Page:United States Statutes at Large Volume 120.djvu/2012

 PUBLIC LAW 109–351—OCT. 13, 2006

120 STAT. 1981

by an insured depository institution in a report of condition required under paragraph (3). ‘‘(B) REDUCTION OR ELIMINATION OF INFORMATION FOUND TO BE UNNECESSARY.—After completing the review required by subparagraph (A), a Federal banking agency, in conjunction with the other relevant Federal banking agencies, shall reduce or eliminate any requirement to file information or schedules under paragraph (3) (other than information or schedules that are otherwise required by law) if the agency determines that the continued collection of such information or schedules is no longer necessary or appropriate.’’. SEC. 605. EXPANSION OF ELIGIBILITY FOR 18-MONTH EXAMINATION SCHEDULE FOR COMMUNITY BANKS.

Section 10(d)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)(4)(A)) is amended by striking ‘‘$250,000,000’’ and inserting ‘‘$500,000,000’’. SEC.

606.

STREAMLINING DEPOSITORY APPLICATION REQUIREMENTS.

INSTITUTION

MERGER

(a) IN GENERAL.—Section 18(c)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(4)) is amended to read as follows: ‘‘(4) REPORTS ON COMPETITIVE FACTORS.— ‘‘(A) REQUEST FOR REPORT.—In the interests of uniform standards and subject to subparagraph (B), before acting on any application for approval of a merger transaction, the responsible agency shall— ‘‘(i) request a report on the competitive factors involved from the Attorney General of the United States; and ‘‘(ii) provide a copy of the request to the Corporation (when the Corporation is not the responsible agency). ‘‘(B) FURNISHING OF REPORT.—The report requested under subparagraph (A) shall be furnished by the Attorney General to the responsible agency— ‘‘(i) not later than 30 calendar days after the date on which the Attorney General received the request; or ‘‘(ii) not later than 10 calendar days after such date, if the requesting agency advises the Attorney General that an emergency exists requiring expeditious action. ‘‘(C) EXCEPTIONS.—A responsible agency may not be required to request a report under subparagraph (A) if— ‘‘(i) the responsible agency finds that it must act immediately in order to prevent the probable failure of 1 of the insured depository institutions involved in the merger transaction; or ‘‘(ii) the merger transaction involves solely an insured depository institution and 1 or more of the affiliates of such depository institution.’’. (b) TECHNICAL AND CONFORMING AMENDMENTS.—Section 18(c)(6) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(6)) is amended— (1) in the second sentence, by striking ‘‘banks or savings associations involved and reports on the competitive factors

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