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if inclusion of the notice would be imprac-
tical.’’. 
(d) AMENDMENTS RELATING TO ACKNOWLEDGMENT 
OF DISCLOSURE.—Section 43(b)(3) of the Federal Deposit 
Insurance Act (12 U.S.C. 1831t(b)(3)) is amended to read 
as follows: 
‘‘(3) ACKNOWLEDGMENT OF DISCLOSURE.— 
‘‘(A) NEW
DEPOSITORS
OBTAINED
OTHER 
THAN THROUGH A CONVERSION OR MERGER.— 
With respect to any depositor who was not a de-
positor at the depository institution before the ef-
fective date of the Financial Services Relief Act 
of 2005, and who is not a depositor as described 
in subparagraph (B), receive any deposit for the 
account of such depositor only if the depositor 
has signed a written acknowledgement that— 
‘‘(i) the institution is not federally in-
sured; and 
‘‘(ii) if the institution fails, the Fed-
eral Government does not guarantee that the 
depositor will get back the depositor’s 
money. 
‘‘(B) 
NEW
DEPOSITORS
OBTAINED 
THROUGH A CONVERSION OR MERGER.—With re-
spect to a depositor at a federally insured deposi-
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tory institution that converts to, or merges into, 
a depository institution lacking federal insur-
ance after the effective date of the Financial 
Services Regulatory Relief Act of 2005, receive 
any deposit for the account of such depositor 
only if— 
‘‘(i) the depositor has signed a written 
acknowledgement described in subparagraph 
(A); or 
‘‘(ii) the institution makes an attempt, 
as described in subparagraph (D) and sent 
by mail no later than 45 days after the ef-
fective date of the conversion or merger, to 
obtain the acknowledgment. 
‘‘(C) CURRENT DEPOSITORS.—Receive any 
deposit after the effective date of the Financial 
Services Regulatory Relief Act of 2005 for the ac-
count of any depositor who was a depositor on 
that date only if— 
‘‘(i) the depositor has signed a written 
acknowledgement described in subparagraph 
(A); or 
‘‘(ii) the institution makes an attempt, 
as described in subparagraph (D) and sent 
by mail no later than 45 days after the ef-
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fective date of the Financial Services Regu-
latory Relief Act of 2005, to obtain the ac-
knowledgment. 
‘‘(D) ALTERNATIVE PROVISION OF NOTICE 
TO CURRENT DEPOSITORS AND NEW DEPOSITORS 
OBTAINED THROUGH A CONVERSION OR MERG-
ER.— 
‘‘(i) IN GENERAL.—Transmit to each 
depositor who has not signed a written ac-
knowledgement described in subparagraph 
(A)— 
‘‘(I) a conspicuous card con-
taining the information described in 
clauses (i) and (ii) of subparagraph 
(A), and a line for the signature of the 
depositor; and 
‘‘(II) accompanying materials re-
questing the depositor to sign the card, 
and return the signed card to the insti-
tution.’’. 
(e) REPEAL OF PROVISION PROHIBITING NONDEPOSI-
TORY INSTITUTIONS FROM ACCEPTING DEPOSITS.—Section 
43 of the Federal Deposit Insurance Act (12 U.S.C. 1831t) 
is amended— 
(1) by striking subsection (e); and
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(2) by redesignating subsections (f) and (g) as 
subsections (e) and (f), respectively. 
(f) REPEAL OF PROVISION CONCERNING NONDEPOSI-
TORY INSTITUTIONS MASQUERADING AS DEPOSITORY IN-
STITUTIONS AND CLARIFICATION OF DEPOSITORY INSTITU-
TIONS COVERED BY THE STATUTE.—Subsection (e)(2) (as 
so redesignated by subsection (e) of this section) of section 
43 of the Federal Deposit Insurance Act (12 U.S.C. 1831t) 
is amended to read as follows: 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’— 
‘‘(A) includes any entity described in sec-
tion 19(b)(1)(A)(iv) of the Federal Reserve Act; 
and 
‘‘(B) does not include any national bank, 
State member bank, or Federal branch.’’. 
(g) REPEAL OF FTC AUTHORITY TO ENFORCE INDE-
PENDENT AUDIT REQUIREMENT; CONCURRENT STATE EN-
FORCEMENT.—Subsection (f) (as so redesignated by sub-
section (e) of this section) of section 43 of the Federal De-
posit Insurance Act (12 U.S.C. 1831t) is amended to read 
as follows: 
‘‘(f) ENFORCEMENT.— 
‘‘(1) LIMITED FTC ENFORCEMENT AUTHORITY.— 
Compliance with the requirements of subsections (b)
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and (c), and any regulation prescribed or order issued 
under any such subsection, shall be enforced under the 
Federal Trade Commission Act by the Federal Trade 
Commission. 
‘‘(2) BROAD
STATE
ENFORCEMENT
AUTHOR-
ITY.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (C), an appropriate State supervisor of a 
depository institution lacking Federal deposit in-
surance may examine and enforce compliance 
with the requirements of this section, and any 
regulation prescribed under this section. 
‘‘(B) STATE
POWERS.—For purposes of 
bringing any action to enforce compliance with 
this section, no provision of this section shall be 
construed as preventing an appropriate State su-
pervisor of a depository institution lacking Fed-
eral deposit insurance from exercising any pow-
ers conferred on such official by the laws of such 
State. 
‘‘(C) LIMITATION ON STATE ACTION WHILE 
FEDERAL
ACTION
PENDING.—If the Federal 
Trade Commission has instituted an enforcement 
action for a violation of this section, no appro-
priate State supervisor may, during the pend-
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ency of such action, bring an action under this 
section against any defendant named in the com-
plaint of the Commission for any violation of 
this section that is alleged in that complaint.’’. 
TITLE IV—DEPOSITORY 
INSTITUTION PROVISIONS 
SEC. 401. EASING RESTRICTIONS ON INTERSTATE BRANCH-
ING AND MERGERS. 
(a) DE NOVO INTERSTATE BRANCHES OF NATIONAL 
BANKS.— 
(1) IN GENERAL.—Section 5155(g)(1) of the Re-
vised Statutes of the United States (12 U.S.C. 
36(g)(1)) is amended by striking ‘‘maintain a branch 
if—’’ and all that follows through the end of subpara-
graph (B) and inserting ‘‘maintain a branch.’’. 
(2) CLERICAL
AMENDMENT.—The heading for 
subsection (g) of section 5155 of the Revised Statutes 
of the United States is amended by striking ‘‘STATE 
‘OPT-IN’ ELECTION TO PERMIT’’. 
(b) DE NOVO INTERSTATE BRANCHES OF STATE NON-
MEMBER BANKS.— 
(1) IN
GENERAL.—Section 18(d)(4)(A) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1828(d)(4)(A)) is amended by striking ‘‘maintain a
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branch if—’’ and all that follows through the end of 
clause (ii) and inserting ‘‘maintain a branch.’’. 
(2) INTERSTATE
BRANCHING
BY
SUBSIDIARIES 
OF
COMMERCIAL
FIRMS
PROHIBITED.—Section 
18(d)(3)) of the Federal Deposit Insurance Act (12 
U.S.C. 1828(d)(3)) is amended by adding at the end 
the following new subparagraph: 
‘‘(C) INTERSTATE BRANCHING BY SUBSIDI-
ARIES OF COMMERCIAL FIRMS PROHIBITED.— 
‘‘(i) IN GENERAL.—If the appropriate 
State bank supervisor of the home State of 
any industrial loan company, industrial 
bank, or other institution described in sec-
tion 2(c)(2)(H) of the Bank Holding Com-
pany Act of 1956, or the appropriate State 
bank supervisor of any host State with re-
spect to such company, bank, or institution, 
determines that such company, bank, or in-
stitution is controlled, directly or indirectly, 
by a commercial firm, such company, bank, 
or institution may not acquire, establish, or 
operate a branch in such host State. 
‘‘(ii) COMMERCIAL
FIRM
DEFINED.— 
For purposes of this subsection, the term 
‘commercial firm’ means any entity at least
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15 percent of the annual gross revenues of 
which on a consolidated basis, including all 
affiliates of the entity, were derived from 
engaging, on an on-going basis, in activities 
that are not financial in nature or inci-
dental to a financial activity during at 
least 3 of the prior 4 calendar quarters. 
‘‘(iii) 
GRANDFATHERED
INSTITU-
TIONS.—Clause (i) shall not apply with re-
spect to any industrial loan company, in-
dustrial bank, or other institution described 
in section 2(c)(2)(H) of the Bank Holding 
Company Act of 1956— 
‘‘(I) which became an insured de-
pository institution before October 1, 
2003 or pursuant to an application for 
deposit insurance which was approved 
by the Corporation before such date; 
and 
‘‘(II) with respect to which there 
is no change in control, directly or in-
directly, of the company, bank, or in-
stitution after September 30, 2003, 
that requires an application under 
subsection (c), section 7(j), section 3 of
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the Bank Holding Company Act of 
1956, or section 10 of the Home Own-
ers’ Loan Act. 
‘‘(iv) TRANSITION
PROVISION.—Any 
divestiture required under this subpara-
graph of a branch in a host State shall be 
completed as quickly as is reasonably pos-
sible. 
‘‘(v) 
CORPORATE
REORGANIZATIONS 
PERMITTED.—The acquisition of direct or 
indirect control of the company, bank, or 
institution referred to in clause (iii)(II) 
shall not be treated as a ‘change in control’ 
for purposes of such clause if the company 
acquiring control is itself directly or indi-
rectly controlled by a company that was an 
affiliate of such company, bank, or institu-
tion on the date referred to in clause 
(iii)(II), and remained an affiliate at all 
times after such date.’’. 
(3) 
TECHNICAL
AND
CONFORMING
AMEND-
MENTS.—Section 18(d)(4) of the Federal Deposit In-
surance Act (12 U.S.C. 1828(d)(4)) is amended— 
(A) in subparagraph (A) by striking ‘‘Sub-
ject to subparagraph (B)’’ and inserting ‘‘Subject
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to subparagraph (B) and paragraph (3)(C)’’; 
and 
(B) in subparagraphs (D) and (E), by 
striking ‘‘The term’’ and inserting ‘‘For purposes 
of this subsection, the term’’. 
(4) CLERICAL
AMENDMENT.—The heading for 
paragraph (4) of section 18(d) of the Federal Deposit 
Insurance Act is amended by striking ‘‘STATE ‘OPT- 
IN’ ELECTION TO PERMIT INTERSTATE’’ and inserting 
‘‘INTERSTATE’’. 
(c) DE NOVO INTERSTATE BRANCHES OF STATE MEM-
BER BANKS.—The 3rd undesignated paragraph of section 
9 of the Federal Reserve Act (12 U.S.C. 321) is amended 
by adding at the end the following new sentences: ‘‘A State 
member bank may establish and operate a de novo branch 
in a host State (as such terms are defined in section 18(d) 
of the Federal Deposit Insurance Act) on the same terms 
and conditions and subject to the same limitations and re-
strictions as are applicable to the establishment of a de novo 
branch of a national bank in a host State under section 
5155(g) of the Revised Statutes of the United States or are 
applicable to an insured State nonmember bank under sec-
tion 18(d)(3) of the Federal Deposit Insurance Act’’. Such 
section 5155(g) shall be applied for purposes of the pre-
ceding sentence by substituting ‘Board of Governors of the
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Federal Reserve System’ for ‘Comptroller of the Currency’ 
and ‘State member bank’ for ‘national bank’.’’. 
(d) INTERSTATE MERGER OF BANKS.— 
(1) MERGER OF INSURED BANK WITH ANOTHER 
DEPOSITORY INSTITUTION OR TRUST COMPANY.—Sec-
tion 44(a)(1) of the Federal Deposit Insurance Act 
(12 U.S.C. 1831u(a)(1)) is amended— 
(A) by striking ‘‘Beginning on June 1, 
1997, the’’ and inserting ‘‘The’’; and 
(B) by striking ‘‘insured banks with dif-
ferent home States’’ and inserting ‘‘an insured 
bank and another insured depository institution 
or trust company with a different home State 
than the resulting insured bank’’. 
(2) NATIONAL BANK TRUST COMPANY MERGER 
WITH OTHER TRUST COMPANY.—Subsection (b) of sec-
tion 4 of the National Bank Consolidation and Merg-
er Act (12 U.S.C. 215a–1(b)) is amended to read as 
follows: 
‘‘(b) MERGER OF NATIONAL BANK TRUST COMPANY 
WITH ANOTHER TRUST COMPANY.—A national bank that 
is a trust company may engage in a consolidation or merg-
er under this Act with any trust company with a different 
home State, under the same terms and conditions that
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would apply if the trust companies were located within the 
same State.’’. 
(e) INTERSTATE FIDUCIARY ACTIVITY.—Section 18(d) 
of the Federal Deposit Insurance Act (12 U.S.C. 1828(d)) 
is amended by adding at the end the following new para-
graph: 
‘‘(5) INTERSTATE FIDUCIARY ACTIVITY.— 
‘‘(A) AUTHORITY OF STATE BANK SUPER-
VISOR.—The State bank supervisor of a State 
bank may approve an application by the State 
bank, when not in contravention of home State 
or host State law, to act as trustee, executor, ad-
ministrator, registrar of stocks and bonds, 
guardian of estates, assignee, receiver, committee 
of estates of lunatics, or in any other fiduciary 
capacity in a host State in which State banks or 
other corporations which come into competition 
with national banks are permitted to act under 
the laws of such host State. 
‘‘(B) NONCONTRAVENTION OF HOST STATE 
LAW.—Whenever the laws of a host State author-
ize or permit the exercise of any or all of the 
foregoing powers by State banks or other cor-
porations which compete with national banks, 
the granting to and the exercise of such powers
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by a State bank as provided in this paragraph 
shall not be deemed to be in contravention of host 
State law within the meaning of this paragraph. 
‘‘(C) STATE BANK INCLUDES TRUST COMPA-
NIES.—For purposes of this paragraph, the term 
‘State bank’ includes any State-chartered trust 
company (as defined in section 44(g)). 
‘‘(D) OTHER
DEFINITIONS.—For purposes 
of this paragraph, the term ‘home State’ and 
‘host State’ have the meanings given such terms 
in section 44.’’. 
(f) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 44 of the Federal Deposit Insurance 
Act (12 U.S.C. 1831u) is amended— 
(A) in subsection (a)— 
(i) by striking paragraph (4) and in-
serting the following new paragraph: 
‘‘(4) TREATMENT OF BRANCHES IN CONNECTION 
WITH
CERTAIN
INTERSTATE
MERGER
TRANS-
ACTIONS.—In the case of an interstate merger trans-
action which involves the acquisition of a branch of 
an insured depository institution or trust company 
without the acquisition of the insured depository in-
stitution or trust company, the branch shall be treat-
ed, for purposes of this section, as an insured deposi-
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tory institution or trust company the home State of 
which is the State in which the branch is located.’’; 
and 
(ii) by striking paragraphs (5) and (6) 
and inserting the following new paragraph: 
‘‘(5) APPLICABILITY TO INDUSTRIAL LOAN COM-
PANIES.—No provision of this section shall be con-
strued as authorizing the approval of any transaction 
involving a industrial loan company, industrial 
bank, or other institution described in section 
2(c)(2)(H) of the Bank Holding Company Act of 
1956, or the acquisition, establishment, or operation 
of a branch by any such company, bank, or institu-
tion, that is not allowed under section 18(d)(3).’’. 
(B) in subsection (b)— 
(i) by striking ‘‘bank’’ each place such 
term appears in paragraph (2)(B)(i) and 
inserting ‘‘insured depository institution’’; 
(ii) by striking ‘‘banks’’ where such 
term appears in paragraph (2)(E) and in-
serting ‘‘insured depository institutions or 
trust companies’’; 
(iii) by striking ‘‘bank affiliate’’ each 
place such term appears in that portion of 
paragraph (3) that precedes subparagraph
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(A) and inserting ‘‘insured depository insti-
tution affiliate’’; 
(iv) by striking ‘‘any bank’’ where such 
term appears in paragraph (3)(B) and in-
serting ‘‘any insured depository institu-
tion’’; 
(v) by striking ‘‘bank’’ where such term 
appears in paragraph (4)(A) and inserting 
‘‘insured depository institution and trust 
company’’; and 
(vi) by striking ‘‘all banks’’ where such 
term appears in paragraph (5) and insert-
ing ‘‘all insured depository institutions and 
trust companies’’; 
(C) in subsection (d)(1), by striking ‘‘any 
bank’’ and inserting ‘‘any insured depository in-
stitution or trust company’’; 
(D) in subsection (e)— 
(i) by striking ‘‘1 or more banks’’ and 
inserting ‘‘1 or more insured depository in-
stitutions’’; and 
(ii) by striking ‘‘paragraph (2), (4), or 
(5)’’ and inserting ‘‘paragraph (2)’’;
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(E) by striking clauses (i) and (ii) of sub-
section (g)(4)(A) and inserting the following new 
clauses: 
‘‘(i) with respect to a national bank or 
Federal savings association, the State in 
which the main office of the bank or savings 
association is located; and 
‘‘(ii) with respect to a State bank, 
State savings association, or State-chartered 
trust company, the State by which the bank, 
savings association, or trust company is 
chartered; and’’; 
(F) by striking paragraph (5) of subsection 
(g) and inserting the following new paragraph: 
‘‘(5) HOST
STATE.—The term ‘host State’ 
means— 
‘‘(A) with respect to a bank, a State, other 
than the home State of the bank, in which the 
bank maintains, or seeks to establish and main-
tain, a branch; and 
‘‘(B) with respect to a trust company and 
solely for purposes of section 18(d)(5), a State, 
other than the home State of the trust company, 
in which the trust company acts, or seeks to act, 
in 1 or more fiduciary capacities.’’;
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(G) in subsection (g)(10), by striking ‘‘sec-
tion 18(c)(2)’’ and inserting ‘‘paragraph (1) or 
(2) of section 18(c), as appropriate,’’; and 
(H) in subsection (g), by adding at the end 
the following new paragraph: 
‘‘(12) TRUST COMPANY.—The term ‘trust com-
pany’ means— 
‘‘(A) any national bank; 
‘‘(B) any savings association; and 
‘‘(C) any bank, banking association, trust 
company, savings bank, or other banking institu-
tion which is incorporated under the laws of any 
State, 
that is authorized to act in 1 or more fiduciary ca-
pacities but is not engaged in the business of receiving 
deposits other than trust funds (as defined in section 
3(p)).’’. 
(2) Section 3(d) of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1842(d)) is amended— 
(A) in paragraph (1)— 
(i) by striking subparagraphs (B) and 
(C); and 
(ii) by redesignating subparagraph (D) 
as subparagraph (B); and
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(B) in paragraph (5), by striking ‘‘subpara-
graph (B) or (D)’’ and inserting ‘‘subparagraph 
(B)’’. 
(3) Subsection (c) of section 4 of the National 
Bank Consolidation and Merger Act (12 U.S.C. 215a– 
1(c)) is amended to read as follows: 
‘‘(c) DEFINITIONS.—For purposes of this section, the 
terms ‘home State’, ‘out-of-State bank’, and ‘trust company’ 
each have the same meaning as in section 44(g) of the Fed-
eral Deposit Insurance Act.’’. 
(g) CLERICAL AMENDMENTS.— 
(1) The heading for section 44(b)(2)(E) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1831u(b)(2)(E)) is amended by striking ‘‘BANKS’’ and 
inserting ‘‘INSURED DEPOSITORY INSTITUTIONS AND 
TRUST COMPANIES’’. 
(2) The heading for section 44(e) of the Federal 
Deposit Insurance Act (12 U.S.C. 1831u(e)) is 
amended by striking ‘‘BANKS’’ and inserting ‘‘IN-
SURED DEPOSITORY INSTITUTIONS’’. 
SEC. 402. STATUTE OF LIMITATIONS FOR JUDICIAL REVIEW 
OF APPOINTMENT OF A RECEIVER FOR DE-
POSITORY INSTITUTIONS. 
(a) NATIONAL BANKS.—Section 2 of the National 
Bank Receivership Act (12 U.S.C. 191) is amended—
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(1) by striking ‘‘SECTION 2. The Comptroller of 
the Currency’’ and inserting the following: 
‘‘SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL 
BANK. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency’’; 
and 
(2) by adding at the end the following new sub-
section: 
‘‘(b) JUDICIAL REVIEW.—If the Comptroller of the 
Currency appoints a receiver under subsection (a), the na-
tional bank may, within 30 days thereafter, bring an action 
in the United States district court for the judicial district 
in which the home office of such bank is located, or in the 
United States District Court for the District of Columbia, 
for an order requiring the Comptroller of the Currency to 
remove the receiver, and the court shall, upon the merits, 
dismiss such action or direct the Comptroller of the Cur-
rency to remove the receiver.’’. 
(b) INSURED DEPOSITORY INSTITUTIONS.—Section 
11(c)(7) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(c)(7)) is amended to read as follows: 
‘‘(7) JUDICIAL REVIEW.—If the Corporation is 
appointed (including the appointment of the Corpora-
tion as receiver by the Board of Directors) as conser-
vator or receiver of a depository institution under