tution and the Corporation over the amount of 
such assessment; and 
‘‘(B) the insured depository institution de-
posits security satisfactory to the Corporation for 
payment upon final determination of the issue. 
‘‘(3) SPECIAL
RULE
FOR
SMALL
ASSESSMENT 
AMOUNTS.—If the amount of the assessment which an 
insured depository institution fails or refuses to pay 
is less than $10,000 at the time of such failure or re-
fusal, the amount of any penalty to which such insti-
tution is subject under paragraph (1) shall not exceed 
$100 for each day that such violation continues. 
‘‘(4) AUTHORITY
TO
MODIFY
OR
REMIT
PEN-
ALTY.—The Corporation, in the sole discretion of the 
Corporation, may compromise, modify or remit any 
penalty which the Corporation may assess or has al-
ready assessed under paragraph (1) upon a finding 
that good cause prevented the timely payment of an 
assessment.’’. 
(d) ASSESSMENTS FOR LIFELINE ACCOUNTS.— 
(1) IN GENERAL.—Section 232 of the Federal 
Deposit Insurance Corporation Improvement Act of 
1991 (12 U.S.C. 1834) is amended by striking sub-
section (c).
(2) CLARIFICATION OF RATE APPLICABLE TO DE-
POSITS ATTRIBUTABLE TO LIFELINE ACCOUNTS.—Sec-
tion 7(b)(2)(H) of the Federal Deposit Insurance Act 
(12 U.S.C. 1817(b)(2)(H)) is amended by striking ‘‘at 
a rate determined in accordance with such Act’’ and 
inserting ‘‘at 1⁄2 the assessment rate otherwise appli-
cable for such insured depository institution’’. 
(3) REGULATIONS.—Section 232(a)(1) of the 
Federal Deposit Insurance Corporation Improvement 
Act of 1991 (12 U.S.C. 1834(a)(1)) is amended by 
striking ‘‘Board of Governors of the Federal Reserve 
System, and the’’. 
(e) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Paragraph (3) of section 7(a) of the Federal 
Deposit Insurance Act (12 U.S.C. 1817(a)(3)) is 
amended by striking the 3d sentence and inserting the 
following: ‘‘Such reports of condition shall be the 
basis for the certified statements to be filed pursuant 
to subsection (c).’’. 
(2) Subparagraphs (B)(ii) and (C) of section 
7(b)(1) of the Federal Deposit Insurance Act (12 
U.S.C. 1817(b)(1)) are each amended by striking 
‘‘semiannual’’ where such term appears in each such 
subparagraph.
(3) Section 7(b)(2) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1817(b)(2)) is amended— 
(A) by striking subparagraphs (E), (F), and 
(G); 
(B) in subparagraph (C), by striking ‘‘semi-
annual’’; and 
(C) by redesignating subparagraph (H) (as 
amended by subsection (e)(2) of this section) as 
subparagraph (E). 
(4) Section 7(b) of the Federal Deposit Insurance 
Act (12 U.S.C. 1817(b)) is amended by striking para-
graph (4) and redesignating paragraphs (5) (as 
amended by subsection (b) of this section), (6), and 
(7) as paragraphs (4), (5), and (6) respectively. 
(5) Section 7(c) of the Federal Deposit Insurance 
Act (12 U.S.C. 1817(c)) is amended— 
(A) in paragraph (1)(A), by striking ‘‘semi-
annual’’; 
(B) in paragraph (2)(A), by striking ‘‘semi-
annual’’; and 
(C) in paragraph (3), by striking ‘‘semi-
annual period’’ and inserting ‘‘initial assessment 
period’’.
(6) Section 8(p) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1818(p)) is amended by striking 
‘‘semiannual’’. 
(7) Section 8(q) of the Federal Deposit Insurance 
Act (12 U.S.C. 1818(q)) is amended by striking 
‘‘semiannual period’’ and inserting ‘‘assessment pe-
riod’’. 
(8) Section 13(c)(4)(G)(ii)(II) of the Federal De-
posit Insurance Act (12 U.S.C. 1823(c)(4)(G)(ii)(II)) 
is amended by striking ‘‘semiannual period’’ and in-
serting ‘‘assessment period’’. 
(9) Section 232(a) of the Federal Deposit Insur-
ance Corporation Improvement Act of 1991 (12 
U.S.C. 1834(a)) is amended— 
(A) in the matter preceding subparagraph 
(A) of paragraph (2), by striking ‘‘the Board 
and’’; 
(B) in subparagraph (J) of paragraph (2), 
by striking ‘‘the Board’’ and inserting ‘‘the Cor-
poration’’; 
(C) by striking subparagraph (A) of para-
graph (3) and inserting the following new sub-
paragraph: