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(5) Section 1(b)(8) of the Bank Service Company 
Act (12 U.S.C. 1861(b)(8)) is further amended— 
(A) by striking ‘‘insured bank’’ and insert-
ing ‘‘insured depository institution’’; 
(B) by striking ‘‘insured banks’’ each place 
such term appears and inserting ‘‘insured depos-
itory institutions’’; and 
(C) by striking ‘‘the bank’s’’ and inserting 
‘‘the depository institution’s’’. 
(6) Section 2 of the Bank Service Company Act 
(12 U.S.C. 1862) is amended by inserting ‘‘or savings 
associations, other than the limitation on the amount 
of investment by a Federal savings association con-
tained in section 5(c)(4)(B) of the Home Owners’ 
Loan Act’’ after ‘‘relating to banks’’. 
(7) Section 4(b) of the Bank Service Company 
Act (12 U.S.C. 1864(b)) is amended by inserting ‘‘as 
permissible under subsection (c), (d), or (e) or’’ after 
‘‘Except’’. 
(8) Section 4(c) of the Bank Service Company 
Act (12 U.S.C. 1864(c)) is amended by inserting ‘‘or 
State savings association’’ after ‘‘State bank’’ each 
place such term appears. 
(9) Section 4(d) of the Bank Service Company 
Act (12 U.S.C. 1864(d)) is amended by inserting ‘‘or
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Federal savings association’’ after ‘‘national bank’’ 
each place such term appears. 
(10) Section 4(e) of the Bank Service Company 
Act (12 U.S.C. 1864(e)) is amended to read as fol-
lows: 
‘‘(e) A bank service company may perform— 
‘‘(1) only those services that each depository in-
stitution shareholder or member is otherwise author-
ized to perform under any applicable Federal or State 
law; and 
‘‘(2) such services only at locations in a State in 
which each such shareholder or member is authorized 
to perform such services.’’. 
(11) Section 4(f) of the Bank Service Company 
Act (12 U.S.C. 1864(f)) is amended by inserting ‘‘or 
savings associations’’ after ‘‘location of banks’’. 
(12) Section 5 of the Bank Service Company Act 
(12 U.S.C. 1865) is amended— 
(A) in subsection (a)— 
(i) by striking ‘‘insured bank’’ and in-
serting ‘‘insured depository institution’’; 
and 
(ii) by striking ‘‘bank’s’’ and inserting 
‘‘institution’s’’; 
(B) in subsection (b)—
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(i) by striking ‘‘insured bank’’ and in-
serting ‘‘insured depository institution’’; 
(ii) by inserting ‘‘authorized only’’ 
after ‘‘performs any service’’; and 
(iii) by inserting ‘‘authorized only’’ 
after ‘‘perform any activity’’; and 
(C) in subsection (c)— 
(i) by striking ‘‘the bank or banks’’ 
and inserting ‘‘any depository institution’’; 
and 
(ii) by striking ‘‘capability of the 
bank’’ and inserting ‘‘capability of the de-
pository institution’’. 
(13) Section 7 of the Bank Service Company Act 
(12 U.S.C. 1867) is amended— 
(A) in subsection (b), by striking ‘‘insured 
bank’’ and inserting ‘‘insured depository institu-
tion’’; and 
(B) in subsection (c)— 
(i) by striking ‘‘a bank’’ each place 
such term appears and inserting ‘‘a deposi-
tory institution’’; and 
(ii) by striking ‘‘the bank’’ each place 
such term appears and inserting ‘‘the depos-
itory institution’’.
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SEC. 407. CROSS GUARANTEE AUTHORITY. 
Subparagraph (A) of section 5(e)(9) of the Federal De-
posit Insurance Act (12 U.S.C. 1815(e)(9)(A)) is amended 
to read as follows: 
‘‘(A) such institutions are controlled by the 
same company; or’’. 
SEC. 408. GOLDEN PARACHUTE AUTHORITY AND NONBANK 
HOLDING COMPANIES. 
Subsection (k) of section 18 of the Federal Deposit In-
surance Act (12 U.S.C. 1828(k)) is amended— 
(1) in paragraph (2)(A), by striking ‘‘or deposi-
tory institution holding company’’ and inserting ‘‘or 
covered company’’; 
(2) by striking subparagraph (B) of paragraph 
(2) and inserting the following new subparagraph: 
‘‘(B) Whether there is a reasonable basis to 
believe that the institution-affiliated party is 
substantially responsible for— 
‘‘(i) the insolvency of the depository in-
stitution or covered company; 
‘‘(ii) the appointment of a conservator 
or receiver for the depository institution; or 
‘‘(iii) the depository institution’s trou-
bled condition (as defined in the regulations 
prescribed pursuant to section 32(f)).’’;
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(3) in paragraph (2)(F), by striking ‘‘depository 
institution holding company’’ and inserting ‘‘covered 
company,’’; 
(4) in paragraph (3) in the matter preceding 
subparagraph (A), by striking ‘‘depository institution 
holding company’’ and inserting ‘‘covered company’’; 
(5) in paragraph (3)(A), by striking ‘‘holding 
company’’ and inserting ‘‘covered company’’; 
(6) in paragraph (4)(A)— 
(A) by striking ‘‘depository institution hold-
ing company’’ each place such term appears and 
inserting ‘‘covered company’’; and 
(B) by striking ‘‘holding company’’ each 
place such term appears (other than in connec-
tion with the term referred to in subparagraph 
(A)) and inserting ‘‘covered company’’; 
(7) in paragraph (5)(A), by striking ‘‘depository 
institution holding company’’ and inserting ‘‘covered 
company’’; 
(8) in paragraph (5), by adding at the end the 
following new subparagraph: 
‘‘(D) COVERED COMPANY.—The term ‘cov-
ered company’ means any depository institution 
holding company (including any company re-
quired to file a report under section 4(f)(6) of the
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Bank Holding Company Act of 1956), or any 
other company that controls an insured deposi-
tory institution.’’; and 
(9) in paragraph (6)— 
(A) by striking ‘‘depository institution hold-
ing company’’ and inserting ‘‘covered com-
pany,’’; and 
(B) by striking ‘‘or holding company’’ and 
inserting ‘‘or covered company’’. 
SEC. 409. AMENDMENTS RELATING TO CHANGE IN BANK 
CONTROL. 
Section 7(j) of the Federal Deposit Insurance Act (12 
U.S.C. 1817(j)) is amended— 
(1) in paragraph (1)(D)— 
(A) by striking ‘‘is needed to investigate’’ 
and inserting ‘‘is needed— 
‘‘(i) to investigate’’; 
(B) by striking ‘‘United States Code.’’ and 
inserting ‘‘United States Code; or’’; and 
(C) by adding at the end the following new 
clause: 
‘‘(ii) to analyze the safety and sound-
ness of any plans or proposals described in 
paragraph (6)(E) or the future prospects of 
the institution.’’; and
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(2) in paragraph (7)(C), by striking ‘‘the finan-
cial condition of any acquiring person’’ and inserting 
‘‘either the financial condition of any acquiring per-
son or the future prospects of the institution’’. 
SEC. 410. COMMUNITY REINVESTMENT CREDIT FOR ESOPS 
AND EWOCS. 
Section 804 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2903) is amended by adding at the end 
the following new subsection— 
‘‘(d) ESTABLISHMENT OF ESOPS AND EWOCS.— 
‘‘(1) IN GENERAL.—In assessing and taking into 
account, under subsection (a), the record of a finan-
cial institution, the appropriate Federal financial su-
pervisory agency shall consider as a factor activities 
that support or enable the establishment of employee 
stock ownership plans or eligible worker-owned co-
operatives, so long as the employer sponsoring the 
plan or cooperative is at least 51 percent owned by 
employees, including low to moderate income employ-
ees. 
‘‘(2) DEFINITIONS.—For purposes of this sub-
section, the following definitions shall apply: 
‘‘(A) 
EMPLOYEE
STOCK
OWNERSHIP 
PLAN.—The term ‘employee stock ownership
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plan’ has the same meaning as in section 
4975(e)(7) of the Internal Revenue Code of 1986. 
‘‘(B) ELIGIBLE WORKER-OWNED COOPERA-
TIVE.—The term ‘eligible worker-owned coopera-
tive’ has the same meaning as in section 
1042(c)(2) of the Internal Revenue Code of 
1986.’’. 
SEC. 411. MINORITY FINANCIAL INSTITUTIONS. 
(a) IN GENERAL.—The Federal Deposit Insurance 
Corporation and the Office of Thrift Supervision shall pro-
vide such technical assistance to minority financial institu-
tions affected by Hurricane Katrina, Hurricane Rita, and 
Hurricane Wilma as may be appropriate to preserve the 
present number of minority depository institutions and 
preserve the minority character in cases involving mergers 
or acquisitions of a minority depository institution con-
sistent with section 308(a) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989. 
(b) MINORITY FINANCIAL INSTITUTION DEFINED.— 
For purposes of this subsection, the term ‘‘minority finan-
cial institution’’ has the same meaning as in section 308(b) 
of the Financial Institutions Reform, Recovery, and En-
forcement Act of 1989.
•HR 3505 RH2 
TITLE V—DEPOSITORY INSTITU-
TION 
AFFILIATES 
PROVI-
SIONS 
SEC. 501. CLARIFICATION OF CROSS MARKETING PROVI-
SION. 
Section 4(n)(5) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(n)(5)) is amended— 
(1) in subparagraph (B), by striking ‘‘subsection 
(k)(4)(I)’’ and inserting ‘‘subparagraph (H) or (I) of 
subsection (k)(4)’’; and 
(2) by adding at the end the following new sub-
paragraph: 
‘‘(C) THRESHOLD OF CONTROL.—Subpara-
graph (A) shall not apply with respect to a com-
pany described or referred to in clause (i) or (ii) 
of such subparagraph if the financial holding 
company does not own or control 25 percent or 
more of the total equity or any class of voting se-
curities of such company.’’. 
SEC. 502. AMENDMENT TO PROVIDE THE FEDERAL RE-
SERVE 
BOARD 
WITH 
DISCRETION 
CON-
CERNING THE IMPUTATION OF CONTROL OF 
SHARES OF A COMPANY BY TRUSTEES. 
Section 2(g)(2) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1841(g)(2)) is amended by inserting ‘‘, un-
•HR 3505 RH2 
less the Board determines that such treatment is not appro-
priate in light of the facts and circumstances of the case 
and the purposes of this Act’’ before the period at the end. 
SEC. 503. ELIMINATING GEOGRAPHIC LIMITS ON THRIFT 
SERVICE COMPANIES. 
(a) IN
GENERAL.—The 1st sentence of section 
5(c)(4)(B) of the Home Owners’ Loan Act (12 U.S.C. 
1464(c)(4)(B)) (as amended by section 406(b)(3) of this 
Act) is amended— 
(1) by striking ‘‘corporation organized’’ and all 
that follows through ‘‘is available for purchase’’ and 
inserting ‘‘company, if the entire capital of the com-
pany is available for purchase’’; and 
(2) by striking ‘‘having their home offices in 
such State’’. 
(b) TECHNICAL CORRECTIONS.— 
(1) The heading for subparagraph (B) of section 
5(c)(4) of the Home Owners’ Loan Act (12 U.S.C. 
1464(c)(4)(B)) is amended by striking ‘‘CORPORA-
TIONS’’ and inserting ‘‘COMPANIES’’. 
(2) The 2nd sentence of section 5(n)(1) of the 
Home Owners’ Loan Act (12 U.S.C. 1464(n)(1)) is 
amended by striking ‘‘service corporations’’ and in-
serting ‘‘service companies’’.
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(3) Section 5(q)(1) of the Home Owners’ Loan 
Act (12 U.S.C. 1464(q)(1)) is amended by striking 
‘‘service corporation’’ each place such term appears in 
subparagraphs (A), (B), and (C) and inserting ‘‘serv-
ice company’’. 
(4) Section 10(m)(4)(C)(iii)(II) of the Home 
Owners’ 
Loan 
Act 
(12 
U.S.C. 
1467a(m)(4)(C)(iii)(II)) is amended by striking 
‘‘service corporation’’ each place such term appears 
and inserting ‘‘service company’’. 
SEC. 504. CLARIFICATION OF SCOPE OF APPLICABLE RATE 
PROVISION. 
Section 44(f) of the Federal Deposit Insurance Act (12 
U.S.C. 1831u(f)) is amended by adding at the end the fol-
lowing new paragraphs: 
‘‘(3) OTHER LENDERS.—In the case of any other 
lender doing business in the State described in para-
graph (1), the maximum interest rate or amount of 
interest, discount points, finance charges, or other 
similar charges that may be charged, taken, received, 
or reserved from time to time in any loan, discount, 
or credit sale made, or upon any note, bill of ex-
change, financing transaction, or other evidence of 
debt issued to or acquired by any other lender shall
•HR 3505 RH2 
be equal to not more than the greater of the rates de-
scribed in subparagraph (A) or (B) of paragraph (1). 
‘‘(4) OTHER LENDER DEFINED.—For purposes of 
paragraph (3), the term ‘other lender’ means any per-
son engaged in the business of selling or financing the 
sale of personal property (and any services incidental 
to the sale of personal property) in such State, except 
that, with regard to any person or entity described in 
such paragraph, such term does not include— 
‘‘(A) an insured depository institution; or 
‘‘(B) any person or entity engaged in the 
business of providing a short-term cash advance 
to any consumer in exchange for— 
‘‘(i) a consumer’s personal check or 
share draft, in the amount of the advance 
plus a fee, where presentment or negotiation 
of such check or share draft is deferred by 
agreement of the parties until a designated 
future date; or 
‘‘(ii) a consumer authorization to debit 
the consumer’s transaction account, in the 
amount of the advance plus a fee, where 
such account will be debited on or after a 
designated future date.’’.
•HR 3505 RH2 
SEC. 505. SAVINGS ASSOCIATIONS ACTING AS AGENTS FOR 
AFFILIATED DEPOSITORY INSTITUTIONS. 
(a) IN GENERAL.—Section 18(r) of the Federal De-
posit Insurance Act (12 U.S.C. 1828(r)) is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘bank subsidiary’’ and in-
serting ‘‘depository institution subsidiary’’; and 
(B) by striking ‘‘bank holding company’’ 
and inserting ‘‘depository institution holding 
company’’; 
(2) in paragraph (2), by striking ‘‘a bank act-
ing’’ and inserting ‘‘a depository institution acting’’; 
(3) in paragraphs (3) and (5), by striking ‘‘or 
(6)’’ each place such term appears in each such para-
graph; and 
(4) by striking paragraph (6). 
(b) CLERICAL AMENDMENT.—The heading for section 
18(r)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(r)) is amended by striking ‘‘BANK’’ and inserting 
‘‘DEPOSITORY INSTITUTION’’. 
SEC. 506. CREDIT CARD BANK INVESTMENTS FOR THE PUB-
LIC WELFARE. 
Section 2(c)(2)(F) of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1841(c)(2)(F)) is amended—
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(1) in clause (i), by striking ‘‘engages only in 
credit card operations;’’ and inserting ‘‘engages only 
in— 
‘‘(I) credit card operations; and 
‘‘(II) 
making 
investments 
de-
signed primarily to promote the public 
welfare, including the welfare of low- 
and moderate-income communities or 
families (such as by providing housing, 
services, or jobs), in the manner and to 
the extent permitted for national banks 
under the paragraph designated the 
‘Eleventh’ of section 5136 of the Re-
vised Statutes of the United States and 
regulations 
prescribed 
under 
such 
paragraph, except that the last sentence 
of such paragraph shall be applied for 
purposes of this subclause by sub-
stituting ‘5 percent’ for ‘15 percent’ 
each place such term appears; ’’; and 
(2) in clause (v), by inserting ‘‘, other than mak-
ing or purchasing loans for the purposes described in 
and to the extent permitted in clause (i)(II))’’ before 
the period at the end.
•HR 3505 RH2 
TITLE VI—BANKING AGENCY 
PROVISIONS 
SEC. 601. WAIVER OF EXAMINATION SCHEDULE IN ORDER 
TO ALLOCATE EXAMINER RESOURCES. 
Section 10(d) of the Federal Deposit Insurance Act (12 
U.S.C. 1820(d)) is amended— 
(1) by redesignating paragraphs (5), (6), (7), 
(8), (9), and (10) as paragraphs (6), (7), (8), (9), 
(10), and (11), respectively; 
(2) by inserting after paragraph (4), the fol-
lowing new paragraph: 
‘‘(5) WAIVER OF SCHEDULE WHEN NECESSARY 
TO ACHIEVE SAFE AND SOUND ALLOCATION OF EXAM-
INER RESOURCES.—Notwithstanding paragraphs (1), 
(2), (3), and (4), an appropriate Federal banking 
agency may make adjustments in the examination 
cycle for an insured depository institution if nec-
essary to allocate available resources of examiners in 
a manner that provides for the safety and soundness 
of, and the effective examination and supervision of, 
insured depository institutions.’’; and 
(3) in paragraphs (8) and (9), as so redesig-
nated, by striking ‘‘paragraph (6)’’ and inserting 
‘‘paragraph (7)’’.
•HR 3505 RH2 
SEC. 602. INTERAGENCY DATA SHARING. 
(a) FEDERAL BANKING AGENCIES.—Section 7(a)(2) of 
the Federal Deposit Insurance Act (12 U.S.C. 1817(a)(2)) 
is amended by adding at the end the following new subpara-
graph: 
‘‘(C) DATA
SHARING
WITH
OTHER
AGEN-
CIES AND PERSONS.—In addition to reports of 
examination, reports of condition, and other re-
ports required to be regularly provided to the 
Corporation (with respect to all insured deposi-
tory institutions, including a depository institu-
tion for which the Corporation has been ap-
pointed conservator or receiver) or an appro-
priate State bank supervisor (with respect to a 
State depository institution) under subpara-
graph (A) or (B), a Federal banking agency 
may, in the agency’s discretion, furnish any re-
port of examination or other confidential super-
visory information concerning any depository 
institution or other entity examined by such 
agency under authority of any Federal law, to— 
‘‘(i) any other Federal or State agency 
or authority with supervisory or regulatory 
authority over the depository institution or 
other entity;
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‘‘(ii) any officer, director, or receiver of 
such depository institution or entity; and 
‘‘(iii) any other person the Federal 
banking agency determines to be appro-
priate.’’. 
(b) NATIONAL CREDIT UNION ADMINISTRATION.—Sec-
tion 202(a) of the Federal Credit Union Act (12 U.S.C. 
1782(a)) is amended by adding at the end the following 
new paragraph: 
‘‘(8) DATA SHARING WITH OTHER AGENCIES AND 
PERSONS.—In addition to reports of examination, re-
ports of condition, and other reports required to be 
regularly provided to the Board (with respect to all 
insured credit unions, including a credit union for 
which the Corporation has been appointed conservator 
or liquidating agent) or an appropriate State com-
mission, board, or authority having supervision of a 
State-chartered credit union, the Board may, in the 
Board’s discretion, furnish any report of examination 
or other confidential supervisory information con-
cerning any credit union or other entity examined by 
the Board under authority of any Federal law, to— 
‘‘(A) any other Federal or State agency or 
authority with supervisory or regulatory author-
ity over the credit union or other entity;
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‘‘(B) any officer, director, or receiver of 
such credit union or entity; and 
‘‘(C) any other institution-affiliated party 
of such credit union or entity the Board deter-
mines to be appropriate.’’. 
SEC. 603. PENALTY FOR UNAUTHORIZED PARTICIPATION 
BY CONVICTED INDIVIDUAL. 
Section 19 of the Federal Deposit Insurance Act (12 
U.S.C. 1829) is amended by adding at the end the following 
new subsection: 
‘‘(c) NONINSURED BANKS.—Subsections (a) and (b) 
shall apply to a noninsured national bank and a non-
insured State member bank, and any agency or noninsured 
branch (as such terms are defined in section 1(b) of the 
International Banking Act of 1978) of a foreign bank as 
if such bank, branch, or agency were an insured depository 
institution, except such subsections shall be applied for pur-
poses of this subsection by substituting the agency deter-
mined under the following paragraphs for ‘Corporation’ 
each place such term appears in such subsections: 
‘‘(1) The Comptroller of the Currency, in the case 
of a noninsured national bank or any Federal agency 
or noninsured Federal branch of a foreign bank. 
‘‘(2) The Board of Governors of the Federal Re-
serve System, in the case of a noninsured State mem-
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ber bank or any State agency or noninsured State 
branch of a foreign bank.’’. 
SEC. 604. AMENDMENT PERMITTING THE DESTRUCTION OF 
OLD RECORDS OF A DEPOSITORY INSTITU-
TION BY THE FDIC AFTER THE APPOINTMENT 
OF THE FDIC AS RECEIVER. 
Section 11(d)(15)(D) of the Federal Deposit Insurance 
Act (12 U.S.C. 1821(d)(15)(D)) is amended— 
(1) by striking ‘‘RECORDKEEPING
REQUIRE-
MENT.—After the end of the 6-year period’’ and in-
serting ‘‘RECORDKEEPING REQUIREMENT.— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), after the end of the 6-year pe-
riod’’; 
(2) by striking ‘‘to be unnecessary’’ and inserting 
‘‘are unnecessary and not relevant to any pending or 
reasonably probable future litigation’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(ii) OLD RECORDS.—In the case of 
records of an insured depository institution 
which— 
‘‘(I) are at least 10 years old, as 
of the date the Corporation is ap-
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pointed as the receiver of such deposi-
tory institution; and 
‘‘(II) are unnecessary and not rel-
evant to any pending or reasonably 
probable future litigation, as provided 
in clause (i), 
the Corporation may destroy such records 
in accordance with clause (i) any time after 
such appointment is final without regard to 
the 6-year period of limitation contained in 
such clause.’’. 
SEC. 605. MODERNIZATION OF RECORDKEEPING REQUIRE-
MENT. 
Subsection (f) of section 10 of the Federal Deposit In-
surance Act (12 U.S.C. 1820(f)) is amended to read as fol-
lows: 
‘‘(f) PRESERVATION OF AGENCY RECORDS.— 
‘‘(1) IN GENERAL.—A Federal banking agency 
may cause any and all records, papers, or documents 
kept by the agency or in the possession or custody of 
the agency to be— 
‘‘(A) photographed or microphotographed or 
otherwise reproduced upon film; or 
‘‘(B) preserved in any electronic medium or 
format which is capable of—
•HR 3505 RH2 
‘‘(i) being read or scanned by com-
puter; and 
‘‘(ii) being reproduced from such elec-
tronic medium or format by printing or 
any other form of reproduction of electroni-
cally stored data. 
‘‘(2) TREATMENT AS ORIGINAL RECORDS.—Any 
photographs, microphotographs, or photographic film 
or copies thereof described in paragraph (1)(A) or re-
production of electronically stored data described in 
paragraph (1)(B) shall be deemed to be an original 
record for all purposes, including introduction in evi-
dence in all State and Federal courts or administra-
tive agencies and shall be admissible to prove any act, 
transaction, occurrence, or event therein recorded. 
‘‘(3) AUTHORITY
OF
THE
FEDERAL
BANKING 
AGENCIES.—Any photographs, microphotographs, or 
photographic film or copies thereof described in para-
graph (1)(A) or reproduction of electronically stored 
data described in paragraph (1)(B) shall be preserved 
in such manner as the Federal banking agency shall 
prescribe and the original records, papers, or docu-
ments may be destroyed or otherwise disposed of as 
the Federal banking agency may direct.’’.
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SEC. 606. STREAMLINING REPORTS OF CONDITION. 
Section 7(a) of the Federal Deposit Insurance Act (12 
U.S.C. 1817(a)) is amended by adding the following new 
paragraph: 
‘‘(11) STREAMLINING REPORTS OF CONDITION.— 
‘‘(A) REVIEW OF INFORMATION AND SCHED-
ULES.—Before the end of the 1-year period be-
ginning on the date of the enactment of the Fi-
nancial Services Regulatory Relief Act of 2005 
and before the end of each 5-year period there-
after, each Federal banking agency shall, in con-
sultation with the other relevant Federal banking 
agencies, review the information and schedules 
that are required to be filed by an insured depos-
itory institution in a report of condition re-
quired under paragraph (3). 
‘‘(B) REDUCTION OR ELIMINATION OF IN-
FORMATION FOUND TO BE UNNECESSARY.—After 
completing the review required by subparagraph 
(A), a Federal banking agency, in consultation 
with the other relevant Federal banking agencies, 
shall reduce or eliminate any requirement to file 
information or schedules under paragraph (3) 
(other than information or schedules that are 
otherwise required by law) if the agency deter-
mines that the continued collection of such infor-
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mation or schedules is no longer necessary or ap-
propriate.’’. 
SEC. 607. EXPANSION OF ELIGIBILITY FOR 18-MONTH EXAM-
INATION SCHEDULE FOR COMMUNITY BANKS. 
Paragraph (4)(A) of section 10(d) of the Federal De-
posit Insurance Act (12 U.S.C. 1820(d)) is amended by 
striking ‘‘$250,000,000’’ and inserting ‘‘$1,000,000,000’’. 
SEC. 608. SHORT FORM REPORTS OF CONDITION FOR CER-
TAIN COMMUNITY BANKS. 
(a) IN GENERAL.—Section 7(a) of the Federal Deposit 
Insurance Act (12 U.S.C. 1817(a)) is amended by inserting 
after paragraph (11) (as added by section 606 of this title) 
the following new paragraph: 
‘‘(12) SHORT FORM REPORTS OF CONDITION FOR 
COMMUNITY BANKS.— 
‘‘(A) IN GENERAL.—With respect to reports 
of condition required under paragraph (3) for 
each calendar quarter, an insured depository in-
stitution described in subparagraphs (A), (B), 
(C), and (D) of section 10(d)(4) may submit a 
short form of any such report of condition in 2 
nonsequential quarters of any calendar year. 
‘‘(B) SHORT
FORM
DEFINED.—The term 
‘short form’, when used in connection with any 
report of condition required under paragraph
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(3), means a report of condition in a format es-
tablished by the appropriate Federal banking 
agency, after notice and opportunity for com-
ment, that— 
‘‘(i) is significantly and materially less 
burdensome for the insured depository insti-
tution to prepare than the format of the re-
port of condition required under paragraph 
(3); and 
‘‘(ii) provides sufficient material infor-
mation for the appropriate Federal banking 
agency to assure the maintenance of the safe 
and sound condition of the depository insti-
tution and safe and sound practices.’’. 
(b) REGULATIONS.—Any regulation required to carry 
out the amendment made by subsection (a) shall be pub-
lished in final form before the end of the 6-month period 
beginning on the date of the enactment of this Act. 
SEC. 609. CLARIFICATION OF EXTENT OF SUSPENSION, RE-
MOVAL, AND PROHIBITION AUTHORITY OF 
FEDERAL BANKING AGENCIES IN CASES OF 
CERTAIN CRIMES BY INSTITUTION-AFFILI-
ATED PARTIES. 
(a) INSURED DEPOSITORY INSTITUTIONS.—
100 
•HR 3505 RH2 
(1) IN GENERAL.—Section 8(g)(1) of the Federal 
Deposit Insurance Act (12 U.S.C. 1818(g)(1)) is 
amended— 
(A) in subparagraph (A)— 
(i) by striking ‘‘is charged in any in-
formation, indictment, or complaint, with 
the commission of or participation in’’ and 
inserting ‘‘is the subject of any information, 
indictment, or complaint, involving the 
commission of or participation in’’; 
(ii) by striking ‘‘may pose a threat to 
the interests of the depository institution’s 
depositors or may threaten to impair public 
confidence in the depository institution,’’ 
and insert ‘‘posed, poses, or may pose a 
threat to the interests of the depositors of, or 
threatened, threatens, or may threaten to 
impair public confidence in, any relevant 
depository institution (as defined in sub-
paragraph (E)),’’; and 
(iii) by striking ‘‘affairs of the deposi-
tory institution’’ and inserting ‘‘affairs of 
any depository institution’’; 
(B) in subparagraph (B)(i), by striking 
‘‘the depository institution’’ and inserting ‘‘any
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depository institution that the subject of the no-
tice is affiliated with at the time the notice is 
issued’’; 
(C) in subparagraph (C)(i)— 
(i) by striking ‘‘may pose a threat to 
the interests of the depository institution’s 
depositors or may threaten to impair public 
confidence in the depository institution,’’ 
and insert ‘‘posed, poses, or may pose a 
threat to the interests of the depositors of, or 
threatened, threatens, or may threaten to 
impair public confidence in, and relevant 
depository institution (as defined in sub-
paragraph (E)),’’; and 
(ii) by striking ‘‘affairs of the deposi-
tory institution’’ and inserting ‘‘affairs of 
any depository institution’’; 
(D) in subparagraph (C)(ii), by striking 
‘‘affairs of the depository institution’’ and insert-
ing ‘‘affairs of any depository institution’’; 
(E) in subparagraph (D)(i), by striking 
‘‘the depository institution’’ and inserting ‘‘any 
depository institution that the subject of the 
order is affiliated with at the time the order is 
issued’’; and
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(F) by adding at the end the following new 
subparagraph: 
‘‘(E) 
RELEVANT
DEPOSITORY
INSTITU-
TION.—For purposes of this subsection, the term 
‘relevant depository institution’ means any de-
pository institution of which the party is or was 
an institution-affiliated party at the time— 
‘‘(i) the information, indictment or 
complaint described in subparagraph (A) 
was issued; or 
‘‘(ii) the notice is issued under sub-
paragraph (A) or the order is issued under 
subparagraph (C)(i).’’. 
(2) CLERICAL
AMENDMENT.—The heading for 
section 8(g) of the Federal Deposit Insurance Act (12 
U.S.C. 1818(g)) is amended to read as follows: 
‘‘(g) SUSPENSION, REMOVAL, AND PROHIBITION FROM 
PARTICIPATION ORDERS IN THE CASE OF CERTAIN CRIMI-
NAL OFFENSES.—’’. 
(b) INSURED CREDIT UNIONS.— 
(1) IN GENERAL.—Section 206(i)(1) of the Fed-
eral Credit Union Act (12 U.S.C. 1786(i)(1)) is 
amended—
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(A) in subparagraph (A), by striking ‘‘the 
credit union’’ each place such term appears and 
inserting ‘‘any credit union’’; 
(B) in subparagraph (B)(i), by inserting 
‘‘of which the subject of the order is, or most re-
cently was, an institution-affiliated party’’ be-
fore the period at the end; 
(C) in subparagraph (C)— 
(i) by striking ‘‘the credit union’’ each 
place such term appears and inserting ‘‘any 
credit union’’; and 
(ii) by striking ‘‘the credit union’s’’ 
and inserting ‘‘any credit union’s’’; 
(D) in subparagraph (D)(i), by striking 
‘‘upon such credit union’’ and inserting ‘‘upon 
the credit union of which the subject of the order 
is, or most recently was, an institution-affiliated 
party’’; and 
(E) by adding at the end the following new 
subparagraph: 
‘‘(E) CONTINUATION OF AUTHORITY.—The 
Board may issue an order under this paragraph 
with respect to an individual who is an institu-
tion-affiliated party at a credit union at the
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time of an offense described in subparagraph (A) 
without regard to— 
‘‘(i) whether such individual is an in-
stitution-affiliated party at any credit 
union at the time the order is considered or 
issued by the Board; or 
‘‘(ii) whether the credit union at which 
the individual was an institution-affiliated 
party at the time of the offense remains in 
existence at the time the order is considered 
or issued by the Board.’’. 
(2) CLERICAL AMENDMENT.—Section 206(i) of 
the Federal Credit Union Act (12 U.S.C. 1786(i)) is 
amended by striking ‘‘(i)’’ at the beginning and in-
serting the following new subsection heading: 
‘‘(i) SUSPENSION, REMOVAL, AND PROHIBITION FROM 
PARTICIPATION ORDERS IN THE CASE OF CERTAIN CRIMI-
NAL OFFENSES.—’’. 
SEC. 610. STREAMLINING DEPOSITORY INSTITUTION MERG-
ER APPLICATION REQUIREMENTS. 
(a) IN GENERAL.—Paragraph (4) of section 18(c) of 
the Federal Deposit Insurance Act (12 U.S.C. 1828(c)) is 
amended to read as follows: 
‘‘(4) REPORTS ON COMPETITIVE FACTORS.—