H. R. 5640—74
be imposed in addition to any other civil sanctions or civil
monetary penalties authorized by law.
‘‘(b) CIVIL MONETARY PENALTIES.—
‘‘(1) IN
GENERAL.—The Secretary may, after notice and
opportunity for a hearing, impose a civil monetary penalty
in accordance with this subsection against any individual or
entity, including its owners, officers, directors, general partners,
limited partners, or employees, who knowingly and materially
violate, or participate in the violation of, the provisions of
this title, the regulations issued by the Secretary pursuant
to this title, or agreements made in accordance with this title,
by—
‘‘(A) submitting information to the Secretary that is
false;
‘‘(B) providing the Secretary with false certifications;
‘‘(C) failing to submit information requested by the
Secretary in a timely manner;
‘‘(D) failing to maintain the property subject to loans
made or guaranteed under this title in good repair and
condition, as determined by the Secretary;
‘‘(E) failing to provide management for a project which
received a loan made or guaranteed under this title that
is acceptable to the Secretary; or
‘‘(F) failing to comply with the provisions of applicable
civil rights statutes and regulations.
‘‘(2) CONDITIONS FOR RENEWAL OR EXTENSION.—The Sec-
retary may require that expiring loan or assistance agreements
entered into under this title shall not be renewed or extended
unless the owner executes an agreement to comply with addi-
tional conditions prescribed by the Secretary, or executes a
new loan or assistance agreement in the form prescribed by
the Secretary.
‘‘(3) AMOUNT.—
‘‘(A) IN
GENERAL.—The amount of a civil monetary
penalty imposed under this subsection shall not exceed
the greater of—
‘‘(i) twice the damages the Department of Agri-
culture, the guaranteed lender, or the project that is
secured for a loan under this section suffered or would
have suffered as a result of the violation; or
‘‘(ii) $50,000 per violation.
‘‘(B) DETERMINATION.—In determining the amount of
a civil monetary penalty under this subsection, the Sec-
retary shall take into consideration—
‘‘(i) the gravity of the offense;
‘‘(ii) any history of prior offenses by the violator
(including offenses occurring prior to the enactment
of this section);
‘‘(iii) the ability of the violator to pay the penalty;
‘‘(iv) any injury to tenants;
‘‘(v) any injury to the public;
‘‘(vi) any benefits received by the violator as a
result of the violation;
‘‘(vii) deterrence of future violations; and
‘‘(viii) such other factors as the Secretary may
establish by regulation.
H. R. 5640—75
‘‘(4) PAYMENT OF PENALTIES.—No payment of a penalty
assessed under this section may be made from funds provided
under this title or from funds of a project which serve as
security for a loan made or guaranteed under this title.
‘‘(5) REMEDIES FOR NONCOMPLIANCE.—
‘‘(A) JUDICIAL
INTERVENTION.—If a person or entity
fails to comply with a final determination by the Secretary
imposing a civil monetary penalty under this subsection,
the Secretary may request the Attorney General of the
United States to bring an action in an appropriate United
States district court to obtain a monetary judgment against
such individual or entity and such other relief as may
be available. The monetary judgment may, in the court’s
discretion, include the attorney’s fees and other expenses
incurred by the United States in connection with the action.
‘‘(B) REVIEWABILITY OF DETERMINATION.—In an action
under this paragraph, the validity and appropriateness
of a determination by the Secretary imposing the penalty
shall not be subject to review.’’.
(b) CONFORMING AMENDMENT.—Section 514 of the Housing Act
of 1949 (42 U.S.C. 1484) is amended by striking subsection ( j).
SEC. 709. AMENDMENTS TO TITLE 18 OF UNITED STATES CODE.
(a) MONEY LAUNDERING.—Section 1956(c)(7)(D) of title 18,
United States Code, is amended by inserting ‘‘any violation of
section 543(a)(1) of the Housing Act of 1949 (relating to equity
skimming),’’ after ‘‘coupons having a value of not less than $5,000,’’.
(b) OBSTRUCTION OF FEDERAL AUDITS.—Section 1516(a) of title
18, United States Code, is amended by inserting ‘‘or relating to
any property that is security for a loan that is made or guaranteed
under title V of the Housing Act of 1949,’’ before ‘‘shall be fined
under this title’’.
TITLE VIII—HOUSING FOR ELDERLY
AND DISABLED FAMILIES
SEC. 801. SHORT TITLE.
This title may be cited as the ‘‘Affordable Housing for Seniors
and Families Act’’.
SEC. 802. REGULATIONS.
The Secretary of Housing and Urban Development (referred
to in this title as the ‘‘Secretary’’) shall issue any regulations to
carry out this title and the amendments made by this title that
the Secretary determines may or will affect tenants of federally
assisted housing only after notice and opportunity for public com-
ment in accordance with the procedure under section 553 of title
5, United States Code, applicable to substantive rules (notwith-
standing subsections (a)(2), (b)(B), and (d)(3) of such section). Notice
of such proposed rulemaking shall be provided by publication in
the Federal Register. In issuing such regulations, the Secretary
shall take such actions as may be necessary to ensure that such
tenants are notified of, and provided an opportunity to participate
in, the rulemaking, as required by such section 553.
H. R. 5640—76
SEC. 803. EFFECTIVE DATE.
(a) IN GENERAL.—The provisions of this title and the amend-
ments made by this title are effective as of the date of the enactment
of this Act, unless such provisions or amendments specifically pro-
vide for effectiveness or applicability upon another date certain.
(b) EFFECT OF REGULATORY AUTHORITY.—Any authority in this
title or the amendments made by this title to issue regulations,
and any specific requirement to issue regulations by a date certain,
may not be construed to affect the effectiveness or applicability
of the provisions of this title or the amendments made by this
title under such provisions and amendments and subsection (a)
of this section.
Subtitle A—Refinancing for Section 202
Supportive Housing for the Elderly
SEC. 811. PREPAYMENT AND REFINANCING.
(a) APPROVAL OF PREPAYMENT OF DEBT.—Upon request of the
project sponsor of a project assisted with a loan under section
202 of the Housing Act of 1959 (as in effect before the enactment
of the Cranston-Gonzalez National Affordable Housing Act), the
Secretary shall approve the prepayment of any indebtedness to
the Secretary relating to any remaining principal and interest under
the loan as part of a prepayment plan under which—
(1) the project sponsor agrees to operate the project until
the maturity date of the original loan under terms at least
as advantageous to existing and future tenants as the terms
required by the original loan agreement or any rental assistance
payments contract under section 8 of the United States Housing
Act of 1937 (or any other rental housing assistance programs
of the Department of Housing and Urban Development,
including the rent supplement program under section 101 of
the Housing and Urban Development Act of 1965 (12 U.S.C.
1701s)) relating to the project; and
(2) the prepayment may involve refinancing of the loan
if such refinancing results in a lower interest rate on the
principal of the loan for the project and in reductions in debt
service related to such loan.
(b) SOURCES
OF REFINANCING.—In the case of prepayment
under this section involving refinancing, the project sponsor may
refinance the project through any third party source, including
financing by State and local housing finance agencies, use of tax-
exempt bonds, multi-family mortgage insurance under the National
Housing Act, reinsurance, or other credit enhancements, including
risk sharing as provided under section 542 of the Housing and
Community Development Act of 1992 (12 U.S.C. 1707 note). For
purposes of underwriting a loan insured under the National Housing
Act, the Secretary may assume that any section 8 rental assistance
contract relating to a project will be renewed for the term of
such loan.
(c) USE
OF UNEXPENDED AMOUNTS.—Upon execution of the
refinancing for a project pursuant to this section, the Secretary
shall make available at least 50 percent of the annual savings
resulting from reduced section 8 or other rental housing assistance
H. R. 5640—77
contracts in a manner that is advantageous to the tenants,
including—
(1) not more than 15 percent of the cost of increasing
the availability or provision of supportive services, which may
include the financing of service coordinators and congregate
services;
(2) rehabilitation, modernization, or retrofitting of struc-
tures, common areas, or individual dwelling units;
(3) construction of an addition or other facility in the
project, including assisted living facilities (or, upon the approval
of the Secretary, facilities located in the community where
the project sponsor refinances a project under this section,
or pools shared resources from more than one such project);
or
(4) rent reduction of unassisted tenants residing in the
project according to a pro rata allocation of shared savings
resulting from the refinancing.
(d) USE OF CERTAIN PROJECT FUNDS.—The Secretary shall allow
a project sponsor that is prepaying and refinancing a project under
this section—
(1) to use any residual receipts held for that project in
excess of $500 per individual dwelling unit for not more than
15 percent of the cost of activities designed to increase the
availability or provision of supportive services; and
(2) to use any reserves for replacement in excess of $1,000
per individual dwelling unit for activities described in para-
graphs (2) and (3) of subsection (c).
(e) BUDGET ACT COMPLIANCE.—This section shall be effective
only to extent or in such amounts that are provided in advance
in appropriation Acts.
Subtitle B—Authorization of Appropria-
tions for Supportive Housing for the El-
derly and Persons With Disabilities
SEC. 821. SUPPORTIVE HOUSING FOR ELDERLY PERSONS.
Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q)
is amended by adding at the end the following:
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There are author-
ized to be appropriated for providing assistance under this section
such sums as may be necessary for each of fiscal years 2001,
2002, and 2003.’’.
SEC. 822. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES.
Section 811 of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8013) is amended by striking subsection
(m) and inserting the following:
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There are author-
ized to be appropriated for providing assistance under this section
such sums as may be necessary for each of fiscal years 2001,
2002, and 2003.’’.
H. R. 5640—78
SEC. 823. SERVICE COORDINATORS AND CONGREGATE SERVICES FOR
ELDERLY AND DISABLED HOUSING.
There are authorized to be appropriated to the Secretary such
sums as may be necessary for each of fiscal years 2001, 2002,
and 2003, for the following purposes:
(1) GRANTS FOR SERVICE COORDINATORS FOR CERTAIN FED-
ERALLY ASSISTED MULTIFAMILY HOUSING.—For grants under sec-
tion 676 of the Housing and Community Development Act
of 1992 (42 U.S.C. 13632) for providing service coordinators.
(2) CONGREGATE
SERVICES
FOR
FEDERALLY
ASSISTED
HOUSING.—For contracts under section 802 of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 8011)
to provide congregate services programs for eligible residents
of eligible housing projects under subparagraphs (B) through
(D) of subsection (k)(6) of such section.
Subtitle C—Expanding Housing Opportuni-
ties for the Elderly and Persons With
Disabilities
PART 1—HOUSING FOR THE ELDERLY
SEC. 831. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.
Section 202(k)(4) of the Housing Act of 1959 (12 U.S.C.
1701q(k)(4)) is amended by inserting after subparagraph (C) the
following:
‘‘Such term includes a for-profit limited partnership the sole
general partner of which is an organization meeting the require-
ments under subparagraphs (A), (B), and (C), or a corporation
wholly owned and controlled by an organization meeting the
requirements under subparagraphs (A), (B), and (C).’’.
SEC. 832. MIXED FUNDING SOURCES.
Section 202(h)(6) of the Housing Act of 1959 (12 U.S.C.
1701q(h)(6)) is amended—
(1) by striking ‘‘non-Federal sources’’ and inserting ‘‘sources
other than this section’’; and
(2) by adding at the end the following new sentence: ‘‘Not-
withstanding any other provision of law, assistance amounts
provided under this section may be treated as amounts not
derived from a Federal grant.’’.
SEC. 833. AUTHORITY TO ACQUIRE STRUCTURES.
Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q)
is amended—
(1) in subsection (b), by striking ‘‘from the Resolution Trust
Corporation’’; and
(2) in subsection (h)(2)—
(A) in the paragraph heading, by striking ‘‘RTC PROP-
ERTIES’’ and inserting ‘‘ACQUISITION’’; and
(B) by striking ‘‘from the Resolution’’ and all that fol-
lows through ‘‘Insurance Act’’.
SEC. 834. USE OF PROJECT RESERVES.
Section 202( j) of the Housing Act of 1959 (12 U.S.C. 1701q( j))
is amended by adding at the end the following:
H. R. 5640—79
‘‘(8) USE
OF
PROJECT
RESERVES.—Amounts for project
reserves for a project assisted under this section may be used
for costs, subject to reasonable limitations as the Secretary
determines appropriate, for reducing the number of dwelling
units in the project. Such use shall be subject to the approval
of the Secretary to ensure that the use is designed to retrofit
units that are currently obsolete or unmarketable.’’.
SEC. 835. COMMERCIAL ACTIVITIES.
Section 202(h)(1) of the Housing Act of 1959 (12 U.S.C.
1701q(h)(1)) is amended by adding at the end the following: ‘‘Neither
this section nor any other provision of law may be construed as
prohibiting or preventing the location and operation, in a project
assisted under this section, of commercial facilities for the benefit
of residents of the project and the community in which the project
is located, except that assistance made available under this section
may not be used to subsidize any such commercial facility.’’.
PART 2—HOUSING FOR PERSONS WITH
DISABILITIES
SEC. 841. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.
Section 811(k)(6) of the Housing Act of 1959 (42 U.S.C.
8013(k)(6)) is amended by inserting after subparagraph (D) the
following:
‘‘Such term includes a for-profit limited partnership the sole
general partner of which is an organization meeting the require-
ments under subparagraphs (A), (B), (C), and (D) or a corpora-
tion wholly owned and controlled by an organization meeting
the requirements under subparagraphs (A), (B), (C), and (D).’’.
SEC. 842. MIXED FUNDING SOURCES.
Section 811(h)(5) of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8013(h)(5)) is amended—
(1) by striking ‘‘non-Federal sources’’ and inserting ‘‘sources
other than this section’’; and
(2) by adding at the end the following new sentence: ‘‘Not-
withstanding any other provision of law, assistance amounts
provided under this section may be treated as amounts not
derived from a Federal grant.’’.
SEC. 843. TENANT-BASED ASSISTANCE.
Section 811 of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8013) is amended—
(1) in subsection (d), by striking paragraph (4) and inserting
the following:
‘‘(4) TENANT-BASED RENTAL ASSISTANCE.—
‘‘(A) ADMINISTERING
ENTITIES.—Tenant-based rental
assistance provided under subsection (b)(1) may be provided
only through a public housing agency that has submitted
and had approved a plan under section 7(d) of the United
States Housing Act of 1937 (42 U.S.C. 1437e(d)) that pro-
vides for such assistance, or through a private nonprofit
organization. A public housing agency shall be eligible to
apply under this section only for the purposes of providing
such tenant-based rental assistance.
H. R. 5640—80
‘‘(B) PROGRAM RULES.—Tenant-based rental assistance
under subsection (b)(1) shall be made available to eligible
persons with disabilities and administered under the same
rules that govern tenant-based rental assistance made
available under section 8 of the United States Housing
Act of 1937, except that the Secretary may waive or modify
such rules, but only to the extent necessary to provide
for administering such assistance under subsection (b)(1)
through private nonprofit organizations rather than
through public housing agencies.
‘‘(C) ALLOCATION OF ASSISTANCE.—In determining the
amount of assistance provided under subsection (b)(1) for
a private nonprofit organization or public housing agency,
the Secretary shall consider the needs and capabilities
of the organization or agency, in the case of a public
housing agency, as described in the plan for the agency
under section 7 of the United States Housing Act of 1937.’’;
and
(2) in subsection (l)(1)—
(A) by striking ‘‘subsection (b)’’ and inserting ‘‘sub-
section (b)(2)’’; and
(B) by striking the last comma and all that follows
through ‘‘subsection (n)’’.
SEC. 844. USE OF PROJECT RESERVES.
Section 811( j) of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8013( j)) is amended by adding at the
end the following:
‘‘(7) USE
OF
PROJECT
RESERVES.—Amounts for project
reserves for a project assisted under this section may be used
for costs, subject to reasonable limitations as the Secretary
determines appropriate, for reducing the number of dwelling
units in the project. Such use shall be subject to the approval
of the Secretary to ensure that the use is designed to retrofit
units that are currently obsolete or unmarketable.’’.
SEC. 845. COMMERCIAL ACTIVITIES.
Section 811(h)(1) of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8013(h)(1)) is amended by adding at the
end the following: ‘‘Neither this section nor any other provision
of law may be construed as prohibiting or preventing the location
and operation, in a project assisted under this section, of commercial
facilities for the benefit of residents of the project and the commu-
nity in which the project is located, except that assistance made
available under this section may not be used to subsidize any
such commercial facility.’’.
PART 3—OTHER PROVISIONS
SEC. 851. SERVICE COORDINATORS.
(a) INCREASED FLEXIBILITY FOR USE OF SERVICE COORDINATORS
IN CERTAIN FEDERALLY ASSISTED HOUSING.—Section 676 of the
Housing and Community Development Act of 1992 (42 U.S.C. 13632)
is amended—
(1) in the section heading, by striking ‘‘MULTIFAMILY
HOUSING
ASSISTED
UNDER
NATIONAL
HOUSING
ACT’’ and
inserting ‘‘CERTAIN FEDERALLY ASSISTED HOUSING’’;
(2) in subsection (a)—
H. R. 5640—81
(A) in the first sentence, by striking ‘‘(E) and (F)’’
and inserting ‘‘(B), (C), (D), (E), (F), and (G)’’; and
(B) in the last sentence—
(i) by striking ‘‘section 661’’ and inserting ‘‘section
671’’; and
(ii) by adding at the end the following: ‘‘A service
coordinator funded with a grant under this section
for a project may provide services to low-income elderly
or disabled families living in the vicinity of such
project.’’;
(3) in subsection (d)—
(A) by striking ‘‘(E) or (F)’’ and inserting ‘‘(B), (C),
(D), (E), (F), or (G)’’; and
(B) by striking ‘‘section 661’’ and inserting ‘‘section
671’’; and
(4) by striking subsection (c) and redesignating subsection
(d) (as amended by paragraph (3) of this subsection) as sub-
section (c).
(b) REQUIREMENT TO PROVIDE SERVICE COORDINATORS.—Sec-
tion 671 of the Housing and Community Development Act of 1992
(42 U.S.C. 13631) is amended—
(1) in the first sentence of subsection (a), by striking ‘‘to
carry out this subtitle pursuant to the amendments made by
this subtitle’’ and inserting the following: ‘‘for providing service
coordinators under this section’’;
(2) in subsection (d), by inserting ‘‘)’’ after ‘‘section 683(2)’’;
and
(3) by adding at the end following:
‘‘(e) SERVICES FOR LOW-INCOME ELDERLY OR DISABLED FAMILIES
RESIDING IN VICINITY OF CERTAIN PROJECTS.—To the extent only
that this section applies to service coordinators for covered federally
assisted housing described in subparagraphs (B), (C), (D), (E), (F),
and (G) of section 683(2), any reference in this section to elderly
or disabled residents of a project shall be construed to include
low-income elderly or disabled families living in the vicinity of
such project.’’.
(c) PROTECTION AGAINST TELEMARKETING FRAUD.—
(1) SUPPORTIVE HOUSING FOR THE ELDERLY.—The first sen-
tence of section 202(g)(1) of the Housing Act of 1959 (12 U.S.C.
1701q(g)(1)) is amended by striking ‘‘and (F)’’ and inserting
the following: ‘‘(F) providing education and outreach regarding
telemarketing fraud, in accordance with the standards issued
under section 671(f ) of the Housing and Community Develop-
ment Act of 1992 (42 U.S.C. 13631(f )); and (G)’’.
(2) OTHER FEDERALLY ASSISTED HOUSING.—Section 671 of
the Housing and Community Development Act of 1992 (42
U.S.C. 13631), as amended by subsection (b) of this section,
is further amended—
(A) in the first sentence of subsection (c), by inserting
after ‘‘response,’’ the following: ‘‘education and outreach
regarding telemarketing fraud in accordance with the
standards issued under subsection (f ),’’; and
(B) by adding at the end the following:
‘‘(f ) PROTECTION AGAINST TELEMARKETING FRAUD.—
‘‘(1) IN GENERAL.—The Secretary, in coordination with the
Secretary of Health and Human Services, shall establish stand-
ards for service coordinators in federally assisted housing who
H. R. 5640—82
are providing education and outreach to elderly persons residing
in such housing regarding telemarketing fraud. The standards
shall be designed to ensure that such education and outreach
informs such elderly persons of the dangers of telemarketing
fraud and facilitates the investigation and prosecution of tele-
marketers engaging in fraud against such residents.
‘‘(2) CONTENTS.—The standards established under this sub-
section shall require that any such education and outreach
be provided in a manner that—
‘‘(A) informs such residents of—
‘‘(i) the prevalence of telemarketing fraud targeted
against elderly persons;
‘‘(ii) how telemarketing fraud works;
‘‘(iii) how to identify telemarketing fraud;
‘‘(iv) how to protect themselves against tele-
marketing fraud, including an explanation of the dan-
gers of providing bank account, credit card, or other
financial or personal information over the telephone
to unsolicited callers;
‘‘(v) how to report suspected attempts at tele-
marketing fraud; and
‘‘(vi) their consumer protection rights under Fed-
eral law;
‘‘(B) provides such other information as the Secretary
considers necessary to protect such residents against
fraudulent telemarketing; and
‘‘(C) disseminates the information provided by appro-
priate means, and in determining such appropriate means,
the Secretary shall consider on-site presentations at feder-
ally assisted housing, public service announcements, a
printed manual or pamphlet, an Internet website, and tele-
phone outreach to residents whose names appear on ‘mooch
lists’ confiscated from fraudulent telemarketers.’’.
Subtitle D—Preservation of Affordable
Housing Stock
SEC. 861. SECTION 236 ASSISTANCE.
(a) EXTENSION OF AUTHORITY TO RETAIN EXCESS CHARGES.—
Section 236(g) of the National Housing Act (12 U.S.C. 1715z–1(g)),
as amended by the Departments of Veterans Affairs and Housing
and Urban Development, and Independent Agencies Appropriations
Act, 2001, is amended—
(1) in paragraph (2), by striking ‘‘Subject to paragraph
(3) and notwithstanding’’ and inserting ‘‘Notwithstanding’’; and
(2) by striking paragraph (3) and redesignating paragraph
(4) as paragraph (3).
(b) TREATMENT OF EXCESS CHARGES PREVIOUSLY COLLECTED.—
Any excess charges that a project owner may retain pursuant
to the amendments made by subsections (b) and (c) of section
532 of the Departments of Veterans Affairs and Housing and Urban
Development, and Independent Agencies Appropriations Act, 2000
(Public Law 106–74; 113 Stat. 1116) that have been collected by
such owner since the date of the enactment of such appropriations
Act and that such owner has not remitted to the Secretary of
Housing and Urban Development may be retained by such owner
H. R. 5640—83
unless such Secretary otherwise provides. To the extent that a
project owner has remitted such excess charges to the Secretary
since such date of the enactment, the Secretary may return to
the relevant project owner any such excess charges remitted. Not-
withstanding any other provision of law, amounts in the Rental
Housing Assistance Fund, or heretofore or subsequently transferred
from the Rental Housing Assistance Fund to the Flexible Subsidy
Fund, shall be available to make such return of excess charges
previously remitted to the Secretary, including the return of excess
charges referred to in section 532(e) of such appropriations Act.
TITLE IX—OTHER RELATED HOUSING
PROVISIONS
SEC. 901. EXTENSION OF LOAN TERM FOR MANUFACTURED HOME
LOTS.
Section 2(b)(3)(E) of the National Housing Act (12 U.S.C.
1703(b)(3)(E)) is amended by striking ‘‘fifteen’’ and inserting
‘‘twenty’’.
SEC. 902. USE OF SECTION 8 VOUCHERS FOR OPT-OUTS.
(a) IN GENERAL.—Section 8(t)(2) of the United States Housing
Act of 1937 (42 U.S.C. 1437f(t)(2)), as amended by the Departments
of Veterans Affairs and Housing and Urban Development, and
Independent Agencies Appropriations Act, 2001, is amended by
striking ‘‘fiscal year 1996’’ and inserting ‘‘fiscal year 1994’’.
(b) EFFECTIVE DATE.—The amendment under subsection (a)
shall be made and shall apply—
(1) upon the enactment of this Act, if the Departments
of Veterans Affairs and Housing and Urban Development, and
Independent Agencies Appropriations Act, 2001, is enacted
before the enactment of this Act; and
(2) immediately after the enactment of such appropriations
Act, if such appropriations Act is enacted after the enactment
of this Act.
SEC. 903. MAXIMUM PAYMENT STANDARD FOR ENHANCED VOUCHERS.
(a) IN
GENERAL.—Section 8(t)(1)(B) of the United States
Housing Act of 1937 (42 U.S.C. 1437f(t)(1)(B)), as amended by
the Departments of Veterans Affairs and Housing and Urban
Development, and Independent Agencies Appropriations Act, 2001,
is amended by inserting before the semicolon at the end the fol-
lowing: ‘‘, except that a limit shall not be considered reasonable
for purposes of this subparagraph if it adversely affects such
assisted families’’.
(b) EFFECTIVE DATE.—The amendment under subsection (a)
shall be made and shall apply—
(1) upon the enactment of this Act, if the Departments
of Veterans Affairs and Housing and Urban Development, and
Independent Agencies Appropriations Act, 2001, is enacted
before the enactment of this Act; and
(2) immediately after the enactment of such appropriations
Act, if such appropriations Act is enacted after the enactment
of this Act.
H. R. 5640—84
SEC. 904. USE OF SECTION 8 ASSISTANCE BY ‘‘GRAND-FAMILIES’’ TO
RENT DWELLING UNITS IN ASSISTED PROJECTS.
Section 215(a) of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 12745(a)) is amended by adding at the
end the following new paragraph:
‘‘(6) WAIVER OF QUALIFYING RENT.—
‘‘(A) IN GENERAL.—For the purpose of providing afford-
able housing appropriate for families described in subpara-
graph (B), the Secretary may, upon the application of the
project owner, waive the applicability of subparagraph (A)
of paragraph (1) with respect to a dwelling unit if—
‘‘(i) the unit is occupied by such a family, on whose
behalf tenant-based assistance is provided under sec-
tion 8 of the United States Housing Act of 1937 (42
U.S.C. 1437f );
‘‘(ii) the rent for the unit is not greater than the
existing fair market rent for comparable units in the
area, as established by the Secretary under section
8 of the United States Housing Act of 1937; and
‘‘(iii) the Secretary determines that the waiver,
together with waivers under this paragraph for other
dwelling units in the project, will result in the use
of amounts described in clause (iii) in an effective
manner that will improve the provision of affordable
housing for such families.
‘‘(B) ELIGIBLE FAMILIES.—A family described in this
subparagraph is a family that consists of at least one
elderly person (who is the head of household) and one
or more of such person’s grand children, great grand-
children, great nieces, great nephews, or great great grand-
children (as defined by the Secretary), but does not include
any parent of such grandchildren, great grandchildren,
great nieces, great nephews, or great great grandchildren.
Such term includes any such grandchildren, great grand-
children, great nieces, great nephews, or great great grand-
children who have been legally adopted by such elderly
person.’’.
TITLE X—FEDERAL RESERVE BOARD
PROVISIONS
SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS.
The third undesignated paragraph of section 10 of the Federal
Reserve Act (12 U.S.C. 243) is amended—
(1) by inserting after the first sentence the following new
sentence: ‘‘After September 1, 2000, the Board may also use
such assessments to acquire, in its own name, a site or building
(in addition to the facilities existing on such date) to provide
for the performance of the functions of the Board.’’; and
(2) in the sentences following the sentence added by the
amendment made by paragraph (1) of this section—
(A) by striking ‘‘the site’’ and inserting ‘‘any site’’; and
(B) by inserting ‘‘or buildings’’ after ‘‘building’’ each
place such term appears.
H. R. 5640—85
SEC. 1002. POSITIONS OF BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM ON THE EXECUTIVE SCHEDULE.
(a) IN GENERAL.—
(1) POSITIONS AT LEVEL I OF THE EXECUTIVE SCHEDULE.—
Section 5312 of title 5, United States Code, is amended by
adding at the end the following:
‘‘Chairman, Board of Governors of the Federal Reserve
System.’’.
(2) POSITIONS AT LEVEL II OF THE EXECUTIVE SCHEDULE.—
Section 5313 of title 5, United States Code, is amended—
(A) by striking ‘‘Chairman, Board of Governors of the
Federal Reserve System.’’; and
(B) by adding at the end the following:
‘‘Members, Board of Governors of the Federal Reserve
System.’’.
(3) POSITIONS AT LEVEL III OF THE EXECUTIVE SCHEDULE.—
Section 5314 of title 5, United States Code, is amended by
striking ‘‘Members, Board of Governors of the Federal Reserve
System.’’.
(b) EFFECTIVE DATE.—This section and the amendments made
by this section shall take effect on the first day of the first pay
period for the Chairman and Members of the Board of Governors
of the Federal Reserve System beginning on or after the date
of the enactment of this Act.
SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT.
(a) REPEAL.—Section 2A of the Federal Reserve Act (12 U.S.C.
225a) is amended by striking all after the first sentence.
(b) APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.—
(1) IN GENERAL.—The Federal Reserve Act (12 U.S.C. 221
et seq.) is amended by inserting after section 2A the following
new section:
‘‘SEC. 2B. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.
‘‘(a) APPEARANCES BEFORE THE CONGRESS.—
(1) IN GENERAL.—The Chairman of the Board shall appear
before the Congress at semi-annual hearings, as specified in
paragraph (2), regarding—
‘‘(A) the efforts, activities, objectives and plans of the
Board and the Federal Open Market Committee with
respect to the conduct of monetary policy; and
‘‘(B) economic developments and prospects for the
future described in the report required in subsection (b).
‘‘(2) SCHEDULE.—The Chairman of the Board shall appear—
‘‘(A) before the Committee on Banking and Financial
Services of the House of Representatives on or about Feb-
ruary 20 of even numbered calendar years and on or about
July 20 of odd numbered calendar years;
‘‘(B) before the Committee on Banking, Housing, and
Urban Affairs of the Senate on or about July 20 of even
numbered calendar years and on or about February 20
of odd numbered calendar years; and
‘‘(C) before either Committee referred to in subpara-
graph (A) or (B), upon request, following the scheduled
appearance of the Chairman before the other Committee
under subparagraph (A) or (B).
H. R. 5640—86
‘‘(b) CONGRESSIONAL REPORT.—The Board shall, concurrent
with each semi-annual hearing required by this section, submit
a written report to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Banking and Financial
Services of the House of Representatives, containing a discussion
of the conduct of monetary policy and economic developments and
prospects for the future, taking into account past and prospective
developments in employment, unemployment, production, invest-
ment, real income, productivity, exchange rates, international trade
and payments, and prices.’’.
TITLE XI—BANKING AND HOUSING
AGENCY REPORTS
SEC. 1101. SHORT TITLE.
This title may be cited as the ‘‘Federal Reporting Act of 2000’’.
SEC. 1102. PRESERVATION OF CERTAIN REPORTING REQUIREMENTS.
Section 3003(a)(1) of the Federal Reports Elimination and
Sunset Act of 1995 (31 U.S.C. 1113 note) shall not apply to any
report required to be submitted under any of the following provi-
sions of law:
(1) Section 3 of the Employment Act of 1946 (15 U.S.C.
1022).
(2) Section 309 of the Defense Production Act of 1950
(50 U.S.C. App. 2099).
(3) Section 603 of the Public Works and Economic Develop-
ment Act of 1965 (42 U.S.C. 3213).
(4) Section 7(o)(1) of the Department of Housing and Urban
Development Act (42 U.S.C. 3535(o)(1)).
(5) Section 540(c) of the National Housing Act (12 U.S.C.
1735f–18(c)).
(6) Paragraphs (2) and (6) of section 808(e) of the Civil
Rights Act of 1968 (42 U.S.C. 3608(e)).
(7) Section 1061 of the Housing and Community Develop-
ment Act of 1992 (42 U.S.C. 4856).
(8) Section 203(v) of the National Housing Act (12 U.S.C.
1709(v)), as added by section 504 of the Housing and Commu-
nity Development Act of 1992 (Public Law 102–550; 106 Stat.
3780).
(9) Section 802 of the Housing Act of 1954 (12 U.S.C.
1701o).
(10) Section 8 of the Department of Housing and Urban
Development Act (42 U.S.C. 3536).
(11) Section 1320 of the National Flood Insurance Act
of 1968 (42 U.S.C. 4027).
(12) Section 4(e)(2) of the Department of Housing and
Urban Development Act (42 U.S.C. 3533(e)(2)).
(13) Section 205(g) of the National Housing Act (12 U.S.C.
1711(g)).
(14) Section 701(c)(1) of the International Financial Institu-
tions Act (22 U.S.C. 262d(c)(1)).
(15) Paragraphs (1) and (2) of section 5302(c) of title 31,
United States Code.
(16) Section 18(f )(7) of the Federal Trade Commission Act
(15 U.S.C. 57a(f )(7)).
H. R. 5640—87
(17) Section 333 of the Revised Statutes of the United
States (12 U.S.C. 14).
(18) Section 3(g) of the Home Owners’ Loan Act (12 U.S.C.
1462a(g)).
(19) Section 304 of the Appalachian Regional Development
Act of 1965 (40 U.S.C. App. 304).
(20) Sections 2(b)(1)(A), 8(a), 8(c), 10(g)(1), and 11(c) of
the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(A),
635g(a), 635g(c), 635i–3(g), and 635i–5(c)).
(21) Section 17(a) of the Federal Deposit Insurance Act
(12 U.S.C. 1827(a)).
(22) Section 13 of the Federal Financing Bank Act of 1973
(12 U.S.C. 2292).
(23) Section 2B(d) of the Federal Home Loan Bank Act
(12 U.S.C. 1422b(d)).
(24) Section 1002(b) of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note).
(25) Section 8 of the Fair Credit and Charge Card Disclo-
sure Act of 1988 (15 U.S.C. 1637 note).
(26) Section 136(b)(4)(B) of the Truth in Lending Act (15
U.S.C. 1646(b)(4)(B)).
(27) Section 707 of the Equal Credit Opportunity Act (15
U.S.C. 1691f ).
(28) Section 114 of the Truth in Lending Act (15 U.S.C.
1613).
(29) The seventh undesignated paragraph of section 10
of the Federal Reserve Act (12 U.S.C. 247).
(30) The tenth undesignated paragraph of section 10 of
the Federal Reserve Act (12 U.S.C. 247a).
(31) Section 815 of the Fair Debt Collection Practices Act
(15 U.S.C. 1692m).
(32) Section 102(d) of the Federal Credit Union Act (12
U.S.C. 1752a(d)).
(33) Section 21B(i) of the Federal Home Loan Bank Act
(12 U.S.C. 1441b(i)).
(34) Section 607(a) of the Housing and Community Develop-
ment Amendments of 1978 (42 U.S.C. 8106(a)).
(35) Section 708(l) of the Defense Production Act of 1950
(50 U.S.C. App. 2158(l)).
(36) Section 2546 of the Comprehensive Thrift and Bank
Fraud Prosecution and Taxpayer Recovery Act of 1990 (28
U.S.C. 522 note).
(37) Section 202(b)(8) of the National Housing Act (12
U.S.C. 1708(b)(8)).
SEC. 1103. COORDINATION OF REPORTING REQUIREMENTS.
(a) FEDERAL DEPOSIT INSURANCE CORPORATION.—Section 17(a)
of the Federal Deposit Insurance Act (12 U.S.C. 1827(a)) is amended
by adding at the end the following new paragraph:
‘‘(3) COORDINATION WITH OTHER REPORT REQUIREMENTS.—
The report required under this subsection shall include the
report required under section 18(f )(7) of the Federal Trade
Commission Act.’’.
(b) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.—
The seventh undesignated paragraph of section 10 of the Federal
Reserve Act (12 U.S.C. 247) is amended by adding at the end
H. R. 5640—88
the following new sentence: ‘‘The report required under this para-
graph shall include the reports required under section 707 of the
Equal Credit Opportunity Act, section 18(f )(7) of the Federal Trade
Commission Act, section 114 of the Truth in Lending Act, and
the tenth undesignated paragraph of this section.’’.
(c) COMPTROLLER
OF
THE CURRENCY.—Section 333 of the
Revised Statutes of the United States (12 U.S.C. 14) is amended
by adding at the end the following new sentence: ‘‘The report
required under this section shall include the report required under
section 18(f )(7) of the Federal Trade Commission Act.’’.
(d) EXPORT-IMPORT BANK.—
(1) IN GENERAL.—Section 2(b)(1)(A) of the Export-Import
Bank Act of 1945 (12 U.S.C. 635(b)(1)(A)) is amended—
(A) by striking ‘‘a annual’’ and inserting ‘‘an annual’’;
and
(B) by adding at the end the following new sentence:
‘‘The annual report required under this subparagraph shall
include the report required under section 10(g).’’.
(2) TECHNICAL
AND
CONFORMING
AMENDMENT.—Section
10(g)(1) of the Export-Import Bank Act of 1945 (12 U.S.C.
635i–3(g)(1)) is amended—
(A) by striking ‘‘On or’’ and all that follows through
‘‘the Bank’’ and inserting ‘‘The Bank’’; and
(B) by striking ‘‘a report’’ and inserting ‘‘an annual
report’’.
(e) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.—Sec-
tion 8 of the Department of Housing and Urban Development Act
(42 U.S.C. 3536) is amended by adding at the end the following
new sentence: ‘‘The report required under this section shall include
the reports required under paragraphs (2) and (6) of section 808(e)
of the Civil Rights Act of 1968, the reports required under sub-
sections (a) and (b) of section 1061 of the Housing and Community
Development Act of 1992, the report required under section 802
of the Housing Act of 1954, and the report required under section
4(e)(2) of this Act.’’.
(f ) FEDERAL HOUSING ADMINISTRATION.—Section 203(v) of the
National Housing Act (12 U.S.C. 1709(v)), as added by section
504 of the Housing and Community Development Act of 1992,
is amended by adding at the end the following new sentence:
‘‘The report required under this subsection shall include the report
required under section 540(c) and the report required under section
205(g).’’.
(g) INTERNATIONAL
FINANCIAL
INSTITUTIONS
ACT.—Section
701(c)(1) of the International Financial Institutions Act (22 U.S.C.
262d(c)(1)) is amended by striking ‘‘Not later’’ and all that follows
through ‘‘quarterly’’ and inserting ‘‘The Secretary of the Treasury
shall report annually’’.
SEC. 1104. ELIMINATION OF CERTAIN REPORTING REQUIREMENTS.
(a) EXPORT-IMPORT BANK.—The Export-Import Bank Act of
1945 (12 U.S.C. 635 et seq.) is amended—
(1) in section 2(b)(1)(D)—
(A) by striking ‘‘(i)’’; and
(B) by striking clause (ii);
(2) in section 2(b)(8), by striking the last sentence;
(3) in section 6(b), by striking paragraph (2) and redesig-
nating paragraph (3) as paragraph (2); and
H. R. 5640—89
(4) in section 8, by striking subsections (b) and (d) and
redesignating subsections (c) and (e) as subsections (b) and
(c), respectively.
(b) FEDERAL DEPOSIT INSURANCE CORPORATION.—Section 17
of the Federal Deposit Insurance Act (12 U.S.C. 1827) is amended
by striking subsection (h).
TITLE XII—FINANCIAL REGULATORY
RELIEF
SEC. 1200. SHORT TITLE.
This title may be cited as the ‘‘Financial Regulatory Relief
and Economic Efficiency Act of 2000’’.
Subtitle A—Improving Monetary Policy
and Financial Institution Management
Practices
SEC. 1201. REPEAL OF SAVINGS ASSOCIATION LIQUIDITY PROVISION.
(a) REPEAL OF LIQUIDITY PROVISION.—Section 6 of the Home
Owners’ Loan Act (12 U.S.C. 1465) is hereby repealed.
(b) CONFORMING AMENDMENTS.—
(1) SECTION 5.—Section 5(c)(1)(M) of the Home Owners’
Loan Act (12 U.S.C. 1464(c)(1)(M)) is amended to read as fol-
lows:
‘‘(M) LIQUIDITY
INVESTMENTS.—Investments (other
than equity investments), identified by the Director, for
liquidity purposes, including cash, funds on deposit at a
Federal reserve bank or a Federal home loan bank, or
bankers’ acceptances.’’.
(2) SECTION
10.—Section 10(m)(4)(B)(iii) of the Home
Owners’ Loan Act (12 U.S.C. 1467a(m)(4)(B)(iii)) is amended
by inserting ‘‘as in effect on the day before the date of the
enactment of the Financial Regulatory Relief and Economic
Efficiency Act of 2000,’’ after ‘‘Loan Act,’’.
SEC. 1202. NONCONTROLLING INVESTMENTS BY SAVINGS ASSOCIA-
TION HOLDING COMPANIES.
Section 10(e)(1)(A)(iii) of the Home Owners’ Loan Act (12 U.S.C.
1467a(e)(1)(A)(iii)) is amended—
(1) by inserting ‘‘, except with the prior written approval
of the Director,’’ after ‘‘or to retain’’; and
(2) by striking ‘‘so acquire or retain’’ and inserting ‘‘acquire
or retain, and the Director may not authorize acquisition or
retention of,’’.
SEC. 1203. REPEAL OF DEPOSIT BROKER NOTIFICATION AND RECORD-
KEEPING REQUIREMENT.
Section 29A of the Federal Deposit Insurance Act (12 U.S.C.
1831f–1) is hereby repealed.
H. R. 5640—90
SEC. 1204. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZA-
TIONS.
The National Bank Consolidation and Merger Act (12 U.S.C.
215 et seq.) is amended—
(1) by redesignating section 5 as section 7; and
(2) by inserting after section 4 the following new section:
‘‘SEC. 5. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS.
‘‘(a) IN GENERAL.—A national bank may, with the approval
of the Comptroller, pursuant to rules and regulations promulgated
by the Comptroller, and upon the affirmative vote of the share-
holders of such bank owning at least two-thirds of its capital stock
outstanding, reorganize so as to become a subsidiary of a bank
holding company or of a company that will, upon consummation
of such reorganization, become a bank holding company.
‘‘(b) REORGANIZATION PLAN.—A reorganization authorized under
subsection (a) shall be carried out in accordance with a reorganiza-
tion plan that—
‘‘(1) specifies the manner in which the reorganization shall
be carried out;
‘‘(2) is approved by a majority of the entire board of direc-
tors of the national bank;
‘‘(3) specifies—
‘‘(A) the amount of cash or securities of the bank
holding company, or both, or other consideration to be
paid to the shareholders of the reorganizing bank in
exchange for their shares of stock of the bank;
‘‘(B) the date as of which the rights of each shareholder
to participate in such exchange will be determined; and
‘‘(C) the manner in which the exchange will be carried
out; and
‘‘(4) is submitted to the shareholders of the reorganizing
bank at a meeting to be held on the call of the directors
in accordance with the procedures prescribed in connection
with a merger of a national bank under section 3.
‘‘(c) RIGHTS OF DISSENTING SHAREHOLDERS.—If, pursuant to
this section, a reorganization plan has been approved by the share-
holders and the Comptroller, any shareholder of the bank who
has voted against the reorganization at the meeting referred to
in subsection (b)(4), or has given notice in writing at or prior
to that meeting to the presiding officer that the shareholder dissents
from the reorganization plan, shall be entitled to receive the value
of his or her shares, as provided by section 3 for the merger
of a national bank.
‘‘(d) EFFECT OF REORGANIZATION.—The corporate existence of
a national bank that reorganizes in accordance with this section
shall not be deemed to have been affected in any way by reason
of such reorganization.
‘‘(e) APPROVAL UNDER THE BANK HOLDING COMPANY ACT.—
This section does not affect in any way the applicability of the
Bank Holding Company Act of 1956 to a transaction described
in subsection (a).’’.
SEC. 1205. NATIONAL BANK DIRECTORS.
(a) AMENDMENTS
TO
THE REVISED STATUTES.—Section 5145
of the Revised Statutes of the United States (12 U.S.C. 71) is
amended—
H. R. 5640—91
(1) by striking ‘‘for one year’’ and inserting ‘‘for a period
of not more than 3 years’’; and
(2) by adding at the end the following: ‘‘In accordance
with regulations issued by the Comptroller of the Currency,
a national bank may adopt bylaws that provide for staggering
the terms of its directors.’’.
(b) AMENDMENT TO THE BANKING ACT OF 1933.—Section 31
of the Banking Act of 1933 (12 U.S.C. 71a) is amended in the
first sentence, by inserting before the period ‘‘, except that the
Comptroller of the Currency may, by regulation or order, exempt
a national bank from the 25-member limit established by this
section’’.
SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDATION AND
MERGER ACT.
The National Bank Consolidation and Merger Act (12 U.S.C.
215 et seq.) is amended by inserting after section 5, as added
by this title, the following new section:
‘‘SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDIARIES AND
NONBANK AFFILIATES.
‘‘(a) IN GENERAL.—Upon the approval of the Comptroller, a
national bank may merge with one or more of its nonbank subsidi-
aries or affiliates.
‘‘(b) SCOPE.—Nothing in this section shall be construed—
‘‘(1) to affect the applicability of section 18(c) of the Federal
Deposit Insurance Act; or
‘‘(2) to grant a national bank any power or authority that
is not permissible for a national bank under other applicable
provisions of law.
‘‘(c) REGULATIONS.—The Comptroller shall promulgate regula-
tions to implement this section.’’.
SEC. 1207. LOANS ON OR PURCHASES BY INSTITUTIONS OF THEIR
OWN STOCK; AFFILIATIONS.
(a) AMENDMENT TO THE REVISED STATUTES.—Section 5201 of
the Revised Statutes of the United States (12 U.S.C. 83) is amended
to read as follows:
‘‘SEC. 5201. LOANS BY BANK ON ITS OWN STOCK.
‘‘(a) GENERAL PROHIBITION.—No national bank shall make any
loan or discount on the security of the shares of its own capital
stock.
‘‘(b) EXCLUSION.—For purposes of this section, a national bank
shall not be deemed to be making a loan or discount on the security
of the shares of its own capital stock if it acquires the stock
to prevent loss upon a debt previously contracted for in good faith.’’.
(b) AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.—
Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828)
is amended—
(1) by redesignating subsection (t), as added by section
730 of the Gramm-Leach-Bliley Act (Public Law 106–102; 113
Stat. 1476), as subsection (u); and
(2) by adding at the end the following new subsection:
‘‘(v) LOANS BY INSURED INSTITUTIONS ON THEIR OWN STOCK.—
‘‘(1) GENERAL PROHIBITION.—No insured depository institu-
tion may make any loan or discount on the security of the
shares of its own capital stock.
H. R. 5640—92
‘‘(2) EXCLUSION.—For purposes of this subsection, an
insured depository institution shall not be deemed to be making
a loan or discount on the security of the shares of its own
capital stock if it acquires the stock to prevent loss upon a
debt previously contracted for in good faith.’’.
SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS.
Section 475 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (12 U.S.C. 1828 note) is amended—
(1) in subsection (a)(1), by inserting ‘‘(or such other percent-
age exceeding 90 percent but not exceeding 100 percent, as
may be determined under subsection (b))’’ after ‘‘90 percent’’;
(2) by redesignating subsections (b) and (c) as subsections
(c) and (d), respectively, and by inserting after subsection (a)
the following new subsection:
‘‘(b) AUTHORITY TO DETERMINE PERCENTAGE BY WHICH TO DIS-
COUNT VALUE
OF SERVICING RIGHTS.—The appropriate Federal
banking agencies may allow readily marketable purchased mortgage
servicing rights to be valued at more than 90 percent of their
fair market value but at not more than 100 percent of such value,
if such agencies jointly make a finding that such valuation would
not have an adverse effect on the deposit insurance funds or the
safety and soundness of insured depository institutions.’’; and
(3) in subsection (c), by striking ‘‘and’’ and inserting ‘‘,
‘deposit insurance fund’, and’’.
Subtitle B—Streamlining Activities of
Institutions
SEC. 1211. CALL REPORT SIMPLIFICATION.
(a) MODERNIZATION OF CALL REPORT FILING AND DISCLOSURE
SYSTEM.—In order to reduce the administrative requirements per-
taining to bank reports of condition, savings association financial
reports, and bank holding company consolidated and parent-only
financial statements, and to improve the timeliness of such reports
and statements, the Federal banking agencies shall—
(1) work jointly to develop a system under which—
(A) insured depository institutions and their affiliates
may file such reports and statements electronically; and
(B) the Federal banking agencies may make such
reports and statements available to the public electroni-
cally; and
(2) not later than 1 year after the date of the enactment
of this Act, report to the Congress and make recommendations
for legislation that would enhance efficiency for filers and users
of such reports and statements.
(b) UNIFORM REPORTS AND SIMPLIFICATION OF INSTRUCTIONS.—
The Federal banking agencies shall, consistent with the principles
of safety and soundness, work jointly—
(1) to adopt a single form for the filing of core information
required to be submitted under Federal law to all such agencies
in the reports and statements referred to in subsection (a);
and
(2) to simplify instructions accompanying such reports and
statements and to provide an index to the instructions that
is adequate to meet the needs of both filers and users.
H. R. 5640—93
(c) REVIEW OF CALL REPORT SCHEDULE.—Each Federal banking
agency shall—
(1) 
review 
the 
information 
required 
by 
schedules
supplementing the core information referred to in subsection
(b); and
(2) eliminate requirements that are not warranted for rea-
sons of safety and soundness or other public purposes.
(d) DEFINITION.—In this section, the term ‘‘Federal banking
agency’’ has the same meaning as in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
Subtitle C—Streamlining Agency Actions
SEC. 1221. ELIMINATION OF DUPLICATIVE DISCLOSURE OF FAIR
MARKET VALUE OF ASSETS AND LIABILITIES.
Section 37(a)(3) of the Federal Deposit Insurance Act (12 U.S.C.
1831n(a)(3)) is amended by striking subparagraph (D).
SEC. 1222. PAYMENT OF INTEREST IN RECEIVERSHIPS WITH SURPLUS
FUNDS.
Section 11(d)(10) of the Federal Deposit Insurance Act (12
U.S.C. 1821(d)(10)) is amended by adding at the end the following
new subparagraph:
‘‘(C) RULEMAKING AUTHORITY OF CORPORATION.—The
Corporation may prescribe such rules, including definitions
of terms, as it deems appropriate to establish a single
uniform interest rate for or to make payments of post
insolvency interest to creditors holding proven claims
against the receivership estates of insured Federal or State
depository institutions following satisfaction by the receiver
of the principal amount of all creditor claims.’’.
SEC. 1223. REPEAL OF REPORTING REQUIREMENT ON DIFFERENCES
IN ACCOUNTING STANDARDS.
Section 37(c) of the Federal Deposit Insurance Act (12 U.S.C.
1831n(c)) is amended—
(1) in paragraph (1), by striking ‘‘Each’’ and all that follows
through ‘‘a report’’ and inserting ‘‘The Federal banking agencies
shall jointly submit an annual report’’; and
(2) by inserting ‘‘any’’ before ‘‘such agency’’ each place that
term appears.
SEC. 1224. EXTENSION OF TIME.
Section 6(a)(1) of the Federal Home Loan Bank Act (12 U.S.C.
1426(a)(1)) is amended by striking ‘‘1 year’’ and inserting ‘‘18
months’’.
Subtitle D—Technical Corrections
SEC. 1231. TECHNICAL CORRECTION RELATING TO DEPOSIT INSUR-
ANCE FUNDS.
(a) IN GENERAL.—Section 2707 of the Deposit Insurance Funds
Act of 1996 (Public Law 104–208; 110 Stat. 3009–496) is amended—
(1) by striking ‘‘7(b)(2)(C)’’ and inserting ‘‘7(b)(2)(E)’’; and
(2) by striking ‘‘, as redesignated by section 2704(d)(6)
of this subtitle’’.
H. R. 5640—94
(b) EFFECTIVE DATE.—The amendments made by subsection
(a) shall be deemed to have the same effective date as section
2707 of the Deposit Insurance Funds Act of 1996 (Public Law
104–208; 110 Stat. 3009–496).
SEC. 1232. RULES FOR CONTINUATION OF DEPOSIT INSURANCE FOR
MEMBER BANKS CONVERTING CHARTERS.
Section 8(o) of the Federal Deposit Insurance Act (12 U.S.C.
1818(o)) is amended in the second sentence, by striking ‘‘subsection
(d) of section 4’’ and inserting ‘‘subsection (c) or (d) of section
4’’.
SEC. 1233. AMENDMENTS TO THE REVISED STATUTES OF THE UNITED
STATES.
(a) WAIVER OF CITIZENSHIP REQUIREMENT FOR NATIONAL BANK
DIRECTORS.—Section 5146 of the Revised Statutes of the United
States (12 U.S.C. 72) is amended in the first sentence, by inserting
before the period ‘‘, and waive the requirement of citizenship in
the case of not more than a minority of the total number of direc-
tors’’.
(b) TECHNICAL AMENDMENT TO THE REVISED STATUTES.—Sec-
tion 329 of the Revised Statutes of the United States (12 U.S.C.
11) is amended by striking ‘‘to be interested in any association
issuing national currency under the laws of the United States’’
and inserting ‘‘to hold an interest in any national bank’’.
(c) REPEAL OF UNNECESSARY CAPITAL AND SURPLUS REQUIRE-
MENT.—Section 5138 of the Revised Statutes of the United States
(12 U.S.C. 51) is hereby repealed.
SEC. 1234. CONFORMING CHANGE TO THE INTERNATIONAL BANKING
ACT OF 1978.
Section 4(b) of the International Banking Act of 1978 (12 U.S.C.
3102(b)) is amended in the second sentence, by striking paragraph
(1) and by redesignating paragraphs (2) through (4) as paragraphs
(1) through (3), respectively.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.