H. R. 3474—64
SEC. 316. ACCELERATION OF EFFECTIVE DATE FOR INTERAFFILIATE
TRANSACTIONS.
(a) HOME OWNERS’ LOAN ACT AMENDMENT.—Section 11(a)(2)
of the Home Owners’ Loan Act (12 U.S.C. 1468(a)(2)) is amended
by adding at the end the following new subparagraph:
‘‘(C) TRANSITION RULE FOR WELL CAPITALIZED SAVINGS
ASSOCIATIONS.—
‘‘(i) IN
GENERAL.—A savings association that is
well capitalized (as defined in section 38 of the Federal
Deposit Insurance Act), as determined without includ-
ing goodwill in calculating core capital, shall be treated
as a bank for purposes of section 23A(d)(1) and section
23B of the Federal Reserve Act.
‘‘(ii) LIABILITY OF COMMONLY CONTROLLED DEPOSI-
TORY
INSTITUTIONS.—Any savings association that
engages under clause (i) in a transaction that would
not otherwise be permissible under this subsection,
and any affiliated insured bank that is commonly con-
trolled (as defined in section 5(e)(9) of the Federal
Deposit Insurance Act), shall be subject to subsection
(e) of section 5 of the Federal Deposit Insurance Act
as if paragraph (6) of that subsection did not apply.’’.
(b) REPEAL PROVISION.—Effective on January 1, 1995, subpara-
graph (C) of section 11(a)(2) of the Home Owners’ Loan Act (12
U.S.C. 1468(a)(2)) (as added by subsection (a) of this section) is
repealed.
SEC. 317. COLLATERALIZATION OF PUBLIC DEPOSITS.
Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C.
1823(e)) is amended—
(1) by redesignating paragraphs (1) through (4) as subpara-
graphs (A) through (D), respectively, and indent appropriately;
(2) by striking ‘‘No agreement’’ and inserting the following:
‘‘(1) IN GENERAL.—No agreement’’; and
(3) by adding at the end the following new paragraph:
‘‘(2) PUBLIC DEPOSITS.—An agreement to provide for the
lawful collateralization of deposits of a Federal, State, or local
governmental entity or of any depositor referred to in section
11(a)(2) shall not be deemed to be invalid pursuant to para-
graph (1)(B) solely because such agreement was not executed
contemporaneously with the acquisition of the collateral or
with any changes in the collateral made in accordance with
such agreement.’’.
SEC. 318. MODIFICATION OF REGULATORY PROVISIONS.
(a) IN GENERAL.—Section 39(b) of the Federal Deposit Insurance
Act (12 U.S.C. 1831p–1(b), as added by section 132(a) of the Federal
Deposit Insurance Corporation Improvement Act of 1991) is
amended to read as follows:
‘‘(b) ASSET QUALITY, EARNINGS, AND STOCK VALUATION STAND-
ARDS.—Each appropriate Federal banking agency shall prescribe
standards, by regulation or guideline, for all insured depository
institutions relating to asset quality, earnings, and stock valuation
that the agency determines to be appropriate.’’.
(b) ESTABLISHING STANDARDS.—Section 39(d) of the Federal
Deposit Insurance Act (12 U.S.C. 1831p–1(d), as added by section
H. R. 3474—65
132(a) of the Federal Deposit Insurance Corporation Improvement
Act of 1991) is amended—
(1) in the subsection heading, by striking ‘‘BY REGULATION’’;
and
(2) in paragraph (1)—
(A) in the 1st sentence, by inserting ‘‘or guideline’’
before the period; and
(B) in the 2d sentence, by inserting ‘‘or guidelines’’
after ‘‘Such regulations’’.
(c) HOLDING COMPANIES EXCLUDED FROM SCOPE OF STAND-
ARDS.—Section 39 of the Federal Deposit Insurance Act (12 U.S.C.
1831p–1, as added by section 132(a) of the Federal Deposit Insur-
ance Corporation Improvement Act of 1991) is amended—
(1) in subsections (a), by striking ‘‘and depository institution
holding companies’’; and
(2) in subsection (e)—
(A) by striking ‘‘or company’’ each place such term
appears;
(B) in paragraphs (1)(A) and (2), by striking ‘‘or deposi-
tory institution holding company’’;
(C) in paragraph (1)(A)—
(i) by striking ‘‘or (b) the agency shall require’’
and inserting the following: ‘‘or (b)—
‘‘(i) if such standard is prescribed by regulation
of the agency, the agency shall require’’; and
(ii) by striking the period at the end and inserting
the following: ‘‘; and
‘‘(ii) if such standard is prescribed by guideline,
the agency may require the institution to submit a
plan described in clause (i).’’; and
(D) in paragraph (1)(C)(i), by striking ‘‘and companies’’.
(d) EFFECTIVE DATE.—The amendments made by this section
shall be construed to have the same effective date as section 39
of the Federal Deposit Insurance Act, as provided in section 132(c)
of the Federal Deposit Insurance Corporation Improvement Act
of 1991.
SEC. 319. EXPEDITED PROCEDURES.
(a) AMENDMENTS TO THE BANK HOLDING COMPANY ACT.—The
2d sentence of section 3(a) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1842(a)) is amended—
(1) by striking ‘‘or (B)’’ and inserting ‘‘(B)’’; and
(2) by inserting before the period the following: ‘‘; or (C)
the acquisition, by a company, of control of a bank in a reorga-
nization in which a person or group of persons exchanges
their shares of the bank for shares of a newly formed bank
holding company and receives after the reorganization substan-
tially the same proportional share interest in the holding
company as they held in the bank except for changes in share-
holders’ interests resulting from the exercise of dissenting
shareholders’ rights under State or Federal law if—
‘‘(i) immediately following the acquisition—
‘‘(I) the bank holding company meets the cap-
ital and other financial standards prescribed by
the Board by regulation for such a bank holding
company; and
H. R. 3474—66
‘‘(II) the bank is adequately capitalized (as
defined in section 38 of the Federal Deposit Insur-
ance Act);
‘‘(ii) the holding company does not engage in any
activities other than those of managing and controlling
banks as a result of the reorganization;
‘‘(iii) the company provides 30 days prior notice
to the Board and the Board does not object to such
transaction during such 30-day period; and
‘‘(iv) the holding company will not acquire control
of any additional bank as a result of the reorganiza-
tion.’’.
(b) AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.—
Section 5(d)(3) of the Federal Deposit Insurance Act (12 U.S.C.
1815(d)(3)) is amended—
(1) by striking subparagraph (A) and inserting the follow-
ing:
‘‘(A) CONVERSIONS ALLOWED.—Notwithstanding para-
graph (2)(A), and subject to the requirements of this para-
graph, any insured depository institution may participate
in a transaction described in clause (ii), (iii), or (iv) of
paragraph (2)(B) with the prior written approval of the
responsible agency under section 18(c)(2).’’;
(2) in subparagraph (E)—
(A) in clause (i), by striking ‘‘(and, in the event the
acquiring, assuming, or resulting depository institution is
a Bank Insurance Fund member which is a subsidiary
of a bank holding company, the Board)’’;
(B) in clause (ii), by striking ‘‘or Board’’; and
(C) in clause (iv)—
(i) by striking ‘‘, and the appropriate Federal bank-
ing agency for any depository institution holding
company,’’;
(ii) by striking ‘‘each’’; and
(iii) by striking ‘‘, and any depository institution
holding company which controls such institution,’’;
(3) in subparagraph (F)—
(A) by striking ‘‘The Board’’ and all that follows through
‘‘a Bank’’ and inserting ‘‘A Bank’’; and
(B) by striking ‘‘unless the Board determines that’’
and inserting ‘‘may not be the acquiring, assuming, or
resulting depository institution in a transaction under
subparagraph (A) unless’’; and
(4) by striking subparagraph (K).
SEC. 320. EXEMPTION OF CERTAIN HOLDING COMPANY FORMATIONS
FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933.
Section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a))
is amended by adding at the end the following new paragraph:
‘‘(12) Any equity security issued in connection with the
acquisition by a holding company of a bank under section
3(a) of the Bank Holding Company Act of 1956 or a savings
association under section 10(e) of the Home Owners’ Loan Act,
if—
‘‘(A) the acquisition occurs solely as part of a reorga-
nization in which security holders exchange their shares
H. R. 3474—67
of a bank or savings association for shares of a newly
formed holding company with no significant assets other
than securities of the bank or savings association and
the existing subsidiaries of the bank or savings association;
‘‘(B) the security holders receive, after that reorganiza-
tion, substantially the same proportional share interests
in the holding company as they held in the bank or savings
association, except for nominal changes in shareholders’
interests resulting from lawful elimination of fractional
interests and the exercise of dissenting shareholders’ rights
under State or Federal law;
‘‘(C) the rights and interests of security holders in
the holding company are substantially the same as those
in the bank or savings association prior to the transaction,
other than as may be required by law; and
‘‘(D) the holding company has substantially the same
assets and liabilities, on a consolidated basis, as the bank
or savings association had prior to the transaction.
For purposes of this paragraph, the term ‘savings association’
means a savings association (as defined in section 3(b) of the
Federal Deposit Insurance Act) the deposits of which are
insured by the Federal Deposit Insurance Corporation.’’.
SEC. 321. REDUCTION OF POST-APPROVAL WAITING PERIODS FOR
CERTAIN ACQUISITIONS AND MERGERS.
(a) ACQUISITIONS.—Section 11(b)(1) of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1849(b)(1)) is amended by inserting
before the period at the end of the 4th sentence the following:
‘‘or, if the Board has not received any adverse comment from the
Attorney General of the United States relating to competitive fac-
tors, such shorter period of time as may be prescribed by the
Board with the concurrence of the Attorney General, but in no
event less than 15 calendar days after the date of approval’’.
(b) MERGERS.—Section 18(c)(6) of the Federal Deposit Insurance
Act (12 U.S.C. 1828(c)(6)) is amended by inserting before the period
at the end of the last sentence the following: ‘‘or, if the agency
has not received any adverse comment from the Attorney General
of the United States relating to competitive factors, such shorter
period of time as may be prescribed by the agency with the concur-
rence of the Attorney General, but in no event less than 15 calendar
days after the date of approval’’.
SEC. 322. BANKERS’ BANKS.
(a) OWNERSHIP BY BANKERS’ BANKS.—
(1) SECTION 5136.—Paragraph Seventh of section 5136 of
the Revised Statutes (12 U.S.C. 24) is amended in the 5th
proviso—
(A) by inserting ‘‘or depository institution holding
companies (as defined in section 3 of the Federal Deposit
Insurance Act)’’ after ‘‘(except to the extent directors’
qualifying shares are required by law) by depository institu-
tions’’; and
(B) by striking ‘‘services for other depository institu-
tions and their officers, directors and employees’’ and
inserting the following: ‘‘services to or for other depository
institutions, their holding companies, and the officers,
directors, and employees of such institutions and compa-
nies, and in providing correspondent banking services at
H. R. 3474—68
the request of other depository institutions or their holding
companies (also referred to as a ‘banker’s bank’)’’.
(2) SECTION 5169.—Section 5169(b)(1) of the Revised Stat-
utes (12 U.S.C. 27(b)(1)) is amended—
(A) by inserting ‘‘or depository institution holding
companies’’ after ‘‘(except to the extent directors’ qualifying
shares are required by law) by other depository institu-
tions’’; and
(B) by striking ‘‘services for other depository institu-
tions and their officers, directors and employees’’ and
inserting the following: ‘‘services to or for other depository
institutions, their holding companies, and the officers,
directors, and employees of such institutions and compa-
nies, and in providing correspondent banking services at
the request of other depository institutions or their holding
companies (also referred to as a ‘banker’s bank’)’’.
(b) OWNERSHIP BY SAVINGS ASSOCIATIONS.—Section 5(c)(4) of
the Home Owners’ Loan Act (12 U.S.C. 1464(c)(4)) is amended
by adding at the end the following new subparagraph:
‘‘(E) BANKERS’ BANKS.—A Federal savings association
may purchase for its own account shares of stock of a
bankers’ bank, described in Paragraph Seventh of section
5136 of the Revised Statutes or in section 5169(b) of the
Revised Statutes, on the same terms and conditions as
a national bank may purchase such shares.’’.
(c) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) BANK HOLDING COMPANY ACT.—Section 3(e) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842(e)) is amended
by striking the 2d sentence.
(2) MANAGEMENT INTERLOCKS ACT.—Section 202(3)(D) of
the Depository Institution Management Interlocks Act (12
U.S.C. 3201(3)(D)) is amended by striking ‘‘the voting securi-
ties’’ the first place such term appears and all that follows
through the end of the subparagraph and inserting ‘‘and is
a bankers’ bank, described in Paragraph Seventh of section
5136 of the Revised Statutes; or’’.
(d) LENDING LIMIT FOR LOANS SECURED BY SECURITIES.—Sec-
tion 11(m) of the Federal Reserve Act (12 U.S.C. 248(m)) is amended
by striking ‘‘10 percentum’’ each place such term appears and
inserting ‘‘15 percent’’.
SEC. 323. BANK SERVICE CORPORATION ACT AMENDMENT.
Section 5 of the Bank Service Corporation Act (12 U.S.C. 1865)
is amended—
(1) in subsection (a), by striking ‘‘the prior approval of’’
and inserting ‘‘prior notice, as determined by’’; and
(2) in subsection (c), by inserting ‘‘or whether to approve
or disapprove any notice’’ after ‘‘approval’’.
SEC. 324. MERGER TRANSACTION REPORTS.
Section 18(c)(4) of the Federal Deposit Insurance Act (12 U.S.C.
1828(c)(4)) is amended by adding at the end the following: ‘‘Notwith-
standing the preceding sentence, a banking agency shall not be
required to file a report requested by the responsible agency under
this paragraph if such banking agency advises the responsible
agency by the applicable date under the preceding sentence that
the report is not necessary because none of the effects described
in paragraph (5) are likely to occur as a result of the transaction.’’.
H. R. 3474—69
SEC. 325. CREDIT CARD ACCOUNTS RECEIVABLE SALES.
Section 11(e) of the Federal Deposit Insurance Act (12 U.S.C.
1821(e)) is amended by adding at the end the following new
paragraphs:
‘‘(14) SELLING CREDIT CARD ACCOUNTS RECEIVABLE.—
‘‘(A) NOTIFICATION
REQUIRED.—An undercapitalized
insured depository institution (as defined in section 38)
shall notify the Corporation in writing before entering into
an agreement to sell credit card accounts receivable.
‘‘(B) WAIVER BY CORPORATION.—The Corporation may
at any time, in its sole discretion and upon such terms
as it may prescribe, waive its right to repudiate an agree-
ment to sell credit card accounts receivable if the Corpora-
tion—
‘‘(i) determines that the waiver is in the best
interests of the deposit insurance fund; and
‘‘(ii) provides a written waiver to the selling
institution.
‘‘(C) EFFECT OF WAIVER ON SUCCESSORS.—
‘‘(i) IN GENERAL.—If, under subparagraph (B), the
Corporation has waived its right to repudiate an agree-
ment to sell credit card accounts receivable—
‘‘(I) any provision of the agreement that
restricts solicitation of a credit card customer of
the selling institution, or the use of a credit card
customer list of the institution, shall bind any
receiver or conservator of the institution; and
‘‘(II) the Corporation shall require any acquirer
of the selling institution, or of substantially all
of the selling institution’s assets or liabilities, to
agree to be bound by a provision described in
subclause (I) as if the acquirer were the selling
institution.
‘‘(ii) EXCEPTION.—Clause (i)(II) does not—
‘‘(I) restrict the acquirer’s authority to offer
any product or service to any person identified
without using a list of the selling institution’s cus-
tomers in violation of the agreement;
‘‘(II) require the acquirer to restrict any
preexisting relationship between the acquirer and
a customer; or
‘‘(III) apply to any transaction in which the
acquirer acquires only insured deposits.
‘‘(D) WAIVER NOT ACTIONABLE.—The Corporation shall
not, in any capacity, be liable to any person for damages
resulting from the waiver of or failure to waive the Corpora-
tion’s right under this section to repudiate any contract
or lease, including an agreement to sell credit card accounts
receivable. No court shall issue any order affecting any
such waiver or failure to waive.
‘‘(E) OTHER
AUTHORITY
NOT
AFFECTED.—This para-
graph does not limit any other authority of the Corporation
to waive the Corporation’s right to repudiate an agreement
or lease under this section.
‘‘(15) CERTAIN CREDIT CARD CUSTOMER LISTS PROTECTED.—
‘‘(A) IN GENERAL.—If any insured depository institution
sells credit card accounts receivable under an agreement
H. R. 3474—70
negotiated at arm’s length that provides for the sale of
the institution’s credit card customer list, the Corporation
shall prohibit any party to a transaction with respect to
the institution under this section or section 13 from using
the list, except as permitted under the agreement.
‘‘(B) FRAUDULENT TRANSACTIONS EXCLUDED.—Subpara-
graph (A) does not limit the Corporation’s authority to
repudiate any agreement entered into with the intent to
hinder, delay, or defraud the institution, the institution’s
creditors, or the Corporation.’’.
SEC. 326. LIMITING POTENTIAL LIABILITY ON FOREIGN ACCOUNTS.
(a) AMENDMENT TO THE FEDERAL RESERVE ACT.—The Federal
Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after
section 25B the following new section:
‘‘SEC. 25C. POTENTIAL LIABILITY ON FOREIGN ACCOUNTS.
‘‘(a) EXCEPTIONS FROM REPAYMENT REQUIREMENT.—A member
bank shall not be required to repay any deposit made at a foreign
branch of the bank if the branch cannot repay the deposit due
to—
‘‘(1) an act of war, insurrection, or civil strife; or
‘‘(2) an action by a foreign government or instrumentality
(whether de jure or de facto) in the country in which the
branch is located;
unless the member bank has expressly agreed in writing to repay
the deposit under those circumstances.
‘‘(b) REGULATIONS.—The Board and the Comptroller of the Cur-
rency may jointly prescribe such regulations as they deem necessary
to implement this section.’’.
(b) CONFORMING
AMENDMENTS
TO
THE
FEDERAL
DEPOSIT
INSURANCE ACT.—
(1) IN GENERAL.—Section 18 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828) is amended by inserting after sub-
section (p) the following new subsection:
‘‘(q) SOVEREIGN RISK.—Section 25C of the Federal Reserve Act
shall apply to every nonmember insured bank in the same manner
and to the same extent as if the nonmember insured bank were
a member bank.’’.
(2) CONFORMING AMENDMENT.—Subparagraph (A) of section
3(l)(5) of the Federal Deposit Insurance Act (12 U.S.C.
1813(l)(5)) is amended to read as follows:
‘‘(A) any obligation of a depository institution which
is carried on the books and records of an office of such
bank or savings association located outside of any State,
unless—
‘‘(i) such obligation would be a deposit if it were
carried on the books and records of the depository
institution, and would be payable at, an office located
in any State; and
‘‘(ii) the contract evidencing the obligation provides
by express terms, and not by implication, for payment
at an office of the depository institution located in
any State; and’’.
(c) EXISTING CLAIMS NOT AFFECTED.—Section 25C of the Fed-
eral Reserve Act (as added by subsection (a)) shall not be applied
retroactively and shall not be construed to affect or apply to any
claim or cause of action addressed by that section arising from
H. R. 3474—71
events or circumstances that occurred before the date of enactment
of this Act.
SEC. 327. GAO REPORTS.
Section 102(b)(1) of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (12 U.S.C. 1825 note) is amended to
read as follows:
‘‘(1) QUARTERLY REPORTING.—Not later than 90 days after
the end of any calendar quarter in which the Federal Deposit
Insurance Corporation (hereafter in this section referred to
as the ‘Corporation’) has any obligations pursuant to section
14 of the Federal Deposit Insurance Act outstanding, the
Comptroller General of the United States shall submit a report
on the Corporation’s compliance at the end of that quarter
with section 15(c) of the Federal Deposit Insurance Act to
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Banking, Finance and Urban
Affairs of the House of Representatives. Such report shall be
included in the Comptroller General’s audit report for that
year, as required by section 17 of the Federal Deposit Insurance
Act.’’.
SEC. 328. STUDY AND REPORT ON CAPITAL STANDARDS AND THEIR
IMPACT ON THE ECONOMY.
(a) IN GENERAL.—The Secretary of the Treasury, in consultation
with the Federal banking agencies, shall conduct a study of the
effect that the implementation of risk-based capital standards for
depository institutions, including the Basle international capital
standards, is having on—
(1) the safety and soundness of insured depository institu-
tions;
(2) the availability of credit, particularly to individuals
and small businesses; and
(3) economic growth.
(b) REPORT.—
(1) IN GENERAL.—Before the end of the 1-year period begin-
ning on the date of enactment of this Act, the Secretary of
the Treasury shall submit a report to the Congress on the
findings and conclusions of the Secretary with respect to the
study conducted under subsection (a).
(2) RECOMMENDATIONS.—The report shall contain any rec-
ommendations with respect to capital standards that the Sec-
retary of the Treasury may determine to be appropriate.
SEC. 329. STUDY ON THE IMPACT OF THE PAYMENT OF INTEREST
ON RESERVES.
(a) FEDERAL RESERVE STUDY.—Not later than 180 days after
the date of enactment of this Act, the Board of Governors of the
Federal Reserve System, in consultation with the Federal Deposit
Insurance Corporation and the National Credit Union Administra-
tion Board, shall conduct a study and report to the Congress on—
(1) the necessity, for monetary policy purposes, of continu-
ing to require insured depository institutions to maintain sterile
reserves;
(2) the appropriateness of paying a market rate of interest
to insured depository institutions on sterile reserves or, in
the alternative, providing for payment of such interest into
the appropriate deposit insurance fund;
H. R. 3474—72
(3) the monetary impact that the failure to pay interest
on sterile reserves has had on insured depository institutions,
including an estimate of the total dollar amount of interest
and the potential income lost by insured depository institutions;
and
(4) the impact that the failure to pay interest on sterile
reserves has had on the ability of the banking industry to
compete with nonbanking providers of financial services and
with foreign banks.
(b) BUDGETARY IMPACT STUDY.—Not later than 180 days after
the date of enactment of this Act, the Director of the Office of
Management and Budget and the Director of the Congressional
Budget Office, in consultation with the Committees on the Budget
of the Senate and the House of Representatives, shall jointly conduct
a study and report to the Congress on the budgetary impact of—
(1) paying a market rate of interest to insured depository
institutions on sterile reserves; and
(2) paying such interest into the respective deposit insur-
ance funds.
SEC. 330. STUDY AND REPORT ON THE CONSUMER CREDIT SYSTEM.
(a) STUDY.—The Secretary of the Treasury, in consultation
with the Board of Governors of the Federal Reserve System, the
Administrator of the Small Business Administration, the Secretary
of Housing and Urban Development, and the other Federal banking
agencies, shall conduct a study of the process, including any Federal
laws, by which credit is made available for consumers and small
businesses in order to identify procedures, including any Federal
laws, which have the effect of—
(1) reducing the amount of credit available for such pur-
poses or the number of persons eligible for such credit;
(2) increasing the level of consumer inconvenience, cost,
and time delays in connection with the extension of consumer
and small business credit without corresponding benefit with
respect to the protection of consumers or small businesses
or the safety and soundness of insured depository institutions;
and
(3) increasing costs and burdens on insured depository
institutions, insured credit unions, and other lenders without
corresponding benefit with respect to the protection of consum-
ers or small business concerns or to the safety and soundness
of insured institutions.
(b) REPORT.—
(1) IN
GENERAL.—Not later than 1 year after the date
of enactment of this Act, the Secretary of the Treasury shall
submit a report to the Congress on the findings and conclusions
of the Secretary with respect to the study conducted under
subsection (a).
(2) RECOMMENDATIONS.—The report required by paragraph
(1) shall contain any recommendations for administrative action
or statutory changes that the Secretary of the Treasury may
determine to be appropriate.
(c) PUBLIC PARTICIPATION.—In conducting the study required
by subsection (a), comments shall be solicited from consumers,
representatives of consumers, insured depository institutions,
insured credit unions, other lenders, and other interested parties.