I
103D CONGRESS
1ST SESSION H. R. 405
To require public disclosure of examination reports of certain failed depository
institutions.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 5, 1993
Mr. STARK introduced the following bill; which was referred to the Committee
on Banking, Finance and Urban Affairs
A BILL
To require public disclosure of examination reports of certain
failed depository institutions.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Bank and Thrift Dis-
closure Act of 1993’’.
SEC. 2. PUBLIC AVAILABILITY OF EXAMINATION INFORMA-
TION.
(a) IN GENERAL.—Each appropriate banking agency
shall make available to the public copies of reports of all
examinations of each failed depository institution that re-
ceived funds, as defined in section 6, or of a holding com-
pany of such institution, that was performed by that bank-
ing agency or its predecessor, during the 5-year period
preceding the transfer, failure, or receipt of funds. Each
appropriate banking agency other than the National Cred-
it Union Administration Board shall consult with the Fed-
eral Deposit Insurance Corporation or the Resolution
Trust Corporation prior to making such reports available
to the public.
(b) DELAY OF PUBLICATION.—
(1) THREATS TO SAFETY OR SOUNDNESS OF
INSTITUTION.—If the appropriate banking agency
makes a determination in writing that release of an
examination report would seriously threaten the
safety or soundness of an insured depository institu-
tion, such agency may initially delay release of the
examination report for a reasonable period of time,
not to exceed 12 months from the date of the trans-
fer, failure, or receipt of funds described in section
6. Such determination may be renewed on an annual
basis.
(2) ONGOING INVESTIGATIONS.—If the appro-
priate banking agency or the Resolution Trust Cor-
poration determines in writing that release of a por-
tion of an examination report would hinder an ongo-
ing investigation of alleged negligence, or of other
activity that would give rise to either administrative
or civil proceedings, the portion of the examination
report directly pertaining to the alleged negligence
or other activity, may be withheld from release dur-
ing the investigation, until a notice of charges is is-
sued, a complaint is filed, or for a period not to ex-
ceed 24 months from the date of the transfer, fail-
ure, or receipt of funds described in section 6,
whichever is earlier.
(3) DELAY
PENDING
CRIMINAL
INVESTIGA-
TION.—If the appropriate banking agency and the
Attorney General of the United States or the attor-
ney general of a State, in the case of a State-char-
tered depository institution, jointly determine that
release of a portion of an examination report would
hinder an ongoing investigation of alleged criminal
activity, the portion of the examination report di-
rectly pertaining to the alleged crime may be with-
held from release until the termination of such in-
vestigation, the issuance of an indictment, or for a
period of not to exceed 5 years from the date of the
transfer, failure or receipt of funds described in sec-
tion 6, whichever is earlier. The Attorney General of
the United States or the attorney general of a State
shall provide the Comptroller General of the United
States with access to information regarding any
such criminal investigation, and shall identify any
law enforcement agencies or resources assigned to
the investigation.
(c) EXCLUSION OF OPEN INSTITUTIONS.—
(1) OPEN
INSTITUTIONS.—This section shall
not apply to any open insured depository institution
and shall not be construed to require disclosure to
the public of any report of examination of any open
insured depository institution.
(2) AFFILIATED
SOLVENT
INSTITUTIONS.—In
connection with the release of an examination report
of a holding company of a failed institution, nothing
in this section shall be construed as requiring the re-
lease of any examination report information regard-
ing any solvent depository institution that is also a
subsidiary of such holding company.
SEC. 3. PROHIBITION OF CONFIDENTIAL SETTLEMENTS.
Notwithstanding any other provision of law or any
rule, regulation, or order issued thereunder, all agree-
ments or settlements of claims between the Resolution
Trust Corporation or the Federal Deposit Insurance Cor-
poration and any other party, where such agreement or