Federal Deposit Insurance Corporation Improvement Act of 1991


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

{{SECTION|SEC. 1.|SECTION 1}}. SHORT TITLE; TABLE OF CONTENTS.

 * (a) .—
 * This Act may be cited as the ``Federal Deposit Insurance Corporation Improvement Act of 1991´´.


 * (b) .—


 * Sec. 1. Short Title; Table of Contents.


 * TITLE I — SAFETY AND SOUNDNESS
 * Subtitle A — Deposit Insurance Funds
 * Sec. 101. Funding for the Federal deposit insurance funds.
 * Sec. 102. Limitation on outstanding borrowing.
 * Sec. 103. Repayment schedule.
 * Sec. 104. Recapitalizing the Bank Insurance Fund.
 * Sec. 105. Borrowing for BIF from BIF members.


 * Subtitle B — Supervisory Reforms
 * Sec. 111. Improved examinations.
 * Sec. 112. Independent annual audits of insured depository institutions.
 * Sec. 113. Assessments required to cover costs of examinations.
 * Sec. 114. Examination and supervision fees for national banks and savings associations.
 * Sec. 115. Application to FDIC required for insurance.


 * Subtitle C — Accounting Reforms
 * Sec. 121. Accounting objectives, standards, and requirements.
 * Sec. 122. Small business and small farm loan information.
 * Sec. 123. FDIC property disposition standards.


 * Subtitle D — Prompt Corrective Action
 * Sec. 131. Prompt corrective action.
 * Sec. 132. Standards for safety and soundness.
 * Sec. 133. Conservatorship and receivership amendments to facilitate prompt corrective action.


 * Subtitle E — Least-Cost Resolution
 * Sec. 141. Least-cost resolution.
 * Sec. 142. Federal Reserve discount window advances.
 * Sec. 143. Early resolution.


 * Subtitle F — Depository Institutions Lacking Federal Deposit Insurance
 * Sec. 151. Depository institutions lacking Federal deposit insurance.


 * Subtitle G — Technical Corrections
 * Sec. 161. Technical corrections and clarifications.


 * TITLE II — REGULATORY IMPROVEMENT
 * Subtitle A — Regulation of Foreign Banks
 * Sec. 201. Short title.
 * Sec. 202. Regulation of foreign bank operations.
 * Sec. 203. Conduct and coordination of examinations.
 * Sec. 204. Supervision of the representative offices of foreign banks.
 * Sec. 205. Reporting of stock loans.
 * Sec. 206. Cooperation with foreign supervisors.
 * Sec. 207. Approval required for acquisition by foreign banks of shares of United States banks.
 * Sec. 208. Penalties.
 * Sec. 209. Powers of agencies respecting applications, examinations, and other proceedings.
 * Sec. 210. Clarification of managerial standards in Bank Holding Company Act of 1956.
 * Sec. 211. Standards and factors in the Home Owners' Loan Act.
 * Sec. 212. Authority of Federal banking agencies to enforce consumer statutes.
 * Sec. 213. Criminal penalty for violating the International Banking Act of 1978.
 * Sec. 214. Miscellaneous amendments to the International Banking Act of 1978.
 * Sec. 215. Study and report on subsidiary requirements for foreign banks.


 * Subtitle B — Customer and Consumer Provisions
 * Sec. 221. Study on regulatory burden.
 * Sec. 222. Discussion of lending data.
 * Sec. 223. Enforcement of Equal Credit Opportunity Act.
 * Sec. 224. Home Mortgage Disclosure Act.
 * Sec. 225. Notice of safeguard exception.
 * Sec. 226. Delegated processing.
 * Sec. 227. Deposits at nonproprietary automated teller machines.
 * Sec. 228. Notice of branch closure.


 * Subtitle C — Bank Enterprise Act
 * Sec. 231. Short title.
 * Sec. 232. Reduced assessment rate for deposits attributable to lifeline accounts.
 * Sec. 233. Assessment credits for qualifying activities relating to distressed communities.
 * Sec. 234. Community development organizations.


 * Subtitle D — FDIC Property Disposition
 * Sec. 241. FDIC affordable housing program.


 * Subtitle E — Whistleblower Protections
 * Sec. 251. Additional whistleblower protections.


 * Subtitle F — Truth in Savings
 * Sec. 261. Short title.
 * Sec. 262. Findings and purpose.
 * Sec. 263. Disclosure of interest rates and terms of accounts.
 * Sec. 264. Account schedule.
 * Sec. 265. Disclosure requirements for certain accounts.
 * Sec. 266. Distribution of schedules.
 * Sec. 267. Payment of interest.
 * Sec. 268. Periodic statements.
 * Sec. 269. Regulations.
 * Sec. 270. Administrative enforcement.
 * Sec. 271. Civil liability.
 * Sec. 272. Credit unions.
 * Sec. 273. Effect on State law.
 * Sec. 274. Definitions.


 * TITLE III — FEDERAL DEPOSIT INSURANCE REFORM
 * Subtitle A — Activities
 * Sec. 301. Limitations on brokered deposits and deposit solicitations.
 * Sec. 302. Risk-based assessments.
 * Sec. 303. Restrictions on insured State bank activities.
 * Sec. 304. Restrictions on real estate lending.
 * Sec. 305. Improving capital standards.
 * Sec. 306. Safeguards against insider abuse.
 * Sec. 307. FDIC back-up enforcement authority.
 * Sec. 308. Interbank liabilities.


 * Subtitle B — Coverage
 * Sec. 311. Deposit and pass-through insurance.
 * Sec. 312. Foreign deposits.
 * Sec. 313. Penalty for false assessment reports.


 * Subtitle C — Demonstration Project and Studies
 * Sec. 321. Feasibility study on authorizing insured and uninsured deposit accounts.
 * Sec. 322. Private reinsurance study.


 * TITLE IV — MISCELLANEOUS PROVISIONS
 * Subtitle A — Payment System Risk Reduction
 * Sec. 401. Findings and purpose.
 * Sec. 402. Definitions.
 * Sec. 403. Bilateral netting.
 * Sec. 404. Clearing organization netting.
 * Sec. 405. Preemption.
 * Sec. 406. Relationship to other payments systems.
 * Sec. 407. National emergencies.


 * Subtitle B — Right to Financial Privacy Act of 1978
 * Sec. 411. Amendments to the Right to Financial Privacy Act of 1978.


 * Subtitle C — Final Settlement Payment Procedure
 * Sec. 416. Final settlement payment procedure.


 * Subtitle D — Miscellaneous Committees, Studies, and Reports
 * Sec. 421. Amendments relating to Federal Reserve Board reserve requirements.
 * Sec. 422. Permanent authorization of Credit Standards Advisory Committee.


 * Subtitle E — Utilization of Private Sector
 * Sec. 426. Utilization of private sector.
 * Sec. 427. Reporting.


 * Subtitle F — Emergency Assistance for Rhode Island
 * Sec. 431. Emergency loan guarantee.


 * Subtitle G — Qualified Thrift Lender Test Improvements
 * Sec. 436. Short title.
 * Sec. 437. Adjustment of compliance periods for purposes of qualified thrift lender test.
 * Sec. 438. Increase in amount of liquid assets excludable from portfolio assets.
 * Sec. 439. Additional investments included in definition of qualified thrift assets.
 * Sec. 440. Prudent diversification of assets.
 * Sec. 441. Consumer lending by Federal savings associations.


 * Subtitle H — Prohibition on Entering Secrecy Agreements and Protective Orders
 * Sec. 446. Prohibition on entering into secrecy agreements and protective orders.


 * Subtitle I — Bank and Thrift Employee Provisions
 * Sec. 451. Continuation of health plan coverage in cases of failed financial institutions.


 * Subtitle J — Sense of the Congress Regarding the Credit Crisis
 * Sec. 456. Credit crunch.


 * Subtitle K — Acquisition of Insolvent Savings Associations
 * Sec. 461. Acquisition of insolvent savings associations.


 * Subtitle L — Creditability of Service
 * Sec. 466. Creditability of service.


 * Subtitle M — Other Miscellaneous Provisions
 * Sec. 471. Providing services to insured depository institutions.
 * Sec. 472. Real estate appraisals.
 * Sec. 473. Emergency liquidity.
 * Sec. 474. Discrimination against reorganized debtors.
 * Sec. 475. Purchased mortgage servicing rights.
 * Sec. 476. Limitation on securities private rights of action.
 * Sec. 477. Modified small business lending disclosure.
 * Sec. 478. Special insured deposits.


 * Subtitle N—Severability
 * Sec. 481. Severability.


 * TITLE V — DEPOSITORY INSTITUTION CONVERSIONS
 * Sec. 501. Mergers and acquisitions of insured depository institutions during conversion moratorium.
 * Sec. 502. Mergers, consolidations, and other acquisitions authorized.´´.

Approved December 19, 1991.

Legislative History

 * S. 543,
 * HOUSE REPORTS:
 * No. 102-330 (Comm. on Banking, Finance, and Urban Affairs)
 * No. 102-407 (Comm. of Conference)
 * SENATE REPORTS:
 * No. 102-167 (Comm. on Banking, Housing, and Urban Affairs)
 * CONGRESSIONAL RECORD, Vol. 137 (1991):
 * Nov. 21, considered and passed Senate with an amendment.
 * Nov. 23, considered and passed House with an amendment.
 * Nov. 25, Senate disagreed to the House amendment by Voice Vote.
 * Nov. 27, Conference report filed.
 * Nov. 27, House agreed to conference report.
 * Nov. 27, Senate agreed to conference report.