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ber of consecutive terms any person may serve on the 
board of directors of such credit union.’’. 
(c) REIMBURSEMENT
FOR LOST WAGES DUE
TO 
SERVICE ON CREDIT UNION BOARD NOT TREATED AS 
COMPENSATION.—Section 111(c) of the Federal Credit 
Union Act (12 U.S.C. 1761(c)) is amended by inserting 
‘‘, including lost wages,’’ after ‘‘the reimbursement of rea-
sonable expenses’’. 
SEC. 311. PROVIDING THE NATIONAL CREDIT UNION AD-
MINISTRATION WITH GREATER FLEXIBILITY 
IN RESPONDING TO MARKET CONDITIONS. 
Section 107(a)(5)(A)(v)(I) of the Federal Credit 
Union Act (12 U.S.C. 1757(5)(A)(vi)(I)) (as so designated 
by section 303 and redesignated by section 304(2)(B) 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’’. 
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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-
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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. 
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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) AMENDMENT RELATING TO DISCLOSURES RE-
QUIRED, 
PERIODIC
STATEMENTS
AND
ACCOUNT 
RECORDS.—Section 43(b)(1) of the Federal Deposit In-
surance Act (12 U.S.C. 1831t(b)(1)) is amended by strik-
ing ‘‘or similar instrument evidencing a deposit’’ and in-
serting ‘‘or share certificate’’. 
(c) AMENDMENTS RELATING TO DISCLOSURES RE-
QUIRED, ADVERTISING, PREMISES.— Section 43(b)(2) of 
the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1831t(b)(2)) is amended to read as follows: 
‘‘(2) ADVERTISING; PREMISES.— 
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‘‘(A) IN
GENERAL.—Include clearly and 
conspicuously in all advertising, except as pro-
vided in subparagraph (B); and at each station 
or window where deposits are normally received, 
its principal place of business and all its 
branches where it accepts deposits or opens ac-
counts (excluding automated teller machines or 
point of sale terminals), and on its main Inter-
net page, a notice that the institution is not 
federally insured. 
‘‘(B) EXCEPTIONS.—The following need 
not include a notice that the institution is not 
federally insured: 
‘‘(i) Statements or reports of financial 
condition of the depository institution that 
are required to be published or posted by 
State or Federal law or regulation. 
‘‘(ii) Any sign, document, or other 
item that contains the name of the deposi-
tory institution, its logo, or its contact in-
formation, but only if the sign, document, 
or item does not include any information 
about the institution’s products or services 
or information otherwise promoting the in-
stitution. 
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‘‘(iii) Small utilitarian items that do 
not mention deposit products or insurance 
if inclusion of the notice would be imprac-
tical.’’. 
(d) AMENDMENTS RELATING TO ACKNOWLEDGMENT 
OF DISCLOSURE.—Section 43(b)(3) of the Federal De-
posit Insurance Act (12 U.S.C. 1831t(b)(3)) is amended 
to read as follows: 
‘‘(3) ACKNOWLEDGMENT OF DISCLOSURE.— 
‘‘(A) NEW DEPOSITORS OBTAINED OTHER 
THAN THROUGH A CONVERSION OR MERGER.— 
With respect to any depositor who was not a 
depositor at the depository institution before 
the effective date of the Financial Services Re-
lief Act of 2005, and who is not a depositor as 
described in subparagraph (B), receive any de-
posit for the account of such depositor only if 
the depositor has signed a written acknowledge-
ment that— 
‘‘(i) the institution is not federally in-
sured; and 
‘‘(ii) if the institution fails, the Fed-
eral Government does not guarantee that 
the depositor will get back the depositor’s 
money. 
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‘‘(B) 
NEW
DEPOSITORS
OBTAINED 
THROUGH A CONVERSION OR MERGER.—With 
respect to a depositor at a federally insured de-
pository institution that converts to, or merges 
into, a depository institution lacking federal in-
surance after the effective date of the Financial 
Services Regulatory Relief Act of 2005, receive 
any deposit for the account of such depositor 
only if— 
‘‘(i) the depositor has signed a written 
acknowledgement described in subpara-
graph (A); or 
‘‘(ii) the institution makes an attempt, 
as described in subparagraph (D) and sent 
by mail no later than 45 days after the ef-
fective date of the conversion or merger, to 
obtain the acknowledgment. 
‘‘(C) CURRENT DEPOSITORS.—Receive any 
deposit after the effective date of the Financial 
Services Regulatory Relief Act of 2005 for the 
account of any depositor who was a depositor 
on that date only if— 
‘‘(i) the depositor has signed a written 
acknowledgement described in subpara-
graph (A); or 
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‘‘(ii) the institution makes an attempt, 
as described in subparagraph (D) and sent 
by mail no later than 45 days after the ef-
fective date of the Financial Services Reg-
ulatory Relief Act of 2005, to obtain the 
acknowledgment. 
‘‘(D) ALTERNATIVE PROVISION OF NOTICE 
TO CURRENT DEPOSITORS AND NEW DEPOSI-
TORS OBTAINED THROUGH A CONVERSION OR 
MERGER.— 
‘‘(i) IN GENERAL.—Transmit to each 
depositor who has not signed a written ac-
knowledgement described in subparagraph 
(A)— 
‘‘(I) a conspicuous card con-
taining the information described in 
clauses (i) and (ii) of subparagraph 
(A), and a line for the signature of 
the depositor; and 
‘‘(II) accompanying materials re-
questing the depositor to sign the 
card, and return the signed card to 
the institution.’’. 
(e) REPEAL
OF
PROVISION
PROHIBITING
NON-
DEPOSITORY INSTITUTIONS FROM ACCEPTING DEPOS-
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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. 
(f) REPEAL
OF
PROVISION
CONCERNING
NON-
DEPOSITORY INSTITUTIONS MASQUERADING AS DEPOSI-
TORY INSTITUTIONS AND CLARIFICATION OF DEPOSITORY 
INSTITUTIONS COVERED BY THE STATUTE.—Subsection 
(e)(2) (as so redesignated by subsection (e) of this section) 
of section 43 of the Federal Deposit Insurance Act (12 
U.S.C. 1831t) is amended to read as follows: 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’— 
‘‘(A) includes any entity described in sec-
tion 19(b)(1)(A)(iv) of the Federal Reserve Act; 
and 
‘‘(B) does not include any national bank, 
State member bank, or Federal branch.’’. 
(g) REPEAL OF FTC AUTHORITY TO ENFORCE INDE-
PENDENT AUDIT REQUIREMENT; CONCURRENT STATE 
ENFORCEMENT.—Subsection (f) (as so redesignated by 
subsection (e) of this section) of section 43 of the Federal 
Deposit Insurance Act (12 U.S.C. 1831t) is amended to 
read as follows: 
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‘‘(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. 
‘‘(C) 
LIMITATION
ON
STATE
ACTION 
WHILE
FEDERAL
ACTION
PENDING.—If the 
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Federal Trade Commission has instituted an 
enforcement action for a violation of this sec-
tion, no appropriate State supervisor may, dur-
ing the pendency of such action, bring an action 
under this section against any defendant named 
in the complaint of the Commission for any vio-
lation of this section that is alleged in that com-
plaint.’’. 
TITLE IV—DEPOSITORY 
INSTITUTION PROVISIONS 
SEC. 401. EASING RESTRICTIONS ON INTERSTATE BRANCH-
ING AND MERGERS. 
(a) DE NOVO INTERSTATE BRANCHES OF NATIONAL 
BANKS.— 
(1) IN GENERAL.—Section 5155(g)(1) of the 
Revised Statutes of the United States (12 U.S.C. 
36(g)(1)) is amended by striking ‘‘maintain a 
branch if—’’ and all that follows through the end of 
subparagraph (B) and inserting ‘‘maintain a 
branch.’’. 
(2) CLERICAL AMENDMENT.—The heading for 
subsection (g) of section 5155 of the Revised Stat-
utes of the United States is amended by striking 
‘‘STATE ‘OPT-IN’ ELECTION TO PERMIT’’. 
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(b) DE NOVO INTERSTATE BRANCHES OF STATE 
NONMEMBER BANKS.— 
(1) IN GENERAL.—Section 18(d)(4)(A) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1828(d)(4)(A)) is amended by striking ‘‘maintain a 
branch if—’’ and all that follows through the end of 
clause (ii) and inserting ‘‘maintain a branch.’’. 
(2) INTERSTATE BRANCHING BY SUBSIDIARIES 
OF
COMMERCIAL
FIRMS
PROHIBITED.—Section 
18(d)(3)) of the Federal Deposit Insurance Act (12 
U.S.C. 1828(d)(3)) is amended by adding at the end 
the following new subparagraph: 
‘‘(C) INTERSTATE BRANCHING BY SUBSIDI-
ARIES OF COMMERCIAL FIRMS PROHIBITED.— 
‘‘(i) IN GENERAL.—If the appropriate 
State bank supervisor of the home State of 
any industrial loan company, industrial 
bank, or other institution described in sec-
tion 2(c)(2)(H) of the Bank Holding Com-
pany Act of 1956, or the appropriate State 
bank supervisor of any host State with re-
spect to such company, bank, or institu-
tion, determines that such company, bank, 
or institution is controlled, directly or indi-
rectly, by a commercial firm, such com-
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pany, bank, or institution may not acquire, 
establish, or operate a branch in such host 
State. 
‘‘(ii) COMMERCIAL FIRM DEFINED.— 
For purposes of this subsection, the term 
‘commercial firm’ means any entity at least 
15 percent of the annual gross revenues of 
which on a consolidated basis, including all 
affiliates of the entity, were derived from 
engaging, on an on-going basis, in activi-
ties that are not financial in nature or inci-
dental to a financial activity during at 
least 3 of the prior 4 calendar quarters. 
‘‘(iii) 
GRANDFATHERED
INSTITU-
TIONS.—Clause (i) shall not apply with re-
spect to any industrial loan company, in-
dustrial bank, or other institution de-
scribed in section 2(c)(2)(H) of the Bank 
Holding Company Act of 1956— 
‘‘(I) which became an insured de-
pository institution before October 1, 
2003 or pursuant to an application 
for deposit insurance which was ap-
proved by the Corporation before such 
date; and 
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‘‘(II) with respect to which there 
is no change in control, directly or in-
directly, of the company, bank, or in-
stitution after September 30, 2003, 
that requires an application under 
subsection (c), section 7(j), section 3 
of the Bank Holding Company Act of 
1956, or section 10 of the Home 
Owners’ Loan Act. 
‘‘(iv) TRANSITION
PROVISION.—Any 
divestiture required under this subpara-
graph of a branch in a host State shall be 
completed as quickly as is reasonably pos-
sible. 
‘‘(v) CORPORATE
REORGANIZATIONS 
PERMITTED.—The acquisition of direct or 
indirect control of the company, bank, or 
institution referred to in clause (iii)(II) 
shall not be treated as a ‘change in con-
trol’ for purposes of such clause if the 
company acquiring control is itself directly 
or indirectly controlled by a company that 
was an affiliate of such company, bank, or 
institution on the date referred to in clause 
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(iii)(II), and remained an affiliate at all 
times after such date.’’. 
(3) TECHNICAL
AND
CONFORMING
AMEND-
MENTS.—Section 18(d)(4) of the Federal Deposit 
Insurance Act (12 U.S.C. 1828(d)(4)) is amended— 
(A) in subparagraph (A) by striking ‘‘Sub-
ject to subparagraph (B)’’ and inserting ‘‘Sub-
ject to subparagraph (B) and paragraph 
(3)(C)’’; and 
(B) in subparagraphs (D) and (E), by 
striking ‘‘The term’’ and inserting ‘‘For pur-
poses of this subsection, the term’’. 
(4) CLERICAL AMENDMENT.—The heading for 
paragraph (4) of section 18(d) of the Federal De-
posit Insurance Act is amended by striking ‘‘STATE 
‘OPT-IN’ ELECTION TO PERMIT INTERSTATE’’ and in-
serting ‘‘INTERSTATE’’. 
(c) DE NOVO INTERSTATE BRANCHES OF STATE 
MEMBER BANKS.—The 3rd undesignated paragraph of 
section 9 of the Federal Reserve Act (12 U.S.C. 321) is 
amended by adding at the end the following new sen-
tences: ‘‘A State member bank may establish and operate 
a de novo branch in a host State (as such terms are de-
fined in section 18(d) of the Federal Deposit Insurance 
Act) on the same terms and conditions and subject to the 
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same limitations and restrictions as are applicable to the 
establishment of a de novo branch of a national bank in 
a host State under section 5155(g) of the Revised Statutes 
of the United States or are applicable to an insured State 
nonmember bank under section 18(d)(3) of the Federal 
Deposit Insurance Act’’. Such section 5155(g) shall be ap-
plied for purposes of the preceding sentence by sub-
stituting ‘Board of Governors of the Federal Reserve Sys-
tem’ for ‘Comptroller of the Currency’ and ‘State member 
bank’ for ‘national bank’.’’. 
(d) INTERSTATE MERGER OF BANKS.— 
(1) MERGER OF INSURED BANK WITH ANOTHER 
DEPOSITORY
INSTITUTION
OR
TRUST
COMPANY.— 
Section 44(a)(1) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831u(a)(1)) is amended— 
(A) by striking ‘‘Beginning on June 1, 
1997, the’’ and inserting ‘‘The’’; and 
(B) by striking ‘‘insured banks with dif-
ferent home States’’ and inserting ‘‘an insured 
bank and another insured depository institution 
or trust company with a different home State 
than the resulting insured bank’’. 
(2) NATIONAL BANK TRUST COMPANY MERGER 
WITH OTHER TRUST COMPANY.—Subsection (b) of 
section 4 of the National Bank Consolidation and 
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Merger Act (12 U.S.C. 215a–1(b)) is amended to 
read as follows: 
‘‘(b) MERGER OF NATIONAL BANK TRUST COMPANY 
WITH ANOTHER TRUST COMPANY.—A national bank that 
is a trust company may engage in a consolidation or merg-
er under this Act with any trust company with a different 
home State, under the same terms and conditions that 
would apply if the trust companies were located within the 
same State.’’. 
(e) INTERSTATE
FIDUCIARY
ACTIVITY.—Section 
18(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(d)) is amended by adding at the end the following 
new paragraph: 
‘‘(5) INTERSTATE FIDUCIARY ACTIVITY.— 
‘‘(A) AUTHORITY OF STATE BANK SUPER-
VISOR.—The State bank supervisor of a State 
bank may approve an application by the State 
bank, when not in contravention of home State 
or host State law, to act as trustee, executor, 
administrator, registrar of stocks and bonds, 
guardian of estates, assignee, receiver, com-
mittee of estates of lunatics, or in any other fi-
duciary capacity in a host State in which State 
banks or other corporations which come into 
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competition with national banks are permitted 
to act under the laws of such host State. 
‘‘(B) NONCONTRAVENTION OF HOST STATE 
LAW.—Whenever the laws of a host State au-
thorize or permit the exercise of any or all of 
the foregoing powers by State banks or other 
corporations which compete with national 
banks, the granting to and the exercise of such 
powers by a State bank as provided in this 
paragraph shall not be deemed to be in con-
travention of host State law within the meaning 
of this paragraph. 
‘‘(C) STATE BANK INCLUDES TRUST COM-
PANIES.—For purposes of this paragraph, the 
term ‘State bank’ includes any State-chartered 
trust company (as defined in section 44(g)). 
‘‘(D) OTHER DEFINITIONS.—For purposes 
of this paragraph, the term ‘home State’ and 
‘host State’ have the meanings given such 
terms in section 44.’’. 
(f) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 44 of the Federal Deposit Insurance 
Act (12 U.S.C. 1831u) is amended— 
(A) in subsection (a)— 
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(i) by striking paragraph (4) and in-
serting the following new paragraph: 
‘‘(4) TREATMENT OF BRANCHES IN CONNEC-
TION WITH CERTAIN INTERSTATE MERGER TRANS-
ACTIONS.—In the case of an interstate merger 
transaction which involves the acquisition of a 
branch of an insured depository institution or trust 
company without the acquisition of the insured de-
pository institution or trust company, the branch 
shall be treated, for purposes of this section, as an 
insured depository institution or trust company the 
home State of which is the State in which the 
branch is located.’’; and 
(ii) by striking paragraphs (5) and (6) 
and inserting the following new paragraph: 
‘‘(5) APPLICABILITY
TO
INDUSTRIAL
LOAN 
COMPANIES.—No provision of this section shall be 
construed as authorizing the approval of any trans-
action involving a industrial loan company, indus-
trial bank, or other institution described in section 
2(c)(2)(H) of the Bank Holding Company Act of 
1956, or the acquisition, establishment, or operation 
of a branch by any such company, bank, or institu-
tion, that is not allowed under section 18(d)(3).’’. 
(B) in subsection (b)— 
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(i) by striking ‘‘bank’’ each place such 
term appears in paragraph (2)(B)(i) and 
inserting ‘‘insured depository institution’’; 
(ii) by striking ‘‘banks’’ where such 
term appears in paragraph (2)(E) and in-
serting ‘‘insured depository institutions or 
trust companies’’; 
(iii) by striking ‘‘bank affiliate’’ each 
place such term appears in that portion of 
paragraph (3) that precedes subparagraph 
(A) and inserting ‘‘insured depository insti-
tution affiliate’’; 
(iv) by striking ‘‘any bank’’ where 
such term appears in paragraph (3)(B) 
and inserting ‘‘any insured depository in-
stitution’’; 
(v) by striking ‘‘bank’’ where such 
term appears in paragraph (4)(A) and in-
serting ‘‘insured depository institution and 
trust company’’; and 
(vi) by striking ‘‘all banks’’ where 
such term appears in paragraph (5) and 
inserting ‘‘all insured depository institu-
tions and trust companies’’; 
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(C) in subsection (d)(1), by striking ‘‘any 
bank’’ and inserting ‘‘any insured depository in-
stitution or trust company’’; 
(D) in subsection (e)— 
(i) by striking ‘‘1 or more banks’’ and 
inserting ‘‘1 or more insured depository in-
stitutions’’; and 
(ii) by striking ‘‘paragraph (2), (4), or 
(5)’’ and inserting ‘‘paragraph (2)’’; 
(E) by striking clauses (i) and (ii) of sub-
section (g)(4)(A) and inserting the following 
new clauses: 
‘‘(i) with respect to a national bank or 
Federal savings association, the State in 
which the main office of the bank or sav-
ings association is located; and 
‘‘(ii) with respect to a State bank, 
State savings association, or State-char-
tered trust company, the State by which 
the bank, savings association, or trust 
company is chartered; and’’; 
(F) by striking paragraph (5) of subsection 
(g) and inserting the following new paragraph: 
‘‘(5) HOST
STATE.—The term ‘host State’ 
means— 
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‘‘(A) with respect to a bank, a State, other 
than the home State of the bank, in which the 
bank maintains, or seeks to establish and main-
tain, a branch; and 
‘‘(B) with respect to a trust company and 
solely for purposes of section 18(d)(5), a State, 
other than the home State of the trust com-
pany, in which the trust company acts, or seeks 
to act, in 1 or more fiduciary capacities.’’; 
(G) in subsection (g)(10), by striking ‘‘sec-
tion 18(c)(2)’’ and inserting ‘‘paragraph (1) or 
(2) of section 18(c), as appropriate,’’; and 
(H) in subsection (g), by adding at the end 
the following new paragraph: 
‘‘(12) TRUST COMPANY.—The term ‘trust com-
pany’ means— 
‘‘(A) any national bank; 
‘‘(B) any savings association; and 
‘‘(C) any bank, banking association, trust 
company, savings bank, or other banking insti-
tution which is incorporated under the laws of 
any State, 
that is authorized to act in 1 or more fiduciary ca-
pacities but is not engaged in the business of receiv-
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ing deposits other than trust funds (as defined in 
section 3(p)).’’. 
(2) Section 3(d) of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1842(d)) is amended— 
(A) in paragraph (1)— 
(i) by striking subparagraphs (B) and 
(C); and 
(ii) by redesignating subparagraph 
(D) as subparagraph (B); and 
(B) in paragraph (5), by striking ‘‘sub-
paragraph (B) or (D)’’ and inserting ‘‘subpara-
graph (B)’’. 
(3) Subsection (c) of section 4 of the National 
Bank Consolidation and Merger Act (12 U.S.C. 
215a–1(c)) is amended to read as follows: 
‘‘(c) DEFINITIONS.—For purposes of this section, the 
terms ‘home State’, ‘out-of-State bank’, and ‘trust com-
pany’ each have the same meaning as in section 44(g) of 
the Federal Deposit Insurance Act.’’. 
(g) CLERICAL AMENDMENTS.— 
(1) The heading for section 44(b)(2)(E) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1831u(b)(2)(E)) is amended by striking ‘‘BANKS’’ 
and inserting ‘‘INSURED DEPOSITORY INSTITUTIONS 
AND TRUST COMPANIES’’. 
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(2) The heading for section 44(e) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1831u(e)) is 
amended by striking ‘‘BANKS’’ and inserting ‘‘IN-
SURED DEPOSITORY INSTITUTIONS’’. 
SEC. 402. STATUTE OF LIMITATIONS FOR JUDICIAL REVIEW 
OF APPOINTMENT OF A RECEIVER FOR DE-
POSITORY INSTITUTIONS. 
(a) NATIONAL BANKS.—Section 2 of the National 
Bank Receivership Act (12 U.S.C. 191) is amended— 
(1) by striking ‘‘SECTION 2. The Comptroller 
of the Currency’’ and inserting the following: 
‘‘SEC. 2. APPOINTMENT OF RECEIVER FOR A NATIONAL 
BANK. 
‘‘(a) IN GENERAL.—The Comptroller of the Cur-
rency’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(b) JUDICIAL REVIEW.—If the Comptroller of the 
Currency appoints a receiver under subsection (a), the na-
tional bank may, within 30 days thereafter, bring an ac-
tion in the United States district court for the judicial dis-
trict in which the home office of such bank is located, or 
in the United States District Court for the District of Co-
lumbia, for an order requiring the Comptroller of the Cur-
rency to remove the receiver, and the court shall, upon 
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the merits, dismiss such action or direct the Comptroller 
of the Currency to remove the receiver.’’. 
(b) INSURED DEPOSITORY INSTITUTIONS.—Section 
11(c)(7) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(c)(7)) is amended to read as follows: 
‘‘(7) JUDICIAL REVIEW.—If the Corporation is 
appointed (including the appointment of the Cor-
poration as receiver by the Board of Directors) as 
conservator or receiver of a depository institution 
under paragraph (4), (9), or (10), the depository in-
stitution may, within 30 days thereafter, bring an 
action in the United States district court for the ju-
dicial district in which the home office of such de-
pository institution is located, or in the United 
States District Court for the District of Columbia, 
for an order requiring the Corporation to be re-
moved as the conservator or receiver (regardless of 
how such appointment was made), and the court 
shall, upon the merits, dismiss such action or direct 
the Corporation to be removed as the conservator or 
receiver.’’. 
(c) EXPANSION OF PERIOD FOR CHALLENGING THE 
APPOINTMENT
OF
A LIQUIDATING AGENT.—Subpara-
graph (B) of section 207(a)(1) of the Federal Credit 
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Union Act (12 U.S.C. 1787(a)(1)) is amended by striking 
‘‘10 days’’ and inserting ‘‘30 days’’. 
(d) EFFECTIVE DATE.—The amendments made by 
subsections (a), (b), and (c) shall apply with respect to 
conservators, receivers, or liquidating agents appointed on 
or after the date of the enactment of this Act. 
SEC. 403. REPORTING REQUIREMENTS RELATING TO IN-
SIDER LENDING. 
(a) REPORTING REQUIREMENTS REGARDING LOANS 
TO EXECUTIVE OFFICERS OF MEMBER BANKS.—Section 
22(g) of the Federal Reserve Act (12 U.S.C. 375a) is 
amended— 
(1) by striking paragraphs (6) and (9); and 
(2) by redesignating paragraphs (7), (8), and 
(10) as paragraphs (6), (7), and (8), respectively. 
(b) REPORTING REQUIREMENTS REGARDING LOANS 
FROM CORRESPONDENT BANKS TO EXECUTIVE OFFI-
CERS AND SHAREHOLDERS OF INSURED BANKS.—Section 
106(b)(2) of the Bank Holding Company Act Amend-
ments of 1970 (12 U.S.C. 1972(2)) is amended— 
(1) by striking subparagraph (G); and 
(2) by redesignating subparagraphs (H) and (I) 
as subparagraphs (G) and (H), respectively. 
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SEC. 404. AMENDMENT TO PROVIDE AN INFLATION AD-
JUSTMENT FOR THE SMALL DEPOSITORY IN-
STITUTION EXCEPTION UNDER THE DEPOSI-
TORY 
INSTITUTION 
MANAGEMENT 
INTER-
LOCKS ACT. 
Section 203(1) of the Depository Institution Manage-
ment Interlocks Act (12 U.S.C. 3202(1)) is amended by 
striking ‘‘$20,000,000’’ and inserting ‘‘$100,000,000’’. 
SEC. 405. ENHANCING THE SAFETY AND SOUNDNESS OF IN-
SURED DEPOSITORY INSTITUTIONS. 
(a) CLARIFICATION RELATING TO THE ENFORCE-
ABILITY OF AGREEMENTS AND CONDITIONS.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding at the end the following new section: 
‘‘SEC. 49. ENFORCEMENT OF AGREEMENTS. 
‘‘(a) IN GENERAL.—Notwithstanding clause (i) or 
(ii) of section 8(b)(6)(A) or section 38(e)(2)(E)(i), an ap-
propriate Federal banking agency may enforce, under sec-
tion 8, the terms of— 
‘‘(1) any condition imposed in writing by the 
agency on a depository institution or an institution- 
affiliated party (including a bank holding company) 
in connection with any action on any application, no-
tice, or other request concerning a depository insti-
tution; or 
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‘‘(2) any written agreement entered into be-
tween the agency and an institution-affiliated party 
(including a bank holding company). 
‘‘(b) RECEIVERSHIPS
AND CONSERVATORSHIPS.— 
After the appointment of the Corporation as the receiver 
or conservator for any insured depository institution, the 
Corporation may enforce any condition or agreement de-
scribed in paragraph (1) or (2) of subsection (a) involving 
such institution or any institution-affiliated party (includ-
ing a bank holding company), through an action brought 
in an appropriate United States district court.’’. 
(b) PROTECTION OF CAPITAL OF INSURED DEPOSI-
TORY INSTITUTIONS.—Paragraph (1) of section 18(u) of 
the Federal Deposit Insurance Act (12 U.S.C. 1828(u)) 
is amended by striking subparagraph (B) and by redesig-
nating subparagraph (C) as subparagraph (B). 
SEC. 406. INVESTMENTS BY INSURED SAVINGS ASSOCIA-
TIONS IN BANK SERVICE COMPANIES AU-
THORIZED. 
(a) IN GENERAL.—Sections 2 and 3 of the Bank 
Service Company Act (12 U.S.C. 1862, 1863) are each 
amended by striking ‘‘insured bank’’ each place such term 
appears and inserting ‘‘insured depository institution’’. 
(b) TECHNICAL AND CONFORMING AMENDMENTS.— 
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(1) Section 1(b)(4) of the Bank Service Com-
pany Act (12 U.S.C. 1861(b)(4)) is amended— 
(A) by inserting ‘‘, except when such term 
appears in connection with the term ‘insured 
depository institution’,’’ after ‘‘means’’; and 
(B) by striking ‘‘Federal Home Loan Bank 
Board’’ and inserting ‘‘Director of the Office of 
Thrift Supervision’’. 
(2) Section 1(b) of the Bank Service Company 
Act (12 U.S.C. 1861(b)) is amended— 
(A) by striking paragraph (5) and insert-
ing the following new paragraph: 
‘‘(5) INSURED DEPOSITORY INSTITUTION.—The 
term ‘insured depository institution’ has the mean-
ing given the term in section 3(c) of the Federal De-
posit Insurance Act;’’; 
(B) by striking ‘‘and’’ at the end of para-
graph (7); 
(C) by striking the period at the end of 
paragraph (8) and inserting ‘‘; and’’; and 
(D) by adding at the end the following new 
paragraph: 
‘‘(9) the terms ‘State depository institution’, 
‘Federal depository institution’, ‘State savings asso-
ciation’ and ‘Federal savings association’ have the 
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meanings given the terms in section 3 of the Federal 
Deposit Insurance Act.’’. 
(3) The 1st sentence of section 5(c)(4)(B) of 
the 
Home 
Owners’ 
Loan 
Act 
(12 
U.S.C. 
1464(c)(4)(B)) is amended by striking ‘‘by savings 
associations of such State and by Federal associa-
tions’’ and inserting ‘‘by State and Federal deposi-
tory institutions’’. 
(4) Subparagraph (A)(ii) and subparagraph 
(B)(ii) of section 1(b)(2) of the Bank Service Com-
pany Act (12 U.S.C. 1861(b)(2)) are each amended 
by striking ‘‘insured banks’’ and inserting ‘‘insured 
depository institutions’’. 
(5) Section 1(b)(8) of the Bank Service Com-
pany Act (12 U.S.C. 1861(b)(8)) is further amend-
ed— 
(A) by striking ‘‘insured bank’’ and insert-
ing ‘‘insured depository institution’’; 
(B) by striking ‘‘insured banks’’ each place 
such term appears and inserting ‘‘insured de-
pository 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 sav-
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ings associations, other than the limitation on the 
amount of investment by a Federal savings associa-
tion contained 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 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 
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