Page:United States Statutes at Large Volume 119.djvu/3623

 PUBLIC LAW 109–173—FEB. 15, 2006

119 STAT. 3605

share accounts of the institution, in accordance with regulations to be prescribed by the Board. ‘‘(B) STATEMENT TO BE INCLUDED.—Each sign required under subparagraph (A) shall include a statement that insured share accounts are backed by the full faith and credit of the United States Government. ‘‘(2) REGULATIONS.—The Board shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs. ‘‘(3) PENALTIES.—For each day that an insured credit union continues to violate this subsection or any regulation issued under this subsection, it shall be subject to a penalty of not more than $100, which the Board may recover for its use.’’. (e) EFFECTIVE DATE.—This section and the amendments made by this section shall take effect on the date on which the final regulations required under section 2109(a)(2) of the Federal Deposit Insurance Reform Act of 2005 take effect.

12 USC 1785 note.

SEC. 3. CONFORMING AMENDMENTS RELATING TO ASSESSMENTS AND REPEAL OF SPECIAL RULES RELATING TO MINIMUM ASSESSMENTS AND FREE DEPOSIT INSURANCE.

(a) IN GENERAL.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended as follows: (1) Paragraph (3) of section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by striking the 3d sentence and inserting the following: ‘‘Such reports of condition shall be the basis for the certified statements to be filed pursuant to subsection (c).’’. (2) Subparagraphs (B)(ii) and (C) of section 7(b)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)) are each amended by striking ‘‘semiannual’’ where such term appears in each such subparagraph. (3) Section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)) is amended— (A) by striking subparagraphs (E), (F), and (G); (B) in subparagraph (C), by striking ‘‘semiannual’’; and (C) by redesignating subparagraph (H) (as amended by subsection (e)(2) of this section) as subparagraph (E). (4) Section 7(b) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)) is amended by striking paragraph (4) and redesignating paragraphs (5) (as amended by subsection (b) of this section), (6), and (7) as paragraphs (4), (5), and (6) respectively. (5) Section 7(c) of the Federal Deposit Insurance Act (12 U.S.C. 1817(c)) is amended— (A) in paragraph (1)(A), by striking ‘‘semiannual’’; (B) in paragraph (2)(A), by striking ‘‘semiannual’’; and (C) in paragraph (3), by striking ‘‘semiannual period’’ and inserting ‘‘initial assessment period’’. (6) Section 8(p) of the Federal Deposit Insurance Act (12 U.S.C. 1818(p)) is amended by striking ‘‘semiannual’’. (7) Section 8(q) of the Federal Deposit Insurance Act (12 U.S.C. 1818(q)) is amended by striking ‘‘semiannual period’’ and inserting ‘‘assessment period’’.

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