The easiest way to email your members of Congress
Donate NowH.R.3996 - Financial Stability Improvement Act of 2009
To improve financial stability, and for other purposes.

Loading Bill Text
Rollover any line of text to comment and/or link to it.
HR 3996 IHCommentsClose CommentsPermalink
111th CONGRESSCommentsClose CommentsPermalink
1st SessionCommentsClose CommentsPermalink
H. R. 3996CommentsClose CommentsPermalink
To improve financial stability, and for other purposes.CommentsClose CommentsPermalink
IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink
November 3, 2009CommentsClose CommentsPermalink
November 3, 2009CommentsClose CommentsPermalink
Mr. FRANK of Massachusetts introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedCommentsClose CommentsPermalink
A BILLCommentsClose CommentsPermalink
To improve financial stability, and for other purposes.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
TITLE I--FINANCIAL STABILITY IMPROVEMENTCommentsClose CommentsPermalink
TITLE I--FINANCIAL STABILITY IMPROVEMENTCommentsClose CommentsPermalink
SEC. 1000. SHORT TITLE; DEFINITIONS; TABLE OF CONTENTS.
(a) Short Title- This title may be cited as the ‘Financial Stability Improvement Act of 2009’.CommentsClose CommentsPermalink
(b) Definitions- For purposes of this Act, the following definitions shall apply:CommentsClose CommentsPermalink
(1) The term ‘Board’ means the Board of Governors of the Federal Reserve System.CommentsClose CommentsPermalink
(2) The term ‘Council’ means the Financial Services Oversight Council established under section 1001 of this Act.CommentsClose CommentsPermalink
(3) The term ‘Federal financial regulatory agency’ means any agency that has a voting member of the Council as set forth in section 1001(b)(1).CommentsClose CommentsPermalink
(4) The term ‘financial company’ means a company or other entity--CommentsClose CommentsPermalink
(A) that is--CommentsClose CommentsPermalink
(i) incorporated or organized under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands;CommentsClose CommentsPermalink
(ii) a Federal or State branch or agency of a foreign bank as such terms are defined in the International Banking Act of 1978 (
(iii) a United States affiliate or other United States operating entity of a company that is incorporated or organized in a country other than the United States; andCommentsClose CommentsPermalink
(B) that is, in whole or in part, directly or indirectly, engaged in financial activities.CommentsClose CommentsPermalink
(5) The term ‘identified financial holding company’ means a financial company that the Council has identified for heightened prudential standards under subtitle B of this Act, unless such financial company is required to establish an intermediate holding company under section 6 of the Bank Holding Company Act, in which case the ‘identified financial holding company’ is such section 6 holding company through which the financial company is required to conduct its financial activities.CommentsClose CommentsPermalink
(6) The term ‘primary financial regulatory agency’ means the following:CommentsClose CommentsPermalink
(A) The Comptroller of the Currency, with respect to any national bank, any Federal branch or Federal agency of a foreign bank, and, after the date on which the functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision are transferred under subtitle C, a Federal savings association.CommentsClose CommentsPermalink
(B) The Board, with respect to--CommentsClose CommentsPermalink
(i) a State member bank;CommentsClose CommentsPermalink
(ii) any bank holding company and any subsidiary of such company (as such terms are defined in the Bank Holding Company Act), other than a subsidiary that is described in any other subparagraph of this paragraph to the extent that the subsidiary is engaged in an activity described in such subparagraph;CommentsClose CommentsPermalink
(iii) any identified financial holding company and any subsidiary (as such term is defined in the Bank Holding Company Act) of such company, other than a subsidiary that is described in any other subparagraph of this paragraph to the extent that the subsidiary is engaged in an activity described in such subparagraph;CommentsClose CommentsPermalink
(iv) after the date on which the functions of the Office of Thrift Supervision are transferred under subtitle C, any savings and loan holding company (as defined in section 10(a)(1)(D) of the Home Owners’ Loan Act) and any subsidiary (as such term is defined in the Bank Holding Company Act) of a such company, other than a subsidiary that is described in any other subparagraph of this paragraph, to the extent that the subsidiary is engaged in an activity described in such subparagraph;CommentsClose CommentsPermalink
(v) any organization organized and operated under section 25 or 25A of the Federal Reserve Act (
(vi) any foreign bank or company that is treated as a bank holding company under subsection (a) of section 8 of the International Banking Act of 1978 applies and any subsidiary (other than a bank or other subsidiary that is described in any other subparagraph of this paragraph) of any such foreign bank or company.CommentsClose CommentsPermalink
(C) The Federal Deposit Insurance Corporation, with respect to a State nonmember bank, any insured State branch of a foreign bank (as such terms are defined in section 3 of the Federal Deposit Insurance Act), and, after the date on which the functions of the Office of Thrift Supervision are transferred under subtitle C, any State savings association.CommentsClose CommentsPermalink
(D) The National Credit Union Administration, with respect to any insured credit union under the Federal Credit Union Act (
(E) The Securities and Exchange Commission, with respect to--CommentsClose CommentsPermalink
(i) any broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (
(ii) any investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (
(iii) any investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940 (
(iv) any clearing agency registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (
(F) The Commodity Futures Trading Commission, with respect to--CommentsClose CommentsPermalink
(i) any futures commission merchant, any commodity trading adviser, and any commodity pool operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act ([ Text missing? ][<-Struck out]CommentsClose CommentsPermalink
(G) The Federal Housing Finance Agency with respect to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, and the Federal home loan banks.CommentsClose CommentsPermalink
(H) The State insurance authority of the State in which an insurance company is domiciled, with respect to the insurance activities and activities incidental to such insurance activities of an insurance company that is subject to supervision by the State insurance authority under State insurance law.CommentsClose CommentsPermalink
(I) The Office of Thrift Supervision, with respect to any Federal savings association, State savings association, or savings and loan holding company, until the date on which the functions of the Office of Thrift Supervision are transferred under subtitle C.CommentsClose CommentsPermalink
(7) TERMS DEFINED IN OTHER LAWS-CommentsClose CommentsPermalink
(A) AFFILIATE- The term ‘affiliate’ has the meaning given such term in section 2(k) of the Bank Holding Company Act of 1956.CommentsClose CommentsPermalink
(B) STATE MEMBER BANK, STATE NONMEMBER BANK- The terms ‘State member bank’ and ‘State nonmember bank’ have the same meanings as in subsections (d)(2) and (e)(2), respectively, of section 3 of the Federal Deposit Insurance Act.CommentsClose CommentsPermalink
(c) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink
Sec. 1000. Short title; definitions; table of contents.CommentsClose CommentsPermalink
Subtitle A--The Financial Services Oversight Council
Sec. 1001. Financial Services Oversight Council established.CommentsClose CommentsPermalink
Sec. 1002. Resolution of disputes among Federal financial regulatory agencies.CommentsClose CommentsPermalink
Sec. 1003. Technical and professional advisory committees.CommentsClose CommentsPermalink
Sec. 1004. Financial Services Oversight Council meetings and council governance.CommentsClose CommentsPermalink
Sec. 1005. Council staff and funding.CommentsClose CommentsPermalink
Sec. 1006. Reports to the Congress.CommentsClose CommentsPermalink
Sec. 1007. Applicability of certain Federal laws.CommentsClose CommentsPermalink
Subtitle B--Prudential Regulation of Companies and Activities for Financial Stability Purposes
Sec. 1101. Council and Board authority to obtain information.CommentsClose CommentsPermalink
Sec. 1102. Council prudential regulation recommendations to primary regulators.CommentsClose CommentsPermalink
Sec. 1103. Identification of financial companies for heightened prudential standards for financial stability purposes.CommentsClose CommentsPermalink
Sec. 1104. Regulation of identified financial holding companies for financial stability purposes.CommentsClose CommentsPermalink
Sec. 1105. Authority to file involuntary petition for bankruptcy.CommentsClose CommentsPermalink
Sec. 1106. Identification of activities or practices for heightened prudential standards and safeguards for financial stability purposes.CommentsClose CommentsPermalink
Sec. 1107. Regulation of identified activities for financial stability purposes.CommentsClose CommentsPermalink
Sec. 1108. Effect of rescission of identification.CommentsClose CommentsPermalink
Sec. 1109. Emergency financial stabilization.CommentsClose CommentsPermalink
Sec. 1110. Examinations and enforcement actions for insurance and resolutions purposes.CommentsClose CommentsPermalink
Sec. 1111. Rule of construction.CommentsClose CommentsPermalink
Subtitle C--Improvements to Supervision and Regulation of Federal Depository Institutions
Sec. 1201. Definitions.CommentsClose CommentsPermalink
Sec. 1202. Amendments to the Home Owners’ Loan Act relating to transfer of functions.CommentsClose CommentsPermalink
Sec. 1203. Amendments to the revised statutes.CommentsClose CommentsPermalink
Sec. 1204. Power and duties transferred.CommentsClose CommentsPermalink
Sec. 1205. Transfer date.CommentsClose CommentsPermalink
Sec. 1206. Office of Thrift Supervision abolished.CommentsClose CommentsPermalink
Sec. 1207. Savings provisions.CommentsClose CommentsPermalink
Sec. 1208. Regulations and orders.CommentsClose CommentsPermalink
Sec. 1209. Coordination of transition activities.CommentsClose CommentsPermalink
Sec. 1210. Interim responsibilities of office of the comptroller of the currency and office of thrift supervision.CommentsClose CommentsPermalink
Sec. 1211. Employees transferred.CommentsClose CommentsPermalink
Sec. 1212. Property transferred.CommentsClose CommentsPermalink
Sec. 1213. Funds transferred.CommentsClose CommentsPermalink
Sec. 1214. Disposition of affairs.CommentsClose CommentsPermalink
Sec. 1215. Continuation of services.CommentsClose CommentsPermalink
Sec. 1216. Treatment of savings and loan holding companies.CommentsClose CommentsPermalink
Sec. 1217. Practices of certain mutual thrift holding companies preserved.CommentsClose CommentsPermalink
Sec. 1218. Composition of board of directors of the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
Sec. 1219. Amendments to section 3.CommentsClose CommentsPermalink
Sec. 1220. Amendments to section 7.CommentsClose CommentsPermalink
Sec. 1221. Amendments to section 8.CommentsClose CommentsPermalink
Sec. 1222. Amendments to section 11.CommentsClose CommentsPermalink
Sec. 1223. Amendments to section 13.CommentsClose CommentsPermalink
Sec. 1224. Amendments to section 18.CommentsClose CommentsPermalink
Sec. 1225. Amendments to section 28.CommentsClose CommentsPermalink
Sec. 1226. Amendments to the Alternative Mortgage Transaction Parity Act of 1982.CommentsClose CommentsPermalink
Sec. 1227. Amendments to the Bank Holding Company Act of 1956.CommentsClose CommentsPermalink
Sec. 1228. Amendments to the Bank Protection Act of 1968.CommentsClose CommentsPermalink
Sec. 1229. Amendments to the Bank Service Company Act.CommentsClose CommentsPermalink
Sec. 1230. Amendments to the Community Reinvestment Act of 1977.CommentsClose CommentsPermalink
Sec. 1231. Amendments to the Depository Institution Management Interlocks Act.CommentsClose CommentsPermalink
Sec. 1232. Amendments to the Emergency Homeowner’s Relief Act.CommentsClose CommentsPermalink
Sec. 1233. Amendments to the Equal Credit Opportunity Act.CommentsClose CommentsPermalink
Sec. 1234. Amendments to the Federal Credit Union Act.CommentsClose CommentsPermalink
Sec. 1235. Amendments to the Federal Financial Institutions Examination Council Act of 1978.CommentsClose CommentsPermalink
Sec. 1236. Amendments to the Federal Home Loan Bank Act.CommentsClose CommentsPermalink
Sec. 1237. Amendments to the Federal Reserve Act.CommentsClose CommentsPermalink
Sec. 1238. Amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.CommentsClose CommentsPermalink
Sec. 1239. Amendments to the Housing Act of 1948.CommentsClose CommentsPermalink
Sec. 1240. Amendments to the Housing and Community Development Act of 1992.CommentsClose CommentsPermalink
Sec. 1241. Amendments to the Housing and Urban-Rural Recovery Act of 1983.CommentsClose CommentsPermalink
Sec. 1242. Amendments to the National Housing Act.CommentsClose CommentsPermalink
Sec. 1243. Amendments to the Right to Financial Privacy Act of 1978.CommentsClose CommentsPermalink
Sec. 1244. Amendments to the Balanced Budget and Emergency Deficit Control Act of 1985.CommentsClose CommentsPermalink
Sec. 1245. Amendments to the Crime Control Act of 1990.CommentsClose CommentsPermalink
Sec. 1246. Amendment to the Flood Disaster Protection Act of 1973.CommentsClose CommentsPermalink
Sec. 1247. Amendments to the Investment Company Act of 1940.CommentsClose CommentsPermalink
Sec. 1248. Amendments to the Neighborhood Reinvestment Corporation Act.CommentsClose CommentsPermalink
Sec. 1249. Amendments to the Securities Exchange Act of 1934.CommentsClose CommentsPermalink
Sec. 1250. Amendments to title 18, United States Code.CommentsClose CommentsPermalink
Sec. 1251. Amendments to title 31, United States Code.CommentsClose CommentsPermalink
Subtitle D--Further Improvements to the Regulation of Bank Holding Companies and Depository Institutions
Sec. 1301. Treatment of credit card banks, industrial loan companies, and certain other companies under the Bank Holding Company Act.CommentsClose CommentsPermalink
Sec. 1302. Registration of certain companies as bank holding companies.CommentsClose CommentsPermalink
Sec. 1303. Reports and examinations of bank holding companies; regulation of functionally regulated subsidiaries.CommentsClose CommentsPermalink
Sec. 1304. Requirements for financial holding companies to remain well capitalized and well managed.CommentsClose CommentsPermalink
Sec. 1305. Standards for interstate acquisitions.CommentsClose CommentsPermalink
Sec. 1306. Enhancing existing restrictions on bank transactions with affiliates.CommentsClose CommentsPermalink
Sec. 1307. Eliminating exceptions for transactions with financial subsidiaries.CommentsClose CommentsPermalink
Sec. 1308. Lending limits applicable to credit exposure on derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing transactions.CommentsClose CommentsPermalink
Sec. 1309. Application of national bank lending limits to insured State banks.CommentsClose CommentsPermalink
Sec. 1310. Restriction on conversions of troubled banks.CommentsClose CommentsPermalink
Sec. 1311. Lending limits to insiders.CommentsClose CommentsPermalink
Sec. 1312. Limitations on purchases of assets from insiders.CommentsClose CommentsPermalink
Sec. 1313. Rules regarding capital levels of bank holding companies.CommentsClose CommentsPermalink
Sec. 1314. Enhancements to factors to be considered in certain acquisitions.CommentsClose CommentsPermalink
Sec. 1315 Elimination of elective investment bank holding company framework.CommentsClose CommentsPermalink
Sec. 1316. Examination fees for large bank holding companies.CommentsClose CommentsPermalink
Subtitle E--Payment, Clearing, and Settlement Supervision
Sec. 1401. Short title.CommentsClose CommentsPermalink
Sec. 1402. Findings and purposes.CommentsClose CommentsPermalink
Sec. 1403. Definitions.CommentsClose CommentsPermalink
Sec. 1404. Identification of systemically important financial market utilities and payment, clearing, and settlement activities.CommentsClose CommentsPermalink
Sec. 1405. Standards for systemically important financial market utilities and payment, clearing, or settlement activities.CommentsClose CommentsPermalink
Sec. 1406. Operations and changes to rules, procedures, or operations of identified financial market utilities.CommentsClose CommentsPermalink
Sec. 1407. Examination of and enforcement actions against identified financial market utilities.CommentsClose CommentsPermalink
Sec. 1407. Examination of and enforcement actions against identified financial market utilities.CommentsClose CommentsPermalink
Sec. 1408. Examination of and enforcement actions against financial institutions subject to standards for identified activities.CommentsClose CommentsPermalink
Sec. 1409. Provision of information, reports, or records.CommentsClose CommentsPermalink
Sec. 1410. Rulemaking.CommentsClose CommentsPermalink
Sec. 1411. Other authority.CommentsClose CommentsPermalink
Sec. 1412. Effective date.CommentsClose CommentsPermalink
Subtitle F--Improvements to the Asset-backed Securitization Process
Sec. 1501. Short title.CommentsClose CommentsPermalink
Sec. 1502. Credit risk retention.CommentsClose CommentsPermalink
Sec. 1503. Periodic and other reporting under the Securities Exchange Act of 1934 for asset-backed securities.CommentsClose CommentsPermalink
Sec. 1504. Representations and warranties in asset-backed offerings.CommentsClose CommentsPermalink
Sec. 1505. Exempted transactions under the Securities Act of 1933.CommentsClose CommentsPermalink
Subtitle G--Enhanced Resolution Authority
Sec. 1601. Short title.CommentsClose CommentsPermalink
Sec. 1602. Definitions.CommentsClose CommentsPermalink
Sec. 1603. Systemic risk determination.CommentsClose CommentsPermalink
Sec. 1604. Resolution; stabilization.CommentsClose CommentsPermalink
Sec. 1605. Judicial review.CommentsClose CommentsPermalink
Sec. 1606. Directors not liable for acquiescing in appointment of receiver or qualified receiver.CommentsClose CommentsPermalink
Sec. 1607. Termination and exclusion of other actions.CommentsClose CommentsPermalink
Sec. 1608. Rulemaking.CommentsClose CommentsPermalink
Sec. 1609 Powers and duties of corporation.CommentsClose CommentsPermalink
Sec. 1610. Clarification of prohibition regarding concealment of assets from qualified receiver, receiver, or liquidating agent.CommentsClose CommentsPermalink
Sec. 1611. Miscellaneous provisions.CommentsClose CommentsPermalink
Subtitle H--Additional Improvements for Financial Crisis Management
Sec. 1701. Additional improvements for financial crisis management.CommentsClose CommentsPermalink
Subtitle A--The Financial Services Oversight CouncilCommentsClose CommentsPermalink
Subtitle A--The Financial Services Oversight CouncilCommentsClose CommentsPermalink
SEC. 1001. FINANCIAL SERVICES OVERSIGHT COUNCIL ESTABLISHED.
(a) Establishment- Immediately upon enactment of this title, there is established a Financial Services Oversight Council.CommentsClose CommentsPermalink
(b) Membership- The Council shall consist of the following:CommentsClose CommentsPermalink
(1) VOTING MEMBERS- Voting members, who shall each have one vote on the Council, as follows:CommentsClose CommentsPermalink
(A) The Secretary of the Treasury, who shall serve as the Chairman of the Council.CommentsClose CommentsPermalink
(B) The Chairman of the Board of Governors of the Federal Reserve System.CommentsClose CommentsPermalink
(C) The Comptroller of the Currency.CommentsClose CommentsPermalink
(D) The Director of the Office of Thrift Supervision, until the functions of the Director of the Office of Thrift Supervision are transferred to pursuant to subtitle C of this title.CommentsClose CommentsPermalink
(E) The Chairman of the Securities and Exchange Commission.CommentsClose CommentsPermalink
(F) The Chairman of the Commodity Futures Trading Commission.CommentsClose CommentsPermalink
(G) The Chairperson of the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
(H) The Director of the Federal Housing Finance Agency.CommentsClose CommentsPermalink
(I) The Chairman of the National Credit Union Administration.CommentsClose CommentsPermalink
(2) NONVOTING MEMBERS- Nonvoting members, who shall serve in an advisory capacity:CommentsClose CommentsPermalink
(A) A State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, provided that the term for which a State insurance commissioner may serve shall last no more than the 2-year period beginning on the date that the commissioner is selected.CommentsClose CommentsPermalink
(B) A State banking supervisor, to be designated by a selection process determined by the State bank supervisors, provided that the term for which a State banking supervisor may serve shall last no more than the 2-year period beginning on the date that the supervisor is selected.CommentsClose CommentsPermalink
(c) Duties- The Council shall have the following duties.CommentsClose CommentsPermalink
(1) To advise the Congress on financial regulation and make recommendations that will enhance the integrity, efficiency, orderliness, competitiveness, and stability of the United States financial markets.CommentsClose CommentsPermalink
(2) To monitor the financial services marketplace to identify potential threats to the stability of the United States financial system.CommentsClose CommentsPermalink
(3) To identify financial companies and financial activities that should be subject to heightened prudential standards in order to promote financial stability and mitigate systemic risk in accordance with sections subtitles B and E of this title.CommentsClose CommentsPermalink
(4) To issue formal recommendations that a Council member agency adopt heightened prudential standards for firms it regulates to mitigate systemic risk in accordance with subtitle B of this title.CommentsClose CommentsPermalink
(5) To facilitate information sharing and coordination among the members of the Council regarding financial services policy development, rulemakings, examinations, reporting requirements, and enforcement actions.CommentsClose CommentsPermalink
(6) To provide a forum for discussion and analysis of emerging market developments and financial regulatory issues among its members.CommentsClose CommentsPermalink
(7) At the request of an agency that is a Council member, to resolve a jurisdictional or regulatory dispute between that agency and another agency that is a Council member in accordance with section 1002 of this subtitle.CommentsClose CommentsPermalink
SEC. 1002. RESOLUTION OF DISPUTES AMONG FEDERAL FINANCIAL REGULATORY AGENCIES.
(a) Request for Dispute Resolution- The Council shall resolve a dispute among 2 or more Federal financial regulatory agencies if--CommentsClose CommentsPermalink
(1) a Federal financial regulatory agency has a dispute with another Federal financial regulatory agency about the agencies’ respective jurisdiction over a particular financial company or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under Federal law);CommentsClose CommentsPermalink
(2) the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute among themselves; andCommentsClose CommentsPermalink
(3) any of the Federal financial regulatory agencies involved in the dispute--CommentsClose CommentsPermalink
(A) provides all other disputants prior notice of its intent to request dispute resolution by the Council; andCommentsClose CommentsPermalink
(B) requests in writing, no earlier than 14 days after providing the notice described in paragraph (A), that the Council resolve the dispute.CommentsClose CommentsPermalink
(b) Council Decision- The Council shall decide the dispute--CommentsClose CommentsPermalink
(1) within a reasonable time after receiving the dispute resolution request;CommentsClose CommentsPermalink
(2) after consideration of relevant information provided by each party to the dispute; andCommentsClose CommentsPermalink
(3) by agreeing with 1 of the disputants regarding the entirety of the matter or by determining a compromise position.CommentsClose CommentsPermalink
(c) Form and Binding Effect- A Council decision under this section shall be in writing and include an explanation and shall be binding on all Federal financial regulatory agencies that are parties to the dispute.CommentsClose CommentsPermalink
SEC. 1003. TECHNICAL AND PROFESSIONAL ADVISORY COMMITTEES.
The Council is authorized to appoint--CommentsClose CommentsPermalink
(1) subsidiary working groups composed of Council members and their staff, Council staff, or a combination; andCommentsClose CommentsPermalink
(2) such temporary special advisory, technical, or professional committees as may be useful in carrying out its functions, which may be composed of Council members and their staff, other persons, or a combination.CommentsClose CommentsPermalink
SEC. 1004. FINANCIAL SERVICES OVERSIGHT COUNCIL MEETINGS AND COUNCIL GOVERNANCE.
(a) Meetings- The Council shall meet as frequently as the Chairman deems necessary, but not less than quarterly.CommentsClose CommentsPermalink
(b) Voting- Unless otherwise provided, the Council shall make all decisions the Council is required or authorized to make by a majority of the total voting membership of the Council under section 1001(b)(1).CommentsClose CommentsPermalink
SEC. 1005. COUNCIL STAFF AND FUNDING.
(a) Department of the Treasury- The Secretary of the Treasury shall--CommentsClose CommentsPermalink
(1) detail permanent staff from the Department of the Treasury to provide the Council (and any temporary special advisory, technical, or professional committees appointed by the Council) with professional and expert support; andCommentsClose CommentsPermalink
(2) provide such other services and facilities necessary for the performance of the Council’s functions and fulfillment of the duties and mission of the Council.CommentsClose CommentsPermalink
(b) Other Departments and Agencies- In addition to the assistance prescribed in subsection (a), departments and agencies of the United States may, with the approval of the Secretary of the Treasury--CommentsClose CommentsPermalink
(1) detail department or agency staff on a temporary basis to provide additional support to the Council (and any special advisory, technical, or professional committees appointed by the Council); andCommentsClose CommentsPermalink
(2) provide such services, and facilities as the other departments or agencies may determine advisable.CommentsClose CommentsPermalink
(c) Staff Status; Council Funding-CommentsClose CommentsPermalink
(1) STATUS- Staff detailed to the Council by the Secretary of the Treasury and other United States departments or agencies shall--CommentsClose CommentsPermalink
(A) report to and be subject to oversight by the Council during their assignment to the Council; andCommentsClose CommentsPermalink
(B) be compensated by the department of agency from which the stall was detailed.CommentsClose CommentsPermalink
(2) FUNDING- The administrative expense of the Council shall be paid by the departments and agencies represented by voting members of the Council on an equal basis.CommentsClose CommentsPermalink
SEC. 1006. REPORTS TO THE CONGRESS.
(a) In General- The Council shall submit an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that--CommentsClose CommentsPermalink
(1) describes significant financial market developments and potential emerging threats to the stability of the financial system;CommentsClose CommentsPermalink
(2) recommends actions that will improve financial stability;CommentsClose CommentsPermalink
(3) describes any company or activity identifications made under subtitles B and E; andCommentsClose CommentsPermalink
(4) describes any dispute resolutions undertaken under section 1002 and the result of such resolutions.CommentsClose CommentsPermalink
(b) Confidentiality- The Committees of the Congress receiving the Council’s report shall maintain the confidentiality of the identity of companies described in accordance with subsection (a)(3) and the information relating to dispute resolutions described in accordance with subsection (a)(4).CommentsClose CommentsPermalink
SEC. 1007. APPLICABILITY OF CERTAIN FEDERAL LAWS.
(a) The Federal Advisory Committee Act shall not apply to the Financial Services Oversight Council, or any special advisory, technical, or professional committees appointed by the Council (except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council shall publish a list of the names of the members of such committee).CommentsClose CommentsPermalink
(b) The Council shall not be deemed an ‘agency’ for purposes of any State or Federal law.CommentsClose CommentsPermalink
Subtitle B--Prudential Regulation of Companies and Activities for Financial Stability PurposesCommentsClose CommentsPermalink
Subtitle B--Prudential Regulation of Companies and Activities for Financial Stability PurposesCommentsClose CommentsPermalink
SEC. 1101. COUNCIL AND BOARD AUTHORITY TO OBTAIN INFORMATION.
(a) In General- The Council and the Board are authorized to receive, and may request the production of, any data or information from members of the Council, as necessary--CommentsClose CommentsPermalink
(1) to monitor the financial services marketplace to identify potential threats to the stability of the United States financial system; orCommentsClose CommentsPermalink
(2) to otherwise carry out any of the provisions of this title, including to ascertain a primary financial regulatory agency’s implementation of recommended prudential standards under this subtitle.CommentsClose CommentsPermalink
(b) Submission by Council Members- Notwithstanding any provision of law, any voting or nonvoting member of the Council is authorized to provide information to the Council, and the members of the Council shall maintain the confidentiality of such information.CommentsClose CommentsPermalink
(c) Financial Data Collection-CommentsClose CommentsPermalink
(1) IN GENERAL- The Council or the Board may require the submission of periodic and other reports from any financial company solely for the purpose of assessing the extent to which a financial activity or financial market in which the financial company participates, or the company itself, poses a threat to financial stability.CommentsClose CommentsPermalink
(2) MITIGATION OF REPORT BURDEN- Before requiring the submission of reports from financial companies that are regulated by the Federal financial regulatory agencies, the Council or the Board shall coordinate with such agencies and shall, whenever possible, rely on information already being collected by such agencies.CommentsClose CommentsPermalink
(d) Consultation With Agencies and Entities- The Council or the Board, as appropriate, may consult with Federal and State agencies and other entities to carry out any of the provisions of this subtitle.CommentsClose CommentsPermalink
SEC. 1102. COUNCIL PRUDENTIAL REGULATION RECOMMENDATIONS TO PRIMARY REGULATORS.
(a) In General- The Council is authorized to issue formal recommendations, publicly or privately, that a Federal financial regulatory agency adopt heightened prudential standards for firms it regulates to mitigate systemic risk.CommentsClose CommentsPermalink
(b) Agency Authority To Implement Standards- A Federal financial regulatory agency specifically is authorized to impose, require reports regarding, examine for compliance with, and enforce heightened prudential standards and safeguards for the firms it regulates to mitigate systemic risk. This authority is in addition to and does not limit any other authority of the Federal financial regulatory agencies. Compliance by an entity with actions taken by a Federal financial regulatory agency under this section shall be enforceable in accordance with the statutes governing the respective Federal financial regulatory agency’s jurisdiction over the entity as if the agency action were taken under those statutes.CommentsClose CommentsPermalink
(c) Agency Notice to Council- A Federal financial regulatory agency shall, within 60 days of receiving a Council recommendation under this section, notify the Council in writing regarding--CommentsClose CommentsPermalink
(1) the actions the Federal financial regulatory agency has taken in response to the Council’s recommendation; orCommentsClose CommentsPermalink
(2) the reason the Federal financial regulatory agency has failed to respond to the Council’s request.CommentsClose CommentsPermalink
SEC. 1103. IDENTIFICATION OF FINANCIAL COMPANIES FOR HEIGHTENED PRUDENTIAL STANDARDS FOR FINANCIAL STABILITY PURPOSES.
(a) In General- The Council may subject a financial company to heightened prudential standards under section 1104 if the Council determines that--CommentsClose CommentsPermalink
(1) material financial distress at the company could pose a threat to financial stability or the economy; orCommentsClose CommentsPermalink
(2) the nature, scope, or mix of the company’s activities could pose a threat to financial stability or the economy.CommentsClose CommentsPermalink
(b) Criteria- In making a determination under subsection (a), the Council shall consider the following criteria:CommentsClose CommentsPermalink
(1) The amount and nature of the company’s financial assets.CommentsClose CommentsPermalink
(2) The amount and nature of the company’s liabilities, including the degree of reliance on short-term funding.CommentsClose CommentsPermalink
(3) The extent and nature of the company’s off-balance sheet exposures.CommentsClose CommentsPermalink
(4) The extent and nature of the company’s transactions and relationships with other financial companies.CommentsClose CommentsPermalink
(5) The company’s importance as a source of credit for households, businesses, and State and local governments and as a source of liquidity for the financial system.CommentsClose CommentsPermalink
(6) The nature, scope, and mix of the company’s activities.CommentsClose CommentsPermalink
(7) Any other factors that the Council deems appropriate.CommentsClose CommentsPermalink
(c) Periodic Review and Rescission of Findings-CommentsClose CommentsPermalink
(1) SUBMISSION OF ASSESSMENT- The Board shall periodically submit a report to the Council containing an assessment of whether each company subjected to heightened prudential standards should continue to be subject to such standards.CommentsClose CommentsPermalink
(2) REVIEW AND RESCISSION- The Council shall--CommentsClose CommentsPermalink
(A) review the assessment submitted pursuant to paragraph (1) and any information or recommendation submitted by members of the Council regarding whether an identified financial holding company continues to merit heightened prudential standards; andCommentsClose CommentsPermalink
(B) rescind the action subjecting a company to heightened prudential supervision if the Council determines that the company no longer meets the conditions for identification in subsections (a) and (b).CommentsClose CommentsPermalink
(d) Procedure for Identifying or Rescinding Identification of a Company-CommentsClose CommentsPermalink
(1) COUNCIL AND BOARD COORDINATION- The Council shall inform the Board if the Council is considering whether to identify or cease to identify a company under this section.CommentsClose CommentsPermalink
(2) NOTICE AND OPPORTUNITY FOR CONSIDERATION OF WRITTEN MATERIALS-CommentsClose CommentsPermalink
(A) IN GENERAL- The Board shall, in an executive capacity on behalf of the Council, inform a financial company that the Council is considering whether to identify or cease to identify such company under this section, including an explanation of the basis of the Council’s consideration, and shall provide such financial company 30 days to submit written materials to inform the Council’s decision. The Council shall make its decision, and the Board shall notify the company of the Council’s decision by order, within 60 days of the due date for such written materialsCommentsClose CommentsPermalink
(B) EMERGENCY EXCEPTION TO PROCESS REQUIREMENTS- The Council may waive or modify the requirements of subparagraph (A) with respect to a company if the Council determines that such waiver or modification is necessary or appropriate to prevent or mitigate threats posed by the company to financial stability. The Board shall, in an executive capacity on behalf of the Council, provide notice of such waiver or modification to the financial company concerned as soon as practicable, which shall be no later than 24 hours after the waiver or modification.CommentsClose CommentsPermalink
(3) CONSULTATION- If a financial company being considered for identification under this section is, or has one or more subsidiaries that are, subject to regulation by a Federal financial regulatory agency, as such subsidiaries are described in [Struck out->][ section 2(6) ][<-Struck out] of this subtitle, the Council shall consult with the relevant Federal financial regulatory agency for each such subsidiary before making any decision under this section.CommentsClose CommentsPermalink
(4) EMERGENCY EXCEPTION TO MAJORITY VOTE OF COUNCIL REQUIREMENT- If each of the Secretary of the Treasury, the Board, and the Federal Deposit Insurance Corporation determines that a financial company must be subjected to heightened prudential standards under this section immediately to prevent destabilization of the financial system or economy, the Secretary, the Board, and the Corporation may identify a financial company under this section upon certification by the President of the United States.CommentsClose CommentsPermalink
(e) Effect of Identification-CommentsClose CommentsPermalink
(1) APPLICATION OF THE BANK HOLDING COMPANY ACT- A financial company that is not a bank holding company as defined in the Bank Holding Company Act at the time of its identification under this section, shall--CommentsClose CommentsPermalink
(A) if such company conducts at the time of its identification only activities that are determined to be financial in nature or incidental thereto under section 4(k) of the Bank Holding Company Act, be treated as a bank holding company that has elected to be a financial holding company for purposes of the Bank Holding Company Act of 1956, as amended, the Federal Deposit Insurance Act, as amended, and all other Federal laws and regulations governing bank holding companies and financial holding companies; orCommentsClose CommentsPermalink
(B) if such company conducts at the time of its identification activities other than those that are determined to be financial in nature or incidental thereto under section 4(k) of the Bank Holding Company Act, be required to establish and conduct all its activities that are determined to be financial in nature or incidental thereto under section 4(k) of the Bank Holding Company Act in an intermediate holding company established under section 6 of the Bank Holding Company Act, which intermediate holding company shall be the ‘identified financial holding company’ for purposes of this subtitle.CommentsClose CommentsPermalink
(2) EXEMPTIVE AUTHORITY- Notwithstanding any provision of the Bank Holding Company Act, the Board may, if it determines such action is necessary to ensure appropriate heightened prudential supervision, issue such exemptions from that Act as may be necessary with regard to identified financial holding companies that do not control an insured depository institution.CommentsClose CommentsPermalink
(3) HEIGHTENED PRUDENTIAL REGULATION- The Board shall apply heightened prudential standards to each identified financial holding company subject to this title.CommentsClose CommentsPermalink
(f) No Public List of Identified Companies- The Council and the Board may not publicly release a list of companies identified under this section.CommentsClose CommentsPermalink
SEC. 1104. REGULATION OF IDENTIFIED FINANCIAL HOLDING COMPANIES FOR FINANCIAL STABILITY PURPOSES.
(a) Prudential Standards for Identified Financial Holding Companies-CommentsClose CommentsPermalink
(1) IN GENERAL- To mitigate risks to financial stability and the economy posed by an identified financial holding company, the Board shall impose heightened prudential standards on such company. Such standards shall be designed to maximize financial stability taking costs to long-term financial and economic growth into account, be heightened when compared to the standards that otherwise would apply to financial holding companies that are not identified pursuant to this subtitle (including by addressing additional or different types of risks than otherwise applicable standards), and reflect the potential risk posed to financial stability by the identified financial holding company.CommentsClose CommentsPermalink
(2) STANDARDS-CommentsClose CommentsPermalink
(A) REQUIRED STANDARDS- The heightened standards imposed by the Board under this section shall include--CommentsClose CommentsPermalink
(i) risk-based capital requirements;CommentsClose CommentsPermalink
(ii) leverage limits;CommentsClose CommentsPermalink
(iii) liquidity requirements;CommentsClose CommentsPermalink
(iv) concentration requirements (as specified in subsection (c));CommentsClose CommentsPermalink
(v) prompt corrective action requirements (as specified in subsection (d));CommentsClose CommentsPermalink
(vi) resolution plan requirements (as specified in subsection (e)); andCommentsClose CommentsPermalink
(vii) overall risk management requirements.CommentsClose CommentsPermalink
(B) ADDITIONAL STANDARDS- The heightened standards imposed by the Board under this section also may include any other prudential standards that the Board deems advisable, including taking actions to mitigate systemic risk (as specified in paragraph (5).CommentsClose CommentsPermalink
(3) APPLICATION OF REQUIRED STANDARDS- In imposing prudential standards under this subsection, the Board may differentiate among identified financial holding companies on an individual basis or by category, taking into consideration their capital structure, risk, complexity, financial activities, the financial activities of their subsidiaries, and any other factors that the Board deems appropriate.CommentsClose CommentsPermalink
(4) WELL CAPITALIZED AND WELL MANAGED- An identified financial holding company shall at all times after it files its registration statement as an identified financial holding company be well capitalized and well managed as defined by the Board.CommentsClose CommentsPermalink
(5) MITIGATION OF SYSTEMIC RISK- If the Board determines, after notice and an opportunity for hearing, that the size of an identified financial holding company or the scope or nature of activities directly or indirectly conducted by an identified financial holding company poses a threat to the safety and soundness of such company or to the financial stability of the United States, the Board may require the identified financial holding company to sell or otherwise transfer assets or off-balance sheet items to unaffiliated firms, to terminate one or more activities, or to impose conditions on the manner in which the identified financial holding company conducts one or more activities.CommentsClose CommentsPermalink
(6) APPLICATION TO FOREIGN FINANCIAL COMPANIES- The Board shall prescribe regulations regarding the application of heightened prudential standards to financial companies that are organized or incorporated in a country other than the United States, and that own or control a Federal or State branch, subsidiary, or operating entity that is an identified financial holding company, giving due regard to the principle of national treatment and equality of competitive opportunity.CommentsClose CommentsPermalink
(b) Prudential Standards at Functionally Regulated Subsidiaries and Subsidiary Depository Institutions-CommentsClose CommentsPermalink
(1) BOARD AUTHORITY TO RECOMMEND STANDARDS- With respect to a functionally regulated subsidiary (as such term is defined in section 5 of the Bank Holding Company Act) or a subsidiary depository institution of an identified financial holding company, the Board may recommend that the relevant primary financial regulatory agency for such functionally regulated subsidiary or subsidiary depository institution prescribe heightened prudential standards on such functionally regulated subsidiary or subsidiary depository institution. Any standards recommended by the Board under this section shall be of the same type as those described in subsection (a)(2) that the Board is required or authorized to impose directly on the identified financial holding company.CommentsClose CommentsPermalink
(2) AGENCY AUTHORITY TO IMPLEMENT HEIGHTENED STANDARDS AND SAFEGUARDS- Each primary financial regulatory agency that receives a Board recommendation under paragraph (1) is authorized to impose, require reports regarding, examine for compliance with, and enforce standards under this subsection with respect to the entities described in [Struck out->][ section 2(6) ][<-Struck out] for which it is the primary financial regulatory agency. This authority is in addition to and does not limit any other authority of the primary financial regulatory agencies. Compliance by an entity with actions taken by a primary financial regulatory agency under this section shall be enforceable in accordance with the statutes governing the respective agency’s jurisdiction over the entity as if the agency action were taken under those statutes.CommentsClose CommentsPermalink
(3) IMPOSITION OF STANDARDS- Standards imposed by a primary financial regulatory agency under this subsection shall be the standards recommended by the Board or any other similar standards that the Board deems acceptable after consultation between the Board and the primary financial regulatory agency.CommentsClose CommentsPermalink
(4) FAILURE TO ADOPT STANDARDS; NOTICE TO COUNCIL AND BOARD- If a primary financial regulatory agency fails to implement the prudential standards recommended by the Board or other similar standards that are acceptable to the Board within 60 days of the Board’s recommendation, the agency shall justify in writing the failure of such agency to act to the Council and the Board within that same time period.CommentsClose CommentsPermalink
(5) BACKUP AUTHORITY OF THE BOARD-CommentsClose CommentsPermalink
(A) IN GENERAL- When notified that a primary financial regulatory agency has failed to impose the heightened prudential standards recommended by the Board for financial stability purposes under this subsection, the Board is authorized to directly impose, require reports regarding, examine for compliance with, and enforce such heightened prudential standards under this subsection with respect to a functionally regulated subsidiary for which the primary financial regulatory agency ordinarily is responsible.CommentsClose CommentsPermalink
(B) LIMITATIONS ON BOARD BACKUP AUTHORITY- The Board’s standard-imposition, report-related, examination, and enforcement activities under this subsection shall be limited to the heightened prudential standards imposed under this subsection.CommentsClose CommentsPermalink
(c) Concentration Limits for Identified Financial Holding Companies-CommentsClose CommentsPermalink
(1) STANDARDS- In order to limit the risks that the failure of any company could pose to an identified financial holding company and to the stability of the United States financial system, the Board, by regulation, shall prescribe standards that limit the risks posed by the exposure of an identified financial holding company to any other company.CommentsClose CommentsPermalink
(2) LIMITATION ON CREDIT EXPOSURE- The regulations prescribed by the Board shall prohibit each identified financial holding company from having credit exposure to any unaffiliated company that exceeds 25 percent of the identified financial holding company’s capital stock and surplus or such lower amount as the Board may determine by regulation to be necessary to mitigate risks to financial stability.CommentsClose CommentsPermalink
(3) CREDIT EXPOSURE- For purposes of this subsection, an identified financial holding company’s ‘credit exposure’ to a company means--CommentsClose CommentsPermalink
(A) all extensions of credit to the company, including loans, deposits, and lines of credit;CommentsClose CommentsPermalink
(B) all repurchase agreements and reverse repurchase agreement with the company;CommentsClose CommentsPermalink
(C) all securities borrowing and lending transactions with the company to the extent that such transactions create credit exposure of the identified financial holding company to the company;CommentsClose CommentsPermalink
(D) all guarantees, acceptances, or letters of credit (including endorsement or standby letters of credit) issued on behalf of the company;CommentsClose CommentsPermalink
(E) all purchases of or investment in securities issued by the company;CommentsClose CommentsPermalink
(F) counterparty credit exposure to the company in connection with a derivative transaction between the identified financial holding company and the company; andCommentsClose CommentsPermalink
(G) any other similar transactions that the Board by regulation determines to be a credit exposure for purposes of this section.CommentsClose CommentsPermalink
(4) ATTRIBUTION RULE- For purposes of this subsection, any transaction by an identified financial holding company with any person is deemed a transaction with a company to the extent that the proceeds of the transaction are used for the benefit of, or transferred to, that company.CommentsClose CommentsPermalink
(5) RULEMAKING- The Board may issue such regulations and orders, including definitions consistent with this subsection, as may be necessary to administer and carry out the purpose of this subsection.CommentsClose CommentsPermalink
(6) EXEMPTIONS- The Board may, by regulation or order, exempt transactions, in whole or in part, from the definition of credit exposure if it finds that the exemption is in the public interest and consistent with the purpose of this subsection.CommentsClose CommentsPermalink
(7) TRANSITION PERIOD- This subsection and any regulations and orders of the Board under the authority of this subsection shall not be effective until three years from the effective date of this subsection. The Board can extend the effective date for up to two additional years to promote financial stability.CommentsClose CommentsPermalink
(d) Prompt Corrective Action for Identified Financial Holding Companies-CommentsClose CommentsPermalink
(1) PROMPT CORRECTIVE ACTION REQUIRED- The Board shall take prompt corrective action to resolve the problems of identified financial holding companies.CommentsClose CommentsPermalink
(2) DEFINITIONS- For purposes of this section--CommentsClose CommentsPermalink
(A) CAPITAL CATEGORIES-CommentsClose CommentsPermalink
(i) WELL CAPITALIZED- An identified financial holding company is ‘well capitalized’ if it exceeds the required minimum level for each relevant capital measure.CommentsClose CommentsPermalink
(ii) UNDERCAPITALIZED- An identified financial holding company is ‘undercapitalized’ if it fails to meet the required minimum level for any relevant capital measure.CommentsClose CommentsPermalink
(iii) SIGNIFICANTLY UNDERCAPITALIZED- An identified financial holding company is ‘significantly undercapitalized’ if it is significantly below the required minimum level for any relevant capital measure.CommentsClose CommentsPermalink
(iv) CRITICALLY UNDERCAPITALIZED- An identified financial holding company is ‘critically undercapitalized’ if it fails to meet any level specified in paragraph (4)(C)(i).CommentsClose CommentsPermalink
(3) OTHER DEFINITIONS-CommentsClose CommentsPermalink
(A) AVERAGE- The ‘average’ of an accounting item (such as total assets or tangible equity) during a given period means the sum of that item at the close of business on each business day during that period divided by the total number of business days in that period.CommentsClose CommentsPermalink
(B) CAPITAL DISTRIBUTION- The term ‘capital distribution’ means--CommentsClose CommentsPermalink
(i) a distribution of cash or other property by an identified financial holding company to its owners made on account of that ownership, but not including any dividend consisting only of shares of the identified financial holding company or rights to purchase such shares;CommentsClose CommentsPermalink
(ii) a payment by an identified financial holding company to repurchase, redeem, retire, or otherwise acquire any of its shares or other ownership interests, including any extension of credit to finance any person’s acquisition of those shares or interests; orCommentsClose CommentsPermalink
(iii) a transaction that the Board determines, by order or regulation, to be in substance a distribution of capital to the owners of the identified financial holding company.CommentsClose CommentsPermalink
(C) CAPITAL RESTORATION PLAN- The term ‘capital restoration plan’ means a plan submitted under paragraph (6)(B).CommentsClose CommentsPermalink
(D) COMPENSATION- The term ‘compensation’ includes any payment of money or provision of any other thing of value in consideration of employment.CommentsClose CommentsPermalink
(E) RELEVANT CAPITAL MEASURE- The term ‘relevant capital measure’ means the measures described in paragraph (4).CommentsClose CommentsPermalink
(F) REQUIRED MINIMUM LEVEL- The term ‘required minimum level’ means, with respect to each relevant capital measure, the minimum acceptable capital level specified by the Board by regulation.CommentsClose CommentsPermalink
(G) SENIOR EXECUTIVE OFFICER- The term ‘senior executive officer’ has the same meaning as the term ‘executive officer’ in section 22(h) of the Federal Reserve Act (
(4) CAPITAL STANDARDS-CommentsClose CommentsPermalink
(A) RELEVANT CAPITAL MEASURES-CommentsClose CommentsPermalink
(i) IN GENERAL- Except as provided in clause (ii)(II), the capital standards prescribed by the Board under subsection 6(c) of the Bank Holding Company Act of 1956 (
(I) a leverage limit; andCommentsClose CommentsPermalink
(II) a risk-based capital requirement.CommentsClose CommentsPermalink
(ii) OTHER CAPITAL MEASURES- The Board may by regulation--CommentsClose CommentsPermalink
(I) establish any additional relevant capital measures to carry out this section; orCommentsClose CommentsPermalink
(II) rescind any relevant capital measure required under clause (i) upon determining that the measure is no longer an appropriate means for carrying out this section.CommentsClose CommentsPermalink
(B) CAPITAL CATEGORIES GENERALLY- The Board shall, by regulation, specify for each relevant capital measure the levels at which an identified financial holding company is well capitalized, undercapitalized, and significantly undercapitalized.CommentsClose CommentsPermalink
(C) CRITICAL CAPITAL-CommentsClose CommentsPermalink
(i) BOARD TO SPECIFY LEVEL-CommentsClose CommentsPermalink
(I) LEVERAGE LIMIT- The Board shall, by regulation, specify the ratio of tangible equity to total assets at which an identified financial holding company is critically undercapitalized.CommentsClose CommentsPermalink
(II) OTHER RELEVANT CAPITAL MEASURES- The Board may, by regulation, specify for 1 or more other relevant capital measures, the level at which an identified financial holding company is critically undercapitalized.CommentsClose CommentsPermalink
(ii) LEVERAGE LIMIT RANGE- The level specified under clause (i)(I) shall require tangible equity in an amount--CommentsClose CommentsPermalink
(I) not less than 2 percent of total assets; andCommentsClose CommentsPermalink
(II) except as provided in subclause (I), not more than 65 percent of the required minimum level of capital under the leverage limit.CommentsClose CommentsPermalink
(5) CAPITAL DISTRIBUTIONS RESTRICTED-CommentsClose CommentsPermalink
(A) IN GENERAL- An identified financial holding company shall make no capital distribution if, after making the distribution, the identified financial holding company would be undercapitalized.CommentsClose CommentsPermalink
(B) EXCEPTION- Notwithstanding subparagraph (A), the Board may permit an identified financial holding company to repurchase, redeem, retire, or otherwise acquire shares or ownership interests if the repurchase, redemption, retirement, or other acquisition--CommentsClose CommentsPermalink
(i) is made in connection with the issuance of additional shares or obligations of the identified financial holding company in at least an equivalent amount; andCommentsClose CommentsPermalink
(ii) will reduce the identified financial holding company’s financial obligations or otherwise improve the identified financial holding company’s financial condition.CommentsClose CommentsPermalink
(6) PROVISIONS APPLICABLE TO UNDERCAPITALIZED IDENTIFIED FINANCIAL COMPANIES-CommentsClose CommentsPermalink
(A) MONITORING REQUIRED- The Board shall--CommentsClose CommentsPermalink
(i) closely monitor the condition of any undercapitalized identified financial holding company;CommentsClose CommentsPermalink
(ii) closely monitor compliance by any undercapitalized identified financial holding company with capital restoration plans, restrictions, and requirements imposed under this section; andCommentsClose CommentsPermalink
(iii) periodically review the plan, restrictions, and requirements applicable to any undercapitalized identified financial holding company to determine whether the plan, restrictions, and requirements are effective.CommentsClose CommentsPermalink
(B) CAPITAL RESTORATION PLAN REQUIRED-CommentsClose CommentsPermalink
(i) IN GENERAL- Any undercapitalized identified financial holding company shall submit an acceptable capital restoration plan to the Board within the time allowed by the Board under clause (iv).CommentsClose CommentsPermalink
(ii) CONTENTS OF PLAN- The capital restoration plan shall--CommentsClose CommentsPermalink
(I) specify--CommentsClose CommentsPermalink
(aa) the steps the identified financial holding company will take to become well capitalized;CommentsClose CommentsPermalink
(bb) the levels of capital to be attained by the identified financial holding company during each year in which the plan will be in effect;CommentsClose CommentsPermalink
(cc) how the identified financial holding company will comply with the restrictions or requirements then in effect under this section; andCommentsClose CommentsPermalink
(dd) the types and levels of activities in which the identified financial holding company will engage; andCommentsClose CommentsPermalink
(II) contain such other information that the Board may require.CommentsClose CommentsPermalink
(iii) CRITERIA FOR ACCEPTING PLAN- The Board shall not accept a capital restoration plan unless it determines that the plan--CommentsClose CommentsPermalink
(I) complies with subparagraph (B);CommentsClose CommentsPermalink
(II) is based on realistic assumptions, and is likely to succeed in restoring the identified financial holding company’s capital; andCommentsClose CommentsPermalink
(III) would not appreciably increase the risk (including credit risk, interest-rate risk, and other types of risk) to which the identified financial holding company is exposed.CommentsClose CommentsPermalink
(iv) DEADLINES FOR SUBMISSION AND REVIEW OF PLANS- The Board shall, by regulation, establish deadlines that--CommentsClose CommentsPermalink
(I) provide identified financial holding companies with reasonable time to submit capital restoration plans, and generally require an identified financial holding company to submit a plan not later than 45 days after it becomes undercapitalized; andCommentsClose CommentsPermalink
(II) require the Board to act on capital restoration plans expeditiously, and generally not later than 60 days after the plan is submitted.CommentsClose CommentsPermalink
(C) ASSET GROWTH RESTRICTED- An undercapitalized identified financial holding company shall not permit its average total assets during any calendar quarter to exceed its average total assets during the preceding calendar quarter unless--CommentsClose CommentsPermalink
(i) the Board has accepted the identified financial holding company’s capital restoration plan;CommentsClose CommentsPermalink
(ii) any increase in total assets is consistent with the plan; andCommentsClose CommentsPermalink
(iii) the identified financial holding company’s ratio of tangible equity to total assets increases during the calendar quarter at a rate sufficient to enable it to become well capitalized within a reasonable time.CommentsClose CommentsPermalink
(D) PRIOR APPROVAL REQUIRED FOR ACQUISITIONS AND NEW LINES OF BUSINESS- An undercapitalized identified financial holding company shall not, directly or indirectly, acquire any interest in any company or insured depository institution, or engage in any new line of business, unless--CommentsClose CommentsPermalink
(i) the Board has accepted the identified financial holding company’s capital restoration plan, the identified financial holding company is implementing the plan, and the Board determines that the proposed action is consistent with and will further the achievement of the plan;CommentsClose CommentsPermalink
(ii) the Board determines that the specific proposed action is appropriate; orCommentsClose CommentsPermalink
(iii) the Board has exempted the identified financial holding company from the requirements of this paragraph with respect to the class of acquisitions that includes the proposed action.CommentsClose CommentsPermalink
(E) DISCRETIONARY SAFEGUARDS- The Board may, with respect to any undercapitalized identified financial holding company, take actions described in any subparagraph of paragraph (7)(B) if the Board determines that those actions are necessary.CommentsClose CommentsPermalink
(7) PROVISIONS APPLICABLE TO SIGNIFICANTLY UNDERCAPITALIZED IDENTIFIED FINANCIAL HOLDING COMPANIES AND UNDERCAPITALIZED IDENTIFIED FINANCIAL HOLDING COMPANIES THAT FAIL TO SUBMIT AND IMPLEMENT CAPITAL RESTORATION PLANS-CommentsClose CommentsPermalink
(A) IN GENERAL- This paragraph shall apply with respect to any identified financial holding company that--CommentsClose CommentsPermalink
(i) is significantly undercapitalized; orCommentsClose CommentsPermalink
(ii) is undercapitalized and--CommentsClose CommentsPermalink
(I) fails to submit an acceptable capital restoration plan within the time allowed by the Board under subsection (e)(2)(D); orCommentsClose CommentsPermalink
(II) fails in any material respect to implement a capital restoration plan accepted by the Board.CommentsClose CommentsPermalink
(B) SPECIFIC ACTIONS AUTHORIZED- The Board shall carry out this paragraph by taking 1 or more of the following actions:CommentsClose CommentsPermalink
(i) REQUIRING RECAPITALIZATION- Doing one or more of the following--CommentsClose CommentsPermalink
(I) Requiring the identified financial holding company to sell enough shares or obligations of the identified financial holding company so that the identified financial holding company will be well capitalized after the sale.CommentsClose CommentsPermalink
(II) Further requiring that instruments sold under clause (I) be voting shares.CommentsClose CommentsPermalink
(III) Requiring the identified financial holding company to be acquired by or combine with another company.CommentsClose CommentsPermalink
(ii) RESTRICTING TRANSACTIONS WITH AFFILIATES-CommentsClose CommentsPermalink
(I) Requiring the identified financial holding company to comply with section 23A of the Federal Reserve Act (
(II) Further restricting the identified financial holding company’s transactions with affiliates and insiders.CommentsClose CommentsPermalink
(iii) RESTRICTING ASSET GROWTH- Restricting the identified financial holding company’s asset growth more stringently than subsection (6)(C), or requiring the identified financial holding company to reduce its total assets.CommentsClose CommentsPermalink
(iv) RESTRICTING ACTIVITIES- Requiring the identified financial holding company or any of its subsidiaries to alter, reduce, or terminate any activity that the Board determines poses excessive risk to the identified financial holding company.CommentsClose CommentsPermalink
(v) IMPROVING MANAGEMENT- Doing one or more of the following:CommentsClose CommentsPermalink
(I) NEW ELECTION OF DIRECTORS- Ordering a new election for the identified financial holding company’s board of directors.CommentsClose CommentsPermalink
(II) DISMISSING DIRECTORS OR SENIOR EXECUTIVE OFFICERS- Requiring the identified financial holding company to dismiss from office any director or senior executive officer who had held office for more than 180 days immediately before the identified financial holding company became undercapitalized. Dismissal under this clause shall not be construed to be a removal under section 8 of the Federal Deposit Insurance Act (
(III) EMPLOYING QUALIFIED SENIOR EXECUTIVE OFFICERS- Requiring the identified financial holding company to employ qualified senior executive officers (who, if the Board so specifies, shall be subject to approval by the Board).CommentsClose CommentsPermalink
(vi) REQUIRING DIVESTITURE- Requiring the identified financial holding company to divest itself of or liquidate any subsidiary if the Board determines that the subsidiary is in danger of becoming insolvent, poses a significant risk to the identified financial holding company, or is likely to cause a significant dissipation of the identified financial holding company’s assets or earnings.CommentsClose CommentsPermalink
(vii) REQUIRING OTHER ACTION- Requiring the Identified financial company to take any other action that the Board determines will better carry out the purpose of this section than any of the actions described in this paragraph.CommentsClose CommentsPermalink
(C) PRESUMPTION IN FAVOR OF CERTAIN ACTIONS- In complying with subparagraph (B), the Board shall take the following actions, unless the Board determines that the actions would not be appropriate--CommentsClose CommentsPermalink
(i) The action described in subclause (I) or (II) of subparagraph (B)(i) (relating to requiring the sale of shares or obligations, or requiring the identified financial holding company to be acquired by or combine with another company).CommentsClose CommentsPermalink
(ii) The action described in paragraph (B)(ii)(I) (relating to restricting transactions with affiliates).CommentsClose CommentsPermalink
(D) SENIOR EXECUTIVE OFFICERS’ COMPENSATION RESTRICTED-CommentsClose CommentsPermalink
(i) IN GENERAL- The identified financial holding company shall not do any of the following without the prior written approval of the Board:CommentsClose CommentsPermalink
(I) Pay any bonus to any senior executive officer.CommentsClose CommentsPermalink
(II) Provide compensation to any senior executive officer at a rate exceeding that officer’s average rate of compensation (excluding bonuses, stock options, and profit-sharing) during the 12 calendar months preceding the calendar month in which the identified financial holding company became undercapitalized.CommentsClose CommentsPermalink
(ii) FAILING TO SUBMIT PLAN- The Board shall not grant any approval under clause (i) with respect to an identified financial holding company that has failed to submit an acceptable capital restoration plan.CommentsClose CommentsPermalink
(E) CONSULTATION WITH OTHER REGULATORS- Before the Board makes a determination under subparagraph (B)(vi) with respect to a subsidiary that is a broker, dealer, government securities broker, government securities dealer, investment company, or investment adviser, the Board shall consult with the Securities and Exchange Commission and, in the case of any other subsidiary which is subject to any financial responsibility or capital requirement, any other appropriate regulator of such subsidiary with respect to the proposed determination of the Board and actions pursuant to such determination.CommentsClose CommentsPermalink
(8) MORE STRINGENT TREATMENT BASED ON OTHER SUPERVISORY CRITERIA-CommentsClose CommentsPermalink
(A) IN GENERAL- If the Board determines (after notice and an opportunity for hearing) that an identified financial holding company is in an unsafe or unsound condition or, pursuant to section 8(b)(8) of the Federal Deposit Insurance Act (
(i) if the identified financial holding company is well capitalized, require the identified financial holding company to comply with one or more provisions of paragraphs (5) and (6), as if the institution were undercapitalized; orCommentsClose CommentsPermalink
(ii) if the identified financial holding company is undercapitalized, take any one or more actions authorized under paragraph (7)(B) as if the identified financial holding company were significantly undercapitalized.CommentsClose CommentsPermalink
(B) CONTENTS OF PLAN- A plan that may be required pursuant to subparagraph (A)(i) shall specify the steps that the identified financial holding company will take to correct the unsafe or unsound condition or practice.CommentsClose CommentsPermalink
(9) MANDATORY BANKRUPTCY PETITION FOR CRITICALLY UNDERCAPITALIZED IDENTIFIED FINANCIAL COMPANIES- The Board shall, not later than 90 days after an identified financial holding company becomes critically undercapitalized--CommentsClose CommentsPermalink
(A) require the identified financial holding company to file a petition for bankruptcy under
(B) file a petition for bankruptcy against the identified financial holding company under
(10) IMPLEMENTATION- The Board shall prescribe such regulations, issue such orders, and take such other actions the Board determines to be necessary to carry out this section.CommentsClose CommentsPermalink
(11) OTHER AUTHORITY NOT AFFECTED- This section does not limit any authority of the Board, any other Federal regulatory agency, or a State to take action in addition to (but not in derogation of) that required under this section.CommentsClose CommentsPermalink
(12) CONSULTATION- The Board and the Secretary of the Treasury shall consult with their foreign counterparties and through appropriate multilateral organizations to reach agreement to extend comprehensive and robust prudential supervision and regulation to all highly leveraged and substantially interconnected financial companies.CommentsClose CommentsPermalink
(13) ADMINISTRATIVE REVIEW OF DISMISSAL ORDERS-CommentsClose CommentsPermalink
(A) TIMELY PETITION REQUIRED- A director or senior executive officer dismissed pursuant to an order under paragraph (7)(B)(v)(II) may obtain review of that order by filing a written petition for reinstatement with the Board not later than 10 days after receiving notice of the dismissal.CommentsClose CommentsPermalink
(B) PROCEDURE-CommentsClose CommentsPermalink
(i) HEARING REQUIRED- The Board shall give the petitioner an opportunity to--CommentsClose CommentsPermalink
(I) submit written materials in support of the petition; andCommentsClose CommentsPermalink
(II) appear, personally or through counsel, before 1 or more members of the Board or designated employees of the Board.CommentsClose CommentsPermalink
(ii) DEADLINE FOR HEARING- The Board shall--CommentsClose CommentsPermalink
(I) schedule the hearing referred to in clause (i)(II) promptly after the petition is filed; andCommentsClose CommentsPermalink
(II) hold the hearing not later than 30 days after the petition is filed, unless the petitioner requests that the hearing be held at a later time.CommentsClose CommentsPermalink
(iii) DEADLINE FOR DECISION- Not later than 60 days after the date of the hearing, the Board shall--CommentsClose CommentsPermalink
(I) by order, grant or deny the petition;CommentsClose CommentsPermalink
(II) if the order is adverse to the petitioner, set forth the basis for the order; andCommentsClose CommentsPermalink
(III) notify the petitioner of the order.CommentsClose CommentsPermalink
(C) STANDARD FOR REVIEW OF DISMISSAL ORDERS- The petitioner shall bear the burden of proving that the petitioner’s continued employment would materially strengthen the identified financial holding company’s ability--CommentsClose CommentsPermalink
(i) to become well capitalized, to the extent that the order is based on the identified financial holding company’s capital level or failure to submit or implement a capital restoration plan; andCommentsClose CommentsPermalink
(ii) to correct the unsafe or unsound condition or unsafe or unsound practice, to the extent that the order is based on paragraph (8)(A).CommentsClose CommentsPermalink
(e) Reports Regarding Rapid and Orderly Resolution and Credit Exposure-CommentsClose CommentsPermalink
(1) IN GENERAL- The Board shall require each identified financial holding company to report periodically to the Board on--CommentsClose CommentsPermalink
(A) its plan for rapid and orderly resolution in the event of severe financial distress;CommentsClose CommentsPermalink
(B) the nature and extent to which the identified financial holding company has credit exposure to other significant financial companies; andCommentsClose CommentsPermalink
(C) the nature and extent to which other significant financial companies have credit exposure to the identified financial holding company.CommentsClose CommentsPermalink
(2) NO LIMITING EFFECT ON RECEIVER OR QUALIFIED RECEIVER- A rapid resolution plan submitted in accordance with this subsection shall not be binding on a receiver or qualified receiver appointed under subtitle G, a bankruptcy court, or any other authority that is authorized or required to resolve the identified financial holding company or any of its subsidiaries or affiliates.CommentsClose CommentsPermalink
(f) Avoiding Duplication- The Board shall take any action the Board deems appropriate to avoid imposing duplicative requirements under this chapter for identified financial holding companies that are also bank holding companies.CommentsClose CommentsPermalink
SEC. 1105. AUTHORITY TO FILE INVOLUNTARY PETITION FOR BANKRUPTCY.
[Struck out->][ (1) in subsection (h)-- ][<-Struck out]CommentsClose CommentsPermalink
[Struck out->][ (A) by striking ‘or’ at the end of paragraph (1); and ][<-Struck out]CommentsClose CommentsPermalink
[Struck out->][ (B) by striking the period at the end of paragraph (2) and inserting ‘; or’; and ][<-Struck out]CommentsClose CommentsPermalink
(2) by adding the following new subsection:CommentsClose CommentsPermalink
‘(m) Notwithstanding subsections (a) and (b) of this section, an involuntary case may be commenced by the Board of Governors of the Federal Reserve System against an identified financial holding company as defined in section 2(t) of the Bank Holding Company Act of 1956. Such involuntary case may be commenced on the ground that the identified financial holding company is critically undercapitalized as defined in section 6A(b) of the Bank Holding Company Act of 1956.’.CommentsClose CommentsPermalink
SEC. 1106. IDENTIFICATION OF ACTIVITIES OR PRACTICES FOR HEIGHTENED PRUDENTIAL STANDARDS AND SAFEGUARDS FOR FINANCIAL STABILITY PURPOSES.
(a) In General- The Council may subject a financial activity or practice to heightened prudential standards and safeguards under section 1107 if the Council determines that the conduct of such activity or practice could create or increase the risk of significant liquidity, credit, or other problems spreading among financial institutions or markets and thereby threaten the stability of the financial system.CommentsClose CommentsPermalink
(b) Periodic Review of Activity Identifications-CommentsClose CommentsPermalink
(1) SUBMISSION OF ASSESSMENT- The Board shall periodically submit a report to the Council containing an assessment of whether each activity or practice subjected to heightened prudential standards should continue to be subject to such standards.CommentsClose CommentsPermalink
(2) REVIEW AND RECISION- The Council shall--CommentsClose CommentsPermalink
(A) review the assessment submitted pursuant to paragraph (1) and any information or recommendation submitted by members of the Council regarding whether an identified financial activity continues to merit heightened prudential standards; andCommentsClose CommentsPermalink
(B) rescind the action subjecting an activity to heightened prudential supervision if the Council determines that the activity no longer meets the criteria in subsection (a).CommentsClose CommentsPermalink
(c) Procedure for Identifying or Rescinding Identification of an Activity or Practice-CommentsClose CommentsPermalink
(1) COUNCIL AND BOARD COORDINATION- The Council shall inform the Board if the Council is considering whether to identify or cease to identify an activity under this section.CommentsClose CommentsPermalink
(2) NOTICE AND OPPORTUNITY FOR CONSIDERATION OF WRITTEN MATERIALS-CommentsClose CommentsPermalink
(A) IN GENERAL- The Board shall, in an executive capacity on behalf of the Council, provide notice to financial companies that the Council is considering whether to identify an activity or practice for heightened prudential regulation, and shall provide a financial company engaged in such activity or practice 30 days to submit written materials to inform the Council’s decision. The Council shall decide, and the Board shall provide notice of the Council’s decision, within 60 days of the due date for such written materials.CommentsClose CommentsPermalink
(B) EMERGENCY EXCEPTION- The Council may waive or modify the requirements of subparagraph (A) if the Council determines that such waiver or modification is necessary or appropriate to prevent or mitigate threats posed by an activity to financial stability. The Board shall, in an executive capacity on behalf of the Council, provide notice of such waiver or modification to financial companies as soon as practicable, which shall be no later than 24 hours after the waiver or modification.CommentsClose CommentsPermalink
(3) FORM OF DECISION- The Board shall provide all notices required under this subsection by posting a notice on the Board’s Web site and publishing a notice in the Federal Register.CommentsClose CommentsPermalink
(d) Effect of Identification- The Board shall, in accordance with section 1107, recommend to the appropriate primary financial regulatory agencies specific heightened prudential standards to be applied to an activity or practice that the Council or the Board identifies under this section.CommentsClose CommentsPermalink
SEC. 1107. REGULATION OF IDENTIFIED ACTIVITIES FOR FINANCIAL STABILITY PURPOSES.
(a) Limitations on Identified Financial Activities and Practices-CommentsClose CommentsPermalink
(1) RECOMMENDATIONS- To mitigate the risks to United States financial stability and the United States economy posed by financial activities and practices that the Council or the Board identifies for heightened prudential scrutiny in accordance with section 1103, the Board shall recommend prudential standards to the appropriate primary financial regulatory agencies to apply to such identified activities and practices.CommentsClose CommentsPermalink
(2) CRITERIA- The actions recommended under paragraph (1)--CommentsClose CommentsPermalink
(A) shall be designed to maximize financial stability, taking costs to long-term financial and economic growth into account; andCommentsClose CommentsPermalink
(B) may include prescribing the conduct of the activity or practice in specific ways (such as by limiting its scope, or applying particular capital or risk-management requirements to the conduct of the activity) or prohibiting the activity or practice altogether.CommentsClose CommentsPermalink
(b) Implementation of Recommended Standards-CommentsClose CommentsPermalink
(1) ROLE OF PRIMARY FINANCIAL REGULATORY AGENCY- Each primary financial regulatory agency is authorized to impose, require reports regarding, examine for compliance with, and enforce standards in accordance with this section with respect to those entities described in [Struck out->][ section 2(6) ][<-Struck out] for which it is the primary financial regulatory agency. This authority is in addition to and does not limit any other authority of the primary financial regulatory agencies. Compliance by an entity with actions taken by a primary financial regulatory agency under this section shall be enforceable in accordance with the statutes governing the respective primary financial regulatory agency’s jurisdiction over the entity as if the agency action were taken under those statutes.CommentsClose CommentsPermalink
(2) IMPOSITION OF STANDARDS- Standards imposed under this subsection shall be the standards recommended by the Board in accordance with subsection (a) or any other similar standards that the Board deems acceptable after consultation between the Board and the primary financial regulatory agency.CommentsClose CommentsPermalink
(3) FAILURE TO ADOPT STANDARDS; NOTICE TO COUNCIL AND BOARD- If a primary financial regulatory agency fails to implement the prudential standards recommended by the Board or other similar standards that are acceptable to the Board within 60 days of the Board’s recommendation, the primary financial regulatory agency shall justify the failure of such agency to act in writing to the Council and the Board within that same time period.CommentsClose CommentsPermalink
(4) BACKUP AUTHORITY OF THE BOARD-CommentsClose CommentsPermalink
(A) IN GENERAL- When notified that a primary financial regulatory agency has failed to impose heightened prudential standards recommended by the Board for financial stability purposes under this section, the Board is authorized to directly impose, require reports regarding, examine for compliance with, and enforce such heightened prudential standards under this section with respect to entities described in section 2(6) for which the primary financial regulatory agency ordinarily is responsible.CommentsClose CommentsPermalink
(B) LIMITATION ON BOARD BACKUP AUTHORITY- The Board’s standard-imposition, report-related, examination, and enforcement activities under this subsection shall be limited to heightened prudential standards imposed under this section and shall be done in coordination with the primary financial regulatory agency.CommentsClose CommentsPermalink
SEC. 1108. EFFECT OF RESCISSION OF IDENTIFICATION.
(a) Notice- When the Council or the Board determines that a company or activity no longer is identified for heightened prudential scrutiny, the Board shall inform the relevant primary financial regulatory agency or agencies (if different from the Board) of that finding.CommentsClose CommentsPermalink
(b) Determination of Primary Financial Regulatory Agency To Continue- A primary financial regulatory agency that has imposed heightened prudential standards for financial stability purposes under this subtitle shall determine whether standards that it has imposed under this subtitle should remain in effect.CommentsClose CommentsPermalink
SEC. 1109. EMERGENCY FINANCIAL STABILIZATION.
(a) In General- Upon the written approval of the Board of Governors of the Federal Reserve System (which approval shall be made upon a vote of not less than two-thirds of the members of such Board then serving) and the Board of Directors of the Corporation (which approval shall be made upon a vote of not less than two-thirds of the members of such Board then serving), and with the written consent of the Secretary of the Treasury (after consulting with the President), the Corporation may extend credit to or guarantee obligations of solvent insured depository institutions or other solvent companies that are predominantly engaged in activities that are financial in nature, if necessary to prevent financial instability during times of severe economic distress, provided that a credit extension or guarantee of obligations under this section shall not include provision of equity in any form.CommentsClose CommentsPermalink
(b) Policies and Procedures- Prior to exercising any authority under this section, the Corporation shall establish policies and procedures governing the extension of credit and the issuance of guarantees. The terms and conditions of any extensions of credit or guarantees issued shall be established by the Corporation with the approval of the Secretary of the Treasury and the Board of Governors of the Federal Reserve System.CommentsClose CommentsPermalink
(c) Funding- There shall be available to the Corporation to carry out this section amounts in the Treasury not otherwise appropriated, including for the payment of reasonable administrative expenses. Notwithstanding section 7(d) of the Federal Deposit Insurance Act (
(d) Recoupment; Assessment- Any losses incurred by the Corporation pursuant to subsection (a) shall be recovered from Corporation assessments on large financial companies in the manner provided in section 1609(o) of the Resolution Authority for Large, Interconnected Financial Companies Act of 2009.CommentsClose CommentsPermalink
(e) Definitions- For purposes of this section, the following definitions apply:CommentsClose CommentsPermalink
(1) ACTIVITIES THAT ARE FINANCIAL IN NATURE- The term ‘activities that are financial in nature’ means activities that are determined to be financial in nature under section 4(k) of the Bank Holding Company Act of 1956 (
(2) COMPANY- The term ‘company’ means any entity other than a natural person that is incorporated or organized under Federal law or the laws of any State.CommentsClose CommentsPermalink
(3) CORPORATION- The term ‘Corporation’ means the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
(4) INSURED DEPOSITORY INSTITUTION- The term ‘insured depository institution’ shall have the same meaning as in section 3 of the Federal Deposit Insurance Act (
(5) SOLVENT- The term ‘solvent’ means assets are more than the obligations to creditors.CommentsClose CommentsPermalink
SEC. 1110. EXAMINATIONS AND ENFORCEMENT ACTIONS FOR INSURANCE AND RESOLUTIONS PURPOSES.
(a) Examinations for Insurance and Resolutions Purposes- Section 10(b)(3) of the Federal Deposit Insurance Act (
(b) Enforcement Authority- Section 8(t) of the Federal Deposit Insurance Act (
(1) at the end of subparagraph (B) by striking ‘or’;CommentsClose CommentsPermalink
(2) at the end of subparagraph (C) by striking the period and inserting ‘; or’;CommentsClose CommentsPermalink
(3) by inserting new subparagraph (D), as follows:CommentsClose CommentsPermalink
‘(D) the conduct or threatened conduct (including any acts or omissions) of the depository institution holding company poses a risk to the Deposit Insurance Fund.’; andCommentsClose CommentsPermalink
(4) by adding new paragraph (6) at the end as follows--CommentsClose CommentsPermalink
‘(6) For purposes of this subsection:CommentsClose CommentsPermalink
‘(A) The Corporation shall have the same powers with respect to a depository institution holding company and its affiliates as the appropriate Federal banking agency has with respect to the holding company and its affiliates; andCommentsClose CommentsPermalink
‘(B) the holding company and its affiliates shall have the same duties and obligations with respect to the Corporation as the holding company and its affiliates have with respect to the appropriate Federal banking agency.’CommentsClose CommentsPermalink
SEC. 1111. RULE OF CONSTRUCTION.
The authorities granted to agencies under this subtitle are in addition to any rulemaking, report-related, examination, enforcement, or other authority that such agencies may have under other law and in no way shall be construed to limit such other authority, except that any standards imposed for financial stability purposes under this subtitle shall supersede any conflicting less stringent requirements of the primary financial regulatory agency but only the extent of the conflict.CommentsClose CommentsPermalink
Subtitle C--Improvements to Supervision and Regulation of Federal Depository InstitutionsCommentsClose CommentsPermalink
Subtitle C--Improvements to Supervision and Regulation of Federal Depository InstitutionsCommentsClose CommentsPermalink
SEC. 1201. DEFINITIONS.
For purposes of this subtitle, the following definitions shall apply:CommentsClose CommentsPermalink
(1) BOARD OF GOVERNORS- The term ‘Board of Governors’ means the Board of Governors of the Federal Reserve System.CommentsClose CommentsPermalink
(2) CORPORATION- The term ‘Corporation’ means the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
(3) OFFICE OF THE COMPTROLLER OF THE CURRENCY- The term ‘Office of the Comptroller of the Currency’ means the office established by section 324 of the Revised Statutes (
(4) OFFICE OF THRIFT SUPERVISION- The term ‘Office of Thrift Supervision’ means the office established by section 3 of the Home Owners’ Loan Act (
(5) SECRETARY- The term ‘Secretary’ means the Secretary of the Treasury.CommentsClose CommentsPermalink
(6) TRANSFER DATE- The term ‘transfer date’ has the meaning provided in section 1205.CommentsClose CommentsPermalink
(7) CERTAIN OTHER TERMS- The terms ‘affiliate’, ‘bank holding company’, ‘control’ (when used with respect to a depository institution), ‘depository institution’, ‘Federal banking agency’, ‘Federal savings association’, ‘including’, ‘insured branch’, ‘insured depository institution’, ‘savings association’, ‘State savings association’, and ‘subsidiary’ have the same meanings as in section 3 of the Federal Deposit Insurance Act.CommentsClose CommentsPermalink
SEC. 1202. AMENDMENTS TO THE HOME OWNERS’ LOAN ACT RELATING TO TRANSFER OF FUNCTIONS.
(a) Amendments to Section 2- Section 2 of the Home Owners’ Loan Act (
‘(1) BOARD OF GOVERNORS- The term ‘Board of Governors’ means the Board of Governors of the Federal Reserve System.’.CommentsClose CommentsPermalink
(b) Amendments to Section 3- Section 3 of the Home Owners’ Loan Act (
(1) by striking subsection (a) and inserting the following new subsection:CommentsClose CommentsPermalink
‘(a) Establishment of Division of Thrift Supervision- To carry out the purposes of this Act, there is hereby established the Division of Thrift Supervision, which shall be a division within the Office of the Comptroller of the Currency.’;CommentsClose CommentsPermalink
(2) in subsection (b)--CommentsClose CommentsPermalink
(A) by striking paragraph (1) and inserting the following new paragraph:CommentsClose CommentsPermalink
‘(1) IN GENERAL- The Division of Thrift Supervision shall be headed by a Deputy Comptroller of the Currency who shall be subject to the general oversight of the Comptroller of the Currency.’;CommentsClose CommentsPermalink
(B) in paragraph (2), by striking ‘Director’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(C) by striking paragraph (3) and (4);CommentsClose CommentsPermalink
(3) by striking subsections (c), (d), and (e) and inserting the following new subsection:CommentsClose CommentsPermalink
‘(c) Powers of the Comptroller of the Currency- The Comptroller of the Currency shall have all the powers, duties, and functions transferred by the Financial Stability Improvement Act of 2009 to the Comptroller of the Currency to carry out this Act.’;CommentsClose CommentsPermalink
(4) by redesignating subsections (f) and (i) as subsections (d) and (e), respectively;CommentsClose CommentsPermalink
(5) in subsection (d) (as so redesignated), by striking ‘Director’ each place such term appears and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(6) by striking subsections (g), (h), and (j); andCommentsClose CommentsPermalink
(7) in subsection (e) (as so redesignated), by striking ‘compensation of the Director and other employees of the Office and all other expenses thereof’ and inserting ‘expenses incurred by the Comptroller of the Currency in carrying out this Act’.CommentsClose CommentsPermalink
(c) Amendments to Section 4- Section 4 of the Home Owners’ Loan Act (
(d) Amendments to Section 5-CommentsClose CommentsPermalink
(1) UNIVERSAL- Section 5 of the Home Owners’ Loan Act (
(A) by striking ‘Director’ and ‘Director of the Office of Thrift Supervision’ each place such term appears and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(B) by striking ‘Director’s’ each place such term appears and inserting ‘Comptroller of the Currency’s’.CommentsClose CommentsPermalink
(2) SPECIFIC PROVISIONS-CommentsClose CommentsPermalink
(A) Section 5(d)(2)(E) of the Home Owners’ Loan Act is amended by striking ‘or the Resolution Trust Corporation, as appropriate,’ each place such term appears.CommentsClose CommentsPermalink
(B) Section 5(d)(3)(B) of the Home Owners’ Loan Act is amended by striking ‘or the Resolution Trust Corporation’.CommentsClose CommentsPermalink
(e) Amendments to Sections 8 and 9- Sections 8 and 9 of the Home Owners’ Loan Act (
(f) Technical and Conforming Amendments-CommentsClose CommentsPermalink
(1) DEFINITIONS- Section 2 of the Home Owners’ Loan Act (
(A) by striking paragraph (1) and (3); andCommentsClose CommentsPermalink
(B) by redesignating paragraphs (2), (4), (5), (6), (7), (8), and (9) as paragraphs (1), (2), (3), (4), (5), (6), (7), and (8), respectively.CommentsClose CommentsPermalink
(2) SECTION 3-CommentsClose CommentsPermalink
(A) The heading for section 3 of the Home Owners’ Loan Act is amended by striking ‘director of the office of thrift supervision’ and inserting ‘division of thrift supervision’.CommentsClose CommentsPermalink
(B) The heading for subsection (e) of section (3) of the Home Owners’ Loan Act is amended by striking ‘Director’ and inserting ‘Comptroller of the Currency’.CommentsClose CommentsPermalink
(3) SECTION 5- The heading for paragraph (2)(E)(ii) of section 5(d) of the Home Owners’ Loan Act and the heading for paragraph (3)(B) of such section are each amended by striking ‘OR RTC’.CommentsClose CommentsPermalink
(g) Clerical Amendment- The table of contents section for the Home Owners’ Loan Act is amended by striking the item relating to section 3 and inserting the following new item:CommentsClose CommentsPermalink
‘Sec. 3. Division of Thrift Supervision.’.CommentsClose CommentsPermalink
SEC. 1203. AMENDMENTS TO THE REVISED STATUTES.
(a) Amendment to Section 324- Section 324 of the Revised Statutes of the United States (
‘SEC. 324. COMPTROLLER OF THE CURRENCY.
‘There shall be in the Department of the Treasury a bureau, the chief officer of which bureau shall be called the Comptroller of the Currency, and shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters as were vested in the Director of the Office of Thrift Supervision or the Office of Thrift Supervision on the day before the date of enactment of the Financial Stability Improvement Act of 2009. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.’.CommentsClose CommentsPermalink
(b) Amendments to Section 327- Section 327 of the Revised Statutes of the United States (
12 U.S.C. 4 ) is amended to read as follows:CommentsClose CommentsPermalink
‘SEC. 327 DEPUTY COMPTROLLERS.
‘(a) Appointment- The Secretary of the Treasury shall appoint no more than 5 Deputy Comptrollers of the Currency--CommentsClose CommentsPermalink
‘(1) 1 of whom shall be designated First Deputy Comptroller of the Currency; andCommentsClose CommentsPermalink
‘(2) 1 of whom shall be designated the Deputy Comptroller of the Division of Thrift Supervision.CommentsClose CommentsPermalink
‘(b) Pay- The Secretary of the Treasury shall fix the compensation of the Deputy Comptrollers of the Currency and provide such other benefits as the Secretary may determine to be appropriate.CommentsClose CommentsPermalink
‘(c) Oath of Office; Duties- Each Deputy Comptroller shall take the oath of office and shall perform such duties as the Comptroller of the Currency shall direct.CommentsClose CommentsPermalink
‘(d) Service as Acting Comptroller- During a vacancy in the office or during the absence or disability of the Comptroller, each Deputy Comptroller shall possess the power and perform the duties attached by law to the Office of the Comptroller under such order of succession following the First Deputy Comptroller as the Comptroller shall direct.’.CommentsClose CommentsPermalink
(c) Amendment to Section 329- Section 329 of the Revised Statutes of the United States (
12 U.S.C. 11 ) is amended by inserting ‘or any Federal savings association’ before the period at the end.CommentsClose CommentsPermalink(d) Amendment to Section 481- The fourth sentence of the second undesignated paragraph of Section 5240 of the Revised Statutes of the United States (
12 U.S.C. 481 ) is amended by striking ‘Secretary of the Treasury;’ and all that follows through the end of the sentence, and inserting ‘Secretary of the Treasury; the employment and compensation of examiners, chief examiners, reviewing examiners, assistant examiners, and of the other employees of the office of the Comptroller of the Currency whose compensation is and shall be paid from assessments on banks or affiliates thereof or from other fees or charges imposed pursuant to this subchapter shall be set and adjusted pursuant to chapter 71 of title five, United States Code and without regard to the provisions of other laws applicable to officers or employees of the United States.’.CommentsClose CommentsPermalink(e) Amendment to Section 482- The first sentence in the first undesignated paragraph of Section 5240 of the Revised Statutes of the United States (
12 U.S.C. 482 ) is amended by inserting ‘pursuant to chapter 71 of title five, United States Code,’ after ‘shall,’.CommentsClose CommentsPermalink
SEC. 1204. POWER AND DUTIES TRANSFERRED.
(a) Director of the Office of Thrift Supervision-CommentsClose CommentsPermalink
(1) TRANSFER OF FUNCTIONS- Except as otherwise provided in this subtitle, all functions of the Director of the Office of Thrift Supervision are transferred to the Office of the Comptroller of the Currency.CommentsClose CommentsPermalink
(2) Comptroller’S AUTHORITY- Except as otherwise provided in this subtitle, the Comptroller of the Currency shall succeed to all powers, authorities, rights, and duties that were vested in the Director of the Office of Thrift Supervision under Federal law, including the Home Owners’ Loan Act, on the day before the transfer date.CommentsClose CommentsPermalink
(3) FUNCTIONS RELATING TO SUPERVISION OF STATE SAVINGS ASSOCIATIONS-CommentsClose CommentsPermalink
(A) TRANSFER OF FUNCTIONS- All functions of the Director of the Office of Thrift Supervision relating to the supervision and regulation of State savings associations are transferred to the Corporation.CommentsClose CommentsPermalink
(B) Corporation’S AUTHORITY- The Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Director of the Office of Thrift Supervision under Federal law, including the Home Owners’ Loan Act, on the day before the transfer date, relating to the supervision and regulation of State savings associations.CommentsClose CommentsPermalink
(b) Appropriate Federal Banking Agency- Section 3 of the Federal Deposit Insurance Act (
(1) by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink
‘(1) the Comptroller of the Currency in the case of any national bank, Federal savings association or any Federal branch or agency of a foreign bank;’;CommentsClose CommentsPermalink
(2) by amending paragraph (3) to read as follows:CommentsClose CommentsPermalink
‘(3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured bank, a State savings association or a foreign bank having an insured branch.’; andCommentsClose CommentsPermalink
(3) by striking paragraph (4).CommentsClose CommentsPermalink
(c) Transfer of Consumer Financial Protection Functions- Nothing in subsection (a) or (b) shall affect any transfer of consumer financial protection functions of the Comptroller of the Currency and the Director of the Office of Thrift Supervision to the Consumer Financial Protection Agency as provided in the Consumer Financial Protection Agency Act of 2009.CommentsClose CommentsPermalink
(d) Effective Date- Subsections (a) and (b) shall become effective on the transfer date.CommentsClose CommentsPermalink
SEC. 1205. TRANSFER DATE.
(a) In General- Except as provided in subsection (b), the date for the transfer of functions to the Office of the Comptroller of the Currency and the Corporation under section 1204 shall be 1 year after the date of enactment of this Act.CommentsClose CommentsPermalink
(b) Extension Permitted-CommentsClose CommentsPermalink
(1) NOTICE REQUIRED- The Secretary, in consultation with the Comptroller of the Currency and the Director of the Office of Thrift Supervision, may designate a calendar date for the transfer of functions of the Office of Thrift Supervision to the Office of the Comptroller of the Currency, and the Corporation under section 1204 that is later than 1 year after the date of enactment of this Act if the Secretary--CommentsClose CommentsPermalink
(A) transmits to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives--CommentsClose CommentsPermalink
(i) a written determination that orderly implementation of this title is not feasible on the date that is 1 year after the date of enactment of this Act;CommentsClose CommentsPermalink
(ii) an explanation of why an extension is necessary for the orderly implementation of this title; andCommentsClose CommentsPermalink
(iii) a description of the steps that will be taken to effect an orderly and timely implementation of this title within the extended time period; andCommentsClose CommentsPermalink
(B) publishes notice of that designated later date in the Federal Register.CommentsClose CommentsPermalink
(2) EXTENSION LIMITED- In no case shall any date designated under paragraph (1) be later than 18 months after the date of enactment of this Act.CommentsClose CommentsPermalink
(3) EFFECT ON REFERENCES TO ‘TRANSFER DATE’- If the Secretary takes the actions provided in paragraph (1) for designating a date for the transfer of functions to the Office of the Comptroller of the Currency, and the Corporation under section 1204, references in this title to ‘transfer date’ shall mean the date designated by the Secretary.CommentsClose CommentsPermalink
SEC. 1206. OFFICE OF THRIFT SUPERVISION ABOLISHED.
Effective 90 days after the transfer date, the position of Director of the Office of Thrift Supervision and the Office of Thrift Supervision are abolished.CommentsClose CommentsPermalink
SEC. 1207. SAVINGS PROVISIONS.
(a) Office of Thrift Supervision-CommentsClose CommentsPermalink
(1) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED- Sections 1204(a)(1) and 1206 shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Office of Thrift Supervision, the Office of Thrift Supervision, or any other person, that existed on the day before the transfer date.CommentsClose CommentsPermalink
(2) CONTINUATION OF SUITS- This Act shall not abate any action or proceeding commenced by or against the Director of the Office of Thrift Supervision or the Office of Thrift Supervision before the transfer date, except that--CommentsClose CommentsPermalink
(A) for any action or proceeding arising out of a function of the Director of the Office of Thrift Supervision transferred to the Comptroller of the Currency by this title, the Comptroller of the Currency or the Office of the Comptroller of the Currency shall be substituted for the Director of the Office of Thrift Supervision or the Office of Thrift Supervision, as the case may be, as a party to the action or proceeding as of the transfer date; orCommentsClose CommentsPermalink
(B) for any action or proceeding arising out of a function of the Director of the Office of Thrift Supervision transferred to the Corporation by this title, the Chairman of the Corporation shall be substituted for the Director of the Office of Thrift Supervision as a party to the action or proceeding as of the transfer date.CommentsClose CommentsPermalink
(b) Continuation of Existing OTS Orders, Resolutions, Determinations, Agreements, Regulations, etc- All orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, that have been issued, made, prescribed, or allowed to become effective by the Office of Thrift Supervision, or by a court of competent jurisdiction, in the performance of functions that are transferred by this title and that are in effect on the day before the transfer date, shall continue in effect according to the terms of those orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, and shall be enforceable by or against--CommentsClose CommentsPermalink
(1) the Office of the Comptroller of the Currency, in the case of a function of the Director of the Office of Thrift Supervision transferred to the Comptroller of the Currency, until modified, terminated, set aside, or superseded in accordance with applicable law by the Office of the Comptroller of the Currency, by any court of competent jurisdiction, or by operation of law; orCommentsClose CommentsPermalink
(2) the Corporation, in the case of a function of the Director of the Office of Thrift Supervision transferred to the Corporation, until modified, terminated, set aside, or superseded in accordance with applicable law by the Corporation, by any court of competent jurisdiction, or by operation of law.CommentsClose CommentsPermalink
(c) Identification of Regulations Continued-CommentsClose CommentsPermalink
(1) BY OFFICE OF THE COMPTROLLER OF THE CURRENCY- Not later than the transfer date, the Comptroller of the Currency shall--CommentsClose CommentsPermalink
(A) after consultation with the Chairperson of the Corporation, identify the regulations continued under subsection (c) that will be enforced by the Office of the Comptroller of the Currency; andCommentsClose CommentsPermalink
(B) publish a list of such regulations in the Federal Register.CommentsClose CommentsPermalink
(2) BY THE CORPORATION- Not later than the transfer date, the Corporation shall--CommentsClose CommentsPermalink
(A) after consultation with the Office of the Comptroller of the Currency, identify the regulations continued under subsection (c) that will be enforced by the Corporation; andCommentsClose CommentsPermalink
(B) publish a list of such regulations in the Federal Register.CommentsClose CommentsPermalink
(d) Status of Regulations Proposed or Not Yet Effective-CommentsClose CommentsPermalink
(1) PROPOSED REGULATIONS- Any proposed regulation of the Office of Thrift Supervision, which that agency, in performing functions transferred by this title, has proposed before the transfer date but has not published as a final regulation before that date, shall be deemed to be a proposed regulation of the Office of the Comptroller of the Currency, or the Corporation, as appropriate, according to its terms.CommentsClose CommentsPermalink
(2) REGULATIONS NOT YET EFFECTIVE- Any interim or final regulation of the Office of Thrift Supervision, which that agency, in performing functions transferred by this title, has published before the transfer date but which has not become effective before that date, shall become effective as a regulation of the Office of the Comptroller of the Currency, or the Corporation, as appropriate, according to its terms.CommentsClose CommentsPermalink
SEC. 1208. REGULATIONS AND ORDERS.
In addition to any powers transferred to the Comptroller of the Currency by this title, the Comptroller of the Currency may prescribe such regulations and issue such orders as the Comptroller of the Currency determines to be appropriate to carry out this title and the powers and duties transferred to the Comptroller of the Currency by this title.CommentsClose CommentsPermalink
SEC. 1209. COORDINATION OF TRANSITION ACTIVITIES.
Before the transfer date, the Comptroller of the Currency shall--CommentsClose CommentsPermalink
(1) consult and cooperate with the Office of Thrift Supervision to facilitate the orderly transfer of functions to the Comptroller of the Currency;CommentsClose CommentsPermalink
(2) determine and redetermine, from time to time--CommentsClose CommentsPermalink
(A) the amount of funds necessary to pay any expenses associated with the transfer of functions (including expenses for personnel, property, and administrative services) during the period beginning on the date of enactment of this Act and ending on the transfer date;CommentsClose CommentsPermalink
(B) what personnel are appropriate to facilitate the orderly transfer of functions by this title; andCommentsClose CommentsPermalink
(C) what property and administrative services are necessary to support the Office of the Comptroller of the Currency during the period beginning on the date of enactment of this Act and ending on the transfer date; andCommentsClose CommentsPermalink
(3) take such actions as may be necessary to provide for the orderly implementation of this title.CommentsClose CommentsPermalink
SEC. 1210. INTERIM RESPONSIBILITIES OF OFFICE OF THE COMPTROLLER OF THE CURRENCY AND OFFICE OF THRIFT SUPERVISION.
(a) In General- When requested by the Comptroller of the Currency to do so before the transfer date, the Office of Thrift Supervision shall--CommentsClose CommentsPermalink
(1) pay to the Comptroller of the Currency, from funds obtained by the Office of Thrift Supervision through assessments, fees, or other charges that the Office of Thrift Supervision is authorized by law to impose, such amounts that the Comptroller of the Currency determines to be necessary under section 1209(2)(A);CommentsClose CommentsPermalink
(2) detail to the Office of the Comptroller of the Currency such personnel as the Comptroller of the Currency determines to be appropriate under section 1209(2)(B); andCommentsClose CommentsPermalink
(3) make available to the Office of the Comptroller of the Currency such property and provide the Office of the Comptroller of the Currency such administrative services as the Comptroller of the Currency determines to be necessary under section 1209(2)(C).CommentsClose CommentsPermalink
(b) Notice Required- The Comptroller of the Currency shall give the Office of Thrift Supervision reasonable prior notice of any request that the Office of the Comptroller of the Currency intends to make under subsection (a).CommentsClose CommentsPermalink
SEC. 1211. EMPLOYEES TRANSFERRED.
(a) In General-CommentsClose CommentsPermalink
(1) OTS EMPLOYEES-CommentsClose CommentsPermalink
(A) IN GENERAL- All employees of the Office of Thrift Supervision shall be transferred to either the Comptroller of the Currency or the Corporation for employment.CommentsClose CommentsPermalink
(B) ALLOCATING EMPLOYEES FOR TRANSFER TO RECEIVING AGENCIES- The Director of the Office of Thrift Supervision, the Comptroller of the Currency, and the Chairperson of the Corporation shall--CommentsClose CommentsPermalink
(i) jointly determine the number of employees of the Office of Thrift Supervision necessary to perform or support--CommentsClose CommentsPermalink
(I) the functions of the Office of Thrift Supervision that are transferred to the Office of the Comptroller of the Currency by this title; andCommentsClose CommentsPermalink
(II) the functions of the Office of Thrift Supervision that are transferred to the Corporation by this title; andCommentsClose CommentsPermalink
(ii) consistent with the numbers determined under clause (ii), jointly identify employees of the Office of Thrift Supervision for transfer to the Office of the Comptroller of the Currency or the Corporation in a manner that the Director of the Office of Thrift Supervision, the Comptroller of the Currency, and the Chairperson of the Corporation, in their discretion, deem equitable.CommentsClose CommentsPermalink
(2) TRANSFER OF EMPLOYEES PERFORMING CONSUMER FINANCIAL PROTECTION FUNCTIONS- Nothing in paragraph (1) shall affect the transfer of employees performing or supporting consumer financial protection functions of the Comptroller of the Currency and the Director of the Office of Thrift Supervision to the Consumer Financial Protection Agency as provided in the Consumer Financial Protection Agency Act of 2009.CommentsClose CommentsPermalink
(3) APPOINTMENT AUTHORITY FOR EXCEPTED SERVICE TRANSFERRED-CommentsClose CommentsPermalink
(A) IN GENERAL- In the case of employees occupying positions in the excepted service, any appointment authority established pursuant to law or regulations of the Office of Personnel Management for filling such positions shall be transferred, subject to subparagraph (B).CommentsClose CommentsPermalink
(B) DECLINING TRANSFERS ALLOWED- The Office of the Comptroller of the Currency and the Corporation may decline to accept a transfer of authority under subparagraph (A) (and the employees appointed pursuant thereto) to the extent that such authority relates to positions excepted from the competitive service because of their confidential, policy-making, policy-determining, or policy-advocating character.CommentsClose CommentsPermalink
(b) Timing of Transfers and Position Assignments- Each employee to be transferred under this section shall--CommentsClose CommentsPermalink
(1) be transferred not later than 90 days after the transfer date; andCommentsClose CommentsPermalink
(2) receive notice of his or her position assignment not later than 120 days after the effective date of his or her transfer.CommentsClose CommentsPermalink
(c) Transfer of Function-CommentsClose CommentsPermalink
(1) IN GENERAL- Notwithstanding any other provision of law, the transfer of employees shall be deemed a transfer of functions for the purpose of
(2) PRIORITY OF THIS ACT- If any provision of this title conflicts with any protection provided to transferred employees under
(d) Employees’ Status and Eligibility- The transfer of functions and employees under this title, and the abolition of the Office of Thrift Supervision, shall not affect the status of the transferred employees as employees of an agency of the United States under any provision of law.CommentsClose CommentsPermalink
(e) Equal Status and Tenure Positions- Each employee transferred from the Office of Thrift Supervision shall be placed in a position at either the Office of the Comptroller of the Currency or the Corporation with the same status and tenure as he or she held on the day before the transfer date.CommentsClose CommentsPermalink
(f) No Additional Certification Requirements- Examiners transferred to the Office of the Comptroller of the Currency or the Corporation shall not be subject to any additional certification requirements before being placed in a comparable examiner’s position at the Office of the Comptroller of the Currency or the Corporation examining the same types of institutions as they examined before they were transferred.CommentsClose CommentsPermalink
(g) Personnel Actions Limited-CommentsClose CommentsPermalink
(1) 1-year PROTECTION- Except as provided in paragraph (2), each employee transferred from the Office of Thrift Supervision holding a permanent position on the day before the transfer date shall not, during the 1-year period beginning on the transfer date, be involuntarily separated, or involuntarily reassigned outside his or her locality pay area as defined by the Office of Personnel Management.CommentsClose CommentsPermalink
(2) EXCEPTIONS- Paragraph (1) does not limit the right of the Office of the Comptroller of the Currency or the Corporation to--CommentsClose CommentsPermalink
(A) separate an employee for cause or for unacceptable performance; orCommentsClose CommentsPermalink
(B) terminate an appointment to a position excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character.CommentsClose CommentsPermalink
(h) Pay-CommentsClose CommentsPermalink
(1) 1-year PROTECTION- Except as provided in paragraph (2), each employee transferred from the Office of Thrift Supervision shall, during the 1-year period beginning on the transfer date, receive pay at a rate not less than the basic rate of pay (including any geographic differential) that the employee received during the 1-year period immediately before the transfer.CommentsClose CommentsPermalink
(2) EXCEPTIONS- Paragraph (1) does not limit the right of the Office of the Comptroller of the Currency or the Corporation to reduce a transferred employee’s rate of basic pay--CommentsClose CommentsPermalink
(A) for cause;CommentsClose CommentsPermalink
(B) for unacceptable performance; orCommentsClose CommentsPermalink
(C) with the employee’s consent.CommentsClose CommentsPermalink
(3) PROTECTION ONLY WHILE EMPLOYED- Paragraph (1) applies to a transferred employee only while that employee remains employed by the Office of the Comptroller of the Currency or the Corporation.CommentsClose CommentsPermalink
(4) PAY INCREASES PERMITTED- Paragraph (1) does not limit the authority of the Office of the Comptroller of the Currency or the Corporation to increase a transferred employee’s pay.CommentsClose CommentsPermalink
(i) Benefits-CommentsClose CommentsPermalink
(1) RETIREMENT BENEFITS FOR TRANSFERRED EMPLOYEES-CommentsClose CommentsPermalink
(A) IN GENERAL-CommentsClose CommentsPermalink
(i) CONTINUATION OF EXISTING RETIREMENT PLAN- Each employee transferred from the Office of Thrift Supervision may remain enrolled in his or her existing retirement plan or plans as long as he or she remains employed by the Office of the Comptroller of the Currency.CommentsClose CommentsPermalink
(ii) Employer’S CONTRIBUTION- The Office of the Comptroller of the Currency or the Corporation shall pay any employer contributions to the existing retirement plan of each employee transferred from the Office of Thrift Supervision as required under that plan.CommentsClose CommentsPermalink
(B) DEFINITION- For purposes of this paragraph, the term ‘existing retirement plan’ means, with respect to any employee transferred under this section, the particular retirement plan (including the Financial Institutions Retirement Fund) and any associated thrift savings plan of the agency from which the employee was transferred, which the employee was enrolled in on the day before the transfer date.CommentsClose CommentsPermalink
(2) BENEFITS OTHER THAN RETIREMENT BENEFITS-CommentsClose CommentsPermalink
(A) DURING 1ST YEAR-CommentsClose CommentsPermalink
(i) EXISTING PLANS CONTINUE- Each transferred employee may, for 1 year after the transfer date, retain membership in any other employee benefit program of the Office of Thrift Supervision, including a dental, vision, long-term care, or life insurance program, to which the employee belonged on the day before the transfer date.CommentsClose CommentsPermalink
(ii) Employer’S CONTRIBUTION- The Office of the Comptroller of the Currency or the Corporation shall pay any employer cost in continuing to extend coverage in the benefit program to the employee as required under that program or negotiated agreements.CommentsClose CommentsPermalink
(B) DENTAL, VISION, OR LIFE INSURANCE AFTER 1ST YEAR- If, after the 1-year period beginning on the transfer date, the Office of the Comptroller of the Currency or the Corporation decides not to continue participation in any dental, vision, or life insurance program of the Office of Thrift Supervision, an employee transferred from the Office of Thrift Supervision pursuant to this title who is a member of such a program may, before the decision of the Office of the Comptroller of the Currency or the Corporation takes effect, elect to enroll, without regard to any regularly scheduled open season, in--CommentsClose CommentsPermalink
(i) the enhanced dental benefits program established by chapter 89A of title 5, United States Code;CommentsClose CommentsPermalink
(ii) the enhanced vision benefits established by chapter 89B of title 5, United States Code; andCommentsClose CommentsPermalink
(iii) the Federal Employees Group Life Insurance Program established by chapter 87 of title 5, United States Code, without regard to any requirement of insurability.CommentsClose CommentsPermalink
(C) LONG-TERM CARE INSURANCE AFTER 1ST YEAR- If, after the 1-year period beginning on the transfer date, the Office of the Comptroller of the Currency or the Corporation decides not to continue participation in any long-term care insurance program of the Office of Thrift Supervision, an employee transferred from the Office of Thrift Supervision pursuant to this title who is a member of such a program may, before the decision of the Office of the Comptroller of the Currency or the Corporation takes effect, elect to apply for coverage under the Federal Long-Term Care Insurance Program established by chapter 90 of title 5, United States Code, under the underwriting requirements applicable to a new active workforce member (as defined in part 875, title 5, Code of Federal Regulations).CommentsClose CommentsPermalink
(D) Employee’S CONTRIBUTION-CommentsClose CommentsPermalink
(i) IN GENERAL- Subject to clause (ii), an individual enrolled in the Federal Employees Health Benefits program under this subparagraph shall pay any employee contribution required by the plan.CommentsClose CommentsPermalink
(ii) COST DIFFERENTIAL- The difference in costs between the benefits that the Office of Thrift Supervision is providing on the date of enactment of this Act and the benefits provided by this section shall be paid by the Comptroller of the Currency or the Corporation.CommentsClose CommentsPermalink
(iii) FUNDS TRANSFER- The Office of the Comptroller of the Currency or the Corporation shall transfer to the Federal Employees Health Benefits Fund established under
(E) SPECIAL PROVISIONS TO ENSURE CONTINUATION OF LIFE INSURANCE BENEFITS-CommentsClose CommentsPermalink
(i) IN GENERAL- An annuitant (as defined in
(ii) Employee’S CONTRIBUTION-CommentsClose CommentsPermalink
(I) IN GENERAL- Subject to subclause (II), an individual enrolled in a life insurance plan under this clause shall pay any employee contribution required by the plan.CommentsClose CommentsPermalink
(II) COST DIFFERENTIAL- The difference in costs between the benefits that the Office of Thrift Supervision is providing on the date of enactment of this Act and the benefits provided by this section shall be paid by the Comptroller of the Currency or the Corporation.CommentsClose CommentsPermalink
(III) FUNDS TRANSFER- The Office of the Comptroller of the Currency or the Corporation shall transfer to the Employees’ Life Insurance Fund established under
(IV) CREDIT FOR TIME ENROLLED IN OTHER PLANS- For employees transferred under this section, enrollment in a life insurance plan administered by the Office of the Comptroller of the Currency, the Office of Thrift Supervision, or the Corporation immediately before enrollment in a life insurance plan under chapter 87 of title 5, United States Code, shall be considered as enrollment in a life insurance plan under that chapter for purposes of
(j) Equitable Treatment- In administering the provisions of this section, the Office of the Comptroller of the Currency and the Corporation--CommentsClose CommentsPermalink
(1) shall take no action that would unfairly disadvantage transferred employees relative to other employees of the Office of the Comptroller of the Currency based on their prior employment by the Office of Thrift Supervision;CommentsClose CommentsPermalink
(2) may take such action as is appropriate in individual cases so that employees transferred under this section receive equitable treatment, with respect to those employees’ status, tenure, pay, benefits (other than benefits under programs administered by the Office of Personnel Management), and accrued leave or vacation time, for prior periods of service with any Federal agency.CommentsClose CommentsPermalink
SEC. 1212. PROPERTY TRANSFERRED.
(a) In General- Not later than 90 days after the transfer date, all property of the Office of Thrift Supervision shall be transferred to the Office of the Comptroller of the Currency or the Corporation, allocated in a manner consistent with section 1211(a).CommentsClose CommentsPermalink
(b) Contracts Related to Property Transferred- All contracts, agreements, leases, licenses, permits, and similar arrangements relating to property transferred to the Office of the Comptroller of the Currency or the Corporation by this section shall be transferred to the Office of the Comptroller of the Currency or the Corporation together with that property.CommentsClose CommentsPermalink
(c) Preservation of Property- Property identified for transfer under this section shall not be altered, destroyed, or deleted before transfer under this section.CommentsClose CommentsPermalink
(d) Property Defined- For purposes of this section, the term ‘property’ includes all real property (including leaseholds) and all personal property (including computers, furniture, fixtures, equipment, books, accounts, records, reports, files, memoranda, paper, reports of examination, work papers and correspondence related to such reports, and any other information or materials).CommentsClose CommentsPermalink
SEC. 1213. FUNDS TRANSFERRED.
Except to the extent needed to dispose of affairs under section 1214, all funds that, on the day before the transfer date, are available to the Director of the Office of Thrift Supervision to pay the expenses of the Office of Thrift Supervision shall be transferred to the Office of the Comptroller of the Currency or the Corporation, allocated in a manner consistent with section 1211(a), on the transfer date.CommentsClose CommentsPermalink
SEC. 1214. DISPOSITION OF AFFAIRS.
(a) In General- During the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision--CommentsClose CommentsPermalink
(1) shall, solely for the purpose of winding up the affairs of the agency related to any function transferred to the Office of the Comptroller of the Currency or the Corporation by this title--CommentsClose CommentsPermalink
(A) manage any employees of the Office of Thrift Supervision and provide for the payment of the compensation and benefits of any such employees that accrue before the transfer date; andCommentsClose CommentsPermalink
(B) manage any property of the Office of Thrift Supervision until the property is transferred under section 1212; andCommentsClose CommentsPermalink
(2) may take any other action necessary to wind up the affairs of the Office of Thrift Supervision relating to the transferred functions.CommentsClose CommentsPermalink
(b) Authority and Status of Director-CommentsClose CommentsPermalink
(1) IN GENERAL- Notwithstanding the transfers of functions under this title, the Director of the Office of Thrift Supervision shall, during the 90-day period beginning on the transfer date, retain and may exercise any authority vested in the Director on the day before the transfer date that is necessary to carry out the requirements of this title during that period.CommentsClose CommentsPermalink
(2) OTHER PROVISIONS- For purposes of paragraph (1), the Director of the Office of Thrift Supervision shall, during the 90-day period beginning on the transfer date, continue to be--CommentsClose CommentsPermalink
(A) treated as an officer of the United States; andCommentsClose CommentsPermalink
(B) entitled to receive compensation at the same annual rate of basic pay that he or she was receiving on the day before the transfer date.CommentsClose CommentsPermalink
SEC. 1215. CONTINUATION OF SERVICES.
Any agency, department, or other instrumentality of the United States, and any successor to any such agency, department, or instrumentality, that was, before the transfer date, providing support services to the Office of Thrift Supervision in connection with functions to be transferred to the Office of the Comptroller of the Currency, shall--CommentsClose CommentsPermalink
(1) continue to provide those services, subject to reimbursement, until the transfer of those functions is complete; andCommentsClose CommentsPermalink
(2) consult with any such agency to coordinate and facilitate a prompt and orderly transition.CommentsClose CommentsPermalink
SEC. 1216. TREATMENT OF SAVINGS AND LOAN HOLDING COMPANIES.
(a) Section 2 of the Home Owners’ Loan Act (
(b) Section 10 of the Home Owners’ Loan Act (
(1) In subsection (a)(1)(A) by striking ‘Director’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(2) In subsection (m) as follows:CommentsClose CommentsPermalink
(A) in paragraph (2) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(B) in paragraph (2) by striking ‘Director may grant’ and inserting ‘Comptroller of the Currency may grant’;CommentsClose CommentsPermalink
(C) in paragraph (2) by striking ‘the Director deems’ and inserting ‘the Comptroller deems’;CommentsClose CommentsPermalink
(D) in paragraph (2)(A) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(E) in paragraph (2)(B) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(F) in paragraph (2)(B)(iii) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(G) in paragraph (4)(D) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(H) in paragraph (4)(E) by striking ‘Director’ and inserting ‘Comptroller’; andCommentsClose CommentsPermalink
(I) in paragraph (7)(B) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(3) In subsection (o) as follows:CommentsClose CommentsPermalink
(A) in paragraph (3) in the heading by striking ‘DIRECTOR’ and inserting ‘BOARD’;CommentsClose CommentsPermalink
(B) in paragraph (3)(A) by striking ‘Director’ and inserting ‘Board’;CommentsClose CommentsPermalink
(C) in paragraph (3)(B) by striking ‘Director’ and inserting ‘Board’;CommentsClose CommentsPermalink
(D) in paragraph (3)(C) by striking ‘Director’ and inserting ‘Board’;CommentsClose CommentsPermalink
(E) in paragraph (3)(D) by striking ‘Director’ and inserting ‘Comptroller’;CommentsClose CommentsPermalink
(F) in paragraph (7) by striking ‘chartered by the Director’ and inserting ‘chartered by the Comptroller’; andCommentsClose CommentsPermalink
(G) in paragraph (7) by striking ‘regulations as the Director may’ and inserting ‘regulations as the Board may’; andCommentsClose CommentsPermalink
[Struck out->][ (4) by striking subsections ‘(a)’ through ‘(n)’, and ‘(p)’ through ‘(t)’, and redesignating current subsections ‘(m)’ and ‘(o)’ as ‘(a)’ and ‘(b)’, respectively. ][<-Struck out]CommentsClose CommentsPermalink
SEC. 1217. PRACTICES OF CERTAIN MUTUAL THRIFT HOLDING COMPANIES PRESERVED.
(a) Treatment of Dividends by Certain Mutual Holding Companies- Section 3(g) of the Bank Holding Company Act (
‘(3) DECLARATION OF DIVIDENDS- Every subsidiary savings association of a mutual holding company shall give the Board not less than 30 days’ advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Board. Any such dividend declared within such period, or without the giving of such notice to the Board, shall be invalid and shall confer no rights or benefits upon the holder of any such stock.CommentsClose CommentsPermalink
‘(4) WAIVER OF DIVIDENDS- Any mutual thrift holding company organized under section 10(b) of the Home Owners’ Loan Act shall be permitted to waive such company’s right to receive any dividend declared by a subsidiary, if--CommentsClose CommentsPermalink
‘(A) no insider of the mutual holding company, associate of an insider, or tax-qualified or non-tax-qualified employee stock benefit plan of the mutual holding company holds any share of the stock in the class of stock to which the waiver would apply;CommentsClose CommentsPermalink
‘(B) the mutual holding company provides the Board with written notice of its intent to waive its right to receive dividends 30 days prior to the proposed date of payment of the dividend; andCommentsClose CommentsPermalink
‘(C) the Board does not object.CommentsClose CommentsPermalink
‘(5) STANDARDS FOR WAIVER OF DIVIDEND- The Board shall not object to a notice of intent to waive dividends under paragraph (4) if--CommentsClose CommentsPermalink
‘(A) the waiver would not be detrimental to the safe and sound operation of the savings association; andCommentsClose CommentsPermalink
‘(B) the board of directors of the mutual holding company expressly determines that a waiver of the dividend by the mutual holding company is consistent with the directors’ fiduciary duties to the mutual members of such company.CommentsClose CommentsPermalink
‘(6) RESOLUTION INCLUDED IN WAIVER NOTICE- A dividend waiver notice shall include a copy of the resolution of the board of directors of the mutual holding company, in form and substance satisfactory to the Board, together with any supporting materials relied upon by the board of directors, concluding that the proposed dividend waiver is consistent with the board of director’s fiduciary duties to the mutual members of the mutual holding company.CommentsClose CommentsPermalink
‘(7) VALUATION- The Board will not consider waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form.’.CommentsClose CommentsPermalink
SEC. 1218. COMPOSITION OF BOARD OF DIRECTORS OF THE FEDERAL DEPOSIT INSURANCE CORPORATION.
Section 2 of the Federal Deposit Insurance Act (
(1) in subsection (a)(1)--CommentsClose CommentsPermalink
(A) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Chairman of the Board of Governors of the Federal Reserve System, or such other member of the Board of Governors as the Chairman of the Board of Governors shall designate’;CommentsClose CommentsPermalink
(2) by amending subsection (d)(2) to read as follows:CommentsClose CommentsPermalink
‘(2) ACTING OFFICIALS MAY SERVE- In the event of a vacancy in the office of the Comptroller of the Currency and pending the appointment of a successor, or during the absence or disability of the Comptroller of the Currency, the acting Comptroller of the Currency shall be a member of the Board of Directors in the place of the Comptroller of the Currency.’; andCommentsClose CommentsPermalink
(3) in subsection (f)(2), by striking ‘or of the Office of Thrift Supervision’.CommentsClose CommentsPermalink
SEC. 1219. AMENDMENTS TO SECTION 3.
Section 3 of the Federal Deposit Insurance Act (
(1) in subsection (b)(1)(C) (relating to the definition of the term ‘savings association’), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(2) in subsection (l)(5) (relating to the definition of the term ‘deposit’), in the introductory text, by striking ‘, Director of the Office of Thrift Supervision,’ and inserting ‘, and’;CommentsClose CommentsPermalink
(3) in subsection (q) (relating to the definition of the term ‘appropriate Federal banking agency’)--CommentsClose CommentsPermalink
(A) by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink
‘(1) the Comptroller of the Currency, in the case of any national bank, any Federal branch or agency of a foreign bank, or any savings association or savings and loan holding company;’;CommentsClose CommentsPermalink
(B) in paragraph (2)(F), by adding ‘and’ at the end after the semicolon;CommentsClose CommentsPermalink
(C) in paragraph (3), by striking ‘; and’ and inserting a period;CommentsClose CommentsPermalink
(D) by amending paragraph (3) to read as follows:CommentsClose CommentsPermalink
‘(3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured bank, State savings association, or a foreign bank having an insured branch.’; andCommentsClose CommentsPermalink
(E) by striking paragraph (4); andCommentsClose CommentsPermalink
(4) in subsection (z) (relating to the definition of the term ‘Federal banking agency’), by striking ‘the Director of the Office of Thrift Supervision,’.CommentsClose CommentsPermalink
SEC. 1220. AMENDMENTS TO SECTION 7.
Section 7(a) of the Federal Deposit Insurance Act (
(1) in paragraph (2)--CommentsClose CommentsPermalink
(A) in subparagraph (A)--CommentsClose CommentsPermalink
(i) in the first sentence, by striking ‘the Director of the Office of Thrift Supervision’; andCommentsClose CommentsPermalink
(ii) in the second sentence, by striking ‘the Director of the Office of Thrift Supervision’; andCommentsClose CommentsPermalink
(B) in subparagraph (B), by striking ‘Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Director of the Office of Thrift Supervision,’ and inserting ‘Comptroller of the Currency and the Board of Governors of the Federal Reserve System,’;CommentsClose CommentsPermalink
(2) in paragraph (3), in the first sentence, by striking ‘Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency and the Chairman of the Board of Governors of the Federal Reserve System’; andCommentsClose CommentsPermalink
(3) in paragraph (7), by striking ‘Director of the Office of Thrift Supervision,’.CommentsClose CommentsPermalink
SEC. 1221. AMENDMENTS TO SECTION 8.
Section 8 of the Federal Deposit Insurance Act (
(1) in subsection (a)(8)(B)(ii), in the last sentence--CommentsClose CommentsPermalink
(A) by striking ‘Director of the Office of Thrift Supervision’ each place it appears and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(B) by inserting ‘the Office of Thrift Supervision, as successor to’ after ‘as a successor to’ and before ‘the Federal Savings and Loan Insurance Corporation’;CommentsClose CommentsPermalink
(2) in subsection (o)--CommentsClose CommentsPermalink
(A) by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(3) in subsection (w)(3)(A), by striking ‘Office of Thrift Supervision’ and inserting ‘Office of the Comptroller of the Currency’.CommentsClose CommentsPermalink
SEC. 1222. AMENDMENTS TO SECTION 11.
Section 11 of the Federal Deposit Insurance Act (
(1) in subsection (c)(6) --CommentsClose CommentsPermalink
(A) in the heading, by striking ‘DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION’ and inserting ‘COMPTROLLER OF THE CURRENCY’;CommentsClose CommentsPermalink
(B) in subparagraph (A), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(C) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(2) in subsection (d)--CommentsClose CommentsPermalink
(A) in paragraph (2)(F)(i), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(B) in paragraph (17)(A)--CommentsClose CommentsPermalink
(i) by striking ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(ii) by striking ‘appropriate’; andCommentsClose CommentsPermalink
(C) in paragraph (18)(B), by striking ‘or the Director of the Office of Thrift Supervision’.CommentsClose CommentsPermalink
SEC. 1223. AMENDMENTS TO SECTION 13.
Section 13(k)(1)(A)(iv) of the Federal Deposit Insurance Act (
SEC. 1224. AMENDMENTS TO SECTION 18.
Section 18 of the Federal Deposit Insurance Act (
(1) in subsection (c)(2)--CommentsClose CommentsPermalink
(A) in subparagraph (A), by striking ‘bank;’ and inserting ‘bank or a savings association;’;CommentsClose CommentsPermalink
(B) in subparagraph (B), by inserting ‘and’ at the end after the semicolon;CommentsClose CommentsPermalink
(C) in subparagraph (C), by striking ‘bank (except a savings bank supervised by the Director of the Office of Thrift Supervision); and’ and inserting ‘bank or State savings association.’; andCommentsClose CommentsPermalink
(D) by striking subparagraph (D);CommentsClose CommentsPermalink
(2) in subsection (g)(1), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(3) in subsection (i)(2)--CommentsClose CommentsPermalink
(A) by striking subparagraph (B) and inserting the following new subparagraph:CommentsClose CommentsPermalink
‘(B) the Corporation, if the resulting institution is to be a State nonmember insured bank or insured State savings association.’; andCommentsClose CommentsPermalink
(B) by striking subparagraph (C);CommentsClose CommentsPermalink
(4) in subsection (m)--CommentsClose CommentsPermalink
(A) in paragraph (1)--CommentsClose CommentsPermalink
(i) in subparagraph (A), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(ii) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(B) in paragraph (2)--CommentsClose CommentsPermalink
(i) in subparagraph (A), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(ii) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ each place it appears and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(C) in paragraph (3)--CommentsClose CommentsPermalink
(i) in subparagraph (A), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(ii) in subparagraph (B), by striking ‘Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’.CommentsClose CommentsPermalink
SEC. 1225. AMENDMENTS TO SECTION 28.
Section 28 of the Federal Deposit Insurance Act (
(1) in subsection (e)--CommentsClose CommentsPermalink
(A) in paragraph (2)--CommentsClose CommentsPermalink
(i) in subparagraph (A)(ii), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(ii) in subparagraph (C), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(iii) in subparagraph (F), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(B) in paragraph (3)--CommentsClose CommentsPermalink
(i) in subparagraph (A), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(ii) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(2) in subsection (h)(2), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’.CommentsClose CommentsPermalink
SEC. 1226. AMENDMENTS TO THE ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT OF 1982.
(a) Amendments to Section 802- Section 802(a)(3) of the Alternative Mortgage Transaction Parity Act of 1982 (
(1) by striking ‘Comptroller of the Currency,’ and inserting ‘Comptroller of the Currency and’; andCommentsClose CommentsPermalink
(2) by striking ‘, and the Director of the Office of Thrift Supervision’.CommentsClose CommentsPermalink
(b) Amendments to Section 804- Section 804(a) of the Alternative Mortgage Transaction Parity Act of 1982 (
(1) by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink
‘(1) with respect to banks, savings associations, mutual savings banks, and savings banks, only to transactions made in accordance with regulations governing alternative mortgage transactions as prescribed by the Comptroller of the Currency to the extent that such regulations are authorized by rulemaking authority granted to the Comptroller of the Currency under laws other than this section.’; andCommentsClose CommentsPermalink
(2) by striking paragraph (3).CommentsClose CommentsPermalink
SEC. 1227. AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956.
Section 4(f)(12)(A) of the Bank Holding Company Act of 1956 (
SEC. 1228. AMENDMENTS TO THE BANK PROTECTION ACT OF 1968.
Section 2 of the Bank Protection Act of 1968 (
(1) in paragraph (1), by striking ‘national banks,’ and inserting ‘national banks and federal savings associations.’;CommentsClose CommentsPermalink
(2) in paragraph (2), by inserting ‘and’ at the end;CommentsClose CommentsPermalink
(3) in paragraph (3), by striking ‘, and’ at the end and inserting a period; andCommentsClose CommentsPermalink
(4) by striking paragraph (4).CommentsClose CommentsPermalink
SEC. 1229. AMENDMENTS TO THE BANK SERVICE COMPANY ACT.
Section 1(b) of the Bank Service Company Act (
(1) in paragraph (4), by striking ‘insured bank,’ and inserting ‘insured bank or’;CommentsClose CommentsPermalink
(2) by striking ‘Office of Thrift Supervision’ and inserting ‘Office of the Comptroller of the Currency’; andCommentsClose CommentsPermalink
(3) by striking ‘, the Federal Savings and Loan Insurance Corporation,’.CommentsClose CommentsPermalink
SEC. 1230. AMENDMENTS TO THE COMMUNITY REINVESTMENT ACT OF 1977.
Section 803(1) of the Community Reinvestment Act of 1977 (
(1) in subparagraph (A), by striking ‘national banks’ and inserting ‘national banks or savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)’;CommentsClose CommentsPermalink
(2) in subparagraph (B), by striking ‘and bank holding companies;’ and inserting ‘, bank holding companies and savings and loan holding companies;’; andCommentsClose CommentsPermalink
(3) by striking subparagraph (D).CommentsClose CommentsPermalink
SEC. 1231. AMENDMENTS TO THE DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT.
(a) Amendment to Section 207- Section 207 of the Depository Institution Management Interlocks Act (
(1) in paragraph (1), by striking ‘national banks,’ and inserting ‘national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),’;CommentsClose CommentsPermalink
[Struck out->][ (2) in paragraph (2), by striking ‘and bank holding companies,’ and inserting ‘, bank holding companies, and savings and loan holding companies,’; ][<-Struck out]CommentsClose CommentsPermalink
(3) by striking paragraph (4); andCommentsClose CommentsPermalink
(4) by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively.CommentsClose CommentsPermalink
(b) Amendment to Section 209- Section 209 of the Depository Institution Management Interlocks Act (
(1) in paragraph (1), by striking ‘national banks,’ and inserting ‘national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),’;CommentsClose CommentsPermalink
(2) in paragraph (2), by striking ‘and bank holding companies,’ and inserting ‘, bank holding companies, and savings and loan holding companies,’;CommentsClose CommentsPermalink
(3) at the end of paragraph (3), by inserting ‘and’ after the comma;CommentsClose CommentsPermalink
(4) by striking paragraph (4); andCommentsClose CommentsPermalink
(5) by redesignating paragraph (5) as paragraph (4).CommentsClose CommentsPermalink
(c) Amendment to Section 210- Subsection 210(a) of the Depository Institution Management Interlocks Act (
(1) by striking ‘his’ and inserting ‘the’; andCommentsClose CommentsPermalink
(2) by inserting ‘of the attorney General’ after ‘enforcement functions’.CommentsClose CommentsPermalink
SEC. 1232. AMENDMENTS TO THE EMERGENCY HOMEOWNER’S RELIEF ACT.
Section 110 of the Emergency Homeowner’s Relief Act (
(1) by striking the ‘Federal Home Loan bank Board’ and inserting ‘Federal Housing Finance Agency’; andCommentsClose CommentsPermalink
(2) by striking ‘the Federal Savings and Loan Insurance Corporation’.CommentsClose CommentsPermalink
SEC. 1233. AMENDMENTS TO THE EQUAL CREDIT OPPORTUNITY ACT.
Section 704 of the Equal Credit Opportunity Act (
(1) in paragraph (1)(A), by striking ‘and Federal branches and Federal agencies of foreign banks,’ and inserting ‘, Federal branches and Federal agencies of foreign banks, or a savings association the deposits of which are insured by the Federal Deposit Insurance Corporation;’;CommentsClose CommentsPermalink
(2) by striking paragraph (2); andCommentsClose CommentsPermalink
(3) by redesignating paragraphs (3) through (9) as paragraphs (2) through (8).CommentsClose CommentsPermalink
SEC. 1234. AMENDMENTS TO THE FEDERAL CREDIT UNION ACT.
(a) Amendments to Section 206- Section 206(g)(7) of the Federal Credit Union Act (
(1) in subparagraph (A)--CommentsClose CommentsPermalink
[Struck out->][ (A) by inserting ‘and’ after the semicolon at the end of clause (v); ][<-Struck out]CommentsClose CommentsPermalink
(B) in clause (vi)--CommentsClose CommentsPermalink
(i) by striking ‘Federal Housing Finance Board’ and inserting ‘Federal Housing Finance Agency’; andCommentsClose CommentsPermalink
(ii) by striking ‘; and’ after the semicolon and inserting a period; andCommentsClose CommentsPermalink
(C) by striking clause (vii);CommentsClose CommentsPermalink
(2) in subparagraph (D)--CommentsClose CommentsPermalink
[Struck out->][ (A) by inserting ‘and’ after the semicolon at the end of clause (iii); ][<-Struck out]CommentsClose CommentsPermalink
(B) by striking ‘; and’ at the end of clause (iv) and inserting a period; andCommentsClose CommentsPermalink
(C) striking clause (v).CommentsClose CommentsPermalink
SEC. 1235. AMENDMENTS TO THE FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL ACT OF 1978.
(a) Amendment to Section 1002- Section 1002 of the Federal Financial Institutions Examination Council Act of 1978 (
(1) by striking ‘Federal Home Loan Bank Board’ and inserting ‘Federal Housing Finance Agency’.CommentsClose CommentsPermalink
(b) Amendment to Section 1003- Section 1003(1) of the Federal Financial Institutions Examination Council Act of 1978 (
(c) Amendments to Section 1004- Section 1004(a) of the Federal Financial Institutions Examination Council Act of 1978 (
(1) by striking paragraph (4); andCommentsClose CommentsPermalink
(2) by redesignating paragraph (5) as paragraph (4).CommentsClose CommentsPermalink
SEC. 1236. AMENDMENTS TO THE FEDERAL HOME LOAN BANK ACT.
(a) Amendments to Section 18- Section 18(c) of the Federal Home Loan Bank Act (
(1) by striking ‘Director of the Office of Thrift Supervision’ each place it appears and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(2) in paragraph (1)(B), by striking ‘and the agencies under its administration or supervision’; andCommentsClose CommentsPermalink
(3) in paragraph (5), by striking ‘and such agencies’.CommentsClose CommentsPermalink
(b) Amendments to Section 21A- Section 21A of the Federal Home Loan Bank Act (
SEC. 1237. AMENDMENTS TO THE FEDERAL RESERVE ACT.
Section 19 of the Federal Reserve Act (
(1) in paragraph (1)(F), by striking ‘the Director of the Office of Thrift Supervision’ and inserting ‘the Comptroller of the Currency’; andCommentsClose CommentsPermalink
(2) in paragraph (4)(B), by striking ‘the Director of the Office of Thrift Supervision’ and inserting ‘the Comptroller of the Currency’.CommentsClose CommentsPermalink
SEC. 1238. AMENDMENTS TO THE FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT OF 1989.
(a) Amendments to Section 302- Section 302(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(b) Amendment to Section 305- Section 305(b)(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(c) Amendment to Section 308- Section 308(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(d) Amendments to Section 402- Section 402 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(1) in subsection (a), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(2) in subsection (b), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(3) in subsection (e)--CommentsClose CommentsPermalink
(A) in paragraph (1), by striking ‘the Office of Thrift Supervision’ and inserting ‘Office of the Comptroller of the Currency’;CommentsClose CommentsPermalink
(B) in paragraph (2), by striking ‘Director of the Office of Thrift Supervision’ each place it appears and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(C) in paragraph (3), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’; andCommentsClose CommentsPermalink
(D) in paragraph (4), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’.CommentsClose CommentsPermalink
(e) Amendment to Section 1103- Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(f) Amendments to Section 1205- Subsection 1205(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(1) in paragraph (1)--CommentsClose CommentsPermalink
(A) in subparagraph (B), by striking ‘Director of the Office of Thrift Supervision’ and inserting ‘Comptroller of the Currency’;CommentsClose CommentsPermalink
(B) by striking subparagraph (D); andCommentsClose CommentsPermalink
(C) by redesignating subparagraphs (E) and (F) as paragraphs (D) and (E), respectively;CommentsClose CommentsPermalink
(2) in paragraph (2), by striking ‘paragraph (1)(F)’ and inserting ‘paragraph (1)(E)’; andCommentsClose CommentsPermalink
(3) in paragraph (5), by striking ‘through (E)’ and inserting ‘through (D)’.CommentsClose CommentsPermalink
(g) Amendments to Section 1206- Section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(1) by striking ‘the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation’;CommentsClose CommentsPermalink
(2) by inserting ‘and’ after ‘the Federal Housing Finance Board’ and before ‘the Farm Credit Administration’; andCommentsClose CommentsPermalink
(3) by striking ‘, and the Office of Thrift Supervision’.CommentsClose CommentsPermalink
(h) Amendments to Section 1216- Section 1216 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(1) in subsection (a)--CommentsClose CommentsPermalink
(A) by striking paragraphs (2), (5), and (6); andCommentsClose CommentsPermalink
(B) by redesignating paragraphs (3), and (4), as paragraphs (2), and (3), respectively;CommentsClose CommentsPermalink
(2) in subsection (c)--CommentsClose CommentsPermalink
(A) by striking ‘the Director of the Office of Thrift Supervision,’ and inserting ‘, and’; andCommentsClose CommentsPermalink
(B) by striking ‘the Thrift Depositor protection Oversight Board of the Resolution Trust Corporation, and the Resolution Trust Corporation’; andCommentsClose CommentsPermalink
(3) in subsection (d)--CommentsClose CommentsPermalink
(A) by striking paragraphs (3), (5) and (6); andCommentsClose CommentsPermalink
(B) by redesignating paragraphs (4), (7), and (8) as paragraphs (3), (4), and (5), respectively.CommentsClose CommentsPermalink
SEC. 1239. AMENDMENTS TO THE HOUSING ACT OF 1948.
Section 502(c) of the Housing Act of 1948 (
SEC. 1240. AMENDMENTS TO THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992.
(a) Amendments to Section 543- Section 543 of the Housing and Community Development Act of 1992 (
(1) in subsection (c)(1)--CommentsClose CommentsPermalink
(A) by amending subparagraph (C) to read as follows:CommentsClose CommentsPermalink
‘(C) Comptroller of the Currency’;CommentsClose CommentsPermalink
(B) by striking subparagraphs (D) through (F); andCommentsClose CommentsPermalink
(C) by redesignating subparagraphs (G) and (H) as subparagraphs (D) and (E), respectively; andCommentsClose CommentsPermalink
(2) in subsection (f)--CommentsClose CommentsPermalink
(A) in paragraph (2)--CommentsClose CommentsPermalink
(i) by striking ‘the Office of Thrift Supervision,’; andCommentsClose CommentsPermalink
(ii) in subparagraph (D), by striking ‘Office of Thrift Supervision,’ and inserting ‘Comptroller of the Currency,’; andCommentsClose CommentsPermalink
(B) in paragraph (3)--CommentsClose CommentsPermalink
(i) by striking ‘the Office of Thrift Supervision,’ and inserting ‘Comptroller of the Currency,’; andCommentsClose CommentsPermalink
(ii) in subparagraph (D), by striking ‘Office of Thrift Supervision,’ and inserting ‘Comptroller of the Currency,’.CommentsClose CommentsPermalink
(b) Amendment to Section 1315- Section 1315(b) of the Housing and Community Development Act of 1992 (
(c) Amendment to Section 1317- Section 1317(c) of the Housing and Community Development Act of 1992 (
SEC. 1241. AMENDMENTS TO THE HOUSING AND URBAN-RURAL RECOVERY ACT OF 1983.
Section 469 of the Housing and Urban-Rural Recovery Act of 1983 (
SEC. 1242. AMENDMENTS TO THE NATIONAL HOUSING ACT.
Section 203(s) of the National Housing Act (
(1) in paragraph (5), by revising the paragraph to read as follows:CommentsClose CommentsPermalink
‘if the mortgagee is a national bank, a subsidiary or affiliate of such a bank, a Federal savings association or a subsidiary or affiliate of a savings association, the Comptroller of the Currency;’CommentsClose CommentsPermalink
(2) in paragraph (7) by inserting ‘or State savings association’ after ‘State bank’; andCommentsClose CommentsPermalink
(3) by striking paragraph (8).CommentsClose CommentsPermalink
SEC. 1243. AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978.
Section 11(7) of the Right to Financial Privacy Act of 1978 (
(1) by striking subparagraph (B); andCommentsClose CommentsPermalink
(2) by redesignating subparagraphs (C) through (I) as subparagraphs (B) through (H), respectively.CommentsClose CommentsPermalink
SEC. 1244. AMENDMENTS TO THE BALANCED BUDGET AND EMERGENCY DEFICIT CONTROL ACT OF 1985.
(a) Amendments to Section 255- Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 (
(b) Amendments to Section 256- Section 256(h)(4) of the Balanced Budget and Emergency Deficit Control Act of 1985 (
(1) by striking subparagraphs (C) and (G); andCommentsClose CommentsPermalink
(2) by redesignating subparagraphs (D), (E), (F), and (H) as subparagraphs (C) through (G), respectively.CommentsClose CommentsPermalink
SEC. 1245. AMENDMENTS TO THE CRIME CONTROL ACT OF 1990.
(a) Amendments to Section 2539- Section 2539(c)(2) of the Crime Control Act of 1990 (
(b) Amendment to Section 2554- Section 2554(b)(2) of the Crime Control Act of 1990 (
SEC. 1246. AMENDMENT TO THE FLOOD DISASTER PROTECTION ACT OF 1973.
Section 3(a)(5) of the Flood Disaster Protection Act of 1973, as amended (
SEC. 1247. AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940.
Section 6(a)(3) of the Investment Company Act of 1940 (
SEC. 1248. AMENDMENTS TO THE NEIGHBORHOOD REINVESTMENT CORPORATION ACT.
The Neighborhood Reinvestment Corporation Act (
SEC. 1249. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.
(a) Amendment

U.S. Congress - Text of H.R.3996 as Introduced in House Financial Stability Improvement Act of 2009

