2006 for the account of any depositor who was 
a depositor on that date only if—
‘‘(i) the depositor has signed a written 
acknowledgment 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 Financial Services Reg-
ulatory Relief Amendments Act of 2006, to 
obtain the acknowledgment. 
‘‘(D) ALTERNATIVE PROVISION OF NOTICE 
TO CURRENT DEPOSITORS AND NEW DEPOSI-
TORS OBTAINED THROUGH A CONVERSION OR 
MERGER.—
‘‘(i) IN GENERAL.—Transmit to each 
depositor who has not signed a written ac-
knowledgment 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 institution.’’. 
(e) REPEAL
OF
PROVISION
PROHIBITING
NON-
DEPOSITORY INSTITUTIONS FROM ACCEPTING DEPOS-
ITS.—Section 43 of the Federal Deposit Insurance Act (12 
U.S.C. 1831t) is amended—
(1) by striking subsection (e); and 
(2) by redesignating subsections (f) and (g) as 
subsections (e) and (f), respectively. 
(f) REPEAL
OF
PROVISION
CONCERNING
NON-
DEPOSITORY INSTITUTIONS MASQUERADING AS DEPOSI-
TORY INSTITUTIONS AND CLARIFICATION OF DEPOSITORY 
INSTITUTIONS 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 
ENFORCEMENT.—Subsection (f) (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: 
‘‘(f) ENFORCEMENT.—
‘‘(1) LIMITED
FTC
ENFORCEMENT
AUTHOR-
ITY.—Compliance with the requirements of sub-
sections (b) 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 
insurance 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
supervisor of a depository institution lacking 
Federal deposit insurance from exercising any 
powers 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 sec-
tion, no appropriate State supervisor may, dur-
ing the pendency of such action, bring an action 
under this section against any defendant named 
in the complaint of the Commission for any vio-
lation of this section that is alleged in that com-
plaint.’’. 
SEC. 3. CLARIFICATION OF SCOPE OF APPLICABLE RATE 
PROVISION. 
Section 44(f) of the Federal Deposit Insurance Act 
(12 U.S.C. 1831u(f)) is amended by adding at the end 
the following new paragraphs: 
‘‘(3) OTHER
LENDERS.—In the case of any 
other lender doing business in the State described in 
paragraph (1), the maximum interest rate or 
amount of interest, discount points, finance charges, 
or other similar charges that may be charged, taken, 
received, or reserved from time to time in any loan,