by section 303 of this title) is amended by striking ‘‘six-
month period and that prevailing interest rate levels’’ and 
inserting ‘‘6-month period or that prevailing interest rate 
levels’’. 
SEC. 312. EXEMPTION FROM PRE-MERGER NOTIFICATION 
REQUIREMENT OF THE CLAYTON ACT. 
Section 7A(c)(7) of the Clayton Act (15 U.S.C. 
18a(c)(7)) is amended by inserting ‘‘section 205(b)(3) of 
the Federal Credit Union Act (12 U.S.C. 1785(b)(3)),’’ 
before ‘‘or section 3’’. 
SEC. 313. TREATMENT OF CREDIT UNIONS AS DEPOSITORY 
INSTITUTIONS UNDER SECURITIES LAWS. 
(a) DEFINITION OF BANK UNDER THE SECURITIES 
EXCHANGE ACT OF 1934.—Section 3(a)(6) of the Securi-
ties Exchange Act of 1934 (15 U.S.C. 78c(a)(6)) (as 
amended by section 201(a)(1) of this Act) is amended—
(1) by striking ‘‘this title, and (D) a receiver’’ 
and inserting ‘‘this title, (D) an insured credit union 
(as defined in section 101(7) of the Federal Credit 
Union Act) but only for purposes of paragraphs (4) 
and (5) of this subsection and only for activities oth-
erwise authorized by applicable laws to which such 
credit unions are subject, and (E) a receiver’’; and
(2) in subparagraph (E) (as so redesignated by 
paragraph (1) of this subsection) by striking ‘‘(A), 
(B), or (C)’’ and inserting ‘‘(A), (B), (C), or (D)’’. 
(b) DEFINITION OF BANK UNDER THE INVESTMENT 
ADVISERS ACT OF 1940.—Section 202(a)(2) of the In-
vestment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(2)) 
(as amended by section 201(b)(1) of this Act) is amend-
ed—
(1) by striking ‘‘this title, and (D) a receiver’’ 
and inserting ‘‘this title, (D) an insured credit union 
(as defined in section 101(7) of the Federal Credit 
Union Act) but only for activities otherwise author-
ized by applicable laws to which such credit unions 
are subject, and (E) a receiver’’; and 
(2) in subparagraph (E) (as so redesignated by 
paragraph (1) of this subsection) by striking ‘‘(A), 
(B), or (C)’’ and inserting ‘‘(A), (B), (C), or (D)’’. 
(c) DEFINITION OF APPROPRIATE FEDERAL BANK-
ING AGENCY.—Section 210A(c) of the Investment Advis-
ers Act of 1940 (15 U.S.C. 80b–10a(c)) is amended by 
inserting ‘‘and includes the National Credit Union Admin-
istration Board, in the case of an insured credit union (as 
defined in section 101(7) of the Federal Credit Union 
Act)’’ before the period at the end.
SEC. 314. CLARIFICATION OF DEFINITION OF NET WORTH 
UNDER CERTAIN CIRCUMSTANCES FOR PUR-
POSES OF PROMPT CORRECTIVE ACTION. 
Subparagraph (A) of section 216(o)(2) of the Federal 
Credit Union Act (12 U.S.C. 1790d(o)(2)(A)) is amend-
ed—
(1) by inserting ‘‘the’’ before ‘‘retained earnings 
balance’’; and 
(2) by inserting ‘‘, together with any amounts 
that were previously retained earnings of any other 
credit union with which the credit union has com-
bined’’ before the semicolon at the end. 
SEC. 315. AMENDMENTS RELATING TO NONFEDERALLY IN-
SURED CREDIT UNIONS. 
(a) IN GENERAL.—Subsection (a) of section 43 of the 
Federal Deposit Insurance Act (12 U.S.C. 1831t(a)) is 
amended by adding at the end the following new para-
graph: 
‘‘(3) ENFORCEMENT
BY
APPROPRIATE
STATE 
SUPERVISOR.—Any appropriate State supervisor of a 
private deposit insurer, and any appropriate State 
supervisor of a depository institution which receives 
deposits that are insured by a private deposit in-
surer, may examine and enforce compliance with this 
subsection under the applicable regulatory authority 
of such supervisor.’’.
(b) 
AMENDMENTS
RELATING
TO
EFFECTIVE 
DATES.—
(1) NEW DATE DESIGNATING NEW AND CUR-
RENT DEPOSITORS.—Section 43(b)(3) of the Federal 
Deposit Insurance Act (12 U.S.C. 1831t(b)(3)) is 
amended by striking ‘‘June 19, 1994’’ each place 
such term appears in subparagraph (A), (B), and 
(C) and inserting ‘‘May 15, 2004 (or, in the case of 
a depository institution that terminates Federal de-
posit or share insurance after such date, the date 
the termination becomes effective)’’. 
(2) CHANGE IN CERTAIN EFFECTIVE DATE.—
Section 43(b)(3)(B) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831t(b)(3)(B)) is amended by 
striking ‘‘the effective date of this paragraph’’ and 
inserting ‘‘the effective date of the Financial Serv-
ices Regulatory Relief Act of 2005’’. 
(3) CHANGE IN TIMING OF FIRST NOTICE.—
Section 43(b)(3)(C)(ii)(I) of the Federal Deposit In-
surance Act (12 U.S.C. 1831t(b)(3)(C)(ii)(I)) is 
amended by striking ‘‘September 12, 1994’’ and in-
serting ‘‘the end of the 45-day period beginning on 
the effective date of the Financial Services Regu-
latory Relief Act of 2005 (or, in the case of a deposi-
tory institution that terminates Federal deposit or
share insurance after May 15, 2004, the later of the 
end of such 45-day period or the end of the 45-day 
period beginning on the date the termination of such 
Federal deposit or share insurance becomes effec-
tive)’’. 
(c) REPEAL
OF
PROVISION
PROHIBITING
NON-
DEPOSITORY INSTITUTIONS FROM ACCEPTING DEPOS-
ITS.—Section 43 of the Federal Deposit Insurance Act (12 
U.S.C. 1831t) is amended—
(1) by striking subsection (e); and 
(2) by redesignating subsections (f) and (g) as 
subsections (e) and (f), respectively. 
(d) REPEAL
OF
PROVISION
CONCERNING
NON-
DEPOSITORY INSTITUTIONS MASQUERADING AS DEPOSI-
TORY INSTITUTIONS.—Subsection (e)(2) (as so redesig-
nated by subsection (c) of this section) of section 43 of 
the Federal Deposit Insurance Act (12 U.S.C. 1831t) is 
amended by striking ‘‘includes—’’ and all that follows 
through the end of subparagraph (B) and inserting ‘‘in-
cludes any entity described in section 19(b)(1)(A)(iv) of 
the Federal Reserve Act.’’. 
(e) REPEAL OF FTC AUTHORITY TO ENFORCE INDE-
PENDENT AUDIT REQUIREMENT; CONCURRENT STATE 
ENFORCEMENT.—Subsection (f) (as so redesignated by 
subsection (c) of this section) of section 43 of the Federal
Deposit Insurance Act (12 U.S.C. 1831t) is amended to 
read as follows: 
‘‘(f) ENFORCEMENT.—
‘‘(1) LIMITED
FTC
ENFORCEMENT
AUTHOR-
ITY.—Compliance with the requirements of sub-
sections (b) and (c), and any regulation prescribed 
or order issued under any such subsection, shall be 
enforced under the Federal Trade Commission Act 
by the Federal Trade Commission. 
‘‘(2) BROAD
STATE
ENFORCEMENT
AUTHOR-
ITY.—
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (C), an appropriate State supervisor of a 
depository institution lacking Federal deposit 
insurance may examine and enforce compliance 
with the requirements of this section, and any 
regulation prescribed under this section. 
‘‘(B) STATE
POWERS.—For purposes of 
bringing any action to enforce compliance with 
this section, no provision of this section shall be 
construed as preventing an appropriate State 
supervisor of a depository institution lacking 
Federal deposit insurance from exercising any 
powers conferred on such official by the laws of 
such State.