIES.—
‘‘(1) GENERAL NOTICE PROCEDURE.—
‘‘(A) NOTICE REQUIREMENT.—In the case
of a bank holding company the insured deposi-
tory institution subsidiaries of which consist
only of capital-efficient depository institutions
(as defined in section 3(c)(6) of the Federal
Deposit Insurance Act), the bank holding com-
pany may not engage in any nonbanking activ-
ity or acquire or retain ownership or control of
the shares of a company engaged in activities
pursuant to subsection (c)(8) without providing
the Board with written notice of the proposed
transaction or activity at least 45 days before
the transaction or activity is proposed to occur
or commence.
‘‘(B) CONTENTS OF NOTICE.—
‘‘(i) IN
GENERAL.—The notice sub-
mitted to the Board shall contain such in-
formation as the Board shall prescribe by
regulation or by specific request in connec-
tion with a particular notice.
‘‘(ii) LIMITATION ON INFORMATION.—
The Board may only require a notice
under this subsection to contain such in-
formation as may be relevant to the nature
and scope of the proposed activities or
transaction or to the Board’s evaluation of
the criteria contained in paragraph (2).
‘‘(C) PROCEDURE FOR AGENCY ACTION.—
‘‘(i) NOTICE OF DISAPPROVAL.—Any
notice filed under this subsection shall be
deemed to be approved by the Board un-
less, before the end of the 45-day period
beginning on the date the Board receives a
complete notice under subparagraph (A),
the Board issues an order disapproving the
transaction or activity and setting forth
the reasons for disapproval.
‘‘(ii) 
EXTENSION
OF
PERIOD.—The
Board may extend the 45-day period re-
ferred to in clause (i) for an additional 45
days.
‘‘(D) APPROVAL
BEFORE
END
OF
PE-
RIOD.—
‘‘(i) IN
GENERAL.—Any transaction
or activity may commence before the expi-
ration of any period for disapproval estab-
lished under this paragraph if the Board
issues a written notice of approval.
‘‘(ii) SHORTER PERIODS BY REGULA-
TION.—The Board may prescribe regula-
tions which provide for no notice under
this paragraph or for a shorter notice pe-
riod with respect to particular activities or
transactions.
‘‘(E) EXTENSION OF PERIOD.—
‘‘(i) ACTIVITIES NOT PREVIOUSLY AP-
PROVED.—
‘‘(I) IN GENERAL.—In the case
of any notice to engage in, or to ac-
quire or retain ownership or control of
shares of any company engaged in,
any activity pursuant to subsection
(c)(8) that has not been previously ap-
proved by order or regulation, the
Board may extend the notice period
under this subsection for an addi-
tional 90 days.
‘‘(II) DETERMINATION
OF
PE-
RIOD IN CASE OF PUBLIC HEARING.—
If a public hearing is conducted in
connection with any proposal referred
to in subclause (I), the Board may ex-
tend the notice period under this sub-
section for a period not to exceed 90
days from the conclusion of the hear-
ing procedure.
‘‘(ii) SECTION
APPLICATION.—In
the case of any notice filed in connection
with an application under section 3, the
Board may extend the notice period for the
time necessary to complete action on the
application under section 3.
‘‘(2) GENERAL STANDARDS FOR REVIEW.—
‘‘(A) CRITERIA.—In connection with a no-
tice under this subsection, the Board may con-
sider the following criteria:
‘‘(i) The managerial resources of the
companies involved.
‘‘(ii) The adequacy of the companies
financial resources, including capital, giv-
ing consideration to the financial resources
and capital of others engaged in similar ac-
tivities.
‘‘(iii) Any material adverse effect on
the safety and soundness or financial con-
dition of any insured depository institution
affiliate.
‘‘(iv) Whether performance of the ac-
tivity by a bank holding company or a sub-
sidiary of such company can reasonably be
expected to produce benefits to the public,
such as greater convenience, increased
competition, or gains in efficiency, that
outweigh possible adverse effects, such as
undue concentration of resources, de-
creased or unfair competition, conflicts of
interest, or unsound banking practices.
‘‘(B) 
REQUIREMENTS
FOR
DIS-
APPROVAL.—The Board shall disapprove any
proposed transaction pursuant to a notice filed
under this subsection if the Board determines
that any insured depository institution subsidi-
ary of the bank holding company—
‘‘(i) is engaging in any unsafe and un-
sound practice; or
‘‘(ii) is in an unsafe and unsound
condition.’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 4(c)(8) of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1843(c)(8)) is amend-
ed—
(A) in the 1st clause, by inserting ‘‘subject
to subsection (j),’’ before ‘‘shares of any com-
pany’’; and
(B) in the 1st complete sentence, by insert-
ing ‘‘, except in the case of a notice filed under
subsection (j),’’ after ‘‘Board shall consider’’.
(2) The penultimate sentence of section 4(c) of
the Bank Holding Company Act of 1956 (12 U.S.C.
1843(c)) is amended by striking ‘‘In the event’’ and
inserting ‘‘Except with respect to a notice filed
under subsection (j), in the event’’.
SEC. 121. REDUCTION OF POST-APPROVAL PERIOD FOR
BANK 
HOLDING 
COMPANY 
ACQUISITIONS
AND BANK MERGERS.
(a) BANK HOLDING COMPANY ACQUISITIONS.—The
4th sentence of section 11(b)(1) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1849(b)(1)) is amended
by inserting ‘‘or such shorter period as the Board may
prescribe with the concurrence of the Attorney General’’
before the period.
(b) DEPOSITORY INSTITUTION MERGERS.—The last
sentence of section 18(c)(6) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828(c)(6)) is amended by inserting
‘‘or such shorter period as the agency may prescribe with
the concurrence of the Attorney General’’ before the
period.
SEC. 122. BANK SECRECY ACT AMENDMENTS.
(a) STAFF COMMENTARIES.—Title 31 of the United
States Code is amended to add the following new section
5327:
‘‘SEC. 5327. STAFF COMMENTARIES.
‘‘The Secretary of the Treasury shall review all regu-
lations promulgated under this title on an annual basis
and seek comment from the public pursuant to this review.
The Secretary shall publish all written rulings interpreting
this title, as well as a staff commentary to the regulations
issued under this title. This commentary shall be issued
on an annual basis.’’.
(b) LOG REQUIREMENTS.—Section 5325(a)(1) of
title 31 of the United States Code is amended—
(1) by striking subparagraphs (A) and (B); and
(2) by inserting the following new paragraph
(1):
‘‘(1) the individual has a transaction account
with such financial institution and the financial in-
stitution verifies that fact through a signature card
or other information maintained by such institution
in connection with the account of such individual.’’.
(c) EXEMPTION PROCESS.—Section 5318(a)(5) of
title 31 of the United States Code is amended—
(1) by inserting ‘‘or exception’’ after ‘‘an appro-
priate exemption’’; and
(2) by inserting ‘‘only after receiving comments
from the entities covered by this chapter. The Sec-
retary must take into account the effect that
changes to the exemption or exception process will
have on the cost and efficiency of the reporting proc-
ess.’’, after the words ‘‘under this subchapter’’.
(d) CUSTOMER FILINGS.—Section 5313(a) of title 31
of the United States Code is amended by striking ‘‘, the
institution and any other participant in the transaction
the Secretary may prescribe shall file a report’’ and insert-
ing ‘‘the person who participates in the transaction shall
file a report’’.
(e) INFLATION ADJUSTMENTS ON CTR AMOUNTS.—
Section 5313(a) of title 31 of the United States Code is
amended by inserting after the second sentence the follow-
ing new sentence: ‘‘The Secretary must review the report-
ing requirements mentioned above by September 1 of each
calendar year to determine if the reporting amount pre-
scribed by the Secretary should be adjusted to account for
inflation, cost effectiveness of the requirement or the use-
fulness for law enforcement purposes. The Secretary must
submit a written report to the Congress each year disclos-
ing how the reporting threshold decision was reached. The
report must include an analysis of how the change will
affect domestic financial institutions.’’.
SEC. 123. AGGREGATE LENDING LIMITS FOR SMALL BANKS.
Section 22(h)(5) of the Federal Reserve Act (12
U.S.C. 375b(5)) is amended—
(1) by redesignating subparagraph (C) as sub-
paragraph (D); and
(2) by inserting after subparagraph (B) the fol-
lowing new subparagraph:
‘‘(C) SMALL BANK EXCEPTION.—Notwith-
standing subparagraph (A), member banks with
less than $100,000,000 in deposits may make
such extensions of credit in the aggregate to
persons specified in subparagraph (A) in an
amount not to exceed 2 times the bank’s
unimpaired capital and unimpaired surplus.’’;
and
(3) in subparagraph (D) (as redesignated), by
striking ‘‘less than $100,000,000’’ and inserting
‘‘between $100,000,000 and $250,000,000’’.
SEC. 124. EFFECTIVE DATE.
Except as otherwise explicitly provided in any provi-
sion of this title, this title and amendments made by this
title shall take effect at the end of the 6-month period
beginning on the date of the enactment of this Act.
TITLE II—NONSUPERVISORY
REFORMS
Subtitle A—Expedited Funds Avail-
ability and Electronic Transfers
SEC. 201. AVAILABILITY SCHEDULES.
(a) TREASURY CHECKS.—Section 603(a)(2)(A) of
the Expedited Funds Availability Act (12 U.S.C.
4002(a)(2)(A)) is amended—
(1) by redesignating clauses (i) and (ii) as
clauses (ii) and (iii), respectively; and
(2) by inserting before clause (ii) (as so redesig-
nated), the following new clause:
‘‘(i) is deposited at a receiving depository
institution (other than by use of a propriety
ATM) which is staffed by individuals employed
by such institution;’’.
(b) 
PROPRIETARY
ATM 
EXCEPTION.—Section
603(a)(2)(E)) of the Expedited Funds Availability Act (12
U.S.C. 4002(A)(2)(E)) is amended by inserting ‘‘(other
than by use of a proprietary ATM)’’ after ‘‘branch of a
depository institution’’.
(c) LOCAL CHECKS.—Section 603(b)(1) of the Expe-
dited Funds Availability Act (12 U.S.C. 4002(b)(1)) is
amended by striking ‘‘1 business day’’ and inserting ‘‘2
business days’’.
SEC. 202. DEFINITION OF A NEW ACCOUNT.
Section 604(a) of the Expedited Funds Availability
Act (12 U.S.C. 4003(a)) is amended by striking ‘‘30-day
period’’ and inserting ‘‘90-day period’’.
SEC. 203. AUTHORITY TO ESTABLISH RULES REGARDING
PAYMENT SYSTEM LOSSES AND LIABILITIES.
Section 611(f) of the Expedited Funds Availability
Act (12 U.S.C. 4010(f)) is amended in the first sentence
by inserting ‘‘, and other entities participating in the pay-
ments system, including States and political subdivisions
of States on which checks are drawn,’’ after ‘‘depository
institutions’’.
Subtitle B—Amendments to the
Truth in Lending Act
SEC. 211. EXEMPTION FOR CERTAIN BORROWERS.
Section 104 of the Truth in Lending Act (15 U.S.C.
1603) is amended by adding at the end the following new
paragraph:
‘‘(7) Credit transactions involving a consumer
who had individual income on excess of $200,000 in
each of the 2 most recent calendar years or who has
an individual net worth, or joint net worth with that
person’s spouse, at the time of the transaction, that
exceeds $1,000,000.’’.
SEC. 212. TRUTH IN LENDING ACT RIGHT OF RESCISSION.
Section 125(a) of the Truth in Lending Act (15
U.S.C. 1635(a)) is amended by adding at the end the fol-
lowing sentence: ‘‘The creditor shall be deemed to have
delivered to an obligor the information, rescission forms,
and statement of material disclosures required pursuant
to this section notwithstanding any errors included in such
information, forms or statement, unless any such error is
unintentional and does not materially understate the cost
of the transaction to the obligor.’’.
Subtitle C—Homeownership
Amendments
SEC. 221. HOME MORTGAGE DISCLOSURE ACT EXEMPTION.
The Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2801 et seq.) is amended—
(1) in section 304 (12 U.S.C. 2803), by striking
subsection (i); and
(2) in section 309 (12 U.S.C. 2808) by adding
at the end thereof ‘‘The dollar amount of total as-
sets referred to in this section shall be adjusted an-
nually on January 1 by the annual percentage
change in the Consumer Price Index reported for the
previous June 1.’’.
SEC. 222. HOMEOWNERSHIP DEBT COUNSELING NOTIFICA-
TION.
Section 106(c)(5) of the Housing and Urban Devel-
opment Act of 1968 (12 U.S.C. 1701x(c)(5)) is repealed.
SEC. 223. ELIMINATION OF DUPLICATIVE DATA COLLEC-
TION.
Effective 6 months after the date of enactment of this
Act, an appropriate Federal banking agency shall not re-
quire any insured depository institution (as defined in sec-
tion 3(q) of the Federal Deposit Insurance Act) to pre-
pare, file, or maintain data to further the purposes of, or
to fulfill the requirements of, the Fair Housing Act if the