116
Treasury, such sums as are necessary to equal
the net cost of section 19(b)(12) in each of the
fiscal years 2003 through 2007.
‘‘(B) ALLOCATION BY FEDERAL RESERVE
BOARD.—Of the total amount required to be
paid by the Federal reserve banks under sub-
paragraph (A) for fiscal years 2003 through
2007, the Board of Governors of the Federal
Reserve System shall determine the amount
each such bank shall pay in such fiscal year.
‘‘(C) REPLENISHMENT OF SURPLUS FUND
PROHIBITED.—During 
fiscal 
years 
2003
through 2007, no Federal reserve bank may re-
plenish such bank’s surplus fund by the amount
of any transfer by such bank under subpara-
graph (A).’’.
(b) TECHNICAL AND CONFORMING AMENDMENT.—
Section 7(a) of the Federal Reserve Act (12 U.S.C.
289(a)) is amended by adding at the end the following
new paragraph:
‘‘(3) PAYMENT
TO
TREASURY.—During fiscal
years 2003 through 2007, any amount in the sur-
plus fund of any Federal reserve bank in excess of
the amount equal to 3 percent of the paid-in capital
and surplus of the member banks of such bank shall
117
be transferred to the Secretary of the Treasury for
deposit in the general fund of the Treasury.’’.
SEC. 707. RULE OF CONSTRUCTION.
In the case of an escrow account maintained at a de-
pository institution in connection with a real estate
transaction—
(1) the absorption, by the depository institution,
of expenses incidental to providing a normal banking
service with respect to such escrow account;
(2) the forbearance, by the depository institu-
tion, from charging a fee for providing any such
banking function; and
(3) any benefit which may accrue to the holder
or the beneficiary of such escrow account as a result
of an action of the depository institution described
in subparagraph (1) or (2) or similar in nature to
such action,
shall not be treated as the payment or receipt of interest
for purposes of this Act and any provision of Public Law
93–100, the Federal Reserve Act, the Home Owners’ Loan
Act, or the Federal Deposit Insurance Act relating to the
payment of interest on accounts or deposits at depository
institutions, provided, however, that nothing herein shall
be construed so as to require a depository institution that
maintains an escrow account in connection with a real es-
118
tate transaction to pay interest on such escrow account
or to prohibit such institution from paying interest on
such escrow account. Nor shall anything herein be con-
strued to preempt the provisions of law of any State deal-
ing with the payment of interest on escrow accounts main-
tained in connection with real estate transactions.
TITLE VIII—CLERICAL AND
TECHNICAL AMENDMENTS
SEC. 801. CLERICAL AMENDMENTS TO THE HOME OWNERS’
LOAN ACT.
(a) AMENDMENT TO TABLE OF CONTENTS.—The
table of contents in section 1 of the Home Owners’ Loan
Act (12 U.S.C. 1461) is amended by striking the items
relating to sections 5 and 6 and inserting the following
new items:
‘‘Sec. 5. Savings associations.
‘‘Sec. 6. [Repealed.]’’.
(b) CLERICAL AMENDMENTS TO HEADINGS.—
(1) The heading for section 4(a) of the Home
Owners’ Loan Act (12 U.S.C. 1463(a)) is amended
by striking ‘‘(a) FEDERAL
SAVINGS
ASSOCIA-
TIONS.—’’ and inserting ‘‘(a) GENERAL RESPON-
SIBILITIES OF THE DIRECTOR.—’’.
(2) The section heading for section 5 of the
Home Owners’ Loan Act (12 U.S.C. 1464) is
amended to read as follows:
119
‘‘SEC. 5. SAVINGS ASSOCIATIONS.’’.
SEC. 802. TECHNICAL CORRECTIONS TO THE FEDERAL
CREDIT UNION ACT.
The Federal Credit Union Act (12 U.S.C. 1751 et
seq.) is amended as follows:
(1) In section 101(3), strike ‘‘and’’ after the
semicolon.
(2) In section 101(5), strike the terms ‘‘account
account’’ and ‘‘account accounts’’ each place any
such term appears and insert ‘‘account’’.
(3) In section 107(a)(5)(E) (as so designated
by section 303 of this Act), strike the period at the
end and insert a semicolon.
(4) In paragraphs (6) and (7) of section 107(a)
(as so designated by section 303 of this Act), strike
the period at the end and insert a semicolon.
(5) In section 107(a)(7)(D) (as so designated
by section 303 of this Act), strike ‘‘the Federal Sav-
ings and Loan Insurance Corporation or’’.
(6) In section 107(a)(7)(E) (as so designated
by section 303 of this Act), strike ‘‘the Federal
Home Loan Bank Board,’’ and insert ‘‘the Federal
Housing Finance Board,’’.
(7) In section 107(a)(9) (as so designated by
section 303 of this Act), strike ‘‘subchapter III’’ and
insert ‘‘title III’’.
120
(8) In section 107(a)(13) (as so designated by
section 303 of this Act), strike the ‘‘and’’ after the
semicolon at the end.
(9) In section 109(c)(2)(A)(i), strike ‘‘(12
U.S.C. 4703(16))’’.
(10) In section 120(h), strike ‘‘under the Act
approved July 30, 1947 (6 U.S.C., secs. 6–13),’’ and
insert ‘‘chapter 93 of title 31, United States Code,’’.
(11) In section 201(b)(5), strike ‘‘section 116
of’’.
(12) In section 202(h)(3), strike ‘‘section
207(c)(1)’’ and insert ‘‘section 207(k)(1)’’.
(13) In section 204(b), strike ‘‘such others pow-
ers’’ and insert ‘‘such other powers’’.
(14) In section 206(e)(3)(D), strike ‘‘and’’ after
the semicolon at the end.
(15) In section 206(f)(1), strike ‘‘subsection
(e)(3)(B)’’ and insert ‘‘subsection (e)(3)’’.
(16) In section 206(g)(7)(D), strike ‘‘and sub-
section (1)’’.
(17) In section 206(t)(2)(B), insert ‘‘regula-
tions’’ after ‘‘as defined in’’.
(18) In section 206(t)(2)(C), strike ‘‘material
affect’’ and insert ‘‘material effect’’.