H. R. 4173—138 
under Federal, State, county, municipal, or local law, which 
was allegedly committed by the covered financial company, 
or persons acting on behalf of the covered financial com-
pany, prior to the appointment of the Corporation as 
receiver. 
(2) LIMITATION.—Paragraph (1) shall not apply with respect 
to any tax imposed (or other amount arising) under the Internal 
Revenue Code of 1986. 
(r) CERTAIN SALES OF ASSETS PROHIBITED.— 
(1) PERSONS WHO ENGAGED IN IMPROPER CONDUCT WITH, 
OR CAUSED LOSSES TO, COVERED FINANCIAL COMPANIES.—The 
Corporation shall prescribe regulations which, at a minimum, 
shall prohibit the sale of assets of a covered financial company 
by the Corporation to— 
(A) any person who— 
(i) has defaulted, or was a member of a partnership 
or an officer or director of a corporation that has 
defaulted, on 1 or more obligations, the aggregate 
amount of which exceeds $1,000,000, to such covered 
financial company; 
(ii) has been found to have engaged in fraudulent 
activity in connection with any obligation referred to 
in clause (i); and 
(iii) proposes to purchase any such asset in whole 
or in part through the use of the proceeds of a loan 
or advance of credit from the Corporation or from 
any covered financial company; 
(B) any person who participated, as an officer or 
director of such covered financial company or of any affiliate 
of such company, in a material way in any transaction 
that resulted in a substantial loss to such covered financial 
company; or 
(C) any person who has demonstrated a pattern or 
practice of defalcation regarding obligations to such covered 
financial company. 
(2) CONVICTED DEBTORS.—Except as provided in paragraph 
(3), a person may not purchase any asset of such institution 
from the receiver, if that person— 
(A) has been convicted of an offense under section 
215, 656, 657, 1005, 1006, 1007, 1008, 1014, 1032, 1341, 
1343, or 1344 of title 18, United States Code, or of con-
spiring to commit such an offense, affecting any covered 
financial company; and 
(B) is in default on any loan or other extension of 
credit from such covered financial company which, if not 
paid, will cause substantial loss to the Fund or the Corpora-
tion. 
(3) SETTLEMENT OF CLAIMS.—Paragraphs (1) and (2) shall 
not apply to the sale or transfer by the Corporation of any 
asset of any covered financial company to any person, if the 
sale or transfer of the asset resolves or settles, or is part 
of the resolution or settlement, of 1 or more claims that have 
been, or could have been, asserted by the Corporation against 
the person. 
(4) DEFINITION
OF
DEFAULT.—For purposes of this sub-
section, the term ‘‘default’’ means a failure to comply with
H. R. 4173—139 
the terms of a loan or other obligation to such an extent 
that the property securing the obligation is foreclosed upon. 
(s) RECOUPMENT OF COMPENSATION FROM SENIOR EXECUTIVES 
AND DIRECTORS.— 
(1) IN GENERAL.—The Corporation, as receiver of a covered 
financial company, may recover from any current or former 
senior executive or director substantially responsible for the 
failed condition of the covered financial company any compensa-
tion received during the 2-year period preceding the date on 
which the Corporation was appointed as the receiver of the 
covered financial company, except that, in the case of fraud, 
no time limit shall apply. 
(2) COST CONSIDERATIONS.—In seeking to recover any such 
compensation, the Corporation shall weigh the financial and 
deterrent benefits of such recovery against the cost of executing 
the recovery. 
(3) RULEMAKING.—The Corporation shall promulgate regu-
lations to implement the requirements of this subsection, 
including defining the term ‘‘compensation’’ to mean any finan-
cial remuneration, including salary, bonuses, incentives, bene-
fits, severance, deferred compensation, or golden parachute 
benefits, and any profits realized from the sale of the securities 
of the covered financial company. 
SEC. 211. MISCELLANEOUS PROVISIONS. 
(a) CLARIFICATION OF PROHIBITION REGARDING CONCEALMENT 
OF
ASSETS
FROM
RECEIVER
OR
LIQUIDATING
AGENT.—Section 
1032(1) of title 18, United States Code, is amended by inserting 
‘‘the Federal Deposit Insurance Corporation acting as receiver for 
a covered financial company, in accordance with title II of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act,’’ 
before ‘‘or the National Credit’’. 
(b) CONFORMING AMENDMENT.—Section 1032 of title 18, United 
States Code, is amended in the section heading, by striking ‘‘of 
financial institution’’. 
(c) FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT 
ACT OF 1991.—Section 403(a) of the Federal Deposit Insurance 
Corporation Improvement Act of 1991 (12 U.S.C. 4403(a)) is 
amended by inserting ‘‘section 210(c) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act, section 1367 of the Federal 
Housing Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4617(d)),’’ after ‘‘section 11(e) of the Federal Deposit 
Insurance Act,’’. 
(d) FDIC INSPECTOR GENERAL REVIEWS.— 
(1) SCOPE.—The Inspector General of the Corporation shall 
conduct, supervise, and coordinate audits and investigations 
of the liquidation of any covered financial company by the 
Corporation as receiver under this title, including collecting 
and summarizing— 
(A) a description of actions taken by the Corporation 
as receiver; 
(B) a description of any material sales, transfers, merg-
ers, obligations, purchases, and other material transactions 
entered into by the Corporation; 
(C) an evaluation of the adequacy of the policies and 
procedures of the Corporation under section 203(d) and 
orderly liquidation plan under section 210(n)(14);
H. R. 4173—140 
(D) an evaluation of the utilization by the Corporation 
of the private sector in carrying out its functions, including 
the adequacy of any conflict-of-interest reviews; and 
(E) an evaluation of the overall performance of the 
Corporation in liquidating the covered financial company, 
including administrative costs, timeliness of liquidation 
process, and impact on the financial system. 
(2) FREQUENCY.—Not later than 6 months after the date 
of appointment of the Corporation as receiver under this title 
and every 6 months thereafter, the Inspector General of the 
Corporation shall conduct the audit and investigation described 
in paragraph (1). 
(3) REPORTS AND TESTIMONY.—The Inspector General of 
the Corporation shall include in the semiannual reports 
required by section 5(a) of the Inspector General Act of 1978 
(5 U.S.C. App.), a summary of the findings and evaluations 
under paragraph (1), and shall appear before the appropriate 
committees of Congress, if requested, to present each such 
report. 
(4) FUNDING.— 
(A) INITIAL FUNDING.—The expenses of the Inspector 
General of the Corporation in carrying out this subsection 
shall be considered administrative expenses of the receiver-
ship. 
(B) ADDITIONAL FUNDING.—If the maximum amount 
available to the Corporation as receiver under this title 
is insufficient to enable the Inspector General of the Cor-
poration to carry out the duties under this subsection, 
the Corporation shall pay such additional amounts from 
assessments imposed under section 210. 
(5) TERMINATION
OF
RESPONSIBILITIES.—The duties and 
responsibilities of the Inspector General of the Corporation 
under this subsection shall terminate 1 year after the date 
of termination of the receivership under this title. 
(e) TREASURY INSPECTOR GENERAL REVIEWS.— 
(1) SCOPE.—The Inspector General of the Department of 
the Treasury shall conduct, supervise, and coordinate audits 
and investigations of actions taken by the Secretary related 
to the liquidation of any covered financial company under this 
title, including collecting and summarizing— 
(A) a description of actions taken by the Secretary 
under this title; 
(B) an analysis of the approval by the Secretary of 
the policies and procedures of the Corporation under section 
203 and acceptance of the orderly liquidation plan of the 
Corporation under section 210; and 
(C) an assessment of the terms and conditions under-
lying the purchase by the Secretary of obligations of the 
Corporation under section 210. 
(2) FREQUENCY.—Not later than 6 months after the date 
of appointment of the Corporation as receiver under this title 
and every 6 months thereafter, the Inspector General of the 
Department of the Treasury shall conduct the audit and inves-
tigation described in paragraph (1). 
(3) REPORTS AND TESTIMONY.—The Inspector General of 
the Department of the Treasury shall include in the semiannual 
reports required by section 5(a) of the Inspector General Act
H. R. 4173—141 
of 1978 (5 U.S.C. App.), a summary of the findings and assess-
ments under paragraph (1), and shall appear before the appro-
priate committees of Congress, if requested, to present each 
such report. 
(4) TERMINATION
OF
RESPONSIBILITIES.—The duties and 
responsibilities of the Inspector General of the Department 
of the Treasury under this subsection shall terminate 1 year 
after the date on which the obligations purchased by the Sec-
retary from the Corporation under section 210 are fully 
redeemed. 
(f) PRIMARY FINANCIAL REGULATORY AGENCY INSPECTOR GEN-
ERAL REVIEWS.— 
(1) SCOPE.—Upon the appointment of the Corporation as 
receiver for a covered financial company supervised by a Fed-
eral primary financial regulatory agency or the Board of Gov-
ernors under section 165, the Inspector General of the agency 
or the Board of Governors shall make a written report reviewing 
the supervision by the agency or the Board of Governors of 
the covered financial company, which shall— 
(A) evaluate the effectiveness of the agency or the 
Board of Governors in carrying out its supervisory respon-
sibilities with respect to the covered financial company; 
(B) identify any acts or omissions on the part of agency 
or Board of Governors officials that contributed to the 
covered financial company being in default or in danger 
of default; 
(C) identify any actions that could have been taken 
by the agency or the Board of Governors that would have 
prevented the company from being in default or in danger 
of default; and 
(D) recommend appropriate administrative or legisla-
tive action. 
(2) REPORTS AND TESTIMONY.—Not later than 1 year after 
the date of appointment of the Corporation as receiver under 
this title, the Inspector General of the Federal primary financial 
regulatory agency or the Board of Governors shall provide 
the report required by paragraph (1) to such agency or the 
Board of Governors, and along with such agency or the Board 
of Governors, as applicable, shall appear before the appropriate 
committees of Congress, if requested, to present the report 
required by paragraph (1). Not later than 90 days after the 
date of receipt of the report required by paragraph (1), such 
agency or the Board of Governors, as applicable, shall provide 
a written report to Congress describing any actions taken in 
response to the recommendations in the report, and if no such 
actions were taken, describing the reasons why no actions 
were taken. 
SEC. 212. PROHIBITION OF CIRCUMVENTION AND PREVENTION OF 
CONFLICTS OF INTEREST. 
(a) NO OTHER FUNDING.—Funds for the orderly liquidation 
of any covered financial company under this title shall only be 
provided as specified under this title. 
(b) LIMIT
ON
GOVERNMENTAL
ACTIONS.—No governmental 
entity may take any action to circumvent the purposes of this 
title.
H. R. 4173—142 
(c) CONFLICT OF INTEREST.—In the event that the Corporation 
is appointed receiver for more than 1 covered financial company 
or is appointed receiver for a covered financial company and receiver 
for any insured depository institution that is an affiliate of such 
covered financial company, the Corporation shall take appropriate 
action, as necessary to avoid any conflicts of interest that may 
arise in connection with multiple receiverships. 
SEC. 213. BAN ON CERTAIN ACTIVITIES BY SENIOR EXECUTIVES AND 
DIRECTORS. 
(a) PROHIBITION AUTHORITY.—The Board of Governors or, if 
the covered financial company was not supervised by the Board 
of Governors, the Corporation, may exercise the authority provided 
by this section. 
(b) AUTHORITY TO ISSUE ORDER.—The appropriate agency 
described in subsection (a) may take any action authorized by 
subsection (c), if the agency determines that— 
(1) a senior executive or a director of the covered financial 
company, prior to the appointment of the Corporation as 
receiver, has, directly or indirectly— 
(A) violated— 
(i) any law or regulation; 
(ii) any cease-and-desist order which has become 
final; 
(iii) any condition imposed in writing by a Federal 
agency in connection with any action on any applica-
tion, notice, or request by such company or senior 
executive; or 
(iv) any written agreement between such company 
and such agency; 
(B) engaged or participated in any unsafe or unsound 
practice in connection with any financial company; or 
(C) committed or engaged in any act, omission, or 
practice which constitutes a breach of the fiduciary duty 
of such senior executive or director; 
(2) by reason of the violation, practice, or breach described 
in any subparagraph of paragraph (1), such senior executive 
or director has received financial gain or other benefit by reason 
of such violation, practice, or breach and such violation, prac-
tice, or breach contributed to the failure of the company; and 
(3) such violation, practice, or breach— 
(A) involves personal dishonesty on the part of such 
senior executive or director; or 
(B) demonstrates willful or continuing disregard by 
such senior executive or director for the safety or soundness 
of such company. 
(c) AUTHORIZED ACTIONS.— 
(1) IN GENERAL.—The appropriate agency for a financial 
company, as described in subsection (a), may serve upon a 
senior executive or director described in subsection (b) a written 
notice of the intention of the agency to prohibit any further 
participation by such person, in any manner, in the conduct 
of the affairs of any financial company for a period of time 
determined by the appropriate agency to be commensurate 
with such violation, practice, or breach, provided such period 
shall be not less than 2 years.
H. R. 4173—143 
(2) PROCEDURES.—The due process requirements and other 
procedures under section 8(e) of the Federal Deposit Insurance 
Act (12 U.S.C. 1818(e)) shall apply to actions under this section 
as if the covered financial company were an insured depository 
institution and the senior executive or director were an institu-
tion-affiliated party, as those terms are defined in that Act. 
(d) REGULATIONS.—The Corporation and the Board of Gov-
ernors, in consultation with the Council, shall jointly prescribe 
rules or regulations to administer and carry out this section, 
including rules, regulations, or guidelines to further define the 
term senior executive for the purposes of this section. 
SEC. 214. PROHIBITION ON TAXPAYER FUNDING. 
(a) LIQUIDATION REQUIRED.—All financial companies put into 
receivership under this title shall be liquidated. No taxpayer funds 
shall be used to prevent the liquidation of any financial company 
under this title. 
(b) RECOVERY OF FUNDS.—All funds expended in the liquidation 
of a financial company under this title shall be recovered from 
the disposition of assets of such financial company, or shall be 
the responsibility of the financial sector, through assessments. 
(c) NO LOSSES TO TAXPAYERS.—Taxpayers shall bear no losses 
from the exercise of any authority under this title. 
SEC. 215. STUDY ON SECURED CREDITOR HAIRCUTS. 
(a) STUDY REQUIRED.—The Council shall conduct a study evalu-
ating the importance of maximizing United States taxpayer protec-
tions and promoting market discipline with respect to the treatment 
of fully secured creditors in the utilization of the orderly liquidation 
authority authorized by this Act. In carrying out such study, the 
Council shall— 
(1) not be prejudicial to current or past laws or regulations 
with respect to secured creditor treatment in a resolution 
process; 
(2) study the similarities and differences between the reso-
lution mechanisms authorized by the Bankruptcy Code, the 
Federal Deposit Insurance Corporation Improvement Act of 
1991, and the orderly liquidation authority authorized by this 
Act; 
(3) determine how various secured creditors are treated 
in such resolution mechanisms and examine how a haircut 
(of various degrees) on secured creditors could improve market 
discipline and protect taxpayers; 
(4) compare the benefits and dynamics of prudent lending 
practices by depository institutions in secured loans for con-
sumers and small businesses to the lending practices of secured 
creditors to large, interconnected financial firms; 
(5) consider whether credit differs according to different 
types of collateral and different terms and timing of the exten-
sion of credit; amd 
(6) include an examination of stakeholders who were 
unsecured or under-collateralized and seek collateral when a 
firm is failing, and the impact that such behavior has on 
financial stability and an orderly resolution that protects tax-
payers if the firm fails. 
(b) REPORT.—Not later than the end of the 1-year period begin-
ning on the date of enactment of this Act, the Council shall issue 
a report to the Congress containing all findings and conclusions
H. R. 4173—144 
made by the Council in carrying out the study required under 
subsection (a). 
SEC. 216. STUDY ON BANKRUPTCY PROCESS FOR FINANCIAL AND 
NONBANK FINANCIAL INSTITUTIONS. 
(a) STUDY.— 
(1) IN GENERAL.—Upon enactment of this Act, the Board 
of Governors, in consultation with the Administrative Office 
of the United States Courts, shall conduct a study regarding 
the resolution of financial companies under the Bankruptcy 
Code, under chapter 7 or 11 thereof . 
(2) ISSUES TO BE STUDIED.—Issues to be studied under 
this section include— 
(A) the effectiveness of chapter 7 and chapter 11 of 
the Bankruptcy Code in facilitating the orderly resolution 
or reorganization of systemic financial companies; 
(B) whether a special financial resolution court or panel 
of special masters or judges should be established to oversee 
cases involving financial companies to provide for the reso-
lution of such companies under the Bankruptcy Code, in 
a manner that minimizes adverse impacts on financial 
markets without creating moral hazard; 
(C) whether amendments to the Bankruptcy Code 
should be adopted to enhance the ability of the Code to 
resolve financial companies in a manner that minimizes 
adverse impacts on financial markets without creating 
moral hazard; 
(D) whether amendments should be made to the Bank-
ruptcy Code, the Federal Deposit Insurance Act, and other 
insolvency laws to address the manner in which qualified 
financial contracts of financial companies are treated; and 
(E) the implications, challenges, and benefits to cre-
ating a new chapter or subchapter of the Bankruptcy Code 
to deal with financial companies. 
(b) REPORTS TO CONGRESS.—Not later than 1 year after the 
date of enactment of this Act, and in each successive year until 
the fifth year after the date of enactment of this Act, the Adminis-
trative Office of the United States courts shall submit to the 
Committees on Banking, Housing, and Urban Affairs and the 
Judiciary of the Senate and the Committees on Financial Services 
and the Judiciary of the House of Representatives a report summa-
rizing the results of the study conducted under subsection (a). 
SEC. 217. STUDY ON INTERNATIONAL COORDINATION RELATING TO 
BANKRUPTCY 
PROCESS 
FOR 
NONBANK 
FINANCIAL 
INSTITUTIONS. 
(a) STUDY.— 
(1) IN GENERAL.—The Board of Governors, in consultation 
with the Administrative Office of the United States Courts, 
shall conduct a study regarding international coordination 
relating to the resolution of systemic financial companies under 
the United States Bankruptcy Code and applicable foreign law. 
(2) ISSUES TO BE STUDIED.—With respect to the bankruptcy 
process for financial companies, issues to be studied under 
this section include— 
(A) the extent to which international coordination cur-
rently exists;
H. R. 4173—145 
(B) current mechanisms and structures for facilitating 
international cooperation; 
(C) barriers to effective international coordination; and 
(D) ways to increase and make more effective inter-
national coordination of the resolution of financial compa-
nies, so as to minimize the impact on the financial system 
without creating moral hazard. 
(b) REPORT TO CONGRESS.—Not later than 1 year after the 
date of enactment of this Act, the Administrative office of the 
United States Courts shall submit to the Committees on Banking, 
Housing, and Urban Affairs and the Judiciary of the Senate and 
the Committees on Financial Services and the Judiciary of the 
House of Representatives a report summarizing the results of the 
study conducted under subsection (a). 
TITLE III—TRANSFER OF POWERS TO 
THE COMPTROLLER OF THE CUR-
RENCY, THE CORPORATION, AND THE 
BOARD OF GOVERNORS 
SEC. 300. SHORT TITLE. 
This title may be cited as the ‘‘Enhancing Financial Institution 
Safety and Soundness Act of 2010’’. 
SEC. 301. PURPOSES. 
The purposes of this title are— 
(1) to provide for the safe and sound operation of the 
banking system of the United States; 
(2) to preserve and protect the dual system of Federal 
and State-chartered depository institutions; 
(3) to ensure the fair and appropriate supervision of each 
depository institution, regardless of the size or type of charter 
of the depository institution; and 
(4) to streamline and rationalize the supervision of deposi-
tory institutions and the holding companies of depository 
institutions. 
SEC. 302. DEFINITION. 
In this title, the term ‘‘transferred employee’’ means, as the 
context requires, an employee transferred to the Office of the Comp-
troller of the Currency or the Corporation under section 322. 
Subtitle A—Transfer of Powers and Duties 
SEC. 311. TRANSFER DATE. 
(a) TRANSFER DATE.—Except as provided in subsection (b), the 
term ‘‘transfer date’’ means the date that is 1 year after the date 
of enactment of this Act. 
(b) EXTENSION PERMITTED.— 
(1) NOTICE REQUIRED.—The Secretary, in consultation with 
the Comptroller of the Currency, the Director of the Office 
of Thrift Supervision, the Chairman of the Board of Governors, 
and the Chairperson of the Corporation, may extend the period 
under subsection (a) and designate a transfer date that is
H. R. 4173—146 
not later than 18 months after the date of enactment of this 
Act, if the Secretary transmits to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives— 
(A) a written determination that commencement of 
the orderly process to implement this title is not feasible 
by the date that is 1 year after the date of enactment 
of this Act; 
(B) an explanation of why an extension is necessary 
to commence the process of orderly implementation of this 
title; 
(C) the transfer date designated under this subsection; 
and 
(D) a description of the steps that will be taken to 
initiate the process of an orderly and timely implementa-
tion of this title within the extended time period. 
(2) PUBLICATION OF NOTICE.—Not later than 270 days after 
the date of enactment of this Act, the Secretary shall publish 
in the Federal Register notice of any transfer date designated 
under paragraph (1). 
SEC. 312. POWERS AND DUTIES TRANSFERRED. 
(a) EFFECTIVE DATE.—This section, and the amendments made 
by this section, shall take effect on the transfer date. 
(b) FUNCTIONS OF THE OFFICE OF THRIFT SUPERVISION.— 
(1) SAVINGS
AND
LOAN
HOLDING
COMPANY
FUNCTIONS 
TRANSFERRED.— 
(A) TRANSFER OF FUNCTIONS.—There are transferred 
to the Board of Governors all functions of the Office of 
Thrift Supervision and the Director of the Office of Thrift 
Supervision (including the authority to issue orders) 
relating to— 
(i) the supervision of— 
(I) any savings and loan holding company; and 
(II) any subsidiary (other than a depository 
institution) of a savings and loan holding company; 
and 
(ii) all rulemaking authority of the Office of Thrift 
Supervision and the Director of the Office of Thrift 
Supervision relating to savings and loan holding 
companies. 
(B) POWERS, AUTHORITIES, RIGHTS, AND DUTIES.—The 
Board of Governors shall succeed to all powers, authorities, 
rights, and duties that were vested in the Office of Thrift 
Supervision and the Director of the Office of Thrift Super-
vision on the day before the transfer date relating to the 
functions and authority transferred under subparagraph 
(A). 
(2) ALL OTHER FUNCTIONS TRANSFERRED.— 
(A) BOARD OF GOVERNORS.—All rulemaking authority 
of the Office of Thrift Supervision and the Director of 
the Office of Thrift Supervision under section 11 of the 
Home Owners’ Loan Act (12 U.S.C. 1468) relating to trans-
actions with affiliates and extensions of credit to executive 
officers, directors, and principal shareholders and under 
section 5(q) of such Act relating to tying arrangements 
is transferred to the Board of Governors.
H. R. 4173—147 
(B) COMPTROLLER OF THE CURRENCY.—Except as pro-
vided in paragraph (1) and subparagraph (A)— 
(i) there are transferred to the Office of the Comp-
troller of the Currency and the Comptroller of the 
Currency— 
(I) all functions of the Office of Thrift Super-
vision and the Director of the Office of Thrift 
Supervision, respectively, relating to Federal 
savings associations; and 
(II) all rulemaking authority of the Office of 
Thrift Supervision and the Director of the Office 
of Thrift Supervision, respectively, relating to 
savings associations; and 
(ii) the Office of the Comptroller of the Currency 
and the Comptroller of the Currency shall succeed 
to all powers, authorities, rights, and duties that were 
vested in the Office of Thrift Supervision and the 
Director of the Office of Thrift Supervision, respec-
tively, on the day before the transfer date relating 
to the functions and authority transferred under clause 
(i). 
(C) CORPORATION.—Except as provided in paragraph 
(1) and subparagraphs (A) and (B)— 
(i) all functions of the Office of Thrift Supervision 
and the Director of the Office of Thrift Supervision 
relating to State savings associations are transferred 
to the Corporation; and 
(ii) the Corporation shall succeed to all powers, 
authorities, rights, and duties that were vested in the 
Office of Thrift Supervision and the Director of the 
Office of Thrift Supervision on the day before the 
transfer date relating to the functions transferred 
under clause (i). 
(c) CONFORMING
AMENDMENTS.—Section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813) is amended— 
(1) in subsection (q), by striking paragraphs (1) through 
(4) and inserting the following: 
‘‘(1) the Office of the Comptroller of the Currency, in the 
case of— 
‘‘(A) any national banking association; 
‘‘(B) any Federal branch or agency of a foreign bank; 
and 
‘‘(C) any Federal savings association; 
‘‘(2) the Federal Deposit Insurance Corporation, in the case 
of— 
‘‘(A) any State nonmember insured bank; 
‘‘(B) any foreign bank having an insured branch; and 
‘‘(C) any State savings association; 
‘‘(3) the Board of Governors of the Federal Reserve System, 
in the case of— 
‘‘(A) any State member bank; 
‘‘(B) any branch or agency of a foreign bank with 
respect to any provision of the Federal Reserve Act which 
is made applicable under the International Banking Act 
of 1978; 
‘‘(C) any foreign bank which does not operate an 
insured branch;
H. R. 4173—148 
‘‘(D) any agency or commercial lending company other 
than a Federal agency; 
‘‘(E) supervisory or regulatory proceedings arising from 
the authority given to the Board of Governors under section 
7(c)(1) of the International Banking Act of 1978, including 
such proceedings under the Financial Institutions Super-
visory Act of 1966; 
‘‘(F) any bank holding company and any subsidiary 
(other than a depository institution) of a bank holding 
company; and 
‘‘(G) any savings and loan holding company and any 
subsidiary (other than a depository institution) of a savings 
and loan holding company.’’; and 
(2) in paragraphs (1) and (3) of subsection (u), by striking 
‘‘(other than a bank holding company’’ and inserting ‘‘(other 
than a bank holding company or savings and loan holding 
company’’. 
(d) CONSUMER PROTECTION.—Nothing in this section may be 
construed to limit or otherwise affect the transfer of powers under 
title X. 
SEC. 313. ABOLISHMENT. 
Effective 90 days after the transfer date, the Office of Thrift 
Supervision and the position of Director of the Office of Thrift 
Supervision are abolished. 
SEC. 314. AMENDMENTS TO THE REVISED STATUTES. 
(a) AMENDMENT TO SECTION 324.—Section 324 of the Revised 
Statutes of the United States (12 U.S.C. 1) is amended to read 
as follows: 
‘‘SEC. 324. COMPTROLLER OF THE CURRENCY. 
‘‘(a) OFFICE OF THE COMPTROLLER OF THE CURRENCY ESTAB-
LISHED.—There is established in the Department of the Treasury 
a bureau to be known as the ‘Office of the Comptroller of the 
Currency’ which is charged with assuring the safety and soundness 
of, and compliance with laws and regulations, fair access to financial 
services, and fair treatment of customers by, the institutions and 
other persons subject to its jurisdiction. 
‘‘(b) COMPTROLLER OF THE CURRENCY.— 
‘‘(1) IN GENERAL.—The chief officer of the Office of the 
Comptroller of the Currency shall be known as the Comptroller 
of the Currency. The Comptroller of the Currency shall perform 
the duties of the Comptroller of the Currency under the general 
direction of the Secretary of the Treasury. The Secretary of 
the Treasury may not delay or prevent the issuance of any 
rule or the promulgation of any regulation by the Comptroller 
of the Currency, and may not intervene in any matter or 
proceeding before the Comptroller of the Currency (including 
agency enforcement actions), unless otherwise specifically pro-
vided by law. 
‘‘(2) ADDITIONAL AUTHORITY.—The Comptroller of the Cur-
rency shall have the same authority with respect to functions 
transferred to the Comptroller of the Currency under the 
Enhancing Financial Institution Safety and Soundness Act of 
2010 as was vested in the Director of the Office of Thrift 
Supervision on the transfer date, as defined in section 311 
of that Act.’’.
H. R. 4173—149 
(b) SUPERVISION OF FEDERAL SAVINGS ASSOCIATIONS.—Chapter 
9 of title VII of the Revised Statutes of the United States (12 
U.S.C. 1 et seq.) is amended by inserting after section 327A (12 
U.S.C. 4a) the following: 
‘‘SEC. 327B. DEPUTY COMPTROLLER FOR THE SUPERVISION AND 
EXAMINATION OF FEDERAL SAVINGS ASSOCIATIONS. 
‘‘The Comptroller of the Currency shall designate a Deputy 
Comptroller, who shall be responsible for the supervision and exam-
ination of Federal savings associations.’’. 
(c) AMENDMENT TO SECTION 329.—Section 329 of the Revised 
Statutes of the United States (12 U.S.C. 11) is amended by inserting 
before the period at the end the following: ‘‘or any Federal savings 
association’’. 
(d) EFFECTIVE DATE.—This section, and the amendments made 
by this section, shall take effect on the transfer date. 
SEC. 315. FEDERAL INFORMATION POLICY. 
Section 3502(5) of title 44, United States Code, is amended 
by inserting ‘‘Office of the Comptroller of the Currency,’’ after 
‘‘the Securities and Exchange Commission,’’. 
SEC. 316. SAVINGS PROVISIONS. 
(a) OFFICE OF THRIFT SUPERVISION.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Sections 312(b) and 313 shall not affect the validity 
of any right, duty, or obligation of the United States, the 
Director of the Office of Thrift Supervision, the Office of Thrift 
Supervision, or any other person, that existed on the day before 
the transfer date. 
(2) CONTINUATION
OF
SUITS.—This title shall not abate 
any action or proceeding commenced by or against the Director 
of the Office of Thrift Supervision or the Office of Thrift Super-
vision before the transfer date, except that— 
(A) for any action or proceeding arising out of a func-
tion of the Office of Thrift Supervision or the Director 
of the Office of Thrift Supervision transferred to the Board 
of Governors by this title, the Board of Governors shall 
be substituted for the Office of Thrift Supervision or the 
Director of the Office of Thrift Supervision as a party 
to the action or proceeding on and after the transfer date; 
(B) for any action or proceeding arising out of a func-
tion of the Office of Thrift Supervision or the Director 
of the Office of Thrift Supervision transferred to the Office 
of the Comptroller of the Currency or the Comptroller 
of the Currency by this title, the Office of the Comptroller 
of the Currency or the Comptroller of the Currency shall 
be substituted for the Office of Thrift Supervision or the 
Director of the Office of Thrift Supervision, as the case 
may be, as a party to the action or proceeding on and 
after the transfer date; and 
(C) for any action or proceeding arising out of a func-
tion of the Office of Thrift Supervision or the Director 
of the Office of Thrift Supervision transferred to the Cor-
poration by this title, the Corporation shall be substituted 
for the Office of Thrift Supervision or the Director of the 
Office of Thrift Supervision as a party to the action or 
proceeding on and after the transfer date.
H. R. 4173—150 
(b) CONTINUATION
OF EXISTING OTS ORDERS, RESOLUTIONS, 
DETERMINATIONS, AGREEMENTS, REGULATIONS, ETC.—All orders, 
resolutions, 
determinations, 
agreements, 
and 
regulations, 
interpretative rules, other interpretations, guidelines, procedures, 
and other advisory materials, that have been issued, made, pre-
scribed, or allowed to become effective by the Office of Thrift Super-
vision or the Director of the Office of Thrift Supervision, or by 
a court of competent jurisdiction, in the performance of functions 
that are transferred by this title and that are in effect on the 
day before the transfer date, shall continue in effect according 
to the terms of such orders, resolutions, determinations, agree-
ments, and regulations, interpretative rules, other interpretations, 
guidelines, procedures, and other advisory materials, and shall be 
enforceable by or against— 
(1) the Board of Governors, in the case of a function of 
the Office of Thrift Supervision or the Director of the Office 
of Thrift Supervision transferred to the Board of Governors, 
until modified, terminated, set aside, or superseded in accord-
ance with applicable law by the Board of Governors, by any 
court of competent jurisdiction, or by operation of law; 
(2) the Office of the Comptroller of the Currency or the 
Comptroller of the Currency, in the case of a function of the 
Office of Thrift Supervision or the Director of the Office of 
Thrift Supervision transferred to the Office of the Comptroller 
of the Currency or the Comptroller of the Currency, respec-
tively, until modified, terminated, set aside, or superseded in 
accordance with applicable law by the Office of the Comptroller 
of the Currency or the Comptroller of the Currency, by any 
court of competent jurisdiction, or by operation of law; and 
(3) the Corporation, in the case of a function of the Office 
of Thrift Supervision or the Director of the Office of Thrift 
Supervision transferred to the Corporation, until modified, 
terminated, set aside, or superseded in accordance with 
applicable law by the Corporation, by any court of competent 
jurisdiction, or by operation of law. 
(c) IDENTIFICATION OF REGULATIONS CONTINUED.— 
(1) BY
THE
BOARD
OF
GOVERNORS.—Not later than the 
transfer date, the Board of Governors shall— 
(A) identify the regulations continued under subsection 
(b) that will be enforced by the Board of Governors; and 
(B) publish a list of the regulations identified under 
subparagraph (A) in the Federal Register. 
(2) BY OFFICE OF THE COMPTROLLER OF THE CURRENCY.— 
Not later than the transfer date, the Office of the Comptroller 
of the Currency shall— 
(A) after consultation with the Corporation, identify 
the regulations continued under subsection (b) that will 
be enforced by the Office of the Comptroller of the Cur-
rency; and 
(B) publish a list of the regulations identified under 
subparagraph (A) in the Federal Register. 
(3) BY THE CORPORATION.—Not later than the transfer date, 
the Corporation shall— 
(A) after consultation with the Office of the Comptroller 
of the Currency, identify the regulations continued under 
subsection (b) that will be enforced by the Corporation; 
and
H. R. 4173—151 
(B) publish a list of the regulations identified under 
subparagraph (A) in the Federal Register. 
(d) STATUS OF REGULATIONS PROPOSED OR NOT YET EFFEC-
TIVE.— 
(1) PROPOSED REGULATIONS.—Any proposed regulation of 
the Office of Thrift Supervision, which the Office of Thrift 
Supervision in performing functions transferred by this title, 
has proposed before the transfer date but has not published 
as a final regulation before such date, shall be deemed to 
be a proposed regulation of the Office of the Comptroller of 
the Currency or the Board of Governors, as appropriate, 
according to the terms of the proposed regulation. 
(2) REGULATIONS NOT YET EFFECTIVE.—Any interim or final 
regulation of the Office of Thrift Supervision, which the Office 
of Thrift Supervision, in performing functions transferred by 
this title, has published before the transfer date but which 
has not become effective before that date, shall become effective 
as a regulation of the Office of the Comptroller of the Currency 
or the Board of Governors, as appropriate, according to the 
terms of the interim or final regulation, unless modified, termi-
nated, set aside, or superseded in accordance with applicable 
law by the Office of the Comptroller of the Currency or the 
Board of Governors, as appropriate, by any court of competent 
jurisdiction, or by operation of law. 
SEC. 317. REFERENCES IN FEDERAL LAW TO FEDERAL BANKING AGEN-
CIES. 
On and after the transfer date, any reference in Federal law 
to the Director of the Office of Thrift Supervision or the Office 
of Thrift Supervision, in connection with any function of the Director 
of the Office of Thrift Supervision or the Office of Thrift Supervision 
transferred under section 312(b) or any other provision of this 
subtitle, shall be deemed to be a reference to the Comptroller 
of the Currency, the Office of the Comptroller of the Currency, 
the Chairperson of the Corporation, the Corporation, the Chairman 
of the Board of Governors, or the Board of Governors, as appropriate 
and consistent with the amendments made in subtitle E. 
SEC. 318. FUNDING. 
(a) COMPENSATION OF EXAMINERS.—Section 5240 of the Revised 
Statutes of the United States (12 U.S.C. 481 et seq.) is amended— 
(1) in the second undesignated paragraph (12 U.S.C. 481), 
in the fourth sentence, by striking ‘‘without regard to the provi-
sions of other laws applicable to officers or employees of the 
United States’’ and inserting the following: ‘‘set and adjusted 
subject to chapter 71 of title 5, United States Code, and without 
regard to the provisions of other laws applicable to officers 
or employees of the United States’’; and 
(2) in the third undesignated paragraph (12 U.S.C. 482), 
in the first sentence, by striking ‘‘shall fix’’ and inserting ‘‘shall, 
subject to chapter 71 of title 5, United States Code, fix’’. 
(b) FUNDING OF OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.—Chapter 4 of title LXII of the Revised Statutes is amended 
by inserting after section 5240 (12 U.S.C. 481, 482) the following: 
‘‘SEC. 5240A. The Comptroller of the Currency may collect 
an assessment, fee, or other charge from any entity described in 
section 3(q)(1) of the Federal Deposit Insurance Act (12 U.S.C.
H. R. 4173—152 
1813(q)(1)), as the Comptroller determines is necessary or appro-
priate to carry out the responsibilities of the Office of the Comp-
troller of the Currency. In establishing the amount of an assess-
ment, fee, or charge collected from an entity under this section, 
the Comptroller of the Currency may take into account the nature 
and scope of the activities of the entity, the amount and type 
of assets that the entity holds, the financial and managerial condi-
tion of the entity, and any other factor, as the Comptroller of 
the Currency determines is appropriate. Funds derived from any 
assessment, fee, or charge collected or payment made pursuant 
to this section may be deposited by the Comptroller of the Currency 
in accordance with the provisions of section 5234. Such funds shall 
not be construed to be Government funds or appropriated monies, 
and shall not be subject to apportionment for purposes of chapter 
15 of title 31, United States Code, or any other provision of law. 
The authority of the Comptroller of the Currency under this section 
shall be in addition to the authority under section 5240. 
‘‘The Comptroller of the Currency shall have sole authority 
to determine the manner in which the obligations of the Office 
of the Comptroller of the Currency shall be incurred and its 
disbursements and expenses allowed and paid, in accordance with 
this section, except as provided in chapter 71 of title 5, United 
States Code (with respect to compensation).’’. 
(c) FUNDING OF BOARD OF GOVERNORS.—Section 11 of the Fed-
eral Reserve Act (12 U.S.C. 248) is amended by adding at the 
end the following: 
‘‘(s) ASSESSMENTS, FEES, AND OTHER CHARGES FOR CERTAIN 
COMPANIES.— 
‘‘(1) IN GENERAL.—The Board shall collect a total amount 
of assessments, fees, or other charges from the companies 
described in paragraph (2) that is equal to the total expenses 
the Board estimates are necessary or appropriate to carry out 
the supervisory and regulatory responsibilities of the Board 
with respect to such companies. 
‘‘(2) COMPANIES.—The companies described in this para-
graph are— 
‘‘(A) all bank holding companies having total consoli-
dated assets of $50,000,000,000 or more; 
‘‘(B) all savings and loan holding companies having 
total consolidated assets of $50,000,000,000 or more; and 
‘‘(C) all nonbank financial companies supervised by 
the Board under section 113 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act.’’. 
(d) CORPORATION EXAMINATION FEES.—Section 10(e) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1820(e)) is amended by 
striking paragraph (1) and inserting the following: 
‘‘(1) REGULAR AND SPECIAL EXAMINATIONS OF DEPOSITORY 
INSTITUTIONS.—The cost of conducting any regular examination 
or special examination of any depository institution under sub-
section (b)(2), (b)(3), or (d) or of any entity described in section 
3(q)(2) may be assessed by the Corporation against the institu-
tion or entity to meet the expenses of the Corporation in car-
rying out such examinations.’’. 
(e) EFFECTIVE DATE.—This section, and the amendments made 
by this section, shall take effect on the transfer date.
H. R. 4173—153 
SEC. 319. CONTRACTING AND LEASING AUTHORITY. 
Notwithstanding the Federal Property and Administrative 
Services Act of 1949 (41 U.S.C. 251 et seq.) or any other provision 
of law (except the full and open competition requirements of the 
Competition in Contracting Act), the Office of the Comptroller of 
the Currency may— 
(1) enter into and perform contracts, execute instruments, 
and acquire real property (or property interest) as the Comp-
troller deems necessary to carry out the duties and responsibil-
ities of the Office of the Comptroller of the Currency; and 
(2) hold, maintain, sell, lease, or otherwise dispose of the 
property (or property interest) acquired under paragraph (1). 
Subtitle B—Transitional Provisions 
SEC. 321. INTERIM USE OF FUNDS, PERSONNEL, AND PROPERTY OF 
THE OFFICE OF THRIFT SUPERVISION. 
(a) IN GENERAL.—Before the transfer date, the Office of the 
Comptroller of the Currency, the Corporation, and the Board of 
Governors shall— 
(1) consult and cooperate with the Office of Thrift Super-
vision to facilitate the orderly transfer of functions to the Office 
of the Comptroller of the Currency, the Corporation, and the 
Board of Governors in accordance with this title; 
(2) determine jointly, from time to time— 
(A) the amount of funds necessary to pay any expenses 
associated with the transfer of functions (including 
expenses for personnel, property, and administrative serv-
ices) during the period beginning on the date of enactment 
of this Act and ending on the transfer date; 
(B) which personnel are appropriate to facilitate the 
orderly transfer of functions by this title; and 
(C) what property and administrative services are nec-
essary to support the Office of the Comptroller of the 
Currency, the Corporation, and the Board of Governors 
during the period beginning on the date of enactment of 
this Act and ending on the transfer date; and 
(3) take such actions as may be necessary to provide for 
the orderly implementation of this title. 
(b) AGENCY CONSULTATION.—When requested jointly by the 
Office of the Comptroller of the Currency, the Corporation, and 
the Board of Governors to do so before the transfer date, the 
Office of Thrift Supervision shall— 
(1) pay to the Office of the Comptroller of the Currency, 
the Corporation, or the Board of Governors, as applicable, from 
funds obtained by the Office of Thrift Supervision through 
assessments, fees, or other charges that the Office of Thrift 
Supervision is authorized by law to impose, such amounts 
as the Office of the Comptroller of the Currency, the Corpora-
tion, and the Board of Governors jointly determine to be nec-
essary under subsection (a); 
(2) detail to the Office of the Comptroller of the Currency, 
the Corporation, or the Board of Governors, as applicable, such 
personnel as the Office of the Comptroller of the Currency, 
the Corporation, and the Board of Governors jointly determine 
to be appropriate under subsection (a); and
H. R. 4173—154 
(3) make available to the Office of the Comptroller of the 
Currency, the Corporation, or the Board of Governors, as 
applicable, such property and provide to the Office of the Comp-
troller of the Currency, the Corporation, or the Board of Gov-
ernors, as applicable, such administrative services as the Office 
of the Comptroller of the Currency, the Corporation, and the 
Board of Governors jointly determine to be necessary under 
subsection (a). 
(c) NOTICE REQUIRED.—The Office of the Comptroller of the 
Currency, the Corporation, and the Board of Governors shall jointly 
give the Office of Thrift Supervision reasonable prior notice of 
any request that the Office of the Comptroller of the Currency, 
the Corporation, and the Board of Governors jointly intend to make 
under subsection (b). 
SEC. 322. TRANSFER OF EMPLOYEES. 
(a) IN GENERAL.— 
(1) OFFICE OF THRIFT SUPERVISION EMPLOYEES.— 
(A) IN GENERAL.—Except as provided in section 1064, 
all employees of the Office of Thrift Supervision shall be 
transferred to the Office of the Comptroller of the Currency 
or the Corporation for employment in accordance with this 
section. 
(B) 
ALLOCATING
EMPLOYEES
FOR
TRANSFER
TO 
RECEIVING AGENCIES.—The Director of the Office of Thrift 
Supervision, the Comptroller of the Currency, and the 
Chairperson of the Corporation shall— 
(i) jointly determine the number of employees of 
the Office of Thrift Supervision necessary to perform 
or support the functions that are transferred to the 
Office of the Comptroller of the Currency or the Cor-
poration by this title; and 
(ii) consistent with the determination under clause 
(i), jointly identify employees of the Office of Thrift 
Supervision for transfer to the Office of the Comptroller 
of the Currency or the Corporation. 
(2) EMPLOYEES TRANSFERRED; SERVICE PERIODS CREDITED.— 
For purposes of this section, periods of service with a Federal 
home loan bank, a joint office of Federal home loan banks, 
or a Federal reserve bank shall be credited as periods of service 
with a Federal agency. 
(3) APPOINTMENT AUTHORITY FOR EXCEPTED SERVICE TRANS-
FERRED.— 
(A) IN GENERAL.—Except as provided in subparagraph 
(B), any appointment authority of the Office of Thrift 
Supervision under Federal law that relates to the functions 
transferred under section 312, including the regulations 
of the Office of Personnel Management, for filling the posi-
tions of employees in the excepted service shall be trans-
ferred to the Comptroller of the Currency or the Chair-
person of the Corporation, as appropriate. 
(B) DECLINING TRANSFERS ALLOWED.—The Comptroller 
of the Currency or the Chairperson of the Corporation 
may decline to accept a transfer of authority under 
subparagraph (A) (and the employees appointed under that 
authority) to the extent that such authority relates to posi-
tions excepted from the competitive service because of their
H. R. 4173—155 
confidential, policy-making, policy-determining, or policy- 
advocating character. 
(4) 
ADDITIONAL
APPOINTMENT
AUTHORITY.—Notwith-
standing any other provision of law, the Office of the Comp-
troller of the Currency and the Corporation may appoint trans-
ferred employees to positions in the Office of the Comptroller 
of the Currency or the Corporation, respectively. 
(b) TIMING OF TRANSFERS AND POSITION ASSIGNMENTS.—Each 
employee to be transferred under subsection (a)(1) shall— 
(1) be transferred not later than 90 days after the transfer 
date; and 
(2) receive notice of the position assignment of the employee 
not later than 120 days after the effective date of the transfer 
of the employee. 
(c) TRANSFER OF FUNCTIONS.— 
(1) IN GENERAL.—Notwithstanding any other provision of 
law, the transfer of employees under this subtitle shall be 
deemed a transfer of functions for the purpose of section 3503 
of title 5, United States Code. 
(2) PRIORITY.—If any provision of this subtitle conflicts 
with any protection provided to a transferred employee under 
section 3503 of title 5, United States Code, the provisions 
of this subtitle shall control. 
(d) EMPLOYEE STATUS AND ELIGIBILITY.—The transfer of func-
tions and employees under this subtitle, and the abolishment of 
the Office of Thrift Supervision under section 313, shall not affect 
the status of the transferred employees as employees of an agency 
of the United States under any provision of law. 
(e) EQUAL STATUS AND TENURE POSITIONS.— 
(1) STATUS AND TENURE.—Each transferred employee from 
the Office of Thrift Supervision shall be placed in a position 
at the Office of the Comptroller of the Currency or the Corpora-
tion with the same status and tenure as the transferred 
employee held on the day before the date on which the employee 
was transferred. 
(2) FUNCTIONS.—To the extent practicable, each transferred 
employee shall be placed in a position at the Office of the 
Comptroller of the Currency or the Corporation, as applicable, 
responsible for the same functions and duties as the transferred 
employee had on the day before the date on which the employee 
was transferred, in accordance with the expertise and pref-
erences of the transferred employee. 
(f) NO ADDITIONAL CERTIFICATION REQUIREMENTS.—An exam-
iner who is a transferred employee shall not be subject to any 
additional certification requirements before being placed in a com-
parable position at the Office of the Comptroller of the Currency 
or the Corporation, if the examiner carries out examinations of 
the same type of institutions as an employee of the Office of the 
Comptroller of the Currency or the Corporation as the employee 
was responsible for carrying out before the date on which the 
employee was transferred. 
(g) PERSONNEL ACTIONS LIMITED.— 
(1) PROTECTION.— 
(A) IN GENERAL.—Except as provided in paragraph (2), 
each affected employee shall not, during the 30-month 
period beginning on the transfer date, be involuntarily
H. R. 4173—156 
separated, or involuntarily reassigned outside his or her 
locality pay area. 
(B) AFFECTED EMPLOYEES.—For purposes of this para-
graph, the term ‘‘affected employee’’ means— 
(i) an employee transferred from the Office of 
Thrift Supervision holding a permanent position on 
the day before the transfer date; and 
(ii) an employee of the Office of the Comptroller 
of the Currency or the Corporation holding a perma-
nent position on the day before the transfer date. 
(2) EXCEPTIONS.—Paragraph (1) does not limit the right 
of the Office of the Comptroller of the Currency or the Corpora-
tion to— 
(A) separate an employee for cause or for unacceptable 
performance; 
(B) terminate an appointment to a position excepted 
from the competitive service because of its confidential 
policy-making, policy-determining, or policy-advocating 
character; or 
(C) reassign an employee outside such employee’s 
locality pay area when the Office of the Comptroller of 
the Currency or the Corporation determines that the 
reassignment is necessary for the efficient operation of 
the agency. 
(h) PAY.— 
(1) 30-MONTH PROTECTION.—Except as provided in para-
graph (2), during the 30-month period beginning on the date 
on which the employee was transferred under this subtitle, 
a transferred employee shall be paid at a rate that is not 
less than the basic rate of pay, including any geographic dif-
ferential, that the transferred employee received during the 
pay period immediately preceding the date on which the 
employee was transferred. Notwithstanding the preceding sen-
tence, if the employee was receiving a higher rate of basic 
pay on a temporary basis (because of a temporary assignment, 
temporary promotion, or other temporary action) immediately 
before the transfer, the Agency may reduce the rate of basic 
pay on the date the rate would have been reduced but for 
the transfer, and the protected rate for the remainder of the 
30-month period will be the reduced rate that would have 
applied but for the transfer. 
(2) EXCEPTIONS.—The Comptroller of the Currency or the 
Corporation may reduce the rate of basic pay of a transferred 
employee— 
(A) for cause, including for unacceptable performance; 
or 
(B) with the consent of the transferred employee. 
(3) PROTECTION ONLY WHILE EMPLOYED.—This subsection 
shall apply to a transferred employee only during the period 
that the transferred employee remains employed by Office of 
the Comptroller of the Currency or the Corporation. 
(4) PAY INCREASES PERMITTED.—Nothing in this subsection 
shall limit the authority of the Comptroller of the Currency 
or the Chairperson of the Corporation to increase the pay 
of a transferred employee. 
(i) BENEFITS.— 
(1) RETIREMENT BENEFITS FOR TRANSFERRED EMPLOYEES.—
H. R. 4173—157 
(A) IN GENERAL.— 
(i) CONTINUATION OF EXISTING RETIREMENT PLAN.— 
Each transferred employee shall remain enrolled in 
the retirement plan of the transferred employee, for 
as long as the transferred employee is employed by 
the Office of the Comptroller of the Currency or the 
Corporation. 
(ii) EMPLOYER’S CONTRIBUTION.—The Comptroller 
of the Currency or the Chairperson of the Corporation, 
as appropriate, shall pay any employer contributions 
to the existing retirement plan of each transferred 
employee, as required under each such existing retire-
ment plan. 
(B) DEFINITION.—In this paragraph, the term ‘‘existing 
retirement plan’’ means, with respect to a transferred 
employee, the retirement plan (including the Financial 
Institutions Retirement Fund), and any associated thrift 
savings plan, of the agency from which the employee was 
transferred in which the employee was enrolled on the 
day before the date on which the employee was transferred. 
(2) BENEFITS OTHER THAN RETIREMENT BENEFITS.— 
(A) DURING FIRST YEAR.— 
(i) EXISTING PLANS CONTINUE.—During the 1-year 
period following the transfer date, each transferred 
employee may retain membership in any employee ben-
efit program (other than a retirement benefit program) 
of the agency from which the employee was transferred 
under this title, including any dental, vision, long term 
care, or life insurance program to which the employee 
belonged on the day before the transfer date. 
(ii) EMPLOYER’S CONTRIBUTION.—The Office of the 
Comptroller of the Currency or the Corporation, as 
appropriate, shall pay any employer cost required to 
extend coverage in the benefit program to the trans-
ferred employee as required under that program or 
negotiated agreements. 
(B) DENTAL, VISION, OR LIFE INSURANCE AFTER FIRST 
YEAR.—If, after the 1-year period beginning on the transfer 
date, the Office of the Comptroller of the Currency or 
the Corporation determines that the Office of the Comp-
troller of the Currency or the Corporation, as the case 
may be, will not continue to participate in any dental, 
vision, or life insurance program of an agency from which 
an employee was transferred, a transferred employee who 
is a member of the program may, before the decision takes 
effect and without regard to any regularly scheduled open 
season, elect to enroll in— 
(i) the enhanced dental benefits program estab-
lished under chapter 89A of title 5, United States 
Code; 
(ii) the enhanced vision benefits established under 
chapter 89B of title 5, United States Code; and 
(iii) the Federal Employees’ Group Life Insurance 
Program established under chapter 87 of title 5, United 
States Code, without regard to any requirement of 
insurability.
H. R. 4173—158 
(C) LONG TERM CARE INSURANCE AFTER 1ST YEAR.— 
If, after the 1-year period beginning on the transfer date, 
the Office of the Comptroller of the Currency or the Cor-
poration determines that the Office of the Comptroller of 
the Currency or the Corporation, as appropriate, will not 
continue to participate in any long term care insurance 
program of an agency from which an employee transferred, 
a transferred employee who is a member of such a program 
may, before the decision takes effect, elect to apply for 
coverage under the Federal Long Term Care Insurance 
Program established under chapter 90 of title 5, United 
States 
Code, 
under 
the 
underwriting 
requirements 
applicable to a new active workforce member, as described 
in part 875 of title 5, Code of Federal Regulations (or 
any successor thereto). 
(D) CONTRIBUTION OF TRANSFERRED EMPLOYEE.— 
(i) IN GENERAL.—Subject to clause (ii), a trans-
ferred employee who is enrolled in a plan under the 
Federal Employees Health Benefits Program shall pay 
any employee contribution required under the plan. 
(ii) COST DIFFERENTIAL.—The Office of the Comp-
troller of the Currency or the Corporation, as 
applicable, shall pay any difference in cost between 
the employee contribution required under the plan pro-
vided to transferred employees by the agency from 
which the employee transferred on the date of enact-
ment of this Act and the plan provided by the Office 
of the Comptroller of the Currency or the Corporation, 
as the case may be, under this section. 
(iii) FUNDS TRANSFER.—The Office of the Comp-
troller of the Currency or the Corporation, as the case 
may be, shall transfer to the Employees Health Bene-
fits Fund established under section 8909 of title 5, 
United States Code, an amount determined by the 
Director of the Office of Personnel Management, after 
consultation with the Comptroller of the Currency or 
the Chairperson of the Corporation, as the case may 
be, and the Office of Management and Budget, to be 
necessary to reimburse the Fund for the cost to the 
Fund of providing any benefits under this subpara-
graph that are not otherwise paid for by a transferred 
employee under clause (i). 
(E) SPECIAL PROVISIONS TO ENSURE CONTINUATION OF 
LIFE INSURANCE BENEFITS.— 
(i) IN GENERAL.—An annuitant, as defined in sec-
tion 8901 of title 5, United States Code, who is enrolled 
in a life insurance plan administered by an agency 
from which employees are transferred under this title 
on the day before the transfer date shall be eligible 
for coverage by a life insurance plan under sections 
8706(b), 8714a, 8714b, or 8714c of title 5, United States 
Code, or by a life insurance plan established by the 
Office of the Comptroller of the Currency or the Cor-
poration, as applicable, without regard to any regularly 
scheduled open season or any requirement of insur-
ability. 
(ii) CONTRIBUTION OF TRANSFERRED EMPLOYEE.—
H. R. 4173—159 
(I) IN GENERAL.—Subject to subclause (II), a 
transferred employee enrolled in a life insurance 
plan under this subparagraph shall pay any 
employee contribution required by the plan. 
(II) COST
DIFFERENTIAL.—The Office of the 
Comptroller of the Currency or the Corporation, 
as the case may be, shall pay any difference in 
cost between the benefits provided by the agency 
from which the employee transferred on the date 
of enactment of this Act and the benefits provided 
under this section. 
(III) FUNDS
TRANSFER.—The Office of the 
Comptroller of the Currency or the Corporation, 
as the case may be, shall transfer to the Federal 
Employees’ Group Life Insurance Fund established 
under section 8714 of title 5, United States Code, 
an amount determined by the Director of the Office 
of Personnel Management, after consultation with 
the Comptroller of the Currency or the Chair-
person of the Corporation, as the case may be, 
and the Office of Management and Budget, to be 
necessary to reimburse the Federal Employees’ 
Group Life Insurance Fund for the cost to the 
Federal Employees’ Group Life Insurance Fund 
of providing benefits under this subparagraph not 
otherwise paid for by a transferred employee under 
subclause (I). 
(IV) CREDIT
FOR
TIME
ENROLLED
IN
OTHER 
PLANS.—For any transferred employee, enrollment 
in a life insurance plan administered by the agency 
from which the employee transferred, immediately 
before enrollment in a life insurance plan under 
chapter 87 of title 5, United States Code, shall 
be considered as enrollment in a life insurance 
plan under that chapter for purposes of section 
8706(b)(1)(A) of title 5, United States Code. 
(j) INCORPORATION INTO AGENCY PAY SYSTEM.—Not later than 
30 months after the transfer date, the Comptroller of the Currency 
and the Chairperson of the Corporation shall place each transferred 
employee into the established pay system and structure of the 
appropriate employing agency. 
(k) EQUITABLE TREATMENT.—In administering the provisions 
of this section, the Comptroller of the Currency and the Chairperson 
of the Corporation— 
(1) may not take any action that would unfairly disadvan-
tage a transferred employee relative to any other employee 
of the Office of the Comptroller of the Currency or the Corpora-
tion on the basis of prior employment by the Office of Thrift 
Supervision; 
(2) may take such action as is appropriate in an individual 
case to ensure that a transferred employee receives equitable 
treatment, with respect to the status, tenure, pay, benefits 
(other than benefits under programs administered by the Office 
of Personnel Management), and accrued leave or vacation time 
for prior periods of service with any Federal agency of the 
transferred employee;
H. R. 4173—160 
(3) shall, jointly with the Director of the Office of Thrift 
Supervision, develop and adopt procedures and safeguards 
designed to ensure that the requirements of this subsection 
are met; and 
(4) shall conduct a study detailing the position assignments 
of all employees transferred pursuant to subsection (a), 
describing the procedures and safeguards adopted pursuant 
to paragraph (3), and demonstrating that the requirements 
of this subsection have been met; and shall, not later than 
365 days after the transfer date, submit a copy of such study 
to Congress. 
(l) REORGANIZATION.— 
(1) IN GENERAL.—If the Comptroller of the Currency or 
the Chairperson of the Corporation determines, during the 
2-year period beginning 1 year after the transfer date, that 
a reorganization of the staff of the Office of the Comptroller 
of the Currency or the Corporation, respectively, is required, 
the reorganization shall be deemed a ‘‘major reorganization’’ 
for purposes of affording affected employees retirement under 
section 8336(d)(2) or 8414(b)(1)(B) of title 5, United States 
Code. 
(2) SERVICE
CREDIT.—For purposes of this subsection, 
periods of service with a Federal home loan bank or a joint 
office of Federal home loan banks shall be credited as periods 
of service with a Federal agency. 
SEC. 323. PROPERTY TRANSFERRED. 
(a) PROPERTY DEFINED.—For purposes of this section, the term 
‘‘property’’ includes all real property (including leaseholds) and all 
personal property, including computers, furniture, fixtures, equip-
ment, books, accounts, records, reports, files, memoranda, paper, 
reports of examination, work papers, and correspondence related 
to such reports, and any other information or materials. 
(b) PROPERTY OF THE OFFICE OF THRIFT SUPERVISION.— 
(1) IN GENERAL.—No later than 90 days after the transfer 
date, all property of the Office of Thrift Supervision (other 
than property described under paragraph (b)(2)) that the Comp-
troller of the Currency and the Chairperson of the Corporation 
jointly determine is used, on the day before the transfer date, 
to perform or support the functions of the Office of Thrift 
Supervision transferred to the Office of the Comptroller of 
the Currency or the Corporation under this title, shall be trans-
ferred to the Office of the Comptroller of the Currency or 
the Corporation in a manner consistent with the transfer of 
employees under this subtitle. 
(2) PERSONAL
PROPERTY.—All books, accounts, records, 
reports, files, memoranda, papers, documents, reports of exam-
ination, work papers, and correspondence of the Office of Thrift 
Supervision that the Comptroller of the Currency, the Chair-
person of the Corporation, and the Chairman of the Board 
of Governors jointly determine is used, on the day before the 
transfer date, to perform or support the functions of the Office 
of Thrift Supervision transferred to the Board of Governors 
under this title shall be transferred to the Board of Governors 
in a manner consistent with the purposes of this title. 
(c) CONTRACTS RELATED
TO PROPERTY TRANSFERRED.—Each 
contract, agreement, lease, license, permit, and similar arrangement
H. R. 4173—161 
relating to property transferred to the Office of the Comptroller 
of the Currency or the Corporation by this section shall be trans-
ferred to the Office of the Comptroller of the Currency or the 
Corporation, as appropriate, together with the property to which 
it relates. 
(d) PRESERVATION
OF
PROPERTY.—Property identified for 
transfer under this section shall not be altered, destroyed, or deleted 
before transfer under this section. 
SEC. 324. FUNDS TRANSFERRED. 
The funds that, on the day before the transfer date, the Director 
of the Office of Thrift Supervision (in consultation with the Comp-
troller of the Currency, the Chairperson of the Corporation, and 
the Chairman of the Board of Governors) determines are not nec-
essary to dispose of the affairs of the Office of Thrift Supervision 
under section 325 and are available to the Office of Thrift Super-
vision to pay the expenses of the Office of Thrift Supervision— 
(1) relating to the functions of the Office of Thrift Super-
vision transferred under section 312(b)(2)(B), shall be trans-
ferred to the Office of the Comptroller of the Currency on 
the transfer date; 
(2) relating to the functions of the Office of Thrift Super-
vision transferred under section 312(b)(2)(C), shall be trans-
ferred to the Corporation on the transfer date; and 
(3) relating to the functions of the Office of Thrift Super-
vision transferred under section 312(b)(1)(A), shall be trans-
ferred to the Board of Governors on the transfer date. 
SEC. 325. DISPOSITION OF AFFAIRS. 
(a) AUTHORITY OF DIRECTOR.—During the 90-day period begin-
ning on the transfer date, the Director of the Office of Thrift 
Supervision— 
(1) shall, solely for the purpose of winding up the affairs 
of the Office of Thrift Supervision relating to any function 
transferred to the Office of the Comptroller of the Currency, 
the Corporation, or the Board of Governors under this title— 
(A) manage the employees of the Office of Thrift Super-
vision who have not yet been transferred and provide for 
the payment of the compensation and benefits of the 
employees that accrue before the date on which the 
employees are transferred under this title; and 
(B) manage any property of the Office of Thrift Super-
vision, until the date on which the property is transferred 
under section 323; and 
(2) may take any other action necessary to wind up the 
affairs of the Office of Thrift Supervision. 
(b) STATUS OF DIRECTOR.— 
(1) IN GENERAL.—Notwithstanding the transfer of functions 
under this subtitle, during the 90-day period beginning on 
the transfer date, the Director of the Office of Thrift Supervision 
shall retain and may exercise any authority vested in the 
Director of the Office of Thrift Supervision on the day before 
the transfer date, only to the extent necessary— 
(A) to wind up the Office of Thrift Supervision; and 
(B) to carry out the transfer under this subtitle during 
such 90-day period.
H. R. 4173—162 
(2) OTHER PROVISIONS.—For purposes of paragraph (1), the 
Director of the Office of Thrift Supervision shall, during the 
90-day period beginning on the transfer date, continue to be— 
(A) treated as an officer of the United States; and 
(B) entitled to receive compensation at the same annual 
rate of basic pay that the Director of the Office of Thrift 
Supervision received on the day before the transfer date. 
SEC. 326. CONTINUATION OF SERVICES. 
Any agency, department, or other instrumentality of the United 
States, and any successor to any such agency, department, or 
instrumentality, that was, before the transfer date, providing sup-
port services to the Office of Thrift Supervision in connection with 
functions transferred to the Office of the Comptroller of the Cur-
rency, the Corporation or the Board of Governors under this title, 
shall— 
(1) continue to provide such services, subject to reimburse-
ment by the Office of the Comptroller of the Currency, the 
Corporation, or the Board of Governors, until the transfer of 
functions under this title is complete; and 
(2) consult with the Comptroller of the Currency, the Chair-
person of the Corporation, or the Chairman of the Board of 
Governors, as appropriate, to coordinate and facilitate a prompt 
and orderly transition. 
SEC. 327. IMPLEMENTATION PLAN AND REPORTS. 
(a) PLAN SUBMISSION.—Within 180 days of the enactment of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act, 
the Board of Governors, the Corporation, the Office of the Comp-
troller of the Currency, and the Office of Thrift Supervision, shall 
jointly submit a plan to the Committee on Banking, Housing, and 
Urban Affairs of the Senate, the Committee on Financial Services 
of the House of Representatives, and the Inspectors General of 
the Department of the Treasury, the Corporation, and the Board 
of Governors detailing the steps the Board of Governors, the Cor-
poration, the Office of the Comptroller of the Currency, and the 
Office of Thrift Supervision will take to implement the provisions 
of sections 301 through 326, and the provisions of the amendments 
made by such sections. 
(b) INSPECTORS GENERAL REVIEW OF THE PLAN.—Within 60 
days of receiving the plan required under subsection (a), the Inspec-
tors General of the Department of the Treasury, the Corporation, 
and the Board of Governors shall jointly provide a written report 
to the Board of Governors, the Corporation, the Office of the Comp-
troller of the Currency, and the Office of Thrift Supervision and 
shall submit a copy to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives detailing whether the plan 
conforms with the provisions of sections 301 through 326, and 
the provisions of the amendments made by such sections, 
including— 
(1) whether the plan sufficiently takes into consideration 
the orderly transfer of personnel; 
(2) whether the plan describes procedures and safeguards 
to ensure that the Office of Thrift Supervision employees are 
not unfairly disadvantaged relative to employees of the Office 
of the Comptroller of the Currency and the Corporation;
H. R. 4173—163 
(3) whether the plan sufficiently takes into consideration 
the orderly transfer of authority and responsibilities; 
(4) whether the plan sufficiently takes into consideration 
the effective transfer of funds; 
(5) whether the plan sufficiently takes in consideration 
the orderly transfer of property; and 
(6) any additional recommendations for an orderly and 
effective process. 
(c) IMPLEMENTATION REPORTS.—Not later than 6 months after 
the date on which the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives receives the report required under 
subsection (b), and every 6 months thereafter until all aspects 
of the plan have been implemented, the Inspectors General of 
the Department of the Treasury, the Corporation, and the Board 
of Governors shall jointly provide a written report on the status 
of the implementation of the plan to the Board of Governors, the 
Corporation, the Office of the Comptroller of the Currency, and 
the Office of Thrift Supervision and shall submit a copy to the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the House of Represent-
atives. 
Subtitle C—Federal Deposit Insurance 
Corporation 
SEC. 331. DEPOSIT INSURANCE REFORMS. 
(a) SIZE DISTINCTIONS.—Section 7(b)(2) of the Federal Deposit 
Insurance Act (12 U.S.C. 1817(b)(2)) is amended— 
(1) by striking subparagraph (D); and 
(2) by redesignating subparagraph (C) as subparagraph 
(D). 
(b) ASSESSMENT BASE.—The Corporation shall amend the regu-
lations issued by the Corporation under section 7(b)(2) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1817(b)(2)) to define the 
term ‘‘assessment base’’ with respect to an insured depository 
institution for purposes of that section 7(b)(2), as an amount equal 
to— 
(1) the average consolidated total assets of the insured 
depository institution during the assessment period; minus 
(2) the sum of— 
(A) the average tangible equity of the insured deposi-
tory institution during the assessment period; and 
(B) in the case of an insured depository institution 
that is a custodial bank (as defined by the Corporation, 
based on factors including the percentage of total revenues 
generated by custodial businesses and the level of assets 
under custody) or a banker’s bank (as that term is used 
in section 5136 of the Revised Statutes (12 U.S.C. 24)), 
an amount that the Corporation determines is necessary 
to establish assessments consistent with the definition 
under section 7(b)(1) of the Federal Deposit Insurance Act 
(12 U.S.C. 1817(b)(1)) for a custodial bank or a banker’s 
bank.
H. R. 4173—164 
SEC. 332. ELIMINATION OF PROCYCLICAL ASSESSMENTS. 
Section 7(e) of the Federal Deposit Insurance Act is amended— 
(1) in paragraph (2)— 
(A) by amending subparagraph (B) to read as follows: 
‘‘(B) LIMITATION.—The Board of Directors may, in its 
sole discretion, suspend or limit the declaration of payment 
of dividends under subparagraph (A).’’; 
(B) by amending subparagraph (C) to read as follows: 
‘‘(C) NOTICE
AND
OPPORTUNITY
FOR
COMMENT.—The 
Corporation shall prescribe, by regulation, after notice and 
opportunity for comment, the method for the declaration, 
calculation, distribution, and payment of dividends under 
this paragraph’’; and 
(C) by striking subparagraphs (D) through (G); and 
(2) in paragraph (4)(A) by striking ‘‘paragraphs (2)(D) and’’ 
and inserting ‘‘paragraphs (2) and’’. 
SEC. 333. ENHANCED ACCESS TO INFORMATION FOR DEPOSIT INSUR-
ANCE PURPOSES. 
(a) Section 7(a)(2)(B) of the Federal Deposit Insurance Act 
is amended by striking ‘‘agreement’’ and inserting ‘‘consultation’’. 
(b) Section 7(b)(1)(E) of the Federal Deposit Insurance Act 
is amended— 
(1) in clause (i), by striking ‘‘such as’’ and inserting 
‘‘including’’; and 
(2) in clause (iii), by striking ‘‘Corporation’’ and inserting 
‘‘Corporation, except as provided in section 7(a)(2)(B)’’. 
SEC. 334. TRANSITION RESERVE RATIO REQUIREMENTS TO REFLECT 
NEW ASSESSMENT BASE. 
(a) Section 7(b)(3)(B) of the Federal Deposit Insurance Act 
is amended to read as follows: 
‘‘(B) MINIMUM RESERVE RATIO.—The reserve ratio des-
ignated by the Board of Directors for any year may not 
be less than 1.35 percent of estimated insured deposits, 
or the comparable percentage of the assessment base set 
forth in paragraph (2)(C).’’. 
(b) Section 3(y)(3) of the Federal Deposit Insurance Act is 
amended by inserting ‘‘, or such comparable percentage of the 
assessment base set forth in section 7(b)(2)(C)’’ before the period. 
(c) For a period of not less than 5 years after the date of 
the enactment of this title, the Federal Deposit Insurance Corpora-
tion shall make available to the public the reserve ratio and the 
designated reserve ratio using both estimated insured deposits and 
the assessment base under section 7(b)(2)(C) of the Federal Deposit 
Insurance Act. 
(d) RESERVE RATIO.—Notwithstanding the timing requirements 
of section 7(b)(3)(E)(ii) of the Federal Deposit Insurance Act, the 
Corporation shall take such steps as may be necessary for the 
reserve ratio of the Deposit Insurance Fund to reach 1.35 percent 
of estimated insured deposits by September 30, 2020. 
(e) OFFSET.—In setting the assessments necessary to meet the 
requirements of subsection (d), the Corporation shall offset the 
effect of subsection (d) on insured depository institutions with total 
consolidated assets of less than $10,000,000,000.
H. R. 4173—165 
SEC. 335. PERMANENT INCREASE IN DEPOSIT AND SHARE INSURANCE. 
(a) PERMANENT INCREASE
IN DEPOSIT INSURANCE.—Section 
11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(1)(E)) is amended— 
(1) by striking ‘‘$100,000’’ and inserting ‘‘$250,000’’; and 
(2) by adding at the end the following new sentences: 
‘‘Notwithstanding any other provision of law, the increase in 
the standard maximum deposit insurance amount to $250,000 
shall apply to depositors in any institution for which the Cor-
poration was appointed as receiver or conservator on or after 
January 1, 2008, and before October 3, 2008. The Corporation 
shall take such actions as are necessary to carry out the require-
ments of this section with respect to such depositors, without 
regard to any time limitations under this Act. In implementing 
this and the preceding 2 sentences, any payment on a deposit 
claim made by the Corporation as receiver or conservator to 
a depositor above the standard maximum deposit insurance 
amount in effect at the time of the appointment of the Corpora-
tion as receiver or conservator shall be deemed to be part 
of the net amount due to the depositor under subparagraph 
(B).’’ 
(b) PERMANENT
INCREASE
IN
SHARE
INSURANCE.—Section 
207(k)(5) of the Federal Credit Union Act (12 U.S.C. 1787(k)(5)) 
is amended by striking ‘‘$100,000’’ and inserting ‘‘$250,000’’. 
SEC. 336. MANAGEMENT OF THE FEDERAL DEPOSIT INSURANCE COR-
PORATION. 
(a) IN GENERAL.—Section 2 of the Federal Deposit Insurance 
Act (12 U.S.C. 1812) is amended— 
(1) in subsection (a)(1)(B), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Director of the Consumer 
Financial Protection Bureau’’; 
(2) by amending subsection (d)(2) to read as follows: 
‘‘(2) ACTING
OFFICIALS
MAY
SERVE.—In the event of a 
vacancy in the office of the Comptroller of the Currency or 
the office of Director of the Consumer Financial Protection 
Bureau and pending the appointment of a successor, or during 
the absence or disability of the Comptroller of the Currency 
or the Director of the Consumer Financial Protection Bureau, 
the acting Comptroller of the Currency or the acting Director 
of the Consumer Financial Protection Bureau, as the case may 
be, shall be a member of the Board of Directors in the place 
of the Comptroller or Director.’’; and 
(3) in subsection (f)(2), by striking ‘‘Office of Thrift Super-
vision’’ and inserting ‘‘Consumer Financial Protection Bureau’’. 
(b) EFFECTIVE DATE.—This section, and the amendments made 
by this section, shall take effect on the transfer date. 
Subtitle D—Other Matters 
SEC. 341. BRANCHING. 
Notwithstanding the Federal Deposit Insurance Act (12 U.S.C. 
1811 et seq.), the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.), or any other provision of Federal or State law, 
a savings association that becomes a bank may—
H. R. 4173—166 
(1) continue to operate any branch or agency that the 
savings association operated immediately before the savings 
association became a bank; and 
(2) establish, acquire, and operate additional branches and 
agencies at any location within any State in which the savings 
association operated a branch immediately before the savings 
association became a bank, if the law of the State in which 
the branch is located, or is to be located, would permit establish-
ment of the branch if the bank were a State bank chartered 
by such State. 
SEC. 342. OFFICE OF MINORITY AND WOMEN INCLUSION. 
(a) OFFICE OF MINORITY AND WOMEN INCLUSION.— 
(1) ESTABLISHMENT.— 
(A) IN GENERAL.—Except as provided in subparagraph 
(B), not later than 6 months after the date of enactment 
of this Act, each agency shall establish an Office of Minority 
and Women Inclusion that shall be responsible for all mat-
ters of the agency relating to diversity in management, 
employment, and business activities. 
(B) BUREAU.—The Bureau shall establish an Office 
of Minority and Women Inclusion not later than 6 months 
after the designated transfer date established under section 
1062. 
(2) TRANSFER OF RESPONSIBILITIES.—Each agency that, on 
the day before the date of enactment of this Act, assigned 
the responsibilities described in paragraph (1) (or comparable 
responsibilities) to another office of the agency shall ensure 
that such responsibilities are transferred to the Office. 
(3) DUTIES
WITH
RESPECT
TO
CIVIL
RIGHTS
LAWS.—The 
responsibilities described in paragraph (1) do not include 
enforcement of statutes, regulations, or executive orders per-
taining to civil rights, except each Director shall coordinate 
with the agency administrator, or the designee of the agency 
administrator, regarding the design and implementation of any 
remedies resulting from violations of such statutes, regulations, 
or executive orders. 
(b) DIRECTOR.— 
(1) IN
GENERAL.—The Director of each Office shall be 
appointed by, and shall report to, the agency administrator. 
The position of Director shall be a career reserved position 
in the Senior Executive Service, as that position is defined 
in section 3132 of title 5, United States Code, or an equivalent 
designation. 
(2) DUTIES.—Each Director shall develop standards for— 
(A) equal employment opportunity and the racial, 
ethnic, and gender diversity of the workforce and senior 
management of the agency; 
(B) increased participation of minority-owned and 
women-owned businesses in the programs and contracts 
of the agency, including standards for coordinating tech-
nical assistance to such businesses; and 
(C) assessing the diversity policies and practices of 
entities regulated by the agency. 
(3) OTHER DUTIES.—Each Director shall advise the agency 
administrator on the impact of the policies and regulations 
of the agency on minority-owned and women-owned businesses.
H. R. 4173—167 
(4) RULE OF CONSTRUCTION.—Nothing in paragraph (2)(C) 
may be construed to mandate any requirement on or otherwise 
affect the lending policies and practices of any regulated entity, 
or to require any specific action based on the findings of the 
assessment. 
(c) INCLUSION IN ALL LEVELS OF BUSINESS ACTIVITIES.— 
(1) IN GENERAL.—The Director of each Office shall develop 
and implement standards and procedures to ensure, to the 
maximum extent possible, the fair inclusion and utilization 
of minorities, women, and minority-owned and women-owned 
businesses in all business and activities of the agency at all 
levels, including in procurement, insurance, and all types of 
contracts. 
(2) CONTRACTS.—The procedures established by each 
agency for review and evaluation of contract proposals and 
for hiring service providers shall include, to the extent con-
sistent with applicable law, a component that gives consider-
ation to the diversity of the applicant. Such procedure shall 
include a written statement, in a form and with such content 
as the Director shall prescribe, that a contractor shall ensure, 
to the maximum extent possible, the fair inclusion of women 
and minorities in the workforce of the contractor and, as 
applicable, subcontractors. 
(3) TERMINATION.— 
(A) DETERMINATION.—The standards and procedures 
developed and implemented under this subsection shall 
include a procedure for the Director to make a determina-
tion whether an agency contractor, and, as applicable, a 
subcontractor has failed to make a good faith effort to 
include minorities and women in their workforce. 
(B) EFFECT OF DETERMINATION.— 
(i) 
RECOMMENDATION
TO
AGENCY
ADMINIS-
TRATOR.—Upon a determination described in subpara-
graph (A), the Director shall make a recommendation 
to the agency administrator that the contract be termi-
nated. 
(ii) ACTION
BY
AGENCY
ADMINISTRATOR.—Upon 
receipt of a recommendation under clause (i), the 
agency administrator may— 
(I) terminate the contract; 
(II) make a referral to the Office of Federal 
Contract Compliance Programs of the Department 
of Labor; or 
(III) take other appropriate action. 
(d) APPLICABILITY.—This section shall apply to all contracts 
of an agency for services of any kind, including the services of 
financial institutions, investment banking firms, mortgage banking 
firms, asset management firms, brokers, dealers, financial services 
entities, underwriters, accountants, investment consultants, and 
providers of legal services. The contracts referred to in this sub-
section include all contracts for all business and activities of an 
agency, at all levels, including contracts for the issuance or guar-
antee of any debt, equity, or security, the sale of assets, the manage-
ment of the assets of the agency, the making of equity investments 
by the agency, and the implementation by the agency of programs 
to address economic recovery.
H. R. 4173—168 
(e) REPORTS.—Each Office shall submit to Congress an annual 
report regarding the actions taken by the agency and the Office 
pursuant to this section, which shall include— 
(1) a statement of the total amounts paid by the agency 
to contractors since the previous report; 
(2) the percentage of the amounts described in paragraph 
(1) that were paid to contractors described in subsection (c)(1); 
(3) the successes achieved and challenges faced by the 
agency in operating minority and women outreach programs; 
(4) the challenges the agency may face in hiring qualified 
minority and women employees and contracting with qualified 
minority-owned and women-owned businesses; and 
(5) any other information, findings, conclusions, and rec-
ommendations for legislative or agency action, as the Director 
determines appropriate. 
(f) DIVERSITY IN AGENCY WORKFORCE.—Each agency shall take 
affirmative steps to seek diversity in the workforce of the agency 
at all levels of the agency in a manner consistent with applicable 
law. Such steps shall include— 
(1) recruiting at historically black colleges and universities, 
Hispanic-serving institutions, women’s colleges, and colleges 
that typically serve majority minority populations; 
(2) sponsoring and recruiting at job fairs in urban commu-
nities; 
(3) placing employment advertisements in newspapers and 
magazines oriented toward minorities and women; 
(4) partnering with organizations that are focused on devel-
oping opportunities for minorities and women to place talented 
young minorities and women in industry internships, summer 
employment, and full-time positions; 
(5) where feasible, partnering with inner-city high schools, 
girls’ high schools, and high schools with majority minority 
populations to establish or enhance financial literacy programs 
and provide mentoring; and 
(6) any other mass media communications that the Office 
determines necessary. 
(g) DEFINITIONS.—For purposes of this section, the following 
definitions shall apply: 
(1) AGENCY.—The term ‘‘agency’’ means— 
(A) the Departmental Offices of the Department of 
the Treasury; 
(B) the Corporation; 
(C) the Federal Housing Finance Agency; 
(D) each of the Federal reserve banks; 
(E) the Board; 
(F) the National Credit Union Administration; 
(G) the Office of the Comptroller of the Currency; 
(H) the Commission; and 
(I) the Bureau. 
(2) AGENCY ADMINISTRATOR.—The term ‘‘agency adminis-
trator’’ means the head of an agency. 
(3) MINORITY.—The term ‘‘minority’’ has the same meaning 
as in section 1204(c) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note). 
(4) MINORITY-OWNED BUSINESS.—The term ‘‘minority-owned 
business’’ has the same meaning as in section 21A(r)(4)(A)
H. R. 4173—169 
of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)(A)), 
as in effect on the day before the transfer date. 
(5) OFFICE.—The term ‘‘Office’’ means the Office of Minority 
and Women Inclusion established by an agency under sub-
section (a). 
(6) WOMEN-OWNED
BUSINESS.—The term ‘‘women-owned 
business’’ has the meaning given the term ‘‘women’s business’’ 
in section 21A(r)(4)(B) of the Federal Home Loan Bank Act 
(12 U.S.C. 1441a(r)(4)(B)), as in effect on the day before the 
transfer date. 
SEC. 343. INSURANCE OF TRANSACTION ACCOUNTS. 
(a) BANKS AND SAVINGS ASSOCIATIONS.— 
(1) AMENDMENTS.—Section 11(a)(1) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(a)(1)) is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘The net amount’’ and inserting 
the following: 
‘‘(i) IN GENERAL.—Subject to clause (ii), the net 
amount’’; and 
(ii) by adding at the end the following new clauses: 
‘‘(ii) INSURANCE FOR NONINTEREST-BEARING TRANS-
ACTION
ACCOUNTS.—Notwithstanding clause (i), the 
Corporation shall fully insure the net amount that 
any depositor at an insured depository institution 
maintains 
in 
a 
noninterest-bearing 
transaction 
account. Such amount shall not be taken into account 
when computing the net amount due to such depositor 
under clause (i). 
‘‘(iii) NONINTEREST-BEARING TRANSACTION ACCOUNT 
DEFINED.—For purposes of this subparagraph, the term 
‘noninterest-bearing transaction account’ means a 
deposit or account maintained at an insured depository 
institution— 
‘‘(I) with respect to which interest is neither 
accrued nor paid; 
‘‘(II) on which the depositor or account holder 
is permitted to make withdrawals by negotiable 
or transferable instrument, payment orders of 
withdrawal, telephone or other electronic media 
transfers, or other similar items for the purpose 
of making payments or transfers to third parties 
or others; and 
‘‘(III) on which the insured depository institu-
tion does not reserve the right to require advance 
notice of an intended withdrawal.’’; and 
(B) in subparagraph (C), by striking ‘‘subparagraph 
(B)’’ and inserting ‘‘subparagraph (B)(i)’’. 
(2) EFFECTIVE DATE.—The amendments made by paragraph 
(1) shall take effect on December 31, 2010. 
(3) PROSPECTIVE REPEAL.—Effective January 1, 2013, sec-
tion 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(1)), as amended by paragraph (1), is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘DEPOSIT.—’’ and all that follows 
through ‘‘clause (ii), the net amount’’ and insert 
‘‘DEPOSIT.—The net amount’’; and
H. R. 4173—170 
(ii) by striking clauses (ii) and (iii); and 
(B) in subparagraph (C), by striking ‘‘subparagraph 
(B)(i)’’ and inserting ‘‘subparagraph (B)’’. 
(b) CREDIT UNIONS.— 
(1) AMENDMENTS.—Section 207(k)(1) of the Federal Credit 
Union Act (12 U.S.C. 1787(k)(1)) is amended— 
(A) in subparagraph (A)— 
(i) by striking ‘‘Subject to the provisions of para-
graph (2), the net amount’’ and inserting the following: 
‘‘(i) NET AMOUNT OF INSURANCE PAYABLE.—Subject 
to clause (ii) and the provisions of paragraph (2), the 
net amount’’; and 
(ii) by adding at the end the following new clauses: 
‘‘(ii) INSURANCE FOR NONINTEREST-BEARING TRANS-
ACTION
ACCOUNTS.—Notwithstanding clause (i), the 
Board shall fully insure the net amount that any 
member or depositor at an insured credit union main-
tains in a noninterest-bearing transaction account. 
Such amount shall not be taken into account when 
computing the net amount due to such member or 
depositor under clause (i). 
‘‘(iii) NONINTEREST-BEARING TRANSACTION ACCOUNT 
DEFINED.—For purposes of this subparagraph, the term 
‘noninterest-bearing transaction account’ means an 
account or deposit maintained at an insured credit 
union— 
‘‘(I) with respect to which interest is neither 
accrued nor paid; 
‘‘(II) on which the account holder or depositor 
is permitted to make withdrawals by negotiable 
or transferable instrument, payment orders of 
withdrawal, telephone or other electronic media 
transfers, or other similar items for the purpose 
of making payments or transfers to third parties 
or others; and 
‘‘(III) on which the insured credit union does 
not reserve the right to require advance notice 
of an intended withdrawal.’’; and 
(B) in subparagraph (B), by striking ‘‘subparagraph 
(A)’’ and inserting ‘‘subparagraph (A)(i)’’. 
(2) EFFECTIVE DATE.—The amendments made by paragraph 
(1) shall take effect upon the date of the enactment of this 
Act 
(3) PROSPECTIVE REPEAL.—Effective January 1, 2013, sec-
tion 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 
1787(k)(1)), as amended by paragraph (1), is amended— 
(A) in subparagraph (A)— 
(i) by striking ‘‘(i) NET AMOUNT OF INSURANCE PAY-
ABLE.—’’ and all that follows through ‘‘paragraph (2), 
the net amount’’ and inserting ‘‘Subject to the provi-
sions of paragraph (2), the net amount’’; and 
(ii) by striking clauses (ii) and (iii); and 
(B) in subparagraph (B), by striking ‘‘subparagraph 
(A)(i)’’ and inserting ‘‘subparagraph (A)’’.
H. R. 4173—171 
Subtitle E—Technical and Conforming 
Amendments 
SEC. 351. EFFECTIVE DATE. 
Except as provided in section 364(a), the amendments made 
by this subtitle shall take effect on the transfer date. 
SEC. 352. BALANCED BUDGET AND EMERGENCY DEFICIT CONTROL 
ACT OF 1985. 
Section 256(h) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 906(h)) is amended— 
(1) in paragraph (4), by striking subparagraphs (C) and 
(G); and 
(2) by redesignating subparagraphs (D), (E), (F), and (H) 
as subparagraphs (C), (D), (E), and (F), respectively. 
SEC. 353. BANK ENTERPRISE ACT OF 1991. 
Section 232(a) of the Bank Enterprise Act of 1991 (12 U.S.C. 
1834(a)) is amended— 
(1) in the subsection heading, by striking ‘‘BY FEDERAL 
RESERVE BOARD’’; 
(2) in paragraph (1)— 
(A) by striking ‘‘The Board of Governors of the Federal 
Reserve System,’’ and inserting ‘‘The Comptroller of the 
Currency’’; and 
(B) by striking ‘‘section 7(b)(2)(H)’’ and inserting ‘‘sec-
tion 7(b)(2)(E)’’; 
(3) in paragraph (2)(A), by striking ‘‘Board’’ and inserting 
‘‘Comptroller’’; and 
(4) in paragraph (3)— 
(A) by redesignating subparagraphs (A) through (C) 
as subparagraphs (B) through (D), respectively; and 
(B) by inserting before subparagraph (B) the following: 
‘‘(A) COMPTROLLER.—The term ‘Comptroller’ means the 
Comptroller of the Currency.’’. 
SEC. 354. BANK HOLDING COMPANY ACT OF 1956. 
The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et 
seq.) is amended— 
(1) in section 2(j)(3) (12 U.S.C. 1841(j)(3)), strike ‘‘Director 
of the Office of Thrift Supervision’’ and inserting ‘‘appropriate 
Federal banking agency’’; 
(2) in section 4 (12 U.S.C. 1843)— 
(A) in subsection (i)— 
(i) in paragraph (4)— 
(I) in subparagraph (A)— 
(aa) in the subparagraph heading, by 
striking ‘‘TO DIRECTOR’’; and 
(bb) by striking ‘‘Board’’ and all that fol-
lows through the end of the subparagraph and 
inserting ‘‘Board shall solicit comments and 
recommendations from— 
‘‘(i) the Comptroller of the Currency, with respect 
to the acquisition of a Federal savings association; 
and
H. R. 4173—172 
‘‘(ii) the Federal Deposit Insurance Corporation, 
with respect to the acquisition of a State savings 
association.’’. 
(II) in subparagraph (B), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘Comp-
troller of the Currency or the Federal Deposit 
Insurance Corporation, as applicable,’’; 
(ii) in paragraph (5)— 
(I) in subparagraph (B), by striking ‘‘Director 
with’’ and inserting ‘‘Comptroller of the Currency 
or the Federal Deposit Insurance Corporation, as 
applicable, with’’; and 
(II) by striking ‘‘Director’’ each place that term 
appears and inserting ‘‘Comptroller of the Cur-
rency or the Federal Deposit Insurance Corpora-
tion’’; 
(iii) in paragraph (6), by striking ‘‘Director’’ and 
inserting ‘‘Comptroller of the Currency or the Federal 
Deposit Insurance Corporation, as applicable,’’; and 
(iv) by striking paragraph (7); and 
(3) in section 5(f) (12 U.S.C. 1844(f))— 
(A) by striking ‘‘subpena’’ each place that term appears 
and inserting ‘‘subpoena’’; 
(B) by striking ‘‘subpenas’’ each place that term 
appears and inserting ‘‘subpoenas’’; and 
(C) by striking ‘‘subpenaed’’ and inserting ‘‘subpoe-
naed’’. 
SEC. 355. BANK HOLDING COMPANY ACT AMENDMENTS OF 1970. 
Section 106(b)(1) of the Bank Holding Company Act Amend-
ments of 1970 (12 U.S.C. 1972(1)) is amended in the undesignated 
matter following subparagraph (E) by inserting ‘‘issue such regula-
tions as are necessary to carry out this section, and, in consultation 
with the Comptroller of the Currency and the Federal Deposit 
Insurance Company, may’’ after ‘‘The Board may’’. 
SEC. 356. BANK PROTECTION ACT OF 1968. 
The Bank Protection Act of 1968 (12 U.S.C. 1881 et seq.) 
is amended— 
(1) in section 2 (12 U.S.C. 1881), by striking ‘‘the term’’ 
and all that follows through the end of the section and inserting 
‘‘the term ‘Federal supervisory agency’ means the appropriate 
Federal banking agency, as defined in section 3(q) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(q)).’’; 
(2) in section 3 (12 U.S.C. 1882), by striking ‘‘and loan’’ 
each place that term appears; and 
(3) in section 5 (12 U.S.C. 1884), by striking ‘‘and loan’’. 
SEC. 357. BANK SERVICE COMPANY ACT. 
The Bank Service Company Act (12 U.S.C. 1861 et seq.) is 
amended— 
(1) in section 1(b)(4) (12 U.S.C. 1861(b)(4))— 
(A) by inserting after ‘‘an insured bank,’’ the following: 
‘‘a savings association,’’; 
(B) by striking ‘‘Director of the Office of Thrift Super-
vision’’ and inserting ‘‘appropriate Federal banking agency’’; 
and
H. R. 4173—173 
(C) by striking ‘‘, the Federal Savings and Loan Insur-
ance Corporation,’’; 
(2) in section 1(b)(5), by striking ‘‘term ‘insured depository 
institution’ has the same meaning as in section 3(c)’’ and 
inserting ‘‘terms ‘depository institution’ and ‘savings association’ 
have the same meanings as in section 3’’; and 
(3) in section 7(c)(2) (12 U.S.C. 1867(c)(2)), by inserting 
‘‘each’’ after ‘‘notify’’. 
SEC. 358. COMMUNITY REINVESTMENT ACT OF 1977. 
The Community Reinvestment Act of 1977 (12 U.S.C. 2901 
et seq.) is amended— 
(1) in section 803 (12 U.S.C. 2902)— 
(A) in paragraph (1)— 
(i) in subparagraph (A), by inserting ‘‘and Federal 
savings associations (the deposits of which are insured 
by the Federal Deposit Insurance Corporation)’’ after 
‘‘banks’’; 
(ii) in subparagraph (B), by striking ‘‘and bank 
holding companies’’ and inserting ‘‘, bank holding 
companies, and savings and loan holding companies’’; 
and 
(iii) in subparagraph (C), by striking ‘‘; and’’ and 
inserting ‘‘, and State savings associations (the deposits 
of which are insured by the Federal Deposit Insurance 
Corporation).’’; and 
(B) by striking paragraph (2) (relating to the Office 
of Thrift Supervision), as added by section 744(q) of the 
Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (Public Law 101–73; 103 Stat. 440); and 
(2) in section 806 (12 U.S.C. 2905), by inserting ‘‘, except 
that the Comptroller of the Currency shall prescribe regulations 
applicable to savings associations and the Board of Governors 
shall prescribe regulations applicable to insured State member 
banks, bank holding companies and savings and loan holding 
companies,’’ after ‘‘supervisory agency’’. 
SEC. 359. CRIME CONTROL ACT OF 1990. 
The Crime Control Act of 1990 is amended— 
(1) in section 2539(c)(2) (28 U.S.C. 509 note)— 
(A) by striking subparagraphs (C) and (D); and 
(B) by redesignating subparagraphs (E) through (H) 
as subparagraphs (C) through (G), respectively; and 
(2) in section 2554(b)(2) (Public Law 101–647; 104 Stat. 
4890)— 
(A) in subparagraph (A), by striking ‘‘, the Director 
of the Office of Thrift Supervision,’’ and inserting ‘‘the 
Comptroller of the Currency’’; and 
(B) in subparagraph (B), by striking ‘‘, the Director’’ 
and all that follows through ‘‘Trust Corporation’’ and 
inserting ‘‘or the Federal Deposit Insurance Corporation’’. 
SEC. 360. DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT. 
The Depository Institution Management Interlocks Act (12 
U.S.C. 3201 et seq.) is amended— 
(1) in section 207 (12 U.S.C. 3206)— 
(A) in paragraph (1), by inserting before the comma 
at the end the following: ‘‘and Federal savings associations
H. R. 4173—174 
(the deposits of which are insured by the Federal Deposit 
Insurance Corporation)’’; 
(B) in paragraph (2), by striking ‘‘, and bank holding 
companies’’ and inserting ‘‘, bank holding companies, and 
savings and loan holding companies’’; 
(C) in paragraph (3), by striking ‘‘Corporation,’’ and 
inserting ‘‘Corporation and State savings associations (the 
deposits of which are insured by the Federal Deposit Insur-
ance Corporation),’’; 
(D) by striking paragraph (4); 
(E) by redesignating paragraphs (5) and (6) as para-
graphs (4) and (5), respectively; and 
(F) in paragraph (5), as so redesignated, by striking 
‘‘through (5)’’ and inserting ‘‘through (4)’’; 
(2) in section 209 (12 U.S.C. 3207)— 
(A) in paragraph (1), by inserting before the comma 
at the end the following: ‘‘and Federal savings associations 
(the deposits of which are insured by the Federal Deposit 
Insurance Corporation)’’; 
(B) in paragraph (2), by striking ‘‘, and bank holding 
companies’’ and inserting ‘‘, bank holding companies, and 
savings and loan holding companies’’; 
(C) in paragraph (3), by striking ‘‘Corporation,’’ and 
inserting ‘‘Corporation and State savings associations (the 
deposits of which are insured by the Federal Deposit Insur-
ance Corporation),’’; 
(D) by striking paragraph (4); and 
(E) by redesignating paragraph (5) as paragraph (4); 
and 
(3) in section 210(a) (12 U.S.C. 3208(a))— 
(A) by striking ‘‘his’’ and inserting ‘‘the’’; and 
(B) by inserting ‘‘of the Attorney General’’ after 
‘‘enforcement functions’’. 
SEC. 361. EMERGENCY HOMEOWNERS’ RELIEF ACT. 
Section 110 of the Emergency Homeowners’ Relief Act (12 
U.S.C. 2709) is amended in the second sentence, by striking ‘‘Home 
Loan Bank Board, the Federal Savings and Loan Insurance Cor-
poration’’ and inserting ‘‘Housing Finance Agency’’. 
SEC. 362. FEDERAL CREDIT UNION ACT. 
The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is 
amended— 
(1) in section 107(8) (12 U.S.C. 1757(8)), by striking ‘‘or 
the Federal Savings and Loan Insurance Corporation’’; 
(2) in section 205 (12 U.S.C. 1785)— 
(A) in subsection (b)(2)(G)(i), by striking ‘‘the Office 
of Thrift Supervision and’’; and 
(B) in subsection (i)(1), by striking ‘‘or the Federal 
Savings and Loan Insurance Corporation’’; and 
(3) in section 206(g)(7) (12 U.S.C. 1786(g)(7))— 
(A) in subparagraph (A)— 
(i) in clause (ii), by striking ‘‘(b)(8)’’ and inserting 
‘‘(b)(9)’’; 
(ii) in clause (v)— 
(I) by striking ‘‘depository’’ and inserting 
‘‘financial’’; and 
(II) by adding ‘‘and’’ at the end;
H. R. 4173—175 
(iii) in clause (vi)— 
(I) by striking ‘‘Board’’ and inserting ‘‘Agency’’; 
and 
(II) by striking ‘‘; and’’ and inserting a period; 
and 
(iv) by striking clause (vii); and 
(B) in subparagraph (D)— 
(i) in clause (iii), by adding ‘‘and’’ at the end; 
(ii) in clause (iv)— 
(I) by striking ‘‘Board’’ and inserting ‘‘Agency’’; 
and 
(II) by striking ‘‘and’’ at the end; and 
(iii) by striking clause (v). 
SEC. 363. FEDERAL DEPOSIT INSURANCE ACT. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) 
is amended— 
(1) in section 3 (12 U.S.C. 1813)— 
(A) in subsection (b)(1)(C), by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency’’; 
(B) in subsection (l)(5), in the matter preceding 
subparagraph (A), by striking ‘‘Director of the Office of 
Thrift Supervision,’’; and 
(C) in subsection (z), by striking ‘‘the Director of the 
Office of Thrift Supervision,’’; 
(2) in section 7 (12 U.S.C. 1817)— 
(A) in subsection (a)— 
(i) in paragraph (2)— 
(I) in subparagraph (A)— 
(aa) in the first sentence, by striking ‘‘the 
Director of the Office of Thrift Supervision,’’; 
(bb) in the second sentence— 
(AA) by striking ‘‘the Director of the 
Office of Thrift Supervision,’’ and inserting 
‘‘to’’; and 
(BB) by inserting ‘‘to’’ before ‘‘any Fed-
eral home’’; and 
(cc) by striking ‘‘Finance Board’’ each place 
that term appears and inserting ‘‘Finance 
Agency’’; and 
(II) in subparagraph (B), by striking ‘‘the 
Comptroller of the Currency, the Board of Gov-
ernors of the Federal Reserve System, and the 
Director of the Office of Thrift Supervision,’’ and 
inserting ‘‘the Comptroller of the Currency and 
the Board of Governors of the Federal Reserve 
System,’’; 
(ii) in paragraph (3), in the first sentence, by 
striking ‘‘Comptroller of the Currency, the Chairman 
of the Board of Governors of the Federal Reserve 
System, and the Director of the Office of Thrift Super-
vision.’’ and inserting ‘‘Comptroller of the Currency, 
and the Chairman of the Board of Governors of the 
Federal Reserve System.’’; 
(iii) 
in 
paragraph 
(6), 
by 
striking 
‘‘section 
232(a)(3)(C)’’ and inserting ‘‘section 232(a)(3)(D)’’; and
H. R. 4173—176 
(iv) in paragraph (7), by striking ‘‘, the Director 
of the Office of Thrift Supervision,’’; and 
(B) in subsection (n)— 
(i) in the heading, by striking ‘‘DIRECTOR OF THE 
OFFICE OF THRIFT SUPERVISION’’ and inserting ‘‘COMP-
TROLLER OF THE CURRENCY’’; 
(ii) in the first sentence— 
(I) by striking ‘‘the Director of the Office of 
Thrift Supervision’’ and inserting ‘‘the Comptroller 
of the Currency’’; and 
(II) by inserting ‘‘Federal’’ before ‘‘savings 
associations’’; 
(iii) in the third sentence, by striking ‘‘, the 
Financing Corporation, and the Resolution Funding 
Corporation’’; and 
(iv) by striking ‘‘the Director’’ each place that term 
appears and inserting ‘‘the Comptroller’’; 
(3) in section 8 (12 U.S.C. 1818)— 
(A) in subsection (a)(8)(B)(ii), in the last sentence, by 
striking ‘‘Director of the Office of Thrift Supervision’’ each 
place that term appears and inserting ‘‘Comptroller of the 
Currency’’; 
(B) in subsection (b)(3)— 
(i) by inserting ‘‘any savings and loan holding com-
pany and any subsidiary (other than a depository 
institution) of a savings and loan holding company 
(as such terms are defined in section 10 of Home 
Owners’ Loan Act)), any noninsured State member 
bank’’ after ‘‘Bank Holding Company Act of 1956,’’; 
and 
(ii) by inserting ‘‘or against a savings and loan 
holding company or any subsidiary thereof (other than 
a depository institution or a subsidiary of such deposi-
tory institution)’’ before the period at the end; 
(C) by striking paragraph (9) of subsection (b) and 
inserting the following new paragraph: 
‘‘(9) [Repealed]’’. 
(D) in subsection (e)(7)— 
(i) in subparagraph (A)— 
(I) in clause (v), by inserting ‘‘and’’ after the 
semicolon; 
(II) in clause (vi)— 
(aa) by striking ‘‘Board’’ and inserting 
‘‘Agency’’; and 
(bb) by striking ‘‘; and’’ and inserting a 
period; and 
(III) by striking clause (vii); and 
(ii) in subparagraph (D)— 
(I) in clause (iii), by inserting ‘‘and’’ after the 
semicolon; 
(II) in clause (iv)— 
(aa) by striking ‘‘Board’’ and inserting 
‘‘Agency’’; and 
(bb) by striking ‘‘; and’’ and inserting a 
period; and 
(III) by striking clause (v); 
(E) in subsection (j)—
H. R. 4173—177 
(i) in paragraph (2), by striking ‘‘, or as a savings 
association under subsection (b)(9) of this section’’; 
(ii) in paragraph (3), by inserting ‘‘or’’ after the 
semicolon; 
(iii) in paragraph (4), by striking ‘‘; or’’ and 
inserting a comma; and 
(iv) by striking paragraph (5); 
(F) in subsection (o), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Comptroller of the 
Currency’’; and 
(G) in subsection (w)(3)(A), by striking ‘‘and the Office 
of Thrift Supervision’’; 
(4) in section 10 (12 U.S.C. 1820)— 
(A) in subsection (d)(5), by striking ‘‘or the Resolution 
Trust Corporation’’ each place that term appears; and 
(B) in subsection (k)(5)(B)— 
(i) in clause (ii), by inserting ‘‘and’’ after the semi-
colon; 
(ii) in clause (iii), by striking ‘‘; and’’ and inserting 
a period; and 
(iii) by striking clause (iv); 
(5) in section 11 (12 U.S.C. 1821)— 
(A) in subsection (c)— 
(i) in paragraph (2)(A)(ii), by striking ‘‘(other than 
section 21A of the Federal Home Loan Bank Act)’’; 
(ii) in paragraph (4), by striking ‘‘Except as other-
wise provided in section 21A of the Federal Home 
Loan Bank Act and notwithstanding’’ and inserting 
‘‘Notwithstanding’’; 
(iii) in paragraph (6)— 
(I) in the heading, by striking ‘‘DIRECTOR OF 
THE OFFICE OF THRIFT SUPERVISION’’ and inserting 
‘‘COMPTROLLER OF THE CURRENCY’’; 
(II) in subparagraph (A)— 
(aa) by striking ‘‘or the Resolution Trust 
Corporation’’; and 
(bb) by striking ‘‘Director of the Office of 
Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency’’; and 
(III) by amending subparagraph (B) to read 
as follows: 
‘‘(B) RECEIVER.—The Corporation may, at the discre-
tion of the Comptroller of the Currency, be appointed 
receiver and the Corporation may accept any such appoint-
ment.’’; 
(iv) in paragraph (12)(A), by striking ‘‘or the Reso-
lution Trust Corporation’’; 
(B) in subsection (d)— 
(i) in paragraph (17)(A), by striking ‘‘or the 
Director of the Office of Thrift Supervision’’; and 
(ii) in paragraph (18)(B), by striking ‘‘or the 
Director of the Office of Thrift Supervision’’; 
(C) in subsection (m)— 
(i) in paragraph (9), by striking ‘‘or the Director 
of the Office of Thrift Supervision, as appropriate’’;
H. R. 4173—178 
(ii) in paragraph (16), by striking ‘‘or the Director 
of the Office of Thrift Supervision, as appropriate’’ 
each place that term appears; and 
(iii) in paragraph (18), by striking ‘‘or the Director 
of the Office of Thrift Supervision, as appropriate’’ 
each place that term appears; 
(D) in subsection (n)— 
(i) in paragraph (1)(A)— 
(I) by striking ‘‘, or the Director of the Office 
of Thrift Supervision, with respect to’’ and 
inserting ‘‘or’’; and 
(II) by striking ‘‘applicable,,’’ and inserting 
‘‘applicable,’’; 
(ii) in paragraph (2)(A), by striking ‘‘or the Director 
of the Office of Thrift Supervision’’; 
(iii) in paragraph (4)(D), by striking ‘‘and the 
Director of the Office of Thrift Supervision, as appro-
priate,’’; 
(iv) in paragraph (4)(G), by striking ‘‘and the 
Director of the Office of Thrift Supervision, as appro-
priate,’’; and 
(v) in paragraph (12)(B)— 
(I) by inserting ‘‘as’’ after ‘‘shall appoint the 
Corporation’’; 
(II) by striking ‘‘or the Director of the Office 
of Thrift Supervision, as appropriate,’’ each place 
such term appears; 
(E) in subsection (p)— 
(i) in paragraph (2)(B), by striking ‘‘the Corpora-
tion, the FSLIC Resolution Fund, or the Resolution 
Trust Corporation,’’ and inserting ‘‘or the Corporation,’’; 
and 
(ii) in paragraph (3)(B), by striking ‘‘, the FSLIC 
Resolution Fund, the Resolution Trust Corporation,’’; 
and 
(F) in subsection (r), by striking ‘‘and the Resolution 
Trust Corporation’’; 
(6) in section 13(k)(1)(A)(iv) (12 U.S.C. 1823(k)(1)(A)(iv)), 
by striking ‘‘Director of the Office of Thrift Supervision’’ and 
inserting ‘‘Comptroller of the Currency’’; 
(7) in section 18 (12 U.S.C. 1828)— 
(A) in subsection (c)(2)— 
(i) in subparagraph (A), by inserting ‘‘or a Federal 
savings association’’ before the semicolon; 
(ii) in subparagraph (B), by adding ‘‘and’’ at the 
end; 
(iii) in subparagraph (C), by striking ‘‘(except’’ and 
all that follows through ‘‘; and’’ and inserting ‘‘or a 
State savings association.’’; and 
(iv) by striking subparagraph (D); 
(B) in subsection (g)(1), by striking ‘‘the Director of 
the Office of Thrift Supervision’’and inserting ‘‘the Comp-
troller of the Currency’’; 
(C) in subsection (i)(2)(C), by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Corporation’’; 
and 
(D) in subsection (m)—
H. R. 4173—179 
(i) in paragraph (1)— 
(I) in subparagraph (A), by striking ‘‘and the 
Director of the Office of Thrift Supervision’’ and 
inserting ‘‘or the Comptroller of the Currency, as 
appropriate,’’; and 
(II) in subparagraph (B), by striking ‘‘and 
orders of the Director of the Office of Thrift Super-
vision’’ and inserting ‘‘of the Comptroller of the 
Currency and orders of the Corporation and the 
Comptroller of the Currency’’; 
(ii) in paragraph (2)— 
(I) in subparagraph (A), by striking ‘‘Director 
of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency, as appropriate,’’; and 
(II) in subparagraph (B)— 
(aa) in the matter before clause (i), by 
striking ‘‘Director of the Office of Thrift Super-
vision’’ and inserting ‘‘Corporation or the 
Comptroller of the Currency, as appropriate,’’; 
and 
(bb) in the matter following clause (ii)— 
(AA) in the first sentence, by striking 
‘‘Director of the Office of Thrift Super-
vision’’ and inserting ‘‘Office of the Comp-
troller of the Currency, as appropriate,’’; 
and 
(BB) by striking the second sentence 
and inserting the following: ‘‘The Corpora-
tion or the Comptroller of the Currency, 
as appropriate, may take any other correc-
tive measures with respect to the sub-
sidiary, including the authority to require 
the subsidiary to terminate the activities 
or operations posing such risks, as the 
Corporation or the Comptroller of the Cur-
rency, respectively, may deem appro-
priate.’’; and 
(iii) in paragraph (3)— 
(I) in subparagraph (A), in the second sen-
tence— 
(aa) by inserting ‘‘, in the case of a Federal 
savings association,’’ before ‘‘consult with’’; and 
(bb) by striking ‘‘Director of the Office of 
Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency’’; and 
(II) in subparagraph (B)— 
(aa) in the subparagraph heading, by 
striking ‘‘DIRECTOR’’ and inserting ‘‘COMP-
TROLLER OF THE CURRENCY’’; 
(bb) by striking ‘‘Office of Thrift Super-
vision’’ and inserting ‘‘Comptroller of the Cur-
rency’’; 
(cc) by inserting a comma after ‘‘sound-
ness’’; and 
(dd) by inserting ‘‘as to Federal savings 
associations’’ after ‘‘compliance’’; 
(8) in section 19(e) (12 U.S.C. 1829(e))—
H. R. 4173—180 
(A) in paragraph (1), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Board of Governors 
of the Federal Reserve System’’; and 
(B) in paragraph (2), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Board of Governors 
of the Federal Reserve System’’; 
(9) in section 28 (12 U.S.C. 1831e)— 
(A) in subsection (e)— 
(i) in paragraph (2)— 
(I) 
in 
subparagraph 
(A)(ii), 
by 
striking 
‘‘Director of the Office of Thrift Supervision’’ and 
inserting ‘‘Comptroller of the Currency or the Cor-
poration, as appropriate’’; 
(II) in subparagraph (C), by striking ‘‘Director 
of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency or the Corporation, 
as appropriate,’’; and 
(III) in subparagraph (F), by striking ‘‘Director 
of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency or the Corporation, 
as appropriate’’; and 
(ii) in paragraph (3)— 
(I) in subparagraph (A), by striking ‘‘Director 
of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency or the Corporation, 
as appropriate’’; and 
(II) in subparagraph (B), by striking ‘‘Director 
of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency or the Corporation, 
as appropriate,’’; and 
(B) in subsection (h)(2), by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency, of the Corporation,’’; and 
(10) in section 33(e) (12 U.S.C. 1831j(e)), by striking ‘‘Fed-
eral Housing Finance Board, the Comptroller of the Currency, 
and the Director of the Office of Thrift Supervision’’ and 
inserting ‘‘Federal Housing Finance Agency and the Comp-
troller of the Currency’’. 
SEC. 364. FEDERAL HOME LOAN BANK ACT. 
(a) REPEAL
OF SECTION 18(c).—Effective 90 days after the 
transfer date, section 18(c) of the Federal Home Loan Bank Act 
(12 U.S.C. 1438(c)) is repealed. 
(b) REPEAL OF SECTION 21A.—Section 21A of the Federal Home 
Loan Bank Act (12 U.S.C. 1441a) is repealed. 
SEC. 365. FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY AND 
SOUNDNESS ACT OF 1992. 
The Federal Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4501 et seq.) is amended— 
(1) in section 1315(b) (12 U.S.C. 4515(b)), by striking ‘‘the 
Federal Deposit Insurance Corporation, and the Office of Thrift 
Supervision.’’ and inserting ‘‘and the Federal Deposit Insurance 
Corporation.’’; and 
(2) in section 1317(c) (12 U.S.C. 4517(c)), by striking ‘‘the 
Federal Deposit Insurance Corporation, or the Director of the 
Office of Thrift Supervision’’ and inserting ‘‘or the Federal 
Deposit Insurance Corporation’’.
H. R. 4173—181 
SEC. 366. FEDERAL RESERVE ACT. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended— 
(1) in section 11(a)(2) (12 U.S.C. 248(a)(2))— 
(A) by inserting ‘‘State savings associations that are 
insured depository institutions (as defined in section 3 of 
the Federal Deposit Insurance Act),’’ after ‘‘case of insured’’; 
(B) by striking ‘‘Director of the Office of Thrift Super-
vision’’ and inserting ‘‘Comptroller of the Currency’’; 
(C) by inserting ‘‘Federal’’ before ‘‘savings association 
which’’; and 
(D) by striking ‘‘savings and loan association’’ and 
inserting ‘‘savings association’’; and 
(2) in section 19(b) (12 U.S.C. 461(b))— 
(A) in paragraph (1)(F), by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency’’; and 
(B) in paragraph (4)(B), by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency’’. 
SEC. 
367. 
FINANCIAL 
INSTITUTIONS 
REFORM, 
RECOVERY, 
AND 
ENFORCEMENT ACT OF 1989. 
The Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989 is amended— 
(1) in section 203 (12 U.S.C. 1812 note), by striking sub-
section (b); 
(2) in section 302(1) (12 U.S.C. 1467a note), by striking 
‘‘Director of the Office of Thrift Supervision’’ and inserting 
‘‘Comptroller of the Currency’’; 
(3) in section 305(12 U.S.C. 1464 note), by striking sub-
section (b); 
(4) in section 308 (12 U.S.C. 1463 note)— 
(A) in subsection (a), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Chairman of the 
Board of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Chairman of the National 
Credit Union Administration,’’; and 
(B) by adding at the end the following new subsection: 
‘‘(c) REPORTS.—The Secretary of the Treasury, the Chairman 
of the Board of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Chairman of the National Credit 
Union Administration, and the Chairperson of Board of Directors 
of the Federal Deposit Insurance Corporation shall each submit 
an annual report to the Congress containing a description of actions 
taken to carry out this section.’’; 
(5) in section 402 (12 U.S.C. 1437 note)— 
(A) in subsection (a), by striking ‘‘Director of the Office 
of Thrift Supervision’’ and inserting ‘‘Comptroller of the 
Currency’’; 
(B) by striking subsection (b); 
(C) in subsection (e)— 
(i) in paragraph (1), by striking ‘‘Office of Thrift 
Supervision’’ and inserting ‘‘Comptroller of the Cur-
rency’’; and 
(ii) in each of paragraphs (2), (3), and (4), by 
striking ‘‘Director of the Office of Thrift Supervision’’
H. R. 4173—182 
each place that term appears and inserting ‘‘Comp-
troller of the Currency’’; and 
(D) by striking ‘‘Federal Housing Finance Board’’ each 
place that term appears and inserting ‘‘Federal Housing 
Finance Agency’’; 
(6) in section 1103(a) (12 U.S.C. 3332(a)), by striking ‘‘and 
the Resolution Trust Corporation’’; 
(7) in section 1205(b) (12 U.S.C. 1818 note)— 
(A) in paragraph (1)— 
(i) by striking subparagraph (B); and 
(ii) by redesignating subparagraphs (C) through 
(F) as subparagraphs (B) through (E), respectively; 
and 
(B) in paragraph (2), by striking ‘‘paragraph (1)(F)’’ 
and inserting ‘‘paragraph (1)(E)’’; 
(8) in section 1206 (12 U.S.C. 1833b)— 
(A) by striking ‘‘Board, the Oversight Board of the 
Resolution Trust Corporation’’ and inserting ‘‘Agency, and’’; 
and 
(B) by striking ‘‘, and the Office of Thrift Supervision’’; 
(9) in section 1216 (12 U.S.C. 1833e)— 
(A) in subsection (a)— 
(i) in paragraph (3), by adding ‘‘and’’ at the end; 
(ii) in paragraph (4), by striking the semicolon 
at the end and inserting a period; 
(iii) by striking paragraphs (2), (5), and (6); and 
(iv) by redesignating paragraphs (3) and (4), as 
paragraphs (2) and (3), respectively; 
(B) in subsection (c)— 
(i) by striking ‘‘the Director of the Office of Thrift 
Supervision,’’ and inserting ‘‘and’’; and 
(ii) by striking ‘‘the Thrift Depositor Protection 
Oversight Board of the Resolution Trust Corporation, 
and the Resolution Trust Corporation’’; and 
(C) in subsection (d)— 
(i) by striking paragraphs (3), (5), and (6); and 
(ii) by redesignating paragraphs (4), (7), and (8) 
as paragraphs (3), (4), and (5), respectively. 
SEC. 368. FLOOD DISASTER PROTECTION ACT OF 1973. 
Section 3(a)(5) of the Flood Disaster Protection Act of 1973 
(42 U.S.C. 4003(a)(5)) is amended by striking ‘‘, the Office of Thrift 
Supervision’’. 
SEC. 369. HOME OWNERS’ LOAN ACT. 
The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is 
amended— 
(1) in section 1 (12 U.S.C. 1461), by striking the table 
of contents; 
(2) in section 2 (12 U.S.C. 1462), as amended by this 
Act— 
(A) by striking paragraphs (1) and (3); 
(B) by redesignating paragraph (2) as paragraph (1); 
(C) by redesignating paragraphs (4) through (9) as 
paragraphs (2) through (7), respectively; and 
(D) by adding at the end the following:
H. R. 4173—183 
‘‘(8) BOARD.—The term ‘Board’, other than in the context 
of the Board of Directors of the Corporation, means the Board 
of Governors of the Federal Reserve System. 
‘‘(9) COMPTROLLER.—The term ‘Comptroller’ means the 
Comptroller of the Currency.’’; 
(3) in section 3 (12 U.S.C. 1462a)— 
(A) by striking the section heading and inserting the 
following: 
‘‘SEC. 3. ADMINISTRATIVE PROVISIONS.’’; 
(B) by striking subsections (a), (b), (c), (d), (g), (h), 
(i), and (j); 
(C) by redesignating subsections (e) and (f) as sub-
sections (a) and (b), respectively; 
(D) in subsection (a), as so redesignated— 
(i) in the heading by striking ‘‘OF THE DIRECTOR’’; 
and 
(ii) in the matter preceding paragraph (1), by 
striking ‘‘The Director’’ and inserting ‘‘In accordance 
with subtitle A of title III of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, the appro-
priate Federal banking agency’’; and 
(E) in subsection (b), as so redesignated, by striking 
‘‘Director’’ and inserting ‘‘appropriate Federal banking 
agency’’; 
(4) in section 4 (12 U.S.C. 1463)— 
(A) in subsection (a)— 
(i) in the subsection heading, by striking ‘‘FED-
ERAL’’; 
(ii) by striking paragraphs (1) and (2) and inserting 
the following: 
‘‘(1) EXAMINATION AND SAFE AND SOUND OPERATION.— 
‘‘(A) FEDERAL SAVINGS ASSOCIATIONS.—The Comptroller 
shall provide for the examination and safe and sound oper-
ation of Federal savings associations. 
‘‘(B) STATE SAVINGS ASSOCIATIONS.—The Corporation 
shall provide for the examination and safe and sound oper-
ation of State savings associations. 
‘‘(2) REGULATIONS FOR SAVINGS ASSOCIATIONS.—The Comp-
troller may prescribe regulations with respect to savings 
associations, as the Comptroller determines to be appropriate 
to carry out the purposes of this Act.’’; and 
(iii) in paragraph (3), by striking ‘‘Director’’ each 
place that term appears and inserting ‘‘Comptroller 
and the Corporation’’; 
(B) in subsection (b)— 
(i) in paragraph (2)— 
(I) in subparagraph (A), by adding ‘‘and’’ at 
the end; 
(II) in subparagraph (B), by striking ‘‘; and’’ 
and inserting a period; and 
(III) by striking subparagraph (C); and 
(ii) by striking ‘‘Director’’ each place that term 
appears and inserting ‘‘Comptroller’’; 
(C) in subsection (c)—
H. R. 4173—184 
(i) by striking ‘‘All regulations and policies of the 
Director’’ and inserting ‘‘The regulations of the Comp-
troller and the policies of the Comptroller and the 
Corporation’’; and 
(ii) by striking ‘‘of the Currency’’; 
(D) in subsection (e)(5), by striking ‘‘Director’’ and 
inserting ‘‘Comptroller’’; 
(E) in subsection (f), by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appropriate Federal 
banking agency’’; and 
(F) in subsection (h), by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appropriate Federal 
banking agency’’; 
(5) in section 5 (12 U.S.C. 1464)— 
(A) in subsection (a), by striking ‘‘Director’’, each place 
such term appears and inserting ‘‘Comptroller of the Cur-
rency’’; 
(B) in subsection (b), by striking ‘‘Director’’, each place 
such term appears and inserting ‘‘Comptroller of the Cur-
rency’’; 
(C) in subsection (c)— 
(i) in paragraph (5)— 
(I) in subparagraph (A), by striking ‘‘Director’’ 
and 
inserting 
‘‘appropriate 
Federal 
banking 
agency’’; and 
(II) in subparagraph (B)— 
(aa) by striking ‘‘The Director’’ and 
inserting ‘‘The appropriate Federal banking 
agency’’; and 
(bb) 
by 
striking 
‘‘the 
Director’’ 
and 
inserting ‘‘the appropriate Federal banking 
agency’’; 
(D) in subsection (d)— 
(i) in paragraph (1)— 
(I) in subparagraph (A)— 
(aa) in the first sentence, by striking 
‘‘Director’’ and inserting ‘‘appropriate Federal 
banking agency’’; 
(bb) in the second sentence— 
(AA) by striking ‘‘Director’s own name 
and through the Director’s own attorneys’’ 
and inserting ‘‘name of the appropriate 
Federal banking agency and through the 
attorneys of the appropriate Federal 
banking agency’’; and 
(BB) by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appro-
priate Federal banking agency’’; and 
(cc) in the third sentence, by striking 
‘‘Director’’ each place that term appears and 
inserting ‘‘Comptroller’’; 
(II) in subparagraph (B)— 
(aa) in clauses (i) through (iv), by striking 
‘‘Director’’ each place that term appears and 
inserting 
‘‘appropriate 
Federal 
banking 
agency’’; 
(III) in clause (v)—
H. R. 4173—185 
(aa) in the matter preceding subclause (I), 
by striking ‘‘Director’’ and inserting ‘‘appro-
priate Federal banking agency’’; 
(bb) in subclause (II), by striking ‘‘sub-
penas’’ and inserting ‘‘subpoenas’’; and 
(cc) in the matter following subclause (II), 
by striking ‘‘subpena’’ and inserting ‘‘sub-
poena’’; 
(IV) in clause (vi)— 
(aa) in the first sentence, by striking 
‘‘Director’’ and inserting ‘‘appropriate Federal 
banking agency’’; and 
(bb) in the second sentence, by striking 
‘‘Director’’ and inserting ‘‘Comptroller’’; 
(V) in clause (vii)— 
(aa) in the first sentence, by striking ‘‘sub-
pena’’ and inserting ‘‘subpoena’’; 
(bb) in the second sentence, by striking 
‘‘subpenaed’’ and inserting ‘‘subpoenaed’’; and 
(cc) in the third sentence, by striking 
‘‘Director’’ and inserting ‘‘appropriate Federal 
banking agency’’; 
(ii) in paragraph (2)— 
(I) in subparagraph (A)— 
(aa) by striking ‘‘Director of the Office of 
Thrift Supervision’’ and inserting ‘‘appropriate 
Federal banking agency’’; 
(bb) by striking ‘‘any insured savings 
association’’ and inserting ‘‘an insured savings 
association’’; and 
(cc) by striking ‘‘Director determines, in 
the Director’s discretion’’ and inserting ‘‘appro-
priate Federal banking agency determines, in 
the discretion of the appropriate Federal 
banking agency’’; 
(II) in subparagraph (B), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘appro-
priate Federal banking agency’’; 
(III) in subparagraphs (C) and (D), by striking 
‘‘Director’’ and inserting ‘‘appropriate Federal 
banking agency’’; 
(IV) in subparagraph (E)— 
(aa) in clause (ii)— 
(AA) in the clause heading, by 
striking ‘‘OR RTC’’; and 
(BB) by striking ‘‘or the Resolution 
Trust Corporation, as appropriate,’’ each 
place that term appears; and 
(bb) by striking ‘‘Director’’ each place that 
term appears and inserting ‘‘appropriate Fed-
eral banking agency’’; and 
(iii) in paragraph (3)— 
(I) in subparagraph (A), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘Comp-
troller’’; and 
(II) in subparagraph (B)—
H. R. 4173—186 
(aa) in the subparagraph heading, by 
striking ‘‘OR RTC’’; 
(bb) by striking ‘‘Corporation or the Reso-
lution Trust’’; and 
(cc) by striking ‘‘Director’’ and inserting 
‘‘Comptroller’’; 
(iv) in paragraph (4), by striking ‘‘Director’’ and 
inserting ‘‘appropriate Federal banking agency’’; 
(v) in paragraph (6)— 
(I) in subparagraph (A), by striking ‘‘Director’’ 
and inserting ‘‘Comptroller’’; and 
(II) in subparagraphs (B) and (C), by striking 
‘‘Director’’ each place that term appears and 
inserting ‘‘appropriate Federal banking agency’’; 
(vi) in paragraph (7)— 
(I) in subparagraphs (A), (B), and (D), by 
striking ‘‘Director’’ each place that term appears 
and 
inserting 
‘‘appropriate 
Federal 
banking 
agency’’; 
(II) in subparagraph (C), by striking ‘‘Director’’ 
and inserting ‘‘Federal Deposit Insurance Corpora-
tion or the Comptroller, as appropriate,’’; and 
(III) 
by 
striking 
subparagraph 
(E) 
and 
inserting the following: 
‘‘(E) ADMINISTRATION BY THE COMPTROLLER AND THE 
CORPORATION.—The Comptroller may issue such regula-
tions, and the appropriate Federal banking agency may 
issue such orders, including those issued pursuant to sec-
tion 8 of the Federal Deposit Insurance Act, as may be 
necessary to administer and carry out this paragraph and 
to prevent evasion of this paragraph.’’; 
(E) in subsection (e)(2), strike ‘‘Director’’ and insert 
‘‘Comptroller’’; 
(F) in subsection (i)— 
(i) by striking ‘‘Director’’, each place such term 
appears, and inserting ‘‘Comptroller’’; 
(ii) in paragraph (2), in the heading, by striking 
‘‘DIRECTOR’’ and inserting ‘‘COMPTROLLER’’; 
(iii) in paragraph (5)(A), by striking ‘‘of the Cur-
rency’’; and 
(iv) except as provided in clauses (i) through (iii), 
by striking ‘‘Director’’ each place such term appears 
and inserting ‘‘Comptroller’’; 
(G) in subsection (o)— 
(i) in paragraph (1), by striking ‘‘Director’’ and 
inserting ‘‘Comptroller’’; and 
(ii) in paragraph (2)(B), by striking ‘‘Director’s 
determination’’ and inserting ‘‘determination of the 
Comptroller’’; 
(H) in subsections (m), (n), (o), and (p), by striking 
‘‘Director’’, each place such term appears, and inserting 
‘‘Comptroller’’; 
(I) in subsection (q)— 
(i) in paragraph (6), by striking ‘‘of Governors of 
the Federal Reserve System’’; 
(ii) by striking ‘‘Director’’ each place that term 
appears and inserting ‘‘Board’’; and
H. R. 4173—187 
(iii) by inserting ‘‘in consultation with the Comp-
troller and the Corporation,’’ before ‘‘considers’’; 
(J) in subsection (r)(3), by striking ‘‘Director’’ and 
inserting ‘‘Comptroller of the Currency’’; 
(K) in subsection (s)— 
(i) in paragraph (1), strike ‘‘Director’’ and insert 
‘‘Comptroller of the Currency’’; 
(ii) in paragraph (2), strike ‘‘Director’’ and insert 
‘‘Comptroller of the Currency’’; 
(iii) in paragraph (3), by striking ‘‘Director’s discre-
tion, the Director’’ and inserting ‘‘discretion of the 
appropriate Federal banking agency, the appropriate 
Federal banking agency,’’; 
(iv) in paragraph (4), by striking ‘‘Director’’ each 
place that term appears and inserting ‘‘appropriate 
Federal banking agency’’; and 
(v) in paragraph (5)— 
(I) by striking ‘‘Director’’, each place such term 
appears, 
and 
inserting 
‘‘appropriate 
Federal 
banking agency’’; and 
(II) by striking ‘‘Director’s approval’’ and 
inserting ‘‘approval of the appropriate Federal 
banking agency’’; 
(L) in subsection (t)— 
(i) in paragraph (1), by striking subparagraph (D); 
(ii) by striking paragraph (3) and inserting the 
following: 
‘‘(3) [Repealed].’’; 
(iii) in paragraph (5)— 
(I) in subparagraph (B), by striking ‘‘Corpora-
tion, in its sole discretion’’ and inserting ‘‘appro-
priate Federal banking agency, in the sole discre-
tion of the appropriate Federal banking agency’’; 
and 
(II) by striking subparagraph (D); 
(iv) in paragraph (6)— 
(I) by striking subparagraph (A) and inserting 
the following: 
‘‘(A) [Reserved].’’; 
(II) in subparagraph (B), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘appro-
priate Federal banking agency’’; 
(III) in subparagraph (C)— 
(aa) in clause (i), by striking ‘‘Director’s 
prior approval’’ and inserting ‘‘prior approval 
of the appropriate Federal banking agency’’; 
(bb) in clause (ii), by striking ‘‘Director’s 
discretion’’ and inserting ‘‘discretion of the 
appropriate Federal banking agency’’; and 
(cc) by striking ‘‘Director’’ each place that 
term appears and inserting ‘‘appropriate Fed-
eral banking agency’’; 
(IV) in subparagraph (E), by striking ‘‘Director 
shall’’ and inserting ‘‘appropriate Federal banking 
agency may’’; and 
(V) in subparagraph (F), by striking ‘‘Director’’ 
and all that follows through the end of the
H. R. 4173—188 
subparagraph and inserting ‘‘appropriate Federal 
banking agency under this Act or any other provi-
sion of law.’’; 
(v) in paragraph (7), by striking ‘‘Director’’ each 
place that term appears and inserting ‘‘appropriate 
Federal banking agency’’; 
(vi) by striking paragraph (8) and inserting the 
following: 
‘‘(8) [Repealed].’’; 
(vii) in paragraph (9)— 
(I) in subparagraph (A), by striking ‘‘Director’’ 
and inserting ‘‘Comptroller’’; 
(II) in subparagraph (C), by striking ‘‘of the 
Currency’’; and 
(III) by striking subparagraph (B) and redesig-
nating subparagraphs (C) and (D) as subpara-
graphs (B) and (C), respectively; and 
(viii) except as provided in clauses (i) through (vii), 
by striking ‘‘Director’’ each place that term appears 
and inserting ‘‘appropriate Federal banking agency’’; 
(M) in subsection (u), by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appropriate Federal 
banking agency’’; 
(N) in subsection (v)— 
(i) in paragraph (2), by striking ‘‘Director’s deter-
minations’’ and inserting ‘‘determinations of the appro-
priate Federal banking agency’’; and 
(ii) by striking ‘‘Director’’ each place that term 
appears and inserting ‘‘appropriate Federal banking 
agency’’; 
(O) in subsection (w)(1)— 
(i) in subparagraph (A)(II), by striking ‘‘Director’s 
intention’’ and inserting ‘‘intention of the Comptroller’’; 
and 
(ii) in subparagraph (B), by striking ‘‘Director’s 
intention’’ and inserting ‘‘intention of the Comptroller’’; 
and 
(P) except as provided in subparagraphs (A) through 
(J), by striking ‘‘Director’’ each place that term appears 
and inserting ‘‘Comptroller’’; 
(6) in section 8 (12 U.S.C. 1466a), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘Comptroller’’; 
(7) in section 9 (12 U.S.C. 1467)— 
(A) in subsection (a), by striking ‘‘assessed by the 
Director’’ and all that follows through the end of the sub-
section and inserting the following: ‘‘assessed by— 
‘‘(1) the Comptroller, against each such Federal savings 
association, as the Comptroller deems necessary or appropriate; 
and 
‘‘(2) the Corporation, against each such State savings 
association, as the Corporation deems necessary or appro-
priate.’’; 
(B) in subsection (b), by striking ‘‘Director’’, each place 
such term appears, and inserting ‘‘Comptroller or Corpora-
tion, as appropriate’’; 
(C) in subsection (e)—
H. R. 4173—189 
(i) by striking ‘‘Only the Director’’ and inserting 
‘‘The Comptroller’’; and 
(ii) by striking ‘‘Director’s designee’’ and inserting 
‘‘designee of the Comptroller’’; 
(D) by striking subsection (f) and inserting the fol-
lowing: 
‘‘(f) [Reserved].’’; 
(E) in subsection (g)— 
(i) in paragraph (1), by striking ‘‘Director’’ and 
inserting ‘‘appropriate Federal banking agency’’; and 
(ii) in paragraph (2), by striking ‘‘Director, or the 
Corporation, as the case may be,’’ and inserting ‘‘appro-
priate Federal banking agency for the savings associa-
tion’’; 
(F) in subsection (i), by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appropriate Federal 
banking agency’’; 
(G) in subsection (j), by striking ‘‘Director’s sole discre-
tion’’ and inserting ‘‘sole discretion of the appropriate Fed-
eral banking agency’’; 
(H) in subsection (k), by striking ‘‘Director may assess 
against institutions for which the Director is the appro-
priate Federal banking agency, as defined in section 3 
of the Federal Deposit Insurance Act,’’ and inserting ‘‘appro-
priate Federal banking agency may assess against an 
institution’’; and 
(I) except as provided in subparagraphs (A) through 
(G), by striking ‘‘Director’’ each place that term appears 
and inserting ‘‘appropriate Federal banking agency’’; 
(8) in section 10 (12 U.S.C. 1467a)— 
(A) in subsection (a)(1), by striking ‘‘Director’’ each 
place that term appears and inserting ‘‘appropriate Federal 
banking agency’’; 
(B) in subsection (b)— 
(i) in paragraph (2), by striking ‘‘and the regional 
office of the Director of the district in which its prin-
cipal office is located,’’; and 
(ii) in paragraph (6), by striking ‘‘Director’s own 
motion or application’’ and inserting ‘‘motion or applica-
tion of the Board’’; 
(C) in subsection (c)— 
(i) in paragraph (2)(F), by striking ‘‘of Governors 
of the Federal Reserve System’’; 
(ii) in paragraph (4)(B), in the subparagraph 
heading, by striking ‘‘BY DIRECTOR’’; 
(iii) in paragraph (6)(D), in the subparagraph 
heading, by striking ‘‘BY DIRECTOR’’; and 
(iv) in paragraph (9)(E), by inserting ‘‘(in consulta-
tion with the appropriate Federal banking agency)’’ 
after ‘‘including a determination’’; 
(D) in subsection (g)(5)(B), by striking ‘‘the Director’s 
discretion’’ and inserting ‘‘the discretion of the Board’’; 
(E) in subsection (l), by striking ‘‘Director’’ each place 
that term appears and inserting ‘‘appropriate Federal 
banking agency’’; 
(F) in subsection (m), by striking ‘‘Director’’ and 
inserting ‘‘appropriate Federal banking agency’’;
H. R. 4173—190 
(G) in subsection (p)— 
(i) in paragraph (1)— 
(I) by striking ‘‘Director determines’’ the 1st 
place such term appears and inserting ‘‘Board or 
the appropriate Federal banking agency for the 
savings association determines’’; 
(II) by striking ‘‘Director may’’ and inserting 
‘‘Board may’’; and 
(III) by striking ‘‘Director determines’’ the 2nd 
place such term appears and inserting ‘‘Board, in 
consultation with the appropriate Federal banking 
agency for the savings association determines’’; 
and 
(ii) in paragraph (2), by striking ‘‘Director’’, each 
place such term appears, and inserting ‘‘Board’’; 
(H) in subsection (q), by striking ‘‘Director’’, each place 
such term appears, and inserting ‘‘Board’’; 
(I) in subsection (r), by striking ‘‘Director’’, each place 
such term appears, and inserting ‘‘Board or appropriate 
Federal banking agency’’; 
(J) in subsection (s)— 
(i) in paragraph (2)— 
(I) in subparagraph (B)(ii), by striking ‘‘Direc-
tor’s judgment’’ and inserting ‘‘judgment of the 
appropriate Federal banking agency for the 
savings association’’; and 
(II) by striking ‘‘Director’’ each place that term 
appears 
and 
inserting 
‘‘appropriate 
Federal 
banking agency for the savings association’’; and 
(ii) in paragraph (4), by striking ‘‘Director’’ and 
inserting ‘‘Comptroller’’; and 
(K) except as provided in subparagraphs (A) through 
(J), by striking ‘‘Director’’ each place that term appears 
and inserting ‘‘Board’’; 
(9) in section 11 (12 U.S.C. 1468), by striking ‘‘Director’’ 
each place that term appears and inserting ‘‘appropriate Fed-
eral banking agency’’; 
(10) in section 12 (12 U.S.C. 1468a), by striking ‘‘the 
Director’’ and inserting ‘‘a Federal banking agency’’; and 
(11) in section 13 (12 U.S.C. 1468a) is amended by striking 
‘‘Director’’ and inserting ‘‘a Federal banking agency’’. 
SEC. 370. HOUSING ACT OF 1948. 
Section 502(c) of the Housing Act of 1948 (12 U.S.C. 1701c(c)) 
is amended— 
(1) in the matter preceding paragraph (1), by striking ‘‘and 
the Director of the Office of Thrift Supervision’’ and inserting 
‘‘, the Comptroller of the Currency, and the Federal Deposit 
Insurance Corporation’’; and 
(2) in paragraph (3), by striking ‘‘Board’’ and inserting 
‘‘Agency’’. 
SEC. 371. HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992. 
Section 543 of the Housing and Community Development Act 
of 1992 (Public Law 102–550; 106 Stat. 3798) is amended— 
(1) in subsection (c)(1)— 
(A) by striking subparagraphs (D) through (F); and
H. R. 4173—191 
(B) by redesignating subparagraphs (G) and (H) as 
subparagraphs (D) and (E), respectively; and 
(2) in subsection (f)— 
(A) in paragraph (2), by striking ‘‘the Office of Thrift 
Supervision,’’ each place that term appears; and 
(B) in paragraph (3)— 
(i) in the matter preceding subparagraph (A), by 
striking ‘‘the Office of Thrift Supervision,’’; and 
(ii) in subparagraph (D), by striking ‘‘Office of 
Thrift Supervision,’’. 
SEC. 372. HOUSING AND URBAN-RURAL RECOVERY ACT OF 1983. 
Section 469 of the Housing and Urban-Rural Recovery Act 
of 1983 (12 U.S.C. 1701p–1) is amended in the first sentence, 
by striking ‘‘Federal Home Loan Bank Board’’ and inserting ‘‘Fed-
eral Housing Finance Agency’’. 
SEC. 373. NATIONAL HOUSING ACT. 
Section 202(f) of the National Housing Act (12 U.S.C. 1708(f)) 
is amended— 
(1) by striking paragraph (5) and inserting the following: 
‘‘(5) if the mortgagee is a national bank, a subsidiary or 
affiliate of such bank, a Federal savings association or a sub-
sidiary or affiliate of a savings association, the Comptroller 
of the Currency;’’; 
(2) in paragraph (6), by adding ‘‘and’’ at the end; 
(3) in paragraph (7)— 
(A) by inserting ‘‘or State savings association’’ after 
‘‘State bank’’; and 
(B) by striking ‘‘; and’’ and inserting a period; and 
(4) by striking paragraph (8). 
SEC. 374. NEIGHBORHOOD REINVESTMENT CORPORATION ACT. 
Section 606(c)(3) of the Neighborhood Reinvestment Corpora-
tion Act (42 U.S.C. 8105(c)(3)) is amended by striking ‘‘Federal 
Home Loan Bank Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’. 
SEC. 375. PUBLIC LAW 93–100. 
Section 5(d) of Public Law 93–100 (12 U.S.C. 1470(a)) is 
amended— 
(1) in paragraph (1), by striking ‘‘Federal Savings and 
Loan Insurance Corporation with respect to insured institu-
tions, the Board of Governors of the Federal Reserve System 
with respect to State member insured banks, and the Federal 
Deposit Insurance Corporation with respect to State non-
member insured banks’’ and inserting ‘‘appropriate Federal 
banking agency, with respect to the institutions subject to 
the jurisdiction of each such agency,’’; and 
(2) in paragraph (2), by striking ‘‘supervisory’’ and inserting 
‘‘banking’’. 
SEC. 376. SECURITIES EXCHANGE ACT OF 1934. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
is amended— 
(1) in section 3(a)(34) (15 U.S.C. 78c(a)(34))— 
(A) in subparagraph (A)—
H. R. 4173—192 
(i) in clause (i), by striking ‘‘or a subsidiary or 
a department or division of any such bank’’ and 
inserting ‘‘a subsidiary or a department or division 
of any such bank, a Federal savings association (as 
defined in section 3(b)(2) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(b)(2))), the deposits of which 
are insured by the Federal Deposit Insurance Corpora-
tion, or a subsidiary or department or division of any 
such Federal savings association’’; 
(ii) in clause (ii), by striking ‘‘or a subsidiary or 
a department or division of such subsidiary’’ and 
inserting ‘‘a subsidiary or a department or division 
of such subsidiary, or a savings and loan holding com-
pany’’; 
(iii) in clause (iii), by striking ‘‘or a subsidiary 
or department or division thereof;’’ and inserting ‘‘a 
subsidiary or department or division of any such bank, 
a State savings association (as defined in section 3(b)(3) 
of the Federal Deposit Insurance Act (12 U.S.C. 
1813(b)(3))), the deposits of which are insured by the 
Federal Deposit Insurance Corporation, or a subsidiary 
or a department or division of any such State savings 
association; and’’; 
(iv) by striking clause (iv); and 
(v) by redesignating clause (v) as clause (iv); 
(B) in subparagraph (B)— 
(i) in clause (i), by striking ‘‘or a subsidiary of 
any such bank’’ and inserting ‘‘a subsidiary of any 
such bank, a Federal savings association (as defined 
in section 3(b)(2) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(b)(2))), the deposits of which are 
insured by the Federal Deposit Insurance Corporation, 
or a subsidiary of any such Federal savings associa-
tion’’; 
(ii) in clause (ii), by striking ‘‘or a subsidiary of 
a bank holding company which is a bank other than 
a bank specified in clause (i), (iii), or (iv) of this 
subparagraph’’ and inserting ‘‘a subsidiary of a bank 
holding company that is a bank other than a bank 
specified in clause (i) or (iii) of this subparagraph, 
or a savings and loan holding company’’; 
(iii) in clause (iii), by striking ‘‘or a subsidiary 
thereof;’’ and inserting ‘‘a subsidiary of any such bank, 
a State savings association (as defined in section 3(b)(3) 
of the Federal Deposit Insurance Act (12 U.S.C. 
1813(b)(3))), the deposits of which are insured by the 
Federal Deposit Insurance Corporation, or a subsidiary 
of any such State savings association; and’’; 
(iv) by striking clause (iv); and 
(v) by redesignating clause (v) as clause (iv); 
(C) in subparagraph (C)— 
(i) in clause (i), by striking ‘‘bank’’ and inserting 
‘‘bank or a Federal savings association (as defined in 
section 3(b)(2) of the Federal Deposit Insurance Act 
(12 U.S.C. 1813(b)(2))), the deposits of which are 
insured by the Federal Deposit Insurance Corporation’’;
H. R. 4173—193 
(ii) in clause (ii), by striking ‘‘or a subsidiary of 
a bank holding company which is a bank other than 
a bank specified in clause (i), (iii), or (iv) of this 
subparagraph’’ and inserting ‘‘a subsidiary of a bank 
holding company that is a bank other than a bank 
specified in clause (i) or (iii) of this subparagraph, 
or a savings and loan holding company’’; 
(iii) in clause (iii), by striking ‘‘System)’’ and 
inserting, ‘‘System) or a State savings association (as 
defined in section 3(b)(3) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(b)(3))), the deposits of which 
are insured by the Federal Deposit Insurance Corpora-
tion; and’’; 
(iv) by striking clause (iv); and 
(v) by redesignating clause (v) as clause (iv); 
(D) in subparagraph (D)— 
(i) in clause (i), by inserting after ‘‘bank’’ the fol-
lowing: ‘‘or a Federal savings association (as defined 
in section 3(b)(2) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(b)(2))), the deposits of which are 
insured by the Federal Deposit Insurance Corporation’’; 
(ii) in clause (ii), by adding ‘‘and’’ at the end; 
(iii) by striking clause (iii); 
(iv) by redesignating clause (iv) as clause (iii); and 
(v) in clause (iii), as so redesignated, by inserting 
after ‘‘bank’’ the following: ‘‘or a State savings associa-
tion (as defined in section 3(b)(3) of the Federal Deposit 
Insurance Act (12 U.S.C. 1813(b)(3))), the deposits of 
which are insured by the Federal Deposit Insurance 
Corporation’’; 
(E) in subparagraph (F)— 
(i) in clause (i), by inserting after ‘‘bank’’ the fol-
lowing: ‘‘or a Federal savings association (as defined 
in section 3(b)(2) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(b)(2))), the deposits of which are 
insured by the Federal Deposit Insurance Corporation’’; 
(ii) by striking clause (ii); 
(iii) by redesignating clauses (iii), (iv), and (v) as 
clauses (ii), (iii), and (iv), respectively; and 
(iv) in clause (iii), as so redesignated, by inserting 
before the semicolon the following: ‘‘or a State savings 
association (as defined in section 3(b)(3) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(b)(3))), the 
deposits of which are insured by the Federal Deposit 
Insurance Corporation’’; 
(F) in subparagraph (G)— 
(i) in clause (i), by inserting after ‘‘national bank’’ 
the following: ‘‘, a Federal savings association (as 
defined in section 3(b)(2) of the Federal Deposit Insur-
ance Act), the deposits of which are insured by the 
Federal Deposit Insurance Corporation,’’; 
(ii) in clause (iii)— 
(I) by inserting after ‘‘bank)’’ the following: 
‘‘, a State savings association (as defined in section 
3(b)(3) of the Federal Deposit Insurance Act), the 
deposits of which are insured by the Federal 
Deposit Insurance Corporation,’’; and
H. R. 4173—194 
(II) by adding ‘‘and’’ at the end; 
(iii) by striking clause (iv); and 
(iv) by redesignating clause (v) as clause (iv); and 
(G) in the undesignated matter following subparagraph 
(H), by striking ‘‘, and the term ‘District of Columbia 
savings and loan association’ means any association subject 
to examination and supervision by the Office of Thrift 
Supervision under section 8 of the Home Owners’ Loan 
Act of 1933’’; 
(2) in section 12(i) (15 U.S.C. 78l(i))— 
(A) in paragraph (1), by inserting after ‘‘national 
banks’’ the following: ‘‘and Federal savings associations, 
the accounts of which are insured by the Federal Deposit 
Insurance Corporation’’; 
(B) by striking ‘‘(3)’’ and all that follows through ‘‘vested 
in the Office of Thrift Supervision’’ and inserting ‘‘and 
(3) with respect to all other insured banks and State 
savings associations, the accounts of which are insured 
by the Federal Deposit Insurance Corporation, are vested 
in the Federal Deposit Insurance Corporation’’; and 
(C) in the second sentence, by striking ‘‘the Federal 
Deposit Insurance Corporation, and the Office of Thrift 
Supervision’’ and inserting ‘‘and the Federal Deposit Insur-
ance Corporation’’; 
(3) in section 15C(g)(1) (15 U.S.C. 78o–5(g)(1)), by striking 
‘‘the Director of the Office of Thrift Supervision, the Federal 
Savings and Loan Insurance Corporation,’’; and 
(4) in section 23(b)(1) (15 U.S.C. 78w(b)(1)), by striking 
‘‘, other than the Office of Thrift Supervision,’’. 
SEC. 377. TITLE 18, UNITED STATES CODE. 
Title 18, United States Code, is amended— 
(1) in section 212(c)(2)— 
(A) by striking subparagraph (C); and 
(B) by redesignating subparagraphs (D) through (H) 
as subparagraphs (C) through (G), respectively; 
(2) in section 657, by striking ‘‘Office of Thrift Supervision, 
the Resolution Trust Corporation,’’; 
(3) in section 981(a)(1)(D)— 
(A) by striking ‘‘Resolution Trust Corporation,’’; and 
(B) by striking ‘‘or the Office of Thrift Supervision’’; 
(4) in section 982(a)(3)— 
(A) by striking ‘‘Resolution Trust Corporation,’’; and 
(B) by striking ‘‘or the Office of Thrift Supervision’’; 
(5) in section 1006— 
(A) by striking ‘‘Office of Thrift Supervision,’’; and 
(B) by striking ‘‘the Resolution Trust Corporation,’’; 
(6) in section 1014— 
(A) by striking ‘‘the Office of Thrift Supervision’’; and 
(B) by striking ‘‘the Resolution Trust Corporation,’’; 
and 
(7) in section 1032(1)— 
(A) by striking ‘‘the Resolution Trust Corporation,’’; 
and 
(B) by striking ‘‘or the Director of the Office of Thrift 
Supervision’’.
H. R. 4173—195 
SEC. 378. TITLE 31, UNITED STATES CODE. 
Title 31, United States Code, is amended— 
(1) in section 321— 
(A) in subsection (c)— 
(i) in paragraph (1), by adding ‘‘and’’ at the end; 
(ii) in paragraph (2), by striking ‘‘; and’’ and 
inserting a period; and 
(iii) by striking paragraph (3); and 
(B) by striking subsection (e); and 
(2) in section 714(a), by striking ‘‘the Office of the Comp-
troller of the Currency, and the Office of Thrift Supervision.’’ 
and inserting ‘‘and the Office of the Comptroller of the Cur-
rency.’’. 
TITLE IV—REGULATION OF ADVISERS 
TO HEDGE FUNDS AND OTHERS 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘Private Fund Investment 
Advisers Registration Act of 2010’’. 
SEC. 402. DEFINITIONS. 
(a) INVESTMENT ADVISERS ACT OF 1940 DEFINITIONS.—Section 
202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b– 
2(a)) is amended by adding at the end the following: 
‘‘(29) The term ‘private fund’ means an issuer that would 
be an investment company, as defined in section 3 of the 
Investment Company Act of 1940 (15 U.S.C. 80a–3), but for 
section 3(c)(1) or 3(c)(7) of that Act. 
‘‘(30) The term ‘foreign private adviser’ means any invest-
ment adviser who— 
‘‘(A) has no place of business in the United States; 
‘‘(B) has, in total, fewer than 15 clients and investors 
in the United States in private funds advised by the invest-
ment adviser; 
‘‘(C) has aggregate assets under management attrib-
utable to clients in the United States and investors in 
the United States in private funds advised by the invest-
ment adviser of less than $25,000,000, or such higher 
amount as the Commission may, by rule, deem appropriate 
in accordance with the purposes of this title; and 
‘‘(D) neither— 
‘‘(i) holds itself out generally to the public in the 
United States as an investment adviser; nor 
‘‘(ii) acts as— 
‘‘(I) an investment adviser to any investment 
company registered under the Investment Com-
pany Act of 1940; or 
‘‘(II) a company that has elected to be a busi-
ness development company pursuant to section 54 
of the Investment Company Act of 1940 (15 U.S.C. 
80a–53), and has not withdrawn its election.’’. 
(b) OTHER DEFINITIONS.—As used in this title, the terms 
‘‘investment adviser’’ and ‘‘private fund’’ have the same meanings 
as in section 202 of the Investment Advisers Act of 1940, as 
amended by this title.
H. R. 4173—196 
SEC. 403. ELIMINATION OF PRIVATE ADVISER EXEMPTION; LIMITED 
EXEMPTION FOR FOREIGN PRIVATE ADVISERS; LIMITED 
INTRASTATE EXEMPTION. 
Section 203(b) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–3(b)) is amended— 
(1) in paragraph (1), by inserting ‘‘, other than an invest-
ment adviser who acts as an investment adviser to any private 
fund,’’ before ‘‘all of whose’’; 
(2) by striking paragraph (3) and inserting the following: 
‘‘(3) any investment adviser that is a foreign private 
adviser;’’; and 
(3) in paragraph (5), by striking ‘‘or’’ at the end; 
(4) in paragraph (6)— 
(A) by striking ‘‘any investment adviser’’ and inserting 
‘‘(A) any investment adviser’’; 
(B) by redesignating subparagraphs (A) and (B) as 
clauses (i) and (ii), respectively; and 
(C) in clause (ii) (as so redesignated), by striking the 
period at the end and inserting ‘‘; or’’; and 
(D) by adding at the end the following: 
‘‘(B) any investment adviser that is registered with the Com-
modity Futures Trading Commission as a commodity trading 
advisor and advises a private fund, provided that, if after the 
date of enactment of the Private Fund Investment Advisers Reg-
istration Act of 2010, the business of the advisor should become 
predominately the provision of securities-related advice, then such 
adviser shall register with the Commission.’’. 
(5) by adding at the end the following: 
‘‘(7) any investment adviser, other than any entity that 
has elected to be regulated or is regulated as a business develop-
ment company pursuant to section 54 of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–54), who solely advises— 
‘‘(A) small business investment companies that are 
licensees under the Small Business Investment Act of 1958; 
‘‘(B) entities that have received from the Small Busi-
ness Administration notice to proceed to qualify for a 
license as a small business investment company under 
the Small Business Investment Act of 1958, which notice 
or license has not been revoked; or 
‘‘(C) applicants that are affiliated with 1 or more 
licensed small business investment companies described 
in subparagraph (A) and that have applied for another 
license under the Small Business Investment Act of 1958, 
which application remains pending.’’. 
SEC. 404. COLLECTION OF SYSTEMIC RISK DATA; REPORTS; EXAMINA-
TIONS; DISCLOSURES. 
Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–4) is amended— 
(1) by redesignating subsections (b) and (c) as subsections 
(c) and (d), respectively; and 
(2) by inserting after subsection (a) the following: 
‘‘(b) RECORDS AND REPORTS OF PRIVATE FUNDS.— 
‘‘(1) IN GENERAL.—The Commission may require any invest-
ment adviser registered under this title— 
‘‘(A) to maintain such records of, and file with the 
Commission such reports regarding, private funds advised
H. R. 4173—197 
by the investment adviser, as necessary and appropriate 
in the public interest and for the protection of investors, 
or for the assessment of systemic risk by the Financial 
Stability Oversight Council (in this subsection referred to 
as the ‘Council’); and 
‘‘(B) to provide or make available to the Council those 
reports or records or the information contained therein. 
‘‘(2) TREATMENT OF RECORDS.—The records and reports of 
any private fund to which an investment adviser registered 
under this title provides investment advice shall be deemed 
to be the records and reports of the investment adviser. 
‘‘(3) REQUIRED
INFORMATION.—The records and reports 
required to be maintained by an investment adviser and subject 
to inspection by the Commission under this subsection shall 
include, for each private fund advised by the investment 
adviser, a description of— 
‘‘(A) the amount of assets under management and use 
of leverage, including off-balance-sheet leverage; 
‘‘(B) counterparty credit risk exposure; 
‘‘(C) trading and investment positions; 
‘‘(D) valuation policies and practices of the fund; 
‘‘(E) types of assets held; 
‘‘(F) side arrangements or side letters, whereby certain 
investors in a fund obtain more favorable rights or entitle-
ments than other investors; 
‘‘(G) trading practices; and 
‘‘(H) such other information as the Commission, in 
consultation with the Council, determines is necessary and 
appropriate in the public interest and for the protection 
of investors or for the assessment of systemic risk, which 
may include the establishment of different reporting 
requirements for different classes of fund advisers, based 
on the type or size of private fund being advised. 
‘‘(4) MAINTENANCE OF RECORDS.—An investment adviser 
registered under this title shall maintain such records of private 
funds advised by the investment adviser for such period or 
periods as the Commission, by rule, may prescribe as necessary 
and appropriate in the public interest and for the protection 
of investors, or for the assessment of systemic risk. 
‘‘(5) FILING OF RECORDS.—The Commission shall issue rules 
requiring each investment adviser to a private fund to file 
reports containing such information as the Commission deems 
necessary and appropriate in the public interest and for the 
protection of investors or for the assessment of systemic risk. 
‘‘(6) EXAMINATION OF RECORDS.— 
‘‘(A) 
PERIODIC
AND
SPECIAL
EXAMINATIONS.—The 
Commission— 
‘‘(i) shall conduct periodic inspections of the records 
of private funds maintained by an investment adviser 
registered under this title in accordance with a 
schedule established by the Commission; and 
‘‘(ii) may conduct at any time and from time to 
time such additional, special, and other examinations 
as the Commission may prescribe as necessary and 
appropriate in the public interest and for the protection 
of investors, or for the assessment of systemic risk.
H. R. 4173—198 
‘‘(B) AVAILABILITY OF RECORDS.—An investment adviser 
registered under this title shall make available to the 
Commission any copies or extracts from such records as 
may be prepared without undue effort, expense, or delay, 
as the Commission or its representatives may reasonably 
request. 
‘‘(7) INFORMATION SHARING.— 
‘‘(A) IN GENERAL.—The Commission shall make avail-
able to the Council copies of all reports, documents, records, 
and information filed with or provided to the Commission 
by an investment adviser under this subsection as the 
Council may consider necessary for the purpose of assessing 
the systemic risk posed by a private fund. 
‘‘(B) CONFIDENTIALITY.—The Council shall maintain 
the confidentiality of information received under this para-
graph in all such reports, documents, records, and informa-
tion, in a manner consistent with the level of confidentiality 
established for the Commission pursuant to paragraph (8). 
The Council shall be exempt from section 552 of title 5, 
United States Code, with respect to any information in 
any report, document, record, or information made avail-
able, to the Council under this subsection.’’. 
‘‘(8) COMMISSION CONFIDENTIALITY OF REPORTS.—Notwith-
standing any other provision of law, the Commission may not 
be compelled to disclose any report or information contained 
therein required to be filed with the Commission under this 
subsection, except that nothing in this subsection authorizes 
the Commission— 
‘‘(A) to withhold information from Congress, upon an 
agreement of confidentiality; or 
‘‘(B) prevent the Commission from complying with— 
‘‘(i) a request for information from any other Fed-
eral department or agency or any self-regulatory 
organization requesting the report or information for 
purposes within the scope of its jurisdiction; or 
‘‘(ii) an order of a court of the United States in 
an action brought by the United States or the Commis-
sion. 
‘‘(9) OTHER
RECIPIENTS
CONFIDENTIALITY.—Any depart-
ment, agency, or self-regulatory organization that receives 
reports or information from the Commission under this sub-
section shall maintain the confidentiality of such reports, docu-
ments, records, and information in a manner consistent with 
the level of confidentiality established for the Commission 
under paragraph (8). 
‘‘(10) PUBLIC INFORMATION EXCEPTION.— 
‘‘(A) IN GENERAL.—The Commission, the Council, and 
any other department, agency, or self-regulatory organiza-
tion that receives information, reports, documents, records, 
or information from the Commission under this subsection, 
shall be exempt from the provisions of section 552 of title 
5, United States Code, with respect to any such report, 
document, record, or information. Any proprietary informa-
tion of an investment adviser ascertained by the Commis-
sion from any report required to be filed with the Commis-
sion pursuant to this subsection shall be subject to the 
same limitations on public disclosure as any facts
H. R. 4173—199 
ascertained during an examination, as provided by section 
210(b) of this title. 
‘‘(B) PROPRIETARY INFORMATION.—For purposes of this 
paragraph, proprietary information includes sensitive, non- 
public information regarding— 
‘‘(i) the investment or trading strategies of the 
investment adviser; 
‘‘(ii) analytical or research methodologies; 
‘‘(iii) trading data; 
‘‘(iv) computer hardware or software containing 
intellectual property; and 
‘‘(v) any additional information that the Commis-
sion determines to be proprietary. 
‘‘(11) ANNUAL
REPORT
TO
CONGRESS.—The Commission 
shall report annually to Congress on how the Commission has 
used the data collected pursuant to this subsection to monitor 
the markets for the protection of investors and the integrity 
of the markets.’’. 
SEC. 405. DISCLOSURE PROVISION AMENDMENT. 
Section 210(c) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–10(c)) is amended by inserting before the period at 
the end the following: ‘‘or for purposes of assessment of potential 
systemic risk’’. 
SEC. 406. CLARIFICATION OF RULEMAKING AUTHORITY. 
Section 211 of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–11) is amended— 
(1) in subsection (a), by inserting before the period at 
the end of the first sentence the following: ‘‘, including rules 
and regulations defining technical, trade, and other terms used 
in this title, except that the Commission may not define the 
term ‘client’ for purposes of paragraphs (1) and (2) of section 
206 to include an investor in a private fund managed by an 
investment adviser, if such private fund has entered into an 
advisory contract with such adviser’’; and 
(2) by adding at the end the following: 
‘‘(e) DISCLOSURE RULES ON PRIVATE FUNDS.—The Commission 
and the Commodity Futures Trading Commission shall, after con-
sultation with the Council but not later than 12 months after 
the date of enactment of the Private Fund Investment Advisers 
Registration Act of 2010, jointly promulgate rules to establish the 
form and content of the reports required to be filed with the 
Commission under subsection 204(b) and with the Commodity 
Futures Trading Commission by investment advisers that are reg-
istered both under this title and the Commodity Exchange Act 
(7 U.S.C. 1a et seq.).’’. 
SEC. 407. EXEMPTION OF AND REPORTING BY VENTURE CAPITAL FUND 
ADVISERS. 
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–3) is amended by adding at the end the following: 
‘‘(l) EXEMPTION
OF VENTURE CAPITAL FUND ADVISERS.—No 
investment adviser that acts as an investment adviser solely to 
1 or more venture capital funds shall be subject to the registration 
requirements of this title with respect to the provision of investment 
advice relating to a venture capital fund. Not later than 1 year 
after the date of enactment of this subsection, the Commission
H. R. 4173—200 
shall issue final rules to define the term ‘venture capital fund’ 
for purposes of this subsection. The Commission shall require such 
advisers to maintain such records and provide to the Commission 
such annual or other reports as the Commission determines nec-
essary or appropriate in the public interest or for the protection 
of investors.’’. 
SEC. 408. EXEMPTION OF AND REPORTING BY CERTAIN PRIVATE FUND 
ADVISERS. 
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–3) is amended by adding at the end the following: 
‘‘(m) EXEMPTION OF AND REPORTING BY CERTAIN PRIVATE FUND 
ADVISERS.— 
‘‘(1) IN GENERAL.—The Commission shall provide an exemp-
tion from the registration requirements under this section to 
any investment adviser of private funds, if each of such invest-
ment adviser acts solely as an adviser to private funds and 
has assets under management in the United States of less 
than $150,000,000. 
‘‘(2) REPORTING.—The Commission shall require investment 
advisers exempted by reason of this subsection to maintain 
such records and provide to the Commission such annual or 
other reports as the Commission determines necessary or appro-
priate in the public interest or for the protection of investors. 
‘‘(n) REGISTRATION AND EXAMINATION OF MID-SIZED PRIVATE 
FUND
ADVISERS.—In prescribing regulations to carry out the 
requirements of this section with respect to investment advisers 
acting as investment advisers to mid-sized private funds, the 
Commission shall take into account the size, governance, and invest-
ment strategy of such funds to determine whether they pose sys-
temic risk, and shall provide for registration and examination proce-
dures with respect to the investment advisers of such funds which 
reflect the level of systemic risk posed by such funds.’’. 
SEC. 409. FAMILY OFFICES. 
(a) IN GENERAL.—Section 202(a)(11) of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–2(a)(11)) is amended by striking ‘‘or 
(G)’’ and inserting the following: ‘‘; (G) any family office, as defined 
by rule, regulation, or order of the Commission, in accordance 
with the purposes of this title; or (H)’’. 
(b) RULEMAKING.—The rules, regulations, or orders issued by 
the Commission pursuant to section 202(a)(11)(G) of the Investment 
Advisers Act of 1940, as added by this section, regarding the defini-
tion of the term ‘‘family office’’ shall provide for an exemption 
that— 
(1) is consistent with the previous exemptive policy of the 
Commission, as reflected in exemptive orders for family offices 
in effect on the date of enactment of this Act, and the 
grandfathering provisions in paragraph (3); 
(2) recognizes the range of organizational, management, 
and employment structures and arrangements employed by 
family offices; and 
(3) does not exclude any person who was not registered 
or required to be registered under the Investment Advisers 
Act of 1940 on January 1, 2010 from the definition of the 
term ‘‘family office’’, solely because such person provides invest-
ment advice to, and was engaged before January 1, 2010 in 
providing investment advice to—
H. R. 4173—201 
(A) natural persons who, at the time of their applicable 
investment, are officers, directors, or employees of the 
family office who— 
(i) have invested with the family office before 
January 1, 2010; and 
(ii) are accredited investors, as defined in Regula-
tion D of the Commission (or any successor thereto) 
under the Securities Act of 1933, or, as the Commission 
may prescribe by rule, the successors-in-interest 
thereto; 
(B) any company owned exclusively and controlled by 
members of the family of the family office, or as the 
Commission may prescribe by rule; 
(C) any investment adviser registered under the Invest-
ment Adviser Act of 1940 that provides investment advice 
to the family office and who identifies investment 
opportunities to the family office, and invests in such trans-
actions on substantially the same terms as the family office 
invests, but does not invest in other funds advised by 
the family office, and whose assets as to which the family 
office directly or indirectly provides investment advice rep-
resent, in the aggregate, not more than 5 percent of the 
value of the total assets as to which the family office 
provides investment advice. 
(c) ANTIFRAUD AUTHORITY.—A family office that would not be 
a family office, but for subsection (b)(3), shall be deemed to be 
an investment adviser for the purposes of paragraphs (1), (2) and 
(4) of section 206 of the Investment Advisers Act of 1940. 
SEC. 410. STATE AND FEDERAL RESPONSIBILITIES; ASSET THRESHOLD 
FOR FEDERAL REGISTRATION OF INVESTMENT ADVISERS. 
Section 203A(a) of the of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–3a(a)) is amended— 
(1) by redesignating paragraph (2) as paragraph (3); and 
(2) by inserting after paragraph (1) the following: 
‘‘(2) TREATMENT OF MID-SIZED INVESTMENT ADVISERS.— 
‘‘(A) IN
GENERAL.—No investment adviser described 
in subparagraph (B) shall register under section 203, unless 
the investment adviser is an adviser to an investment 
company registered under the Investment Company Act 
of 1940, or a company which has elected to be a business 
development company pursuant to section 54 of the Invest-
ment Company Act of 1940, and has not withdrawn the 
election, except that, if by effect of this paragraph an 
investment adviser would be required to register with 15 
or more States, then the adviser may register under section 
203. 
‘‘(B) 
COVERED
PERSONS.—An 
investment 
adviser 
described in this subparagraph is an investment adviser 
that— 
‘‘(i) is required to be registered as an investment 
adviser with the securities commissioner (or any 
agency or office performing like functions) of the State 
in which it maintains its principal office and place 
of business and, if registered, would be subject to exam-
ination as an investment adviser by any such commis-
sioner, agency, or office; and
H. R. 4173—202 
‘‘(ii) has assets under management between— 
‘‘(I) the amount specified under subparagraph 
(A) of paragraph (1), as such amount may have 
been adjusted by the Commission pursuant to that 
subparagraph; and 
‘‘(II) $100,000,000, or such higher amount as 
the Commission may, by rule, deem appropriate 
in accordance with the purposes of this title.’’. 
SEC. 411. CUSTODY OF CLIENT ASSETS. 
The Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) 
is amended by adding at the end the following new section: 
‘‘SEC. 223. CUSTODY OF CLIENT ACCOUNTS. 
‘‘An investment adviser registered under this title shall take 
such steps to safeguard client assets over which such adviser has 
custody, including, without limitation, verification of such assets 
by an independent public accountant, as the Commission may, 
by rule, prescribe.’’. 
SEC. 412. COMPTROLLER GENERAL STUDY ON CUSTODY RULE COSTS. 
The Comptroller General of the United States shall— 
(1) conduct a study of— 
(A) the compliance costs associated with the current 
Securities and Exchange Commission rules 204–2 (17 
C.F.R. Parts 275.204–2) and rule 206(4)–2 (17 C.F.R. 
275.206(4)–2) under the Investment Advisers Act of 1940 
regarding custody of funds or securities of clients by invest-
ment advisers; and 
(B) the additional costs if subsection (b)(6) of rule 
206(4)–2 (17 C.F.R. 275.206(4)–2(b)(6)) relating to oper-
ational independence were eliminated; and 
(2) submit a report to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives on the results 
of such study, not later than 3 years after the date of enactment 
of this Act. 
SEC. 413. ADJUSTING THE ACCREDITED INVESTOR STANDARD. 
(a) IN GENERAL.—The Commission shall adjust any net worth 
standard for an accredited investor, as set forth in the rules of 
the Commission under the Securities Act of 1933, so that the 
individual net worth of any natural person, or joint net worth 
with the spouse of that person, at the time of purchase, is more 
than $1,000,000 (as such amount is adjusted periodically by rule 
of the Commission), excluding the value of the primary residence 
of such natural person, except that during the 4-year period that 
begins on the date of enactment of this Act, any net worth standard 
shall be $1,000,000, excluding the value of the primary residence 
of such natural person. 
(b) REVIEW AND ADJUSTMENT.— 
(1) INITIAL REVIEW AND ADJUSTMENT.— 
(A) INITIAL REVIEW.—The Commission may undertake 
a review of the definition of the term ‘‘accredited investor’’, 
as such term applies to natural persons, to determine 
whether the requirements of the definition, excluding the 
requirement relating to the net worth standard described 
in subsection (a), should be adjusted or modified for the
H. R. 4173—203 
protection of investors, in the public interest, and in light 
of the economy. 
(B) ADJUSTMENT OR MODIFICATION.—Upon completion 
of a review under subparagraph (A), the Commission may, 
by notice and comment rulemaking, make such adjustments 
to the definition of the term ‘‘accredited investor’’, excluding 
adjusting or modifying the requirement relating to the 
net worth standard described in subsection (a), as such 
term applies to natural persons, as the Commission may 
deem appropriate for the protection of investors, in the 
public interest, and in light of the economy. 
(2) SUBSEQUENT REVIEWS AND ADJUSTMENT.— 
(A) SUBSEQUENT REVIEWS.—Not earlier than 4 years 
after the date of enactment of this Act, and not less fre-
quently than once every 4 years thereafter, the Commission 
shall undertake a review of the definition, in its entirety, 
of the term ‘‘accredited investor’’, as defined in section 
230.215 of title 17, Code of Federal Regulations, or any 
successor thereto, as such term applies to natural persons, 
to determine whether the requirements of the definition 
should be adjusted or modified for the protection of inves-
tors, in the public interest, and in light of the economy. 
(B) ADJUSTMENT OR MODIFICATION.—Upon completion 
of a review under subparagraph (A), the Commission may, 
by notice and comment rulemaking, make such adjustments 
to the definition of the term ‘‘accredited investor’’, as 
defined in section 230.215 of title 17, Code of Federal 
Regulations, or any successor thereto, as such term applies 
to natural persons, as the Commission may deem appro-
priate for the protection of investors, in the public interest, 
and in light of the economy. 
SEC. 414. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES 
EXCHANGE ACT. 
The Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) 
is further amended by adding at the end the following new section: 
‘‘SEC. 224. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES 
EXCHANGE ACT. 
‘‘Nothing in this title shall relieve any person of any obligation 
or duty, or affect the availability of any right or remedy available 
to the Commodity Futures Trading Commission or any private 
party, arising under the Commodity Exchange Act (7 U.S.C. 1 
et seq.) governing commodity pools, commodity pool operators, or 
commodity trading advisors.’’. 
SEC. 415. GAO STUDY AND REPORT ON ACCREDITED INVESTORS. 
The Comptroller General of the United States shall conduct 
a study on the appropriate criteria for determining the financial 
thresholds or other criteria needed to qualify for accredited investor 
status and eligibility to invest in private funds, and shall submit 
a report to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services of the 
House of Representatives on the results of such study not later 
than 3 years after the date of enactment of this Act.
H. R. 4173—204 
SEC. 416. GAO STUDY ON SELF-REGULATORY ORGANIZATION FOR PRI-
VATE FUNDS. 
The Comptroller General of the United States shall— 
(1) conduct a study of the feasibility of forming a self- 
regulatory organization to oversee private funds; and 
(2) submit a report to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives on the results 
of such study, not later than 1 year after the date of enactment 
of this Act. 
SEC. 417. COMMISSION STUDY AND REPORT ON SHORT SELLING. 
(a) STUDIES.—The Division of Risk, Strategy, and Financial 
Innovation of the Commission shall conduct— 
(1) a study, taking into account current scholarship, on 
the state of short selling on national securities exchanges and 
in the over-the-counter markets, with particular attention to 
the impact of recent rule changes and the incidence of— 
(A) the failure to deliver shares sold short; or 
(B) delivery of shares on the fourth day following the 
short sale transaction; and 
(2) a study of— 
(A) the feasibility, benefits, and costs of requiring 
reporting publicly, in real time short sale positions of pub-
licly listed securities, or, in the alternative, reporting such 
short positions in real time only to the Commission and 
the Financial Industry Regulatory Authority; and 
(B) the feasibility, benefits, and costs of conducting 
a voluntary pilot program in which public companies will 
agree to have all trades of their shares marked ‘‘short’’, 
‘‘market maker short’’, ‘‘buy’’, ‘‘buy-to-cover’’, or ‘‘long’’, and 
reported in real time through the Consolidated Tape. 
(b) REPORTS.—The Commission shall submit a report to the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the House of Represent-
atives— 
(1) on the results of the study required under subsection 
(a)(1), including recommendations for market improvements, 
not later than 2 years after the date of enactment of this 
Act; and 
(2) on the results of the study required under subsection 
(a)(2), not later than 1 year after the date of enactment of 
this Act. 
SEC. 418. QUALIFIED CLIENT STANDARD. 
Section 205(e) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–5(e)) is amended by adding at the end the following: 
‘‘With respect to any factor used in any rule or regulation by 
the Commission in making a determination under this subsection, 
if the Commission uses a dollar amount test in connection with 
such factor, such as a net asset threshold, the Commission shall, 
by order, not later than 1 year after the date of enactment of 
the Private Fund Investment Advisers Registration Act of 2010, 
and every 5 years thereafter, adjust for the effects of inflation 
on such test. Any such adjustment that is not a multiple of $100,000 
shall be rounded to the nearest multiple of $100,000.’’.
H. R. 4173—205 
SEC. 419. TRANSITION PERIOD. 
Except as otherwise provided in this title, this title and the 
amendments made by this title shall become effective 1 year after 
the date of enactment of this Act, except that any investment 
adviser may, at the discretion of the investment adviser, register 
with the Commission under the Investment Advisers Act of 1940 
during that 1-year period, subject to the rules of the Commission. 
TITLE V—INSURANCE 
Subtitle A—Federal Insurance Office 
SEC. 501. SHORT TITLE. 
This subtitle may be cited as the ‘‘Federal Insurance Office 
Act of 2010’’. 
SEC. 502. FEDERAL INSURANCE OFFICE. 
(a) ESTABLISHMENT OF OFFICE.—Subchapter I of chapter 3 of 
subtitle I of title 31, United States Code, is amended— 
(1) by redesignating section 312 as section 315; 
(2) by redesignating section 313 as section 312; and 
(3) by inserting after section 312 (as so redesignated) the 
following new sections: 
‘‘SEC. 313. FEDERAL INSURANCE OFFICE. 
‘‘(a) ESTABLISHMENT.—There is established within the Depart-
ment of the Treasury the Federal Insurance Office. 
‘‘(b) LEADERSHIP.—The Office shall be headed by a Director, 
who shall be appointed by the Secretary of the Treasury. The 
position of Director shall be a career reserved position in the Senior 
Executive Service, as that position is defined under section 3132 
of title 5, United States Code. 
‘‘(c) FUNCTIONS.— 
‘‘(1) AUTHORITY PURSUANT TO DIRECTION OF SECRETARY.— 
The Office, pursuant to the direction of the Secretary, shall 
have the authority— 
‘‘(A) to monitor all aspects of the insurance industry, 
including identifying issues or gaps in the regulation of 
insurers that could contribute to a systemic crisis in the 
insurance industry or the United States financial system; 
‘‘(B) to monitor the extent to which traditionally under-
served communities and consumers, minorities (as such 
term is defined in section 1204(c) of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 1811 note)), and low- and moderate-income persons 
have access to affordable insurance products regarding all 
lines of insurance, except health insurance; 
‘‘(C) to recommend to the Financial Stability Oversight 
Council that it designate an insurer, including the affiliates 
of such insurer, as an entity subject to regulation as a 
nonbank financial company supervised by the Board of 
Governors pursuant to title I of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act; 
‘‘(D) to assist the Secretary in administering the Ter-
rorism Insurance Program established in the Department
H. R. 4173—206 
of the Treasury under the Terrorism Risk Insurance Act 
of 2002 (15 U.S.C. 6701 note); 
‘‘(E) to coordinate Federal efforts and develop Federal 
policy on prudential aspects of international insurance mat-
ters, including representing the United States, as appro-
priate, in the International Association of Insurance Super-
visors (or a successor entity) and assisting the Secretary 
in negotiating covered agreements (as such term is defined 
in subsection (r)); 
‘‘(F) to determine, in accordance with subsection (f), 
whether State insurance measures are preempted by cov-
ered agreements; 
‘‘(G) to consult with the States (including State insur-
ance regulators) regarding insurance matters of national 
importance and prudential insurance matters of inter-
national importance; and 
‘‘(H) to perform such other related duties and authori-
ties as may be assigned to the Office by the Secretary. 
‘‘(2) ADVISORY FUNCTIONS.—The Office shall advise the Sec-
retary on major domestic and prudential international insur-
ance policy issues. 
‘‘(3) ADVISORY CAPACITY ON COUNCIL.—The Director shall 
serve in an advisory capacity on the Financial Stability Over-
sight Council established under the Financial Stability Act 
of 2010. 
‘‘(d) SCOPE.—The authority of the Office shall extend to all 
lines of insurance except— 
‘‘(1) health insurance, as determined by the Secretary in 
coordination with the Secretary of Health and Human Services 
based on section 2791 of the Public Health Service Act (42 
U.S.C. 300gg–91); 
‘‘(2) long-term care insurance, except long-term care insur-
ance that is included with life or annuity insurance components, 
as determined by the Secretary in coordination with the Sec-
retary of Health and Human Services, and in the case of 
long-term care insurance that is included with such compo-
nents, the Secretary shall coordinate with the Secretary of 
Health and Human Services in performing the functions of 
the Office; and 
‘‘(3) crop insurance, as established by the Federal Crop 
Insurance Act (7 U.S.C. 1501 et seq.). 
‘‘(e) GATHERING OF INFORMATION.— 
‘‘(1) IN GENERAL.—In carrying out the functions required 
under subsection (c), the Office may— 
‘‘(A) receive and collect data and information on and 
from the insurance industry and insurers; 
‘‘(B) enter into information-sharing agreements; 
‘‘(C) analyze and disseminate data and information; 
and 
‘‘(D) issue reports regarding all lines of insurance 
except health insurance. 
‘‘(2) COLLECTION
OF
INFORMATION
FROM
INSURERS
AND 
AFFILIATES.— 
‘‘(A) IN GENERAL.—Except as provided in paragraph 
(3), the Office may require an insurer, or any affiliate 
of an insurer, to submit such data or information as the
H. R. 4173—207 
Office may reasonably require in carrying out the functions 
described under subsection (c). 
‘‘(B) RULE
OF
CONSTRUCTION.—Notwithstanding any 
other provision of this section, for purposes of subparagraph 
(A), the term ‘insurer’ means any entity that writes insur-
ance or reinsures risks and issues contracts or policies 
in 1 or more States. 
‘‘(3) EXCEPTION FOR SMALL INSURERS.—Paragraph (2) shall 
not apply with respect to any insurer or affiliate thereof that 
meets a minimum size threshold that the Office may establish, 
whether by order or rule. 
‘‘(4) ADVANCE COORDINATION.—Before collecting any data 
or information under paragraph (2) from an insurer, or affiliate 
of an insurer, the Office shall coordinate with each relevant 
Federal agency and State insurance regulator (or other relevant 
Federal or State regulatory agency, if any, in the case of an 
affiliate of an insurer) and any publicly available sources to 
determine if the information to be collected is available from, 
and may be obtained in a timely manner by, such Federal 
agency or State insurance regulator, individually or collectively, 
other regulatory agency, or publicly available sources. If the 
Director determines that such data or information is available, 
and may be obtained in a timely manner, from such an agency, 
regulator, regulatory agency, or source, the Director shall obtain 
the data or information from such agency, regulator, regulatory 
agency, or source. If the Director determines that such data 
or information is not so available, the Director may collect 
such data or information from an insurer (or affiliate) only 
if the Director complies with the requirements of subchapter 
I of chapter 35 of title 44, United States Code (relating to 
Federal information policy; commonly known as the Paperwork 
Reduction Act), in collecting such data or information. Notwith-
standing any other provision of law, each such relevant Federal 
agency and State insurance regulator or other Federal or State 
regulatory agency is authorized to provide to the Office such 
data or information. 
‘‘(5) CONFIDENTIALITY.— 
‘‘(A) RETENTION OF PRIVILEGE.—The submission of any 
nonpublicly available data and information to the Office 
under this subsection shall not constitute a waiver of, 
or otherwise affect, any privilege arising under Federal 
or State law (including the rules of any Federal or State 
court) to which the data or information is otherwise subject. 
‘‘(B) CONTINUED
APPLICATION
OF
PRIOR
CONFIDEN-
TIALITY AGREEMENTS.—Any requirement under Federal or 
State law to the extent otherwise applicable, or any require-
ment pursuant to a written agreement in effect between 
the original source of any nonpublicly available data or 
information and the source of such data or information 
to the Office, regarding the privacy or confidentiality of 
any data or information in the possession of the source 
to the Office, shall continue to apply to such data or 
information after the data or information has been provided 
pursuant to this subsection to the Office. 
‘‘(C) INFORMATION-SHARING AGREEMENT.—Any data or 
information obtained by the Office may be made available
H. R. 4173—208 
to State insurance regulators, individually or collectively, 
through an information-sharing agreement that— 
‘‘(i) shall comply with applicable Federal law; and 
‘‘(ii) shall not constitute a waiver of, or otherwise 
affect, any privilege under Federal or State law 
(including the rules of any Federal or State court) 
to which the data or information is otherwise subject. 
‘‘(D) AGENCY DISCLOSURE REQUIREMENTS.—Section 552 
of title 5, United States Code, shall apply to any data 
or information submitted to the Office by an insurer or 
an affiliate of an insurer. 
‘‘(6) SUBPOENAS
AND
ENFORCEMENT.—The Director shall 
have the power to require by subpoena the production of the 
data or information requested under paragraph (2), but only 
upon a written finding by the Director that such data or 
information is required to carry out the functions described 
under subsection (c) and that the Office has coordinated with 
such regulator or agency as required under paragraph (4). 
Subpoenas shall bear the signature of the Director and shall 
be served by any person or class of persons designated by 
the Director for that purpose. In the case of contumacy or 
failure to obey a subpoena, the subpoena shall be enforceable 
by order of any appropriate district court of the United States. 
Any failure to obey the order of the court may be punished 
by the court as a contempt of court. 
‘‘(f) PREEMPTION OF STATE INSURANCE MEASURES.— 
‘‘(1) STANDARD.—A State insurance measure shall be pre-
empted pursuant to this section or section 314 if, and only 
to the extent that the Director determines, in accordance with 
this subsection, that the measure— 
‘‘(A) results in less favorable treatment of a non-United 
States insurer domiciled in a foreign jurisdiction that is 
subject to a covered agreement than a United States 
insurer domiciled, licensed, or otherwise admitted in that 
State; and 
‘‘(B) is inconsistent with a covered agreement. 
‘‘(2) DETERMINATION.— 
‘‘(A) NOTICE
OF
POTENTIAL
INCONSISTENCY.—Before 
making any determination under paragraph (1), the 
Director shall— 
‘‘(i) notify and consult with the appropriate State 
regarding any potential inconsistency or preemption; 
‘‘(ii) notify and consult with the United States 
Trade 
Representative 
regarding 
any 
potential 
inconsistency or preemption; 
‘‘(iii) cause to be published in the Federal Register 
notice of the issue regarding the potential inconsistency 
or preemption, including a description of each State 
insurance measure at issue and any applicable covered 
agreement; 
‘‘(iv) provide interested parties a reasonable oppor-
tunity to submit written comments to the Office; and 
‘‘(v) consider any comments received. 
‘‘(B) SCOPE
OF
REVIEW.—For purposes of this sub-
section, any determination of the Director regarding State 
insurance measures, and any preemption under paragraph 
(1) as a result of such determination, shall be limited
H. R. 4173—209 
to the subject matter contained within the covered agree-
ment involved and shall achieve a level of protection for 
insurance or reinsurance consumers that is substantially 
equivalent to the level of protection achieved under State 
insurance or reinsurance regulation. 
‘‘(C) NOTICE OF DETERMINATION OF INCONSISTENCY.— 
Upon making any determination under paragraph (1), the 
Director shall— 
‘‘(i) notify the appropriate State of the determina-
tion and the extent of the inconsistency; 
‘‘(ii) establish a reasonable period of time, which 
shall not be less than 30 days, before the determination 
shall become effective; and 
‘‘(iii) notify the Committees on Financial Services 
and Ways and Means of the House of Representatives 
and the Committees on Banking, Housing, and Urban 
Affairs and Finance of the Senate. 
‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the conclusion of 
the period referred to in paragraph (2)(C)(ii), if the basis for 
such determination still exists, the determination shall become 
effective and the Director shall— 
‘‘(A) cause to be published a notice in the Federal 
Register that the preemption has become effective, as well 
as the effective date; and 
‘‘(B) notify the appropriate State. 
‘‘(4) LIMITATION.—No State may enforce a State insurance 
measure to the extent that such measure has been preempted 
under this subsection. 
‘‘(g) APPLICABILITY
OF ADMINISTRATIVE PROCEDURES ACT.— 
Determinations of inconsistency made pursuant to subsection (f)(2) 
shall be subject to the applicable provisions of subchapter II of 
chapter 5 of title 5, United States Code (relating to administrative 
procedure), and chapter 7 of such title (relating to judicial review), 
except that in any action for judicial review of a determination 
of inconsistency, the court shall determine the matter de novo. 
‘‘(h) REGULATIONS, POLICIES, AND PROCEDURES.—The Secretary 
may issue orders, regulations, policies, and procedures to implement 
this section. 
‘‘(i) CONSULTATION.—The Director shall consult with State 
insurance regulators, individually or collectively, to the extent the 
Director determines appropriate, in carrying out the functions of 
the Office. 
‘‘(j) SAVINGS PROVISIONS.—Nothing in this section shall— 
‘‘(1) preempt— 
‘‘(A) any State insurance measure that governs any 
insurer’s rates, premiums, underwriting, or sales practices; 
‘‘(B) any State coverage requirements for insurance; 
‘‘(C) the application of the antitrust laws of any State 
to the business of insurance; or 
‘‘(D) any State insurance measure governing the capital 
or solvency of an insurer, except to the extent that such 
State insurance measure results in less favorable treatment 
of a non-United State insurer than a United States insurer; 
‘‘(2) be construed to alter, amend, or limit any provision 
of the Consumer Financial Protection Agency Act of 2010; or 
‘‘(3) affect the preemption of any State insurance measure 
otherwise inconsistent with and preempted by Federal law.