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‘‘(B) 
RECENTLY
ACQUIRED
INSTITU-
TIONS.—Insured depository institutions ac-
quired by such bank holding company within
the previous twelve months may be excluded for
purposes of subparagraph (A) if the bank hold-
ing company has developed a plan acceptable to
the appropriate Federal banking agency (as de-
fined in section 3 of the Federal Deposit Insur-
ance Act) to restore the performance of the in-
stitution to at least a ‘satisfactory’ rating under
the Community Reinvestment Act.
‘‘(3) COMPETITIVE
CRITERIA.—Consummation
of the proposal complies with guidelines established
by the Board by regulation, after consultation with
the Attorney General, that identify proposals that
are not likely to have a significantly adverse effect
on competition in any relevant market.
‘‘(4) SIZE OF ACQUISITION.—
‘‘(A) LIMITATIONS.—
‘‘(i) ASSET SIZE.—The book value of
the total assets acquired does not exceed
10 per centum of the consolidated total
risk weighted assets of the acquiring bank
holding company.
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‘‘(ii) 
CONSIDERATION.—The 
gross
consideration to be paid for the securities
or assets does not exceed 15 per centum of
the consolidated Tier 1 capital of the ac-
quiring bank holding company.
‘‘(B) ADJUSTMENT TO LIMITATIONS.—The
Board may by regulation adjust the limitations
established in this paragraph in a manner con-
sistent with safety and soundness and the pur-
poses of this Act.
‘‘(5) INTERSTATE
ACQUISITIONS.—Board ap-
proval of the transaction is not prohibited under
subsection (d).
‘‘(6) OTHER
CONSIDERATIONS.—Board ap-
proval of the transaction is not prohibited under
subsection (c)(3); and
‘‘(7) NOTIFICATION.—The acquiring bank hold-
ing company provides the Board with written notice
of the transaction, including a description of the
terms of the transaction, at least fifteen business
days (or such shorter period as permitted by the
Board) prior to consummation of the transaction,
and, prior to the conclusion of that period, the
Board has not required an application under sub-
section (a).’’.
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SEC. 203. ELIMINATE BANK MERGER ACT FILING AND AP-
PROVAL REQUIREMENTS FOR INSURED DE-
POSITORY 
INSTITUTIONS 
ALREADY 
CON-
TROLLED BY THE SAME HOLDING COMPANY.
Section 18(c) of the Federal Deposit Insurance Act
is amended by adding at the end the following new
paragraph:
‘‘(12) The provisions of this subsection shall
not apply to any merger, consolidation, acquisition
of assets or assumption of liabilities involving only
insured depository institutions that are subsidiaries
of the same depository institution holding company
if—
‘‘(A) the responsible agency would not be
prohibited from approving the transaction
under section 44;
‘‘(B) the acquiring, assuming, or resulting
institution complies with all applicable provi-
sions of section 44 as if the merger, consolida-
tion or acquisition were approved under this
subsection; and
‘‘(C) the acquiring, assuming, or resulting
institution provides written notification of the
transaction to the appropriate Federal banking
agency for the institution at least 10 days prior
to consummation of the transaction.’’.
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SEC. 204. ELIMINATE REDUNDANT APPROVAL REQUIRE-
MENT FOR OAKAR TRANSACTIONS.
Section 5(d)(3) of the Federal Deposit Insurance Act
(12 U.S.C. 1815(d)(3)) is amended—
(1) in subparagraph (A), by striking ‘‘with the
prior written approval of the responsible agency
under section 18(c)(2)’’;
(2) in subparagraph (E)—
(A) by striking clause (iv) and inserting
the following new clause:
‘‘(iv) A transaction shall not be au-
thorized under this paragraph unless the
acquiring, assuming, or resulting deposi-
tory institution will meet all applicable cap-
ital requirements upon consummation of
the transaction.’’;
(B) by striking clauses (i) and (ii); and
(C) by redesignating clauses (iii) and (iv)
as clauses (i) and (ii), respectively;
(3) by striking subparagraph (G) and redesig-
nating the subsequent subparagraphs accordingly.
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SEC. 205. ELIMINATE DUPLICATIVE REQUIREMENTS IM-
POSED 
ON 
BANK 
HOLDING 
COMPANIES
UNDER THE HOME OWNERS’ LOAN ACT.
(a) Section 10(a) of the Home Owners’ Loan Act (12
U.S.C. 1467a(a)) is amended by adding at the end the
following new paragraph:
‘‘(5) EXEMPTION FOR BANK HOLDING COMPA-
NIES.—The provisions of this section shall not apply
to any company that is a bank holding company reg-
istered under, and subject to, the provisions of the
Bank Holding Company Act, or to any company di-
rectly or indirectly controlled by such company
(other than a savings association).’’.
(b) Section 10(a)(1)(D) of the Home Owners’ Loan
Act (12 U.S.C. 1467a(a)(1)(D)) is amended to read as
follows:
‘‘(i) SAVINGS
AND
LOAN
HOLDING
COMPANY.—Except as provided in clause
(ii), the term ‘savings and loan holding
company’ means any company which di-
rectly or indirectly controls a savings asso-
ciation or controls any other company
which is a savings and loan holding com-
pany.
‘‘(ii) EXCLUSION.—The term ‘savings
and loan holding company’ does not in-
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clude a bank holding company that is reg-
istered under, and subject to, the provi-
sions of the Bank Holding Company Act,
or any company controlled by such bank
holding company.’’.
(c) Section 10(e)(1)(B) of the Home Owners’ Loan
Act (12 U.S.C. 1467a(e)(1)(B)) is amended—
(1) by striking ‘‘or (ii)’’ and inserting ‘‘(ii)’’;
(2) by inserting before the period at the end of
the first sentence the following: ‘‘, or (iii) acquired
by a bank holding company that is registered under,
and subject to, the provisions of the Bank Holding
Company Act, or any company controlled by such
bank holding company’’.
SEC. 206. ELIMINATE REQUIREMENT THAT APPROVAL BE
OBTAINED FOR DIVESTITURES.
Section 2(g) of the Bank Holding Company Act (12
U.S.C. 1841(g)) is amended—
(1) by striking paragraph (3);
(2) by inserting ‘‘and’’ after paragraph (1); and
(3) by striking ‘‘; and’’ at the end of paragraph
(2) and inserting a period.
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SEC. 207. ELIMINATE UNNECESSARY BRANCH APPLICA-
TIONS.
(a) NATIONAL BANK BRANCH APPLICATIONS.—Sec-
tion 5155(i) of the Revised Statutes (12 U.S.C. 36(i)) is
amended—
(1) by striking ‘‘No branch’’ and inserting the
following:
‘‘(1) APPROVAL
REQUIRED.—Except as pro-
vided in paragraph (2), no branch’’; and
(2) by adding at the end the following new
paragraphs:
‘‘(2) NO
APPROVAL
REQUIRED
FOR
CERTAIN
BRANCHES.—Notwithstanding this subsection, sub-
section (b) or subsection (c), the consent and ap-
proval of the Comptroller of the Currency shall not
be required for a national banking association to es-
tablish and operate, or to retain and operate, a
branch or seasonal agency if—
‘‘(A) the association is well capitalized, as
that term is defined in section 38 of the Fed-
eral Deposit Insurance Act and regulations pre-
scribed by the Comptroller of the Currency
under such section;
‘‘(B) the association received a composite
CAMEL rating of ‘1’ or ‘2’ under the Uniform
Financial Institutions Rating System (or an
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equivalent rating under a comparable rating
system) as of its most recent examination;
‘‘(C) the association did not receive a
‘needs to improve’ or substantial noncompliance
composite rating at its most recent examination
under the Community Reinvestment Act; and
‘‘(D) the Comptroller of the Currency is
authorized to grant approval under this section
to such association to establish and operate, or
to retain and operate, a branch or seasonal
agency at the proposed location.
‘‘(3) A branch or seasonal agency established by
a national banking association under paragraph (2)
shall be deemed to have been established and oper-
ated pursuant to an application approved under this
section.’’.
(b) STATE
MEMBER
BANK
BRANCH
APPLICA-
TIONS.—The third undesignated paragraph of section 9
of the Federal Reserve Act (12 U.S.C. 321) is amended
by adding at the end the following: ‘‘Notwithstanding the
previous two sentences, the approval of the Board shall
not be required for a State member bank to establish and
operate a branch or seasonal agency if—
‘‘(A) the State member bank is well-cap-
italized, as that term is defined in section 38 of
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the Federal Deposit Insurance Act and regula-
tions prescribed by the Board under such sec-
tion;
‘‘(B) the State member bank received a
composite CAMEL rating of ‘1’ or ‘2’ under the
Uniform Financial Institutions Rating System
(or an equivalent rating under a comparable
rating system);
‘‘(C) the State member bank did not re-
ceive a ‘needs to improve’ or substantial non-
compliance composite rating at its most recent
examination under the Community reinvestment
Act; and
‘‘(D) the Board is authorized to grant ap-
proval under this section to such State member
bank to establish and operate a branch or sea-
sonal agency at the proposed location.
A branch or seasonal agency established by a State
member bank under the previous sentence shall be deemed
to have been established and operated pursuant to an ap-
plication approved under this section.’’.
(c) STATE NONMEMBER BANK BRANCH APPLICA-
TIONS.—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 paragraphs:
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‘‘(5) APPLICATION
EXEMPTION
FOR
CERTAIN
BANKS.—Notwithstanding paragraph (1), the con-
sent of the Corporation shall not be required for a
State nonmember insured bank to establish and op-
erate any domestic branch if—
‘‘(A) the bank is well-capitalized, as that
term is defined in section 38 and regulations
prescribed by the Corporation under such sec-
tion;
‘‘(B) the bank received a composite
CAMEL rating of ‘1’ or ‘2’ under the Uniform
Financial Institutions Rating System (or an
equivalent rating under a comparable rating
system) as of its most recent examination;
‘‘(C) the bank did not receive a ‘needs to
improve’ or substantial noncompliance compos-
ite rating at its most recent examination under
the Community Reinvestment Act; and
‘‘(D) the Corporation is authorized to give
consent under this section to such bank to es-
tablish and operate a domestic branch at the
proposed location.
‘‘(6) APPROVAL
GRANTED.—A branch estab-
lished by a State member bank under paragraph (5)
shall be deemed to have been established and oper-
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ated pursuant to an application approved under this
section.’’.
SEC. 208. ELIMINATE BRANCH APPLICATIONS/REQUIRE-
MENTS FOR ATMs AND SIMILAR FACILITIES.
(a) ‘‘BRANCH’’ UNDER NATIONAL BANK ACT.—Sec-
tion 5155(j) of the Revised Statutes (12 U.S.C. 36(j)) is
amended by adding at the end the following: ‘‘The term
‘branch’ does not include automated teller machines or re-
mote service units.’’.
(b) ‘‘BRANCH’’ UNDER FEDERAL DEPOSIT INSUR-
ANCE ACT.—Section 3(o) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(o)) is amended by striking
‘‘lent; and the’’ and inserting ‘‘lent. The term ‘domestic
branch’ does not include automated teller machines or re-
mote service units. The’’.
SEC. 209. ELIMINATE REQUIREMENT FOR APPROVAL OF IN-
VESTMENTS IN BANK PREMISES FOR WELL
CAPITALIZED AND WELL MANAGED BANKS.
Section 24A of the Federal Reserve Act (12 U.S.C.
371d) is amended by inserting before the period in that
section the following: ‘‘unless such bank received a com-
posite CAMEL rating of ‘1’ or ‘2’ under the Uniform Fi-
nancial Institutions Rating System (or an equivalent rat-
ing under a comparable rating system) as of its most re-
cent examination and, both before and immediately follow-
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ing the investment or loan, is well capitalized (as defined
under section 38 of the Federal Deposit Insurance Act)’’.
SEC. 210. ELIMINATE UNNECESSARY FILING FOR OFFICER
AND DIRECTOR APPOINTMENTS.
Section 32 of the Federal Deposit Insurance Act (12
U.S.C. 1831i) is amended as follows:
(1) in subsection (a),
(A) by inserting after ‘‘thirty days (or such
other period as determined by the agency)’’;
(B) by striking ‘‘if the insured depository
institution or depository institution holding
company’’ and inserting ‘‘if’’;
(C) by striking paragraphs (1) and (2);
(D) in paragraph (3),
(i) by inserting ‘‘the insured deposi-
tory institution or depository institution
holding company’’ before ‘‘is not in compli-
ance’’;
(ii) by striking the period and insert-
ing instead ‘‘; and’’;
(E) by redesignating paragraph (3) as
paragraph (1); and
(F) by adding at the end the following new
paragraph:
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‘‘(2) the agency determines, in connection with
its review of the plan required under section 38 or
otherwise, that such prior notice is appropriate.’’;
and
(2) in subsection (b), by striking ‘‘thirty-day’’
and inserting in its place ‘‘notice’’.
SEC. 211. STREAMLINING PROCESS FOR DETERMINING
NEW NONBANKING ACTIVITIES.
Section 4(c)(8) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1843(c)(8)) is amended by striking
‘‘and opportunity for hearing’’.
Subtitle B—Streamlining of Government
Regulations; Miscellaneous Provisions
SEC. 221. ELIMINATE THE PER-BRANCH CAPITAL REQUIRE-
MENT FOR NATIONAL BANKS AND STATE
MEMBER BANKS.
Section 5155 of the Revised Statutes (12 U.S.C. 36)
is amended by striking subsection (h).
SEC. 222. BRANCH CLOSURES.
Section 39 of the Federal Deposit Insurance Act (12
U.S.C. 1831p) (as added by section 228 of the Federal
Deposit Insurance Corporation Improvement Act of 1991)
is amended by adding at the end the following new sub-
sections:
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‘‘(d) DEFINITIONS.—For purposes of this section, the
term ‘branch’ shall not include the following:
‘‘(1) automated teller machines;
‘‘(2) a branch acquired through merger, consoli-
dation, purchase, assumption or other method that
is located in a local market area currently served by
another branch of the acquiring institution;
‘‘(3) a branch that is closed and reopened in
another location within the same local market area
which would continue to provide banking services to
substantially all of the customers currently served by
the branch that is closed;
‘‘(4) a branch that is closed in connection
with—
‘‘(A) an emergency acquisition under—
‘‘(i) section 11(n); or
‘‘(ii) subsections (f) or (k) of section
13; or
‘‘(B) any assistance provided by the Cor-
poration under section 13(c); and
‘‘(5) any other branch closure whose exemption
from the notice requirements of this section would
not produce a result inconsistent with the purposes
of this section. The appropriate Federal banking
agency shall, by regulation, determine the cir-
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cumstances under which such exemptions will be
granted.
‘‘(e) EFFECTIVE DATE.—The amendments made by
this section shall become effective on the date of enact-
ment of the Federal Deposit Insurance Corporation Im-
provement Act of 1991.’’.
SEC. 223. AMENDMENTS TO THE DEPOSITORY INSTITU-
TIONS MANAGEMENT INTERLOCKS ACT.
(a) DUAL SERVICE IN SAME AREA, TOWN, OR VIL-
LAGE.—Section 203 of the Depository Institution Man-
agement Interlocks Act (12 U.S.C. 3202) is amended—
(1) by inserting ‘‘(a) PROHIBITIONS.—’’ before
‘‘A management official’’; and
(2) by adding after subsection (a) the following
new subsection:
‘‘(b) SMALL MARKET SHARE EXEMPTION.—This sec-
tion shall not prohibit a management official of a deposi-
tory institution or depository holding company from serv-
ing as a management official of another depository institu-
tion or depository holding company not affiliated therewith
if the depository institutions or depository holding compa-
nies with which the management official serves hold, to-
gether with their affiliates, in the aggregate no more that
20 per centum of the deposits in each relevant geographic
banking market, as defined by the Board of Governors of
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the Federal Reserve System, where offices of the deposi-
tory institutions or depository holding companies or their
affiliates are located.’’.
(b) DUAL SERVICE AMONG LARGER ORGANIZA-
TIONS.—Section 204 of the Depository Institution Man-
agement Interlocks Act (12 U.S.C. 3203) is amended—
(1) by striking ‘‘$1,000,000,000’’ and inserting
‘‘$2,000,000,000’’; and
(2) by striking ‘‘$500,000,000’’ and inserting
‘‘$1,000,000,000’’; and,
(3) by adding at the end thereof the following:
‘‘The dollar amount in this section shall be adjusted
annually after December 31, 1994, by the annual
percentage increase in the Consumer Price Index for
Urban Wage Earners and Clerical Workers pub-
lished by the Bureau of Labor Statistics.’’.
(c) EXTENSION OF GRANDFATHER EXEMPTION.—
Section 206 of the Depository Institution Management
Interlocks Act (12 U.S.C. 3205) is amended—
(1) in subsection (a), by striking ‘‘for a period
of, subject to the requirements of subsection (c),
twenty years after the date of enactment of this
title’’;
(2) by inserting a period after ‘‘position’’ the
second place such term appears;
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(3) in subsection (b), by striking the second
sentence; and
(4) by striking subsection (c).
(d) RULES OR REGULATIONS.—Section 209 of the
Depository Institution Management Interlocks Act (12
U.S.C. 3207) is amended—
(1) by striking ‘‘(a) IN GENERAL.—Rules’’ and
inserting ‘‘Rules’’;
(2) by inserting ‘‘, including rules or regula-
tions which permit service by a management official
which would otherwise be prohibited by section 203
or section 204,’’ after ‘‘chapter’’; and
(3) by striking subsections (b) and (c).
SEC. 224. CONSOLIDATION OF APPRAISAL SUBCOMMITTEE.
(a) APPRAISAL SUBCOMMITTEE CONSOLIDATION.—
The Appraisal Subcommittee established under the Fed-
eral Financial Institutions Examination Council Act of
1978 is abolished and its functions shall be consolidated
into the Financial Institutions Examination Council.
(b) CONFORMING AMENDMENTS TO TITLE XI.—
(1) The Federal Financial Institutions Exam-
ination Council Act of 1978 is amended by striking
the following sections:
(A) Section 1102 (12 U.S.C. 3310).
(B) Section 1104 (12 U.S.C. 3333).
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(C) Section 1105 (12 U.S.C. 3334).
(D) Section 1106 (12 U.S.C. 3335).
(E) Section 1108 (12 U.S.C. 3337).
(F) Section 1116(e) (12 U.S.C. 3345(e)).
(G) Section 1122(e) (12 U.S.C. 3351(e)).
(2) section 1121 of the FIECA of 1978 (12
U.S.C. 3350) is amended—
(A) by striking paragraphs (2) and (8);
(B) 
by 
redesignating 
paragraphs 
(3)
through (7) as paragraphs (2) through (6), re-
spectively; and
(C) 
by 
redesignating 
paragraphs 
(9)
through (10) as paragraphs (7) through (8), re-
spectively.
(c) CONFORMING AMENDMENT.—Section 202(e) of
the National Housing Act (12 U.S.C. 1078(e)) is amended
by striking paragraph (2) and redesignating paragraphs
(3) and (4) and paragraphs (2) through (3).
(d) CONSOLIDATION OF FUNCTIONS TO FFIEC; RE-
DUCTION OF ASSESSMENTS ON APPRAISERS.—
(1) Section 1103 of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (12
U.S.C. 3332) is amended—
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(A) by striking ‘‘Appraisal Subcommittee’’
each place it appears and inserting instead ‘‘Fi-
nancial Institutions Examination Council’’;
(B) in paragraph (a)(3), by inserting be-
fore ‘‘maintain’’ the words ‘‘if the Council de-
termines that doing so will further the purposes
of this chapter,’’; and
(C) by amending paragraph (a)(4) to read
as follows:
‘‘(4) include in its annual report to Congress a
description of how it has performed the functions as-
signed to it under this chapter.’’.
(2) Section 1109 of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (12
U.S.C. 3338) is amended to read as follows:
‘‘SEC. 1109. ROSTER OF STATE CERTIFIED OR LICENSED
APPRAISERS.
‘‘(a) ROSTER; COLLECTION OF FEES.—Each State
with an appraiser certifying and licensing agency whose
certifications and licenses comply with this chapter,
shall—
‘‘(1) upon request of the Federal Financial In-
stitutions Examination Council, transmit to the
Council annually (or at any less frequent interval
specified by the Council) a roster listing individuals
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who have received a State certification or license in
accordance with this chapter;
‘‘(2) collect from such individuals who perform
or seek to perform appraisals in federally related
transactions, an annual registry fee, the amount of
which is to be determined by the Council but not to
exceed $25 per year, to support its activities under
this chapter; and
‘‘(3) transmit all registry fees to the Council on
an annual basis.
‘‘(b) STATUS OF REGISTRY FEES.—Registry fees col-
lected and transmitted to the Council pursuant to this sec-
tion shall not constitute appropriated funds.’’.
(3) Section 1116(e) of the Financial Institu-
tions Reform, Recovery and Enforcement Act of
1989 (12 U.S.C. 3345(e)) is amended by striking
‘‘Appraisal Subcommittee’’ and ‘‘Subcommittee’’ and
inserting instead ‘‘Financial Institutions Examina-
tion Council’’.
(4) Section 1118 of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (12
U.S.C. 3347) is amended by striking ‘‘Appraisal
Subcommittee’’ each place it appears and inserting
instead ‘‘Financial Institutions Examination Coun-
cil’’.
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(5) Section 1119 of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (12
U.S.C. 3348) is amended—
(A) by striking ‘‘Subject to the approval of
the Council, the Appraisal Subcommittee’’ and
inserting in its place ‘‘The Council’’;
(B) by striking ‘‘Appraisal Subcommittee’’
each place it appears and inserting instead ‘‘Fi-
nancial Institutions Examination Council’’.
(6) Section 1120 of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (12
U.S.C. 3349) is amended by striking ‘‘Appraisal
Subcommittee’’ and inserting instead ‘‘Financial In-
stitutions Examination Council’’.
(e) REMISSION OF FUNDS TO THE TREASURY.—All
funds held by, and the right to collect all funds owed to,
the Appraisal Subcommittee on the effective date of this
section shall be transferred to the United States Treasury.
(f) REPAYMENT OF PREPAID REGISTRY FEES.—Be-
fore the effective date specified in subsection (g), the Ap-
praisal Subcommittee shall refund to the States any reg-
istry fees prepaid to the Subcommittee for the period after
December 31, 1995.
(g) EMPLOYEES TRANSFERRED.—
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(1) IDENTIFYING
EMPLOYEES
FOR
TRANS-
FER.—
(A) IN GENERAL.—The Financial Institu-
tions Examination Council shall identify those
employees of the Appraisal Subcommittee for
transfer to the Council needed to perform func-
tions transferred from the Subcommittee to the
Council, in a manner that the Council, in its
sole discretion, deems equitable.
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Appraisal Sub-
committee identified for transfer to the Council
under subparagraph (A) shall be transferred to
the Council for employment on the date set
forth in subsection (h).
(2) PRIORITY OF THIS ACT.—If any protection
provided under this section conflicts with any protec-
tion provided to transferred employees under section
3503 of title 5, United States Code, the provisions
of this section shall control.
(3) RIGHTS OF TRANSFERRED EMPLOYEES.—
(A) COMPARABLE POSITIONS.—Each em-
ployee transferred to the Financial Institutions
Examination Council shall, on the date of
transfer, be appointed to a position under the
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compensation system and performance evalua-
tion system of the Council that is comparable in
tenure and grade to that of the position the em-
ployee held on the enactment date of this Act.
(B) PAY.—
(i) IN GENERAL.—Except as provided
in clause (ii), each employee transferred to
the Financial Institutions Examination
Council under this section shall, during the
one-year period after the date of transfer,
receive pay at a rate not less than the
basic rate of pay that the employee re-
ceived at the Appraisal Subcommittee dur-
ing the one-year period immediately before
the enactment date of this Act.
(ii) EXCEPTIONS.—Clause (i) does not
limit the right of the Council to reduce a
transferred employee’s rate of basic pay—
(I) for cause;
(II) for unacceptable perform-
ance; or
(III) with the employee’s consent.
(iii) PROTECTION
ONLY
WHILE
EM-
PLOYED.—Subparagraph (B) applies to a
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transferred employee only while that em-
ployee remains employed by the Council.
(4) RETIREMENT BENEFITS.—
(A) CONTINUATION OF EXISTING RETIRE-
MENT PLAN.—Except as otherwise permitted by
law, each employee who transfers to the Finan-
cial Institutions Examination Council under
this section shall remain enrolled in the retire-
ment plan (and any associated thrift savings
plan) in which he or she was enrolled on the
day before the date of transfer while he or she
remains employed by the Council.
(B) 
EMPLOYER’S
CONTRIBUTION.—The
Financial Institutions Examination Council
shall pay any employer contributions to the re-
tirement plan in which each transferred em-
ployee is subject during his or her period of
service at the Council, as required under that
plan.
(5) NO PRIVATE RIGHT OF ACTION.—The sec-
tion does not provide any employee transferred to
the Financial Institutions Examination Council
under this section with any right of action to require
the Council, or any officer, employee, agent, or ad-
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ministrator thereof, to take any action under this
section.
(h) EFFECTIVE DATE.—This section shall take effect
ninety days from enactment, except that, unless otherwise
provided, subsections (f) and (g) shall take effect imme-
diately.
SEC. 225. ELIMINATE UNNECESSARY AND DUPLICATIVE
RECORDKEEPING AND REPORTING REQUIRE-
MENTS RELATING TO LOANS TO EXECUTIVE
OFFICERS AND PERMIT PARTICIPATION IN
EMPLOYEE BENEFIT PLANS.
(a) AMENDMENTS TO SECTION 22(h) OF THE FED-
ERAL RESERVE ACT.—Section 22(h) of the Federal Re-
serve Act (12 U.S.C. 375b(2)) is amended—
(1) EMPLOYEE BENEFIT PLANS.—In paragraph
(2)—
(A) by renumbering subparagraphs (A)
and (C) as clauses (i) through (iii) respectively;
(B) by striking ‘‘(2) Preferential terms
prohibited’’ and inserting in its place:
‘‘(2) PREFERENTIAL TERMS PROHIBITED.—
‘‘(A) IN GENERAL.’’; and
(C) by inserting at the end a new subpara-
graph (B) to read as follows:
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‘‘(B) EXCEPTION.—Nothing in this para-
graph shall prohibit extensions of credit made
pursuant to a benefit or compensation program
widely available to employees of the member
bank.’’;
(2) EXCEPTION FOR EXTENSIONS OF CREDIT
TO
EXECUTIVE
OFFICERS
AND
DIRECTORS
OF
NONBANK AFFILIATES.—In subsection (h)(8)(B) by
striking the phrase ‘‘, except as that subparagraph
makes applicable paragraph (2),’’; and
(3) 
RECORDKEEPING
REQUIREMENTS.—In
paragraph (10), by adding at the end the following:
‘‘The Board shall specify by regulation the record-
keeping required of member banks to ensure compli-
ance with this section. Compliance with the record-
keeping requirements adopted pursuant to this para-
graph shall satisfy the audit requirement of section
36(e) of the Federal Deposit Insurance Act, to the
extent that its requirements are applicable to this
section.’’.
(b) REPORTING REQUIREMENTS.—
(1) UNNECESSARY REPORTS.—Section 22(g) of
the Federal Reserve Act is amended by deleting
paragraphs (6) and (9) and in their entirety and re-
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numbering paragraphs (7), (8), and (10) as para-
graphs (6), (7), and (8), respectively.
(2) UNNECESSARY REPORTS.—Section 7(k) of
the Federal Deposit Insurance Act (12 U.S.C. 1817)
is amended to read as follows:
‘‘(k) RESERVED.’’.
(3) UNNECESSARY REPORTS REGARDING LOANS
FROM CORRESPONDENT BANKS.—Section 106(b)(2)
of the Bank Holding Company Act Amendments of
1970 (12 U.S.C. 1972)) is amended—
(A) by deleting subparagraph (G) in its en-
tirety; and
(B) by redesignating subparagraphs (H)
and (I) as subparagraphs (G) and (H), respec-
tively.
SEC. 
226. 
EXPANDED 
REGULATORY 
DISCRETION 
FOR
SMALL BANK EXAMINATIONS.
(a) TIME PERIOD DISCRETION.—Section 10(d)(4) of
the Federal Deposit Insurance Act (12 U.S.C. 1820(d)(4))
is amended—
(1) in the title, by striking ‘‘18-MONTH
RULE’’ and inserting ‘‘24-MONTH RULE’’; and
(2) in the first sentence, by striking ‘‘18-
month’’ and inserting ‘‘24-month’’.
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(b) SMALL
BANK
SIZE
DISCRETION.—Section
10(d)(8) of the Federal Deposit Insurance Act (12 U.S.C.
1820(d)(8)) is amended by striking ‘‘$175,000,000’’ and
inserting ‘‘$250,000,000’’.
(c) 
INFLATION
ADJUSTMENT.—Section
10(d) of the Federal Deposit Insurance Act (12
U.S.C. 1820(d)) is amended by adding at the
end thereof the following new paragraph:
‘‘(9) The dollar amount in this section shall be
adjusted annually after December 31, 1994, by the
annual percentage increase in the Consumer Price
Index for Urban Wage Earners and Clerical Work-
ers published by the Bureau of Labor Statistics.’’.
SEC. 227. COST REIMBURSEMENT.
Section 1115 of the Right to Financial Privacy Act
(12 U.S.C. 3415) is amended by inserting ‘‘(including cor-
porate customers)’’ after ‘‘pertaining to a customer’’.
SEC. 228. IDENTIFICATION OF NONBANK FINANCIAL INSTI-
TUTION CUSTOMERS.
(a) IN GENERAL.—Subchapter 2 of chapter 53 of
title 31, United States Code, is amended by striking sec-
tion 5327.
(b) TECHNICAL AND CONFORMING AMENDMENT.—
Section 5321(a) of title 31, United States Code, is amend-
ed by striking paragraph (7).
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(c) CLERICAL AMENDMENT.—The table of sections
for subchapter 2 of chapter 53 of title 31, Untied States
Code, is amended by striking the item relating to section
5327.
SEC. 229. PAPERWORK REDUCTION REVIEW.
Not later than one hundred eighty days after the date
of enactment of this Act, each appropriate Federal bank-
ing agency, in consultation with insured depository institu-
tions and other interested parties, shall—
(1) review the extent to which current regula-
tions require insured depository institutions to
produce unnecessary internal written policies; and
(2) eliminate such requirements, where appro-
priate.
For purposes of this section, the terms ‘‘insured deposi-
tory institution’’ and ‘‘appropriate Federal banking agen-
cy’’ have the same meanings as in section 3 of the Federal
Deposit Insurance Act.
SEC. 230. REPEAL OF UNNECESSARY REPORTING REQUIRE-
MENTS.
Sections 122 and 477 of the Federal Deposit Insur-
ance Corporation Improvement Act of 1991 (Public Law
102–242) are hereby repealed.
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SEC. 231. DAILY CONFIRMATIONS FOR HOLD-IN-CUSTODY
REPURCHASE TRANSACTIONS.
Within one year after the date of enactment of this
section, the Secretary of the Treasury shall revise the reg-
ulation under section 15C of the Securities Exchange Act
of 1934 relating to the obligations of financial institutions
holding custody of securities subject to a repurchase
agreement to confirm, daily and in writing, the securities
that are subject to such repurchase agreement. Such revi-
sion shall permit the counterparty to such agreement to
waive in writing the right to obtain such daily written con-
firmation if the counterparty has received a disclosure, in
a form prescribed by the Secretary, that adequately in-
forms the counterparty of the benefits of receiving such
daily written confirmations.
SEC. 232. REQUIRED REGULATORY REVIEW OF REGULA-
TIONS.
(a) IN GENERAL.—The Financial Institutions Exam-
ination Council shall, within every ten-year period, conduct
a review of all of the regulations issued pursuant to its
or its representatives’ authority to identify outdated or
otherwise unnecessary regulatory requirements imposed
upon insured depository institutions.
(b) PROCESS.—In conducting the review required
under subsection (a), the Council shall—
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(1) categorize such regulations by type (such as
consumer regulations, safety and soundness regula-
tions, or such other designation as determined by
the Council); and
(2) at regular intervals, provide notice and so-
licit public comment on a particular category or cat-
egories of regulations, requesting commentators to
identify areas of such regulations considered out-
dated, unnecessary, or unduly burdensome.
The Council shall, over a ten-year period, ensure that all
categories of regulations have been set out for notice and
comment.
(c) REGUALTORY RESPONSE.—The Council shall—
(1) publish in the Federal Register a summary
of the comments received pursuant to this section,
identifying significant issues raised and providing
comment on such issues; and
(2) eliminate unnecessary regulations wherever
appropriate.
(d) REPORT TO CONGRESS.—The Council shall, with-
in thirty days of publishing the summary required under
subsection (c)(1), provide a report to the Congress sum-
marizing any significant issues raised during such com-
ment period, the relative merits of such issues, and wheth-
er the appropriate Federal banking agency involved can
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address the regulatory burdens associated with such issues
by regulation, or whether such concerns can only be ad-
dressed by legislation.
(e) DEFINITIONS.—For purposes of this section, the
terms ‘‘insured depository institution’’ and ‘‘appropriate
Federal banking agency’’ have the same meaning as in
section 3 of the Federal Deposit Insurance Act.
SEC. 233. COUNTRY RISK REQUIREMENTS.
(a) Section 905 of the International Lending Super-
vision Act (12 U.S.C. 3904) is amended—
(1) in subsection (a)(1), by striking ‘‘shall’’ and
inserting ‘‘may’’; and
(2) in subsection (b), by striking ‘‘shall’’ and
inserting ‘‘may’’.
(b) Section 905A of the International Lending Super-
vision Act (12 U.S.C. 3904a) is repealed.
SEC. 234. AUDIT COSTS.
(a) IN GENERAL.—Section 36 of the Federal Deposit
Insurance At (12 U.S.C. 1831m) (as added by section 112
of the Federal Deposit Insurance Corporation Improve-
ment Act of 1991) is amended as follows:
(1) AUDITOR ATTESTATIONS.—
(A) In subsection (a)(2)(A)(ii), by striking
‘‘subsections (c) and (d)’’ and inserting ‘‘sub-
section (c)’’.
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(B) By striking subsection (c).
(C) In subsection (d), by deleting ‘‘(d)’’
and inserting ‘‘(c)’’.
(D) By striking subsection (e).
(2) INDEPENDENT AUDIT COMMITTEES.—
(A) In subsection (g)(1)(A), by striking
‘‘entirely’’ and inserting ‘‘the majority of which
is’’.
(B) In subsection (g)(1), by inserting the
following new subparagraph:
‘‘(D) EXEMPTIVE AUTHORITY.—Each ap-
propriate Federal banking agency shall, by reg-
ulation, exempt from the requirements of this
subsection all insured depository institutions
which face hardships in retaining competent di-
rector on their internal audit committees as a
result of this subsection. In determining what
types of institutions will be exempted, the agen-
cy shall consider such factors as the size of the
institution and the availability of competent
outside director in the community.’’.
(3) 
PUBLIC
AVAILABILITY.—In 
subsection
(a)(3), by inserting at the end the following new sen-
tence: ‘‘Notwithstanding the previous sentence, the
Corporation and the appropriate Federal banking
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agencies may designate certain information as privi-
leged and confidential and not available to the
public.’’.
SEC. 235. DUE PROCESS PROTECTIONS.
(a) ATTACHMENT OF ASSETS.—
(1) INSURED DEPOSITORY INSTITUTIONS.—
(A) Section 11(d)(19) of the Federal De-
posit Insurance Act (12 U.S.C. 1821(d)(19)) is
amended—
(i) in subparagraph (A), by striking
‘‘without regard’’ and all that follows
through ‘‘immediate’’; and
(ii) in subparagraph (B), by striking
‘‘(as modified with respect to such proceed-
ing by subparagraph (A))’’.
(B) Section 8(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1818(b)) is amended
by redesignating subsection (b)(6)(F) as sub-
section (b)(6)(G), and inserting after subsection
(b)(6)(E) the following:
‘‘(F) prohibit such person from withdraw-
ing, transferring, removing, dissipating, or dis-
posing of any funds, assets or other property
where injury, loss, or damage to such property
is irreparable and immediate; and’’.
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(C) Section 8(i) of the Federal Deposit In-
surance Act (12 U.S.C. 1818(i)) is amended by
striking paragraph (4)(B) and inserting the
following:
‘‘(B) STANDARD.—Rule 65 of the Federal
Rules of Civil Procedure shall apply with re-
spect to any proceeding under this paragraph.’’.
(2) CREDIT UNIONS.—
(A) Section 207(b)(2)(H) of the Federal
Credit Union Act (12 U.S.C. 1787(b)(2)(H)) is
amended—
(i) in clause (i), by striking ‘‘without
regard’’ and all that follows through ‘‘im-
mediate’’; and
(ii) in clause (ii), by striking ‘‘(as
modified with respect to such proceeding
by clause (i))’’.
(B) Section 206(e)(3) of the Federal Cred-
it Union Act (12 U.S.C. 1786(e)(3)) is amend-
ed by redesignating subsection (e)(3)(F) as sub-
section (e)(3)(G), and inserting after subsection
(e)(3)(E) the following:
‘‘(F) prohibit such person from withdraw-
ing, transferring, removing, dissipating, or dis-
posing of any funds, assets or other property
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where injury, loss, or damage to such property
is irreparable and immediate; and’’.
SEC. 236. CULPABILITY STANDARDS FOR OUTSIDE DIREC-
TORS.
Section 3(u) of the Federal Deposit Insurance Act
(12 U.S.C. 1813(u)) is amended—
(1) in paragraph (1), by inserting ‘‘(other than
an outside director)’’ after ‘‘director’’;
(2) in paragraph (3), by inserting ‘‘(other than
an outside director)’’ after ‘‘any other person’’; and
(3) in paragraph (4), by inserting ‘‘or outside
director’’ after ‘‘or accountant)’’.
SEC. 237. RULES ON DEPOSIT TAKING.
Section 29(g)(3) of the Federal Deposit Insurance
Act (12 U.S.C. 1831f(g)(3)) is amended—
(1) by inserting ‘‘undercapitalized’’ after ‘‘in-
cludes any’’;
(2) by inserting ‘‘undercapitalized’’ after ‘‘em-
ployee of any’’; and
(3) by striking ‘‘that is not well capitalized’’.
SEC. 238. TRANSITION PERIOD FOR NEW REGULATIONS.
Section 302(b) of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 is amend-
ed by striking ‘‘a calendar quarter’’ and inserting ‘‘the
semiannual period’’.
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SEC. 239. FOREIGN BANK APPLICATIONS.
Section 7(d) of the International Banking Act of
1978 (12 U.S.C. 3105(d)) is amended as follows:
(1) By striking paragraphs (1) and (2) and in-
serting in lieu thereof the following:
‘‘(1) PRIOR
REVIEW
REQUIRED.—Before any
foreign bank application to establish a branch or an
agency, or acquire ownership or control of a com-
mercial lending company may be approved by any
appropriate State bank supervisor or the Comptrol-
ler of the Currency, the application must first be
submitted for review to the Board for a period of
not more than one hundred eighty days. The pur-
pose of the review is to determine whether approval
of any application would place at risk the safe and
sound operation of the United States banking
system.
‘‘(2) AUTHORITY OF THE BOARD.—Based on
the determination described in paragraph (1), the
Board is authorized to—
‘‘(A) deny the application;
‘‘(B) extend for one hundred eighty days
the period for review of any application, after
providing notice of, and the reasons for, the ex-
tension to the applicant and any appropriate
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State bank supervisor or the Comptroller of the
Currency; or
‘‘(C) approve the application, either by af-
firmative action or by taking no action during
the 180 day review period.’’.
(2) In paragraph (3), by redesignating subpara-
graph (A) through (D) as subparagraphs (C)
through (F); by striking all from ‘‘In’’ through ‘‘ac-
count—’’; and by inserting the following: ‘‘In mak-
ing any determination under paragraph (1), the
Board may consider—
‘‘(A) whether the foreign bank engages di-
rectly in the business of banking outside the
United States and is subject to comprehensive
supervision or regulation on a consolidated
basis by the appropriate authorities in its home
country;
‘‘(B) whether the foreign bank has fur-
nished to the Board the information it needs to
adequately assess the application;’’.
SEC. 240. DUPLICATE EXAMINATION OF FOREIGN BANKS.
Section 7(c)(1) of the International Banking Act of
1978 (12 U.S.C. 3105(b)(1)) is amended by striking sub-
paragraphs (B), (C), and (D) and inserting in lieu thereof:
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‘‘(B) RELIANCE
ON
PRIMARY
SUPER-
VISOR.—In order to avoid unnecessary duplica-
tion and cost, the Board shall, to the extent
practicable, rely upon the reports of examina-
tions made by the Comptroller, the Federal De-
posit Insurance Corporation, or the appropriate
State bank supervisor in achieving the purposes
of this subsection.’’
‘‘(C) 
ON-SITE
EXAMINATION.—Each
branch or agency of a foreign bank shall be
subject to on-site examination on the same
schedule that a comparable national or State
nonmember bank would be examined by the
Comptroller of the Currency of the Federal De-
posit Insurance Corporation.
‘‘(D) COST OF EXAMINATIONS.—The cost
of any examination undertaken pursuant to
subparagraph (A) shall be assessed against and
collected from the foreign bank or the foreign
company that controls the foreign bank, as the
case may be, but only to the same extent that
fees are collected by the Board for examination
of any State member insured bank.’’
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SEC. 241. SECOND MORTGAGES.
Section 103 of the Truth in Lending Act (15 U.S.C.
1602 is amended—
(1) in paragraph (aa)(1) by inserting ‘‘a subor-
dinate mortgage on’’ after ‘‘secured by’’; and
(2) by deleting ‘‘a residential mortgage trans-
action’’.
TITLE III—LENDER LIABILITY
SEC. 301. LENDER LIABILITY.
(a) IN GENERAL.—The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended by adding after
section 44, the following new section:
‘‘SEC. 45. LENDER, FIDUCIARY AND GOVERNMENT AGENCY
ENVIRONMENTAL LIABILITIES.
‘‘(a) LENDER ENVIRONMENTAL LIABILITY.—
‘‘(1) Notwithstanding any other provision or
rule of Federal law, no lender shall be liable pursu-
ant to a Federal environmental law, except as pro-
vided in this section.
‘‘(2) A lender shall only be liable pursuant to
a Federal environmental law when the lender actu-
ally participates in management of another person’s
activities which create liability under the same Fed-
eral environmental law.
‘‘(3) For purposes of this section—
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‘‘(A) the term ‘participate in management’
means actually participating in the management
or operational affairs of other persons’ activi-
ties, and does not include merely having the ca-
pacity to influence, or the unexercised right to
control such activities;
‘‘(B) a person shall be considered to ‘par-
ticipate in management’ while a borrower is still
in possession of property, only if such person—
‘‘(i) exercises decisionmaking control
over the environmental compliance of a
borrower, such that the person has under-
taken responsibility for the hazardous sub-
stance handling or disposal practices of the
borrower; or
‘‘(ii) exercises control at a level com-
parable to that of a manager of the enter-
prise of the borrower, such that the person
has assumed or manifested responsibility
for the overall management of the enter-
prise encompassing day-to-day decision-
making with respect to environmental com-
pliance, or with respect to substantially all
of the operational aspects (as distinguished
from financial or administrative aspects) of
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the enterprise, other than environmental
compliance;
‘‘(C) the term ‘participate in management’
does not include engaging in an act or failing
to act prior to the time that an extension of
credit is made or a security interest is created
in property; and
‘‘(D) the term ‘participate in management’
does not include—
‘‘(i) holding an extension of credit or
a security interest or abandoning or releas-
ing an extension of credit or a security in-
terest;
‘‘(ii) including in the terms of an ex-
tension of credit, or in a contract or secu-
rity agreement relating to such an exten-
sion, covenants, warranties, or other terms
and conditions that relate to environmental
compliance;
‘‘(iii) monitoring or enforcing the
terms and conditions of an extension of
credit or security interest;
‘‘(iv) monitoring or undertaking one
or more inspections of property;
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‘‘(v) requiring or conducting a re-
sponse action or other lawful means of ad-
dressing the release or threatened release
of a hazardous substance in connection
with property prior to, during, or upon the
expiration of the term of an extension of
credit;
‘‘(vi) providing financial or other ad-
vice or counseling in an effort to mitigate,
prevent, or cure default or diminution in
the value of the property;
‘‘(vii) restructuring, renegotiating, or
otherwise agreeing to alter the terms and
conditions of an extension of credit or se-
curity interest, or exercising forbearance;
or
‘‘(viii) exercising other remedies that
may be available under applicable law for
the breach of any term or condition of the
extension of credit or security agreement;
if such actions do not rise to the level of partici-
pating in management, as defined in subpara-
graphs (A) and (B).
‘‘(E) When a lender did not participate in
management of property prior to foreclosure,
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then the lender shall not be liable even if such
person forecloses on property, sells, re-leases, or
liquidates property, maintains business activi-
ties, winds up operations, or undertakes any re-
sponse action with respect to property, or takes
other measures to preserve, protect, or prepare
property prior to sale or disposition, if such
person seeks to sell, release, or otherwise divest
the property at the earliest practical, commer-
cially reasonable time, on commercially reason-
able terms, taking into account market condi-
tions and legal and regulatory requirements.
‘‘(4) The liability of any lender that is liable
under any federal environmental law shall be limited
to the unpaid balance of any outstanding extension
of credit related to the property or activities forming
the basis for the liability.
‘‘(b) FIDUCIARY ENVIRONMENTAL LIABILITY.—
‘‘(1) Notwithstanding any other provision or
rule of Federal law, no fiduciary shall be liable pur-
suant to any Federal environmental law, except as
provided in this section.
‘‘(2)(A) Subject to subparagraphs (B) and (C),
a fiduciary holding title to property or otherwise af-
filiated with property solely in a fiduciary capacity
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shall be personally subject to the obligations and li-
abilities of any person under any Federal environ-
mental law, to the same extent as if the property
were held by the fiduciary free of trust.
‘‘(B) The personal obligations and liabilities of
a fiduciary referred to in subparagraph (A) shall be
limited to the extent to which the assets of the trust
or estate are sufficient to indemnify the fiduciary,
unless—
‘‘(i) the obligations and liabilities would
have arisen even if the person had not served
as a fiduciary;
‘‘(ii) the fiduciary’s own failure to exercise
due care with respect to property caused or
contributed to the release of hazardous sub-
stances following establishment of the trust, es-
tate, or fiduciary relationship;
‘‘(iii) the fiduciary had a role in establish-
ing the trust, estate, or fiduciary relationship,
and such trust, estate, or fiduciary relationship
has no objectively reasonable or substantial pur-
pose apart from the avoidance or limitation of
liability under an environmental law.
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‘‘(C) a fiduciary shall not be personally liable
for undertaking or directing another to undertake a
response action.
‘‘(3) Nothing in this section shall be construed
to affect the liability, if any, of a person who—
‘‘(A)(i) acts in a capacity other than a fi-
duciary capacity; and
‘‘(ii) directly or indirectly benefits from a
trust or fiduciary relationship; or
‘‘(B)(i) is a beneficiary and a fiduciary
with respect to the same fiduciary estate; and
‘‘(ii) as a fiduciary, receives benefits that
exceed customary or reasonable compensation,
and incidental benefits, permitted under other
applicable laws.
‘‘(c) DEFINITIONS.—For purposes of subsections (a)
and (b):
‘‘(1) The term ‘Federal environmental law’
means any Federal statute or rule of common law
with the purpose of protection of the environment
and any Federal regulation promulgated thereunder
and any State statute or regulation created as a fed-
erally approved or delegated program implementing
these laws, including but not limited to 7 U.S.C.
136–136y, 15 U.S.C. 2601–2692, 15 U.S.C. 2641–
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2654, 33 U.S.C. 1251–1387, 33 U.S.C. 2701–2761,
42 U.S.C. 7401–7642, 42 U.S.C. 6901–6991i, 42
U.S.C. 9601–9675, and 42 U.S.C. 13101–13109.
‘‘(2) The term ‘extension of credit’ means the
making or renewal of any loan, a granting of a line
of credit or extending credit in any manner, such as
an advance by means of an overdraft or the issuance
of a standby letter of credit, and a lease finance
transaction—
‘‘(A) in which the lessor does not initially
select the leased property and does not, during
the lease term, control the daily operation or
maintenance of the property; or
‘‘(B) that conforms with regulations issued
by the appropriate Federal banking agency or
the appropriate State bank supervisory (as
these terms are defined in section 3 of the Fed-
eral Deposit Insurance Act or with regulations
issued by the National Credit Union Adminis-
tration Board, as appropriate.
‘‘(3) The term ‘fiduciary’ means a person who
acts for the exclusive benefit of another person as a
bona fide fiduciary within the meaning of section
3(31) of the Employee Retirement Income Security
Act of 1974, trustee, executor, administrator, custo-