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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Depository Institutions Disaster
Relief Act of 1993''.

SEC. 2. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT.

(a) Truth in Lending Act.--During the 180-day period beginning on
the date of enactment of this Act, the Board of Governors of the
Federal Reserve System may make exceptions to the Truth in Lending Act
for transactions within an area in which the President, pursuant to
section 401 of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act, has determined that a major disaster exists, or within
an area determined to be eligible for disaster relief under other
Federal law by reason of damage related to the 1993 flooding of the
Mississippi River and its tributaries, if the Board determines that the
exception can reasonably be expected to alleviate hardships to the
public resulting from such disaster that outweigh possible adverse
effects.
(b) Expedited Funds Availability Act.--During the 180-day period
beginning on the date of enactment of this Act, the Board of Governors
of the Federal Reserve System may make exceptions to the Expedited
Funds Availability Act for depository institution offices located
within any area referred to in subsection (a) of this section if the
Board determines that the exception can reasonably be expected to
alleviate hardships to the public resulting from such disaster that
outweigh possible adverse effects.
(c) Time Limit on Exceptions.--Any exception made under this
section shall expire not later than the earlier of--
(1) 1 year after the date of enactment of this Act; or
(2) 1 year after the date of any determination referred to
in subsection (a).
(d) Publication Required.--The Board of Governors of the Federal
Reserve System shall publish in the Federal Register a statement that--
(1) describes any exception made under this section; and
(2) explains how the exception can reasonably be expected
to produce benefits to the public that outweigh possible
adverse effects.

SEC. 3. DEPOSIT OF INSURANCE PROCEEDS.

(a) In General.--The appropriate Federal banking agency may, by
order, permit an insured depository institution, during the 18-month
period beginning on the date of enactment of this Act, to subtract from
the institution's total assets, in calculating compliance with the
leverage limit prescribed under section 38 of the Federal Deposit
Insurance Act, an amount not exceeding the qualifying amount
attributable to insurance proceeds, if the agency determines that--
(1) the institution--
(A) had its principal place of business within an
area in which the President, pursuant to section 401 of
the Robert T. Stafford Disaster Relief and Emergency
Assistance Act, has determined that a major disaster
exists, or within an area determined to be eligible for
disaster relief under other Federal law by reason of
damage related to the 1993 flooding of the Mississippi
River and its tributaries, on the day before the date
of any such determination;
(B) derives more than 60 percent of its total
deposits from persons who normally reside within, or
whose principal place of business is normally within,
areas of intense devastation caused by the major
disaster;
(C) was adequately capitalized (as defined in
section 38 of the Federal Deposit Insurance Act) before
the major disaster; and
(D) has an acceptable plan for managing the
increase in its total assets and total deposits; and
(2) the subtraction is consistent with the purpose of
section 38 of the Federal Deposit Insurance Act.
(b) Definitions.--For purposes of this section:
(1) Appropriate federal banking agency.--The term
''appropriate Federal banking agency'' has the same meaning as
in section 3 of the Federal Deposit Insurance Act.
(2) Insured depository institution.--The term ''insured
depository institution'' has the same meaning as in section 3
of the Federal Deposit Insurance Act.
(3) Leverage limit.--The term ''leverage limit'' has the
same meaning as in section 38 of the Federal Deposit Insurance
Act.
(4) Qualifying amount attributable to insurance proceeds.--
The term ''qualifying amount attributable to insurance
proceeds'' means the amount (if any) by which the institution's
total assets exceed the institution's average total assets
during the calendar quarter ending before the date of any
determination referred to in subsection (a)(1)(A), because of
the deposit of insurance payments or governmental assistance
made with respect to damage caused by, or other costs resulting
from, the major disaster.

SEC. 4. BANKING AGENCY PUBLICATION REQUIREMENTS.

(a) In General.--During the 180-day period beginning on the date of
enactment of this Act, a qualifying regulatory agency may take any of
the following actions with respect to depository institutions or other
regulated entities whose principal place of business is within, or with
respect to transactions or activities within, an area in which the
President, pursuant to section 401 of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, has determined that a major
disaster exists, or within an area determined to be eligible for
disaster relief under other Federal law by reason of damage related to
the 1993 flooding of the Mississippi River and its tributaries, if the
agency determines that the action would facilitate recovery from the
major disaster:
(1) Procedure.--Exercising the agency's authority under
provisions of law other than this section without complying
with--
(A) any requirement of section 553 of title 5,
United States Code; or
(B) any provision of law that requires notice or
opportunity for hearing or sets maximum or minimum time
limits with respect to agency action.
(2) Publication requirements.--Making exceptions, with
respect to institutions or other entities for which the agency
is the primary Federal regulator, to--
(A) any publication requirement with respect to
establishing branches or other deposit-taking
facilities; or
(B) any similar publication requirement.
(b) Publication Required.--A qualifying regulatory agency shall
publish in the Federal Register a statement that--
(1) describes any action taken under this section; and
(2) explains the need for the action.
(c) Qualifying Regulatory Agency Defined.--For purposes of this
section, the term ''qualifying regulatory agency'' means--
(1) the Board of Governors of the Federal Reserve System;
(2) the Comptroller of the Currency;
(3) the Director of the Office of Thrift Supervision;
(4) the Federal Deposit Insurance Corporation;
(5) the Financial Institutions Examination Council;
(6) the National Credit Union Administration; and
(7) with respect to chapter 53 of title 31, United States
Code, the Secretary of the Treasury.

SEC. 5. STUDY; REPORT TO THE CONGRESS.

(a) Study.--The Comptroller General of the United States shall
conduct a study that--
(1) examines how the agencies and entities granted
authority by the Depository Institutions Disaster Relief Act of
1992 and by this Act have exercised such authority;
(2) evaluates the utility of such Acts in facilitating
recovery from disasters consistent with the safety and
soundness of depository institutions; and
(3) contains recommendations with respect to whether the
authority granted by this Act should be made permanent.
(b) Report to the Congress.--Not later than 18 months after the
date of the enactment of this Act, the Comptroller General of the
United States shall submit to the Congress a report on the results of
the study required by subsection (a).

SEC. 6. SENSE OF THE CONGRESS.

It is the sense of the Congress that the Board of Governors of the
Federal Reserve System, the Comptroller of the Currency, the Director
of the Office of Thrift Supervision, the Federal Deposit Insurance
Corporation, and the National Credit Union Administration should
encourage depository institutions meet the financial services needs of
their communities and customers located in areas affected by the 1993
flooding of the Mississippi River and its tributaries.

SEC. 7. OTHER AUTHORITY NOT AFFECTED.

Nothing in this Act limits the authority of any department or
agency under any other provision of law.

Passed the House of Representatives August 2, 1993.

Attest:

Clerk.
Output:
Depository Institutions Disaster Relief Act of 1993 - Authorizes the Board of Governors of the Federal Reserve System to make exceptions for a specified period of time to the Truth in Lending Act and to the Expedited Funds Availability Act with respect to transactions and depository institutions located within either a federally declared major disaster area or certain areas damaged by the 1993 flooding of the Mississippi River and its tributaries (disaster areas).
Cites conditions under which: (1) an insured depository institution may subtract from its total assets a specified amount attributable to insurance proceeds when it is calculating compliance with prescribed leverage limits; and (2) a qualifying regulatory agency may deviate from certain statutory requirements with respect to regulated entities located in disaster areas.
Directs the Comptroller General to study and report to the Congress on the efficacy of certain disaster relief Acts with respect to facilitating recovery from major disasters.
Expresses the sense of the Congress that specified Federal banking regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in areas affected by the 1993 flooding of the Mississippi River and its tributaries.