Page:United States Statutes at Large Volume 101 Part 1.djvu/665

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 635

nomic effects caused by its actions on individual debtors in the community.". SEC. 508. CAPITAL POOLS.

(a) FINDINGS.—The Congress hereby finds that— (1) the Federal Deposit Insurance Corporation has the statutory authority to engage in open bank assistance for failing banks under section 13(c) of the Federal Deposit Insurance Act 12 USC 1873. to minimize losses to the insurance fund and to provide for the f stability of the community; (2) communities in depressed regions of the Nation have had increasing difficulty in raising capital to infuse into locally ? operated, failing banks; (3) States have the authority to establish capital pools to ' supplement Federal Deposit Insurance Corporation funds and outside capital in arranging open banks assistance plans; and (4) it is not in the public interest to have a fire sale of assets acquired by the Federal Deposit Insurance Corporation as a part of their acquisitions of nonperforming loans of failed banks. (b) SENSE OF THE CONGRESS.—It is the sense of the Congress that the Federal Deposit Insurance Corporation should— (1) exercise its discretionary authority to work with States which authorize capital pools described in subsection (a)(3) to save community banks during this time of great economic distress in certain regions of the country; and (2) use its discretionary authority to negotiate sale of loans in the Corporation's capacity as receiver for a closed insured bank to banks in the area in which such closed bank is located in order to prevent further asset devaluation. SEC. 509. PERMANENT EXTENSION OF CERTAIN TEMPORARY PROVISIONS OF LAW; 5-YEAR EXTENSION OF NET WORTH CERTIFICATES.

(a) PERMANENT EXTENSION.—Part D of title I of the Garn-St Germain Depository Institutions Act of 1982 is repealed. (b) 5-YEAR EXTENSION OF N E T WORTH CERTIFICATES.—Section

206(a) of such Act (12 U.S.C. 1729 note) is amended by striking out "October 13, 1986" and inserting in lieu thereof "October 13, 1991". (c) PRIOR AMENDMENTS NOT EFFECTIVE.—No amendment made by part D of title I or section 206 of the Garn-St Germain Depository Institutions Act of 1982, as in effect before the date of the enactment of this Act, to any other provision of law shall be deemed to have taken effect before the date of the enactment of this Act and any such provision of law shall be in effect as if no such amendment had been made before such date of enactment.

TITLE VI—EXPEDITED FUNDS AVAILABILITY

12 USC 1464 note. 12 USC 1729, 1823. 12 USC 1464 note. 12 USC 1729, 1823.

Expedited Funds Availability Act. 12 USC 4001 note.

SEC. 601. SHORT TITLE.

This title may be cited as the "Expedited Funds Availability Act". SEC. 602. DEFINITIONS.

For purposes of this title—

12 USC 4001.

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