Page:United States Statutes at Large Volume 114 Part 5.djvu/1021

 PUBLIC LAW 106-569—DEC. 27, 2000 114 STAT. 3035 "(2) EXCLUSION.— For purposes of this subsection, an insured depository institution shall not be deemed to be making a loan or discount on the security of the shares of its own capital stock if it acquires the stock to prevent loss upon a debt previously contracted for in good faith.". SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS. Section 475 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 1828 note) is amended— (1) in subsection (a)(1), by inserting "(or such other percentage exceeding 90 percent but not exceeding 100 percent, as may be determined under subsection (b))" after "90 percent"; (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following new subsection: " (b) AUTHORITY TO DETERMINE PERCENTAGE BY WHICH TO DIS- COUNT VALUE OF SERVICING RIGHTS. — The appropriate Federal banking agencies may allow readily marketable purchased mortgage servicing rights to be valued at more than 90 percent of their fair market value but at not more than 100 percent of such value, if such agencies jointly make a finding that such valuation would not have an adverse effect on the deposit insurance funds or the safety and soundness of insured depository institutions."; and (3) in subsection (c), by striking "and" and inserting ", 'deposit insurance fund', and". Subtitle B—Streamlining Activities of Institutions SEC. 1211. CALL REPORT SIMPLIFICATION. 25 USC 4805a. (a) MODERNIZATION OF CALL REPORT FILING AND DISCLOSURE SYSTEM.—In order to reduce the administrative requirements pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeliness of such reports and statements, the Federal banking agencies shall— (1) work jointly to develop a system under which— (A) insured depository institutions and their affiliates may file such reports and statements electronically; and (B) the Federal banking agencies may make such reports and statements available to the public electronically; and (2) not later than 1 year after the date of the enactment Deadline, of this Act, report to the Congress and make recommendations for legislation that would enhance efficiency for filers and users of such reports and statements. (b) UNIFORM REPORTS AND SIMPLIFICATION OF INSTRUCTIONS.— The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly— (1) to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in subsection (a); and (2) to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users.

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