examination, reports of condition, and other re-
ports required to be regularly provided to the 
Corporation (with respect to all insured deposi-
tory institutions, including a depository institu-
tion for which the Corporation has been ap-
pointed conservator or receiver) or an appro-
priate State bank supervisor (with respect to a 
State depository institution) under subpara-
graph (A) or (B), a Federal banking agency 
may, in the agency’s discretion, furnish any re-
port of examination or other confidential super-
visory information concerning any depository 
institution or other entity examined by such 
agency under authority of any Federal law, 
to—
‘‘(i) any other Federal or State agen-
cy or authority with supervisory or regu-
latory authority over the depository institu-
tion or other entity; 
‘‘(ii) any officer, director, or receiver 
of such depository institution or entity; 
and 
‘‘(iii) any other person the Federal 
banking agency determines to be appro-
priate.’’.
(b) NATIONAL CREDIT UNION ADMINISTRATION.—
Section 202(a) of the Federal Credit Union Act (12 
U.S.C. 1782(a)) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(8) DATA
SHARING
WITH
OTHER
AGENCIES 
AND PERSONS.—In addition to reports of examina-
tion, reports of condition, and other reports required 
to be regularly provided to the Board (with respect 
to all insured credit unions, including a credit union 
for which the Corporation has been appointed con-
servator or liquidating agent) or an appropriate 
State commission, board, or authority having super-
vision of a State-chartered credit union, the Board 
may, in the Board’s discretion, furnish any report of 
examination or other confidential supervisory infor-
mation concerning any credit union or other entity 
examined by the Board under authority of any Fed-
eral law, to—
‘‘(A) any other Federal or State agency or 
authority with supervisory or regulatory author-
ity over the credit union or other entity; 
‘‘(B) any officer, director, or receiver of 
such credit union or entity; and
‘‘(C) any other institution-affiliated party 
of such credit union or entity the Board deter-
mines to be appropriate.’’. 
SEC. 603. PENALTY FOR UNAUTHORIZED PARTICIPATION 
BY CONVICTED INDIVIDUAL. 
Section 19 of the Federal Deposit Insurance Act (12 
U.S.C. 1829) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(c) NONINSURED BANKS.—Subsections (a) and (b) 
shall apply to a noninsured national bank and a non-
insured State member bank, and any agency or non-
insured branch (as such terms are defined in section 1(b) 
of the International Banking Act of 1978) of a foreign 
bank as if such bank, branch, or agency were an insured 
depository institution, except such subsections shall be ap-
plied for purposes of this subsection by substituting the 
agency determined under the following paragraphs for 
‘Corporation’ each place such term appears in such sub-
sections: 
‘‘(1) The Comptroller of the Currency, in the 
case of a noninsured national bank or any Federal 
agency or noninsured Federal branch of a foreign 
bank. 
‘‘(2) The Board of Governors of the Federal 
Reserve System, in the case of a noninsured State
member bank or any State agency or noninsured 
State branch of a foreign bank.’’. 
SEC. 604. AMENDMENT PERMITTING THE DESTRUCTION OF 
OLD RECORDS OF A DEPOSITORY INSTITU-
TION BY THE FDIC AFTER THE APPOINTMENT 
OF THE FDIC AS RECEIVER. 
Section 11(d)(15)(D) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(d)(15)(D)) is amended—
(1) by striking ‘‘RECORDKEEPING
REQUIRE-
MENT.—After the end of the 6-year period’’ and in-
serting ‘‘RECORDKEEPING REQUIREMENT.—
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), after the end of the 6-
year period’’; 
(2) by striking ‘‘to be unnecessary’’ and insert-
ing ‘‘are unnecessary and not relevant to any pend-
ing or reasonably probable future litigation’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(ii) OLD RECORDS.—In the case of 
records of an insured depository institution 
which—
‘‘(I) are at least 10 years old, as 
of the date the Corporation is ap-
pointed as the receiver of such deposi-
tory institution; and 
‘‘(II) are unnecessary and not 
relevant to any pending or reasonably 
probable future litigation, as provided 
in clause (i), 
the Corporation may destroy such records 
in accordance with clause (i) any time 
after such appointment is final without re-
gard to the 6-year period of limitation con-
tained in such clause.’’. 
SEC. 605. MODERNIZATION OF RECORDKEEPING REQUIRE-
MENT. 
Subsection (f) of section 10 of the Federal Deposit 
Insurance Act (12 U.S.C. 1820(f)) is amended to read as 
follows: 
‘‘(f) PRESERVATION OF AGENCY RECORDS.—
‘‘(1) IN GENERAL.—A Federal banking agency 
may cause any and all records, papers, or documents 
kept by the agency or in the possession or custody 
of the agency to be—
‘‘(A) photographed or microphotographed 
or otherwise reproduced upon film; or 
‘‘(B) preserved in any electronic medium 
or format which is capable of—
‘‘(i) being read or scanned by com-
puter; and 
‘‘(ii) being reproduced from such elec-
tronic medium or format by printing or 
any other form of reproduction of elec-
tronically stored data. 
‘‘(2) TREATMENT AS ORIGINAL RECORDS.—Any 
photographs, microphotographs, or photographic 
film or copies thereof described in paragraph (1)(A) 
or reproduction of electronically stored data de-
scribed in paragraph (1)(B) shall be deemed to be 
an original record for all purposes, including intro-
duction in evidence in all State and Federal courts 
or administrative agencies and shall be admissible to 
prove any act, transaction, occurrence, or event 
therein recorded. 
‘‘(3) AUTHORITY OF THE FEDERAL BANKING 
AGENCIES.—Any photographs, microphotographs, or 
photographic film or copies thereof described in 
paragraph (1)(A) or reproduction of electronically 
stored data described in paragraph (1)(B) shall be 
preserved in such manner as the Federal banking 
agency shall prescribe and the original records, pa-
pers, or documents may be destroyed or otherwise
disposed of as the Federal banking agency may di-
rect.’’. 
SEC. 606. STREAMLINING REPORTS OF CONDITION. 
Section 7(a) of the Federal Deposit Insurance Act 
(12 U.S.C. 1817(a)) is amended by adding the following 
new paragraph: 
‘‘(11) STREAMLINING
REPORTS
OF
CONDI-
TION.—
‘‘(A) REVIEW
OF
INFORMATION
AND 
SCHEDULES.—Before the end of the 1-year pe-
riod beginning on the date of the enactment of 
the Financial Services Regulatory Relief Act of 
2005 and before the end of each 5-year period 
thereafter, each Federal banking agency shall, 
in consultation with the other relevant Federal 
banking agencies, review the information and 
schedules that are required to be filed by an in-
sured depository institution in a report of con-
dition required under paragraph (3). 
‘‘(B) REDUCTION OR ELIMINATION OF IN-
FORMATION
FOUND
TO
BE
UNNECESSARY.—
After completing the review required by sub-
paragraph (A), a Federal banking agency, in 
consultation with the other relevant Federal 
banking agencies, shall reduce or eliminate any
requirement to file information or schedules 
under paragraph (3) (other than information or 
schedules that are otherwise required by law) if 
the agency determines that the continued collec-
tion of such information or schedules is no 
longer necessary or appropriate.’’. 
SEC. 607. EXPANSION OF ELIGIBILITY FOR 18-MONTH EX-
AMINATION 
SCHEDULE 
FOR 
COMMUNITY 
BANKS. 
Paragraph (4)(A) of section 10(d) of the Federal De-
posit Insurance Act (12 U.S.C. 1820(d)) is amended by 
striking ‘‘$250,000,000’’ and inserting ‘‘$1,000,000,000’’. 
SEC. 608. SHORT FORM REPORTS OF CONDITION FOR CER-
TAIN COMMUNITY BANKS. 
(a) IN GENERAL.—Section 7(a) of the Federal De-
posit Insurance Act (12 U.S.C. 1817(a)) is amended by 
inserting after paragraph (11) (as added by section 606 
of this title) the following new paragraph: 
‘‘(12) SHORT
FORM
REPORTS
OF
CONDITION 
FOR COMMUNITY BANKS.—
‘‘(A) IN
GENERAL.—With respect to re-
ports of condition required under paragraph (3) 
for each calendar quarter, an insured depository 
institution described in subparagraphs (A), (B), 
(C), and (D) of section 10(d)(4) may submit a
100
short form of any such report of condition in 2 
nonsequential quarters of any calendar year. 
‘‘(B) SHORT FORM DEFINED.—The term 
‘short form’, when used in connection with any 
report of condition required under paragraph 
(3), means a report of condition in a format es-
tablished by the appropriate Federal banking 
agency, after notice and opportunity for com-
ment, that—
‘‘(i) is significantly and materially less 
burdensome for the insured depository in-
stitution to prepare than the format of the 
report of condition required under para-
graph (3); and 
‘‘(ii) provides sufficient material infor-
mation for the appropriate Federal bank-
ing agency to assure the maintenance of 
the safe and sound condition of the deposi-
tory institution and safe and sound prac-
tices.’’. 
(b) REGULATIONS.—Any regulation required to carry 
out the amendment made by subsection (a) shall be pub-
lished in final form before the end of the 6-month period 
beginning on the date of the enactment of this Act.
101
SEC. 609. CLARIFICATION OF EXTENT OF SUSPENSION, RE-
MOVAL, AND PROHIBITION AUTHORITY OF 
FEDERAL BANKING AGENCIES IN CASES OF 
CERTAIN CRIMES BY INSTITUTION-AFFILI-
ATED PARTIES. 
(a) INSURED DEPOSITORY INSTITUTIONS.—
(1) IN GENERAL.—Section 8(g)(1) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1818(g)(1)) 
is amended—
(A) in subparagraph (A)—
(i) by striking ‘‘is charged in any in-
formation, indictment, or complaint, with 
the commission of or participation in’’ and 
inserting ‘‘is the subject of any informa-
tion, indictment, or complaint, involving 
the commission of or participation in’’; 
(ii) by striking ‘‘may pose a threat to 
the interests of the depository institution’s 
depositors or may threaten to impair pub-
lic confidence in the depository institu-
tion,’’ and insert ‘‘posed, poses, or may 
pose a threat to the interests of the deposi-
tors of, or threatened, threatens, or may 
threaten to impair public confidence in, 
any relevant depository institution (as de-
fined in subparagraph (E)),’’; and
102
(iii) by striking ‘‘affairs of the deposi-
tory institution’’ and inserting ‘‘affairs of 
any depository institution’’; 
(B) in subparagraph (B)(i), by striking 
‘‘the depository institution’’ and inserting ‘‘any 
depository institution that the subject of the no-
tice is affiliated with at the time the notice is 
issued’’; 
(C) in subparagraph (C)(i)—
(i) by striking ‘‘may pose a threat to 
the interests of the depository institution’s 
depositors or may threaten to impair pub-
lic confidence in the depository institu-
tion,’’ and insert ‘‘posed, poses, or may 
pose a threat to the interests of the deposi-
tors of, or threatened, threatens, or may 
threaten to impair public confidence in, 
and relevant depository institution (as de-
fined in subparagraph (E)),’’; and 
(ii) by striking ‘‘affairs of the deposi-
tory institution’’ and inserting ‘‘affairs of 
any depository institution’’; 
(D) in subparagraph (C)(ii), by striking 
‘‘affairs of the depository institution’’ and in-
serting ‘‘affairs of any depository institution’’;
103
(E) in subparagraph (D)(i), by striking 
‘‘the depository institution’’ and inserting ‘‘any 
depository institution that the subject of the 
order is affiliated with at the time the order is 
issued’’; and 
(F) by adding at the end the following new 
subparagraph: 
‘‘(E) RELEVANT
DEPOSITORY
INSTITU-
TION.—For purposes of this subsection, the 
term ‘relevant depository institution’ means any 
depository institution of which the party is or 
was an institution-affiliated party at the time—
‘‘(i) the information, indictment or 
complaint described in subparagraph (A) 
was issued; or 
‘‘(ii) the notice is issued under sub-
paragraph (A) or the order is issued under 
subparagraph (C)(i).’’. 
(2) CLERICAL AMENDMENT.—The heading for 
section 8(g) of the Federal Deposit Insurance Act 
(12 U.S.C. 1818(g)) is amended to read as follows: 
‘‘(g) SUSPENSION, REMOVAL, AND
PROHIBITION 
FROM PARTICIPATION ORDERS IN THE CASE OF CERTAIN 
CRIMINAL OFFENSES.—’’. 
(b) INSURED CREDIT UNIONS.—