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(1) IN
GENERAL.—Section 206(i)(1) of the 
Federal Credit Union Act (12 U.S.C. 1786(i)(1)) is 
amended—
(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 
recently 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-af-
filiated 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
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with respect to an individual who is an institu-
tion-affiliated party at a credit union at the 
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-af-
filiated party at the time of the offense re-
mains 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 
CRIMINAL 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:
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‘‘(4) REPORTS ON COMPETITIVE FACTORS.—
‘‘(A) REQUEST FOR REPORT.—In the in-
terests of uniform standards and subject to 
subparagraph (B), the responsible agency shall, 
before acting on any application for approval of 
a merger transaction—
‘‘(i) request a report on the competi-
tive factors involved from the Attorney 
General; and 
‘‘(ii) provide a copy of the request to 
the Corporation (when the Corporation is 
not the responsible agency). 
‘‘(B) CONCURRENT CONSIDERATION.—The 
responsible agency shall not be required to 
make a request under subparagraph (A) before 
acting on an application for approval of a merg-
er transaction if—
‘‘(i) the agency finds that it must act 
immediately in order to prevent the prob-
able failure of a depository institution in-
volved in the transaction; or 
‘‘(ii) the transaction consists of a 
merger between an insured depository in-
stitution and 1 or more affiliates of the de-
pository institution.
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‘‘(C) FURNISHING
OF
REPORT.—The re-
port requested under subparagraph (A) shall be 
furnished by the Attorney General to the re-
sponsible agency—
‘‘(i) not more than 30 calendar days 
after the date on which the Attorney Gen-
eral received the request; or 
‘‘(ii) not more than 10 calendar days 
after such date, if the requesting agency 
advises the Attorney General that an emer-
gency exists requiring expeditious action.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.—
Section 18(c)(6) of the Federal Deposit Insurance Act (12 
U.S.C. 1828(c)(6)) is amended—
(1) in the second sentence by striking ‘‘banks 
or savings associations involved’’ and inserting the 
following: ‘‘insured depository institutions involved, 
or if the proposed merger transaction is solely be-
tween an insured depository institution and 1 or 
more of affiliates of the depository institution,’’ and 
(2) by striking the penultimate sentence and in-
serting the following: ‘‘If the agency has advised the 
Attorney General under paragraph (4)(C)(ii) of the 
existence of an emergency requiring expeditious ac-
tion and has requested a report on the competitive
108
factors within 10 days, the transaction may not be 
consummated before the fifth calendar day after the 
date of approval by the agency.’’. 
SEC. 611. INCLUSION OF DIRECTOR OF THE OFFICE OF 
THRIFT SUPERVISION IN LIST OF BANKING 
AGENCIES 
REGARDING 
INSURANCE 
CUS-
TOMER PROTECTION REGULATIONS. 
Section 47(g)(2)(B)(i) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831x(g)(2)(B)(i)) is amended by in-
serting ‘‘the Director of the Office of Thrift Supervision,’’ 
after ‘‘Comptroller of the Currency,’’. 
SEC. 612. PROTECTION OF CONFIDENTIAL INFORMATION 
RECEIVED 
BY 
FEDERAL 
BANKING 
REGU-
LATORS FROM FOREIGN BANKING SUPER-
VISORS. 
Section 15 of the International Banking Act of 1978 
(12 U.S.C. 3109) is amended by adding at the end the 
following new subsection: 
‘‘(c) CONFIDENTIAL INFORMATION RECEIVED FROM 
FOREIGN SUPERVISORS.—
‘‘(1) IN GENERAL.—Except as provided in para-
graph (3), a Federal banking agency shall not be 
compelled to disclose information received from a 
foreign regulatory or supervisory authority if—
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‘‘(A) the Federal banking agency deter-
mines that the foreign regulatory or supervisory 
authority has, in good faith, determined and 
represented to such Federal banking agency 
that public disclosure of the information would 
violate the laws applicable to that foreign regu-
latory or supervisory authority; and 
‘‘(B) the relevant Federal banking agency 
obtained such information pursuant to—
‘‘(i) such procedures as the Federal 
banking agency may establish for use in 
connection with the administration and en-
forcement of Federal banking laws; or 
‘‘(ii) a memorandum of understanding 
or other similar arrangement between the 
Federal banking agency and the foreign 
regulatory or supervisory authority. 
‘‘(2) TREATMENT
UNDER
TITLE 5, UNITED 
STATES CODE.—For purposes of section 552 of title 
5, United States Code, this subsection shall be treat-
ed as a statute described in subsection (b)(3)(B) of 
such section. 
‘‘(3) SAVINGS PROVISION.—No provision of this 
section shall be construed as—
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‘‘(A) authorizing any Federal banking 
agency to withhold any information from any 
duly authorized committee of the House of Rep-
resentatives or the Senate; or 
‘‘(B) preventing any Federal banking 
agency from complying with an order of a court 
of the United States in an action commenced by 
the United States or such agency. 
‘‘(4) FEDERAL BANKING AGENCY DEFINED.—
For purposes of this subsection, the term ‘Federal 
banking agency’ means the Board, the Comptroller, 
the Federal Deposit Insurance Corporation, and the 
Director of the Office of Thrift Supervision.’’. 
SEC. 613. PROHIBITION ON PARTICIPATION BY CONVICTED 
INDIVIDUAL. 
(a) EXTENSION OF AUTOMATIC PROHIBITION.—Sec-
tion 19 of the Federal Deposit Insurance Act (12 U.S.C. 
1829) is amended by inserting after subsection (c) (as 
added by section 603 of this title) the following new sub-
sections: 
‘‘(d) BANK HOLDING COMPANIES.—Subsections (a) 
and (b) shall apply to any company (other than a foreign 
bank) that is a bank holding company and any organiza-
tion organized and operated under section 25A of the Fed-
eral Reserve Act or operating under section 25 of the Fed-
111
eral Reserve Act as if such bank holding company or orga-
nization were an insured depository institution, except 
such subsections shall be applied for purposes of this sub-
section by substituting ‘Board of Governors of the Federal 
Reserve System’ for ‘Corporation’ each place such term 
appears in such subsections. 
‘‘(e) SAVINGS AND LOAN HOLDING COMPANIES.—
Subsections (a) and (b) shall apply to any savings and 
loan holding company and any subsidiary (other than a 
savings association) of a savings and loan holding com-
pany as if such savings and loan holding company or sub-
sidiary were an insured depository institution, except such 
subsections shall be applied for purposes of this subsection 
by substituting ‘Director of the Office of Thrift Super-
vision’ for ‘Corporation’ each place such term appears in 
such subsections.’’. 
(b) ENHANCED DISCRETION TO REMOVE CONVICTED 
INDIVIDUALS.—Section 8(e)(2)(A) of the Federal Deposit 
Insurance Act (12 U.S.C. 1818(e)(2)(A)) is amended—
(1) by striking ‘‘or’’ at the end of clause (ii); 
(2) by striking the comma at the end of clause 
(iii) and inserting ‘‘; or’’; and 
(3) by adding at the end the following new 
clause:
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‘‘(iv) an institution-affiliated party of 
a subsidiary (other than a bank) of a bank 
holding company has been convicted of any 
criminal offense involving dishonesty or a 
breach of trust, or has agreed to enter into 
a pretrial diversion or similar program in 
connection with a prosecution for such an 
offense,’’. 
SEC. 614. CLARIFICATION THAT NOTICE AFTER SEPARA-
TION FROM SERVICE MAY BE MADE BY AN 
ORDER. 
(a) IN GENERAL.—Section 8(i)(3) of the Federal De-
posit Insurance Act (12 U.S.C. 1818(i)(3)) is amended by 
inserting ‘‘or order’’ after ‘‘notice’’ each place such term 
appears. 
(b) TECHNICAL AND CONFORMING AMENDMENT.—
The heading for section 8(i)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1818(i)(3)) is amended by insert-
ing ‘‘OR ORDER’’ after ‘‘NOTICE’’. 
SEC. 615. ENFORCEMENT AGAINST MISREPRESENTATIONS 
REGARDING FDIC DEPOSIT INSURANCE COV-
ERAGE. 
(a) IN GENERAL.—Section 18(a) of the Federal De-
posit Insurance Act (12 U.S.C. 1828(a)) is amended by 
adding at the end the following new paragraph:
113
‘‘(4) FALSE
ADVERTISING, MISUSE
OF
FDIC 
NAMES, AND MISREPRESENTATION TO INDICATE IN-
SURED STATUS.—
‘‘(A) PROHIBITION
ON
FALSE
ADVER-
TISING AND MISUSE OF FDIC NAMES.—No per-
son may—
‘‘(i) use the terms ‘Federal Deposit’, 
‘Federal Deposit Insurance’, ‘Federal De-
posit Insurance Corporation’, any combina-
tion of such terms, or the abbreviation 
‘FDIC’ as part of the business name or 
firm name of any person, including any 
corporation, partnership, business trust, 
association, or other business entity; or 
‘‘(ii) use such terms or any other sign 
or symbol as part of an advertisement, so-
licitation, or other document, 
to represent, suggest or imply that any deposit 
liability, obligation, certificate or share is in-
sured or guaranteed by the Federal Deposit In-
surance Corporation, if such deposit liability, 
obligation, certificate, or share is not insured or 
guaranteed by the Corporation.
114
‘‘(B) PROHIBITION
ON
MISREPRESENTA-
TIONS OF INSURED STATUS.—No person may 
knowingly misrepresent—
‘‘(i) that any deposit liability, obliga-
tion, certificate, or share is federally in-
sured, if such deposit liability, obligation, 
certificate, or share is not insured by the 
Corporation; or 
‘‘(ii) the extent to which or the man-
ner in which any deposit liability, obliga-
tion, certificate, or share is insured by the 
Federal Deposit Insurance Corporation, if 
such deposit liability, obligation, certificate, 
or share is not insured by the Corporation 
to the extent or in the manner represented. 
‘‘(C) AUTHORITY OF FDIC.—The Corpora-
tion shall have—
‘‘(i) jurisdiction over any person that 
violates this paragraph, or aids or abets 
the violation of this paragraph; and 
‘‘(ii) for purposes of enforcing the re-
quirements of this paragraph with regard 
to any person—