Page:United States Statutes at Large Volume 111 Part 1.djvu/235

 PUBLIC LAW 105-18-JUNE 12, 1997 111 STAT. 211 expended, or until one year after the termination of the Commission pursuant to section 40007, whichever occurs first. SEC. 40007. TERMINATION OF COMMISSION. The Commission shall cease to exist on the date that is 60 days after the date on which the Commission is required to submit its final report in accordance with section 40004(b). TITLE V—DEPOSITORY INSTITUTION DISASTER RELIEF SEC. 50001. SHORT TITLE. This title may be cited as the "Depository Institutions Disaster ReliefAct ofl997". SEC. 50002. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT. (a) TRUTH IN LENDING ACT. —During the 240-day period beginning on the date of enactment of this Act, the Board of Governors of the Federal Reserve System may make exceptions to the Truth in Lending Act for transactions within an area in which the President, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, has determined, on or after February 28, 1997, that a major disaster exists, or within an area determined to be eligible for disaster relief under other Federal law by reason of dsmiage related to the 1997 flooding of the Red River of the North, the Minnesota River, and the tributaries of such rivers, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweigh possible adverse effects. (b) EXPEDITED FUNDS AVAILABILITY ACT. —During the 240-day period beginning on the date of enactment of this Act, the Board of Governors of the Federal Reserve System may make exceptions to the Expedited Funds Availability Act for depository institution offices located within any area referred to in subsection (a) of this section if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweigh possible adverse effects. (c) TIME LIMIT ON EXCEPTIONS.—Any exception made under this section shall expire not later than September 1, 1998. (d) PUBLICATION REQUIRED. —The Board of Governors of the Federal Reserve System shall publish in the Federal Register a statement that— (1) describes any exception made under this section; and (2) explains how the exception can reasonably be expected to produce benefits to the public that outweigh possible adverse effects. SEC. 50003. t>EPOSIT OF INSURANCE PROCEEDS. (a) IN GENERAL.— The appropriate Federal banking agency may, by order, permit an insured depository institution to subtract from the institution's total assets, in calculating compliance with the leverage limit prescribed under section 38 of the Federal Deposit Insurance Act, an amount not exceeding the qualifying amount attributable to insurance proceeds, if the agency determines that— (1) the institution— (A) had its principal place of business within an area in which the President, pursuant to section 401 of the Depository Institutions Disaster Relief Act of 1997. 12 USC 1811 note. 12 USC 4008 note. Federal Register, publication. 12 USC 18310 note.

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