Page:United States Statutes at Large Volume 101 Part 1.djvu/638

 101 STAT. 608

PUBLIC LAW 100-86—AUG. 10, 1987 "(2)

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EXCEPTION

FOR CERTAIN

INSTITUTIONS

AND TRANS-

ACTIONS.—Notwithstanding the requirement contained in paragraph (1)(A), the Corporation may suspend the appHcation of any such standard with respect to any insured institution or any transaction if— "(A) the application of such standard to an insured institution and a company that controls such insured ' institution would result in such insured institution and company being treated differently than a bank and such bank's holding company considered on a consolidated basis; and "(B) the transaction was consistent with generally accepted accounting principles when such transaction was completed. "(c) ASSET EVALUATIONS.—The Corporation may not require an

insured institution to establish reserves against, or write down the value of, any asset in an amount in excess of the amount which would result from an evaluation of such asset which is consistent with generally accepted accounting principles, except that evaluations which are consistent with the practice of the Federal banking agencies may be used for supervisory purposes. "(d) ACCOUNTING FOR SUBORDINATED DEBT AND GOODWILL.—No

12 USC 1467 note.

provision of this section shall affect the authority of the Corporation to authorize insured institutions to utilize subordinated debt and goodwill in meeting reserve and other regulatory requirements. "(e) Loss DEFERRALS.—Notwithstanding any other provision of this section— "(1) insured institutions may continue, for purposes of determining regulatory net worth and capital, to defer and amortize gains and losses from the disposition of assets pursuant to regulations of the Corporation in effect before the enactment of the Thrift Industry Recovery Act; and "(2) the use of such deferrals and amortizations, consistently with the regulations referred to in paragraph (1), shall not Ji reduce the ability of an insured institution to comply with any •' "(f) FEDERAL BANKING AGENCY DEFINED.—For purposes of this section, the term 'Federal banking agency' means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.". (c) REPORT TO CONGRESS.—Not later than the end of the 90-day period beginning on the date of the enactment of this Act— (1) the Federal Home Loan Bank Board shall submit a copy of '-> the proposed regulations required to be prescribed under the '^' amendment made by subsection (a) to the Congress; and (2) the Federal Savings and Loan Insurance Corporation shall submit a copy of the proposed regulations required to be pre'^ scribed under the amendment made by subsection (b) to the Congress. (d) EFFECTIVE DATE OF REGULATIONS.—
 * other rule issued or regulation prescribed by the Corporation.

12 USC 1467 note.

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(1) IN GENERAL.—Except as provided in paragraph (2), any regulation required to be prescribed under the amendment made by subsections (a) and (b) shall be implemented not later than the end of the 150-day period beginning on the date of the enactment of this Act. (2) UNIFORM GAAP ACCOUNTING STANDARDS.—

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