Page:United States Statutes at Large Volume 108 Part 3.djvu/514

 108 STAT. 2266 PUBLIC LAW 103-325—SEPT. 23, 1994 Regulations. "(0 EFFECTIVE DATE. —The regulations under this section requiring use of the form established pursuant to this section shall be issued together with the regulations required under subsection (a) and shall take effect upon the expiration of the 180-day period beginning on such issuance.". SEC. 529. EXAMINATIONS REGARDING COMPLIANCE. (a) AMENDMENT TO FEDERAL DEPOSIT INSURANCE ACT. — Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is amended by adding at the end the following new subsection: " (i) FLOOD INSURANCE COMPLIANCE BY INSURED DEPOSITORY INSTITUTIONS.— " (1) EXAMINATIONS.—The appropriate Federal banking agency shall, during each scheduled on-site examination required by this section, determine whether the insured depository institution is complying with the requirements of the national flood insurance program. " (2) REPORT. — "(A) REQUIREMENT. — Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years, each appropriate Federal banking agency shall submit a report to the Congress on compliance by insured depository institutions with the requirements of the national flood insurance program. "(B) CONTENTS.— Each report submitted under this paragraph shall include a description of the methods used to determine compliance, the number of institutions examined during the reporting year, a listing and total number of institutions found not to be in compliance, actions taken to correct incidents of noncompliance, and an analysis of compliance, including a discussion of any trends, patterns, and problems, and recommendations regarding reasonable actions to improve the efficiency of the examinations processes.". (b) AMENDMENT TO FEDERAL CREDIT UNION ACT.— Section 204 of the Federal Credit Union Act (12 U.S.C. 1784) is amended by adding at the end the following new subsection: "(e) FLOOD INSURANCE COMPLIANCE BY INSURED CREDIT UNIONS.— "(1) EXAMINATION.—The Board shall, during each examination conducted under this section, determine whether the insured credit union is complying with the requirements of the national flood insurance program. "(2) REPORT.— "(A) REQUIREMENT.— Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years, the Board shall submit a report to the Congress on compliance by insured credit unions with the requirements of the national flood insurance program. "(B) CONTENTS. — The report shall include a description of the methods used to determine compliance, the number of insured credit unions examined during the reporting J year, a listing and total number of insured credit unions found not to be in compliance, actions taken to correct

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