Page:United States Statutes at Large Volume 103 Part 1.djvu/388

 103 STAT. 360 PUBLIC LAW 101-73 —AUG. 9, 1989 (A) made available by the Director of the Office of Thrift Supervision, the Chairperson of the Federal Deposit Insur- ance Corporation, or the Chairperson of the Federal Hous- ing Finance Board pursuant to paragraph (3); or (B) determined by the Director of the Office of Thrift Supervision, the Chairperson of the Federal Deposit Insur- ance Corporation, or the Chairperson of the Federal Hous- ing Finance Board, pursuant to paragraph (4), to be substantially similar to the index which is no longer cal- culated or made available, may be substituted by the holder of any such adjustable rate mortgage instrument upon notice to the borrower. (3) AGENCY ACTION REQUIRED TO PROVIDE CONTINUED AVAIL- ABILITY OF INDEXES.—Promptly after the enactment of this subsection, the Director of the Office of Thrift Supervision, the "^^ Chairperson of the Federal Deposit Insurance Corporation, and the Chairperson of the Federal Housing Finance Board shall take such action as may be necessary to assure that the indexes _ prepared by the Federal Savings and Loan Insurance Corpora- tion, the Federal Home Loan Bank Board, and the Federal home loan banks immediately prior to the enactment of this ' subsection and used to calculate the interest rate on adjustable rate mortgage instruments continue to be available. (4) REQUIREMENTS RELATING TO SUBSTITUTE INDEXES.— If any agency can no longer make available an index pursuant to paragraph (3), an index that is substantially similar to such index may he substituted for such index for purposes of para- • graph (2) if the Director of the Office of Thrift Supervision, the Chairperson of the Federal Deposit Insurance Corporation, or the Chairperson of the Federal Housing Finance Board, as the case may be, determines, after notice and opportunity for com- ment, that— (A) the new index is based upon data substantially simi- s lar to that of the original index; and (B) the substitution of the new index will result in an interest rate substantially similar to the rate in effect at ?.: the time the original index became unavailable. SEC. 403. DETERMINATION OF TRANSFERRED FUNCTIONS AND EM- PLOYEES. (a) ALL FHLBB AND FSLIC EMPLOYEES SHALL BE TRANSFERRED. — All employees of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation shall be identified for transfer under subsection (b) to the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, or the Federal Hous- ing Finance Board. (b) FUNCTIONS AND EMPLOYEES TRANSFERRED. — (1) IN GENERAL.—The Director of the Office of Thrift Super- vision, the Chairperson of the Oversight Board of the Resolution Trust Corporation, the Chairperson of the Federal Deposit Insurance Corporation, the Chairperson of the Federal Housing Finance Board, and the Chairman of the Federal Home Loan Bank Board (as of the day before the date of the enactment of this Act) shall jointly determine the functions or activities of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation, and the number of employees of such Board and Corporation necessary to perform or support

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