Responsive Document - CREW: Federal Reserve Board of Governors: Regarding Efforts to Influence...

7/31/2019 Responsive Document - CREW: Federal Reserve Board of Governors: Regarding Efforts to Influence Financial Reg

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RERERERE::::DraftTitleIDiscussionDraftLanguageDraftTitleIDiscussionDraftLanguageDraftTitleIDiscussionDraftLanguageDraftTitleIDiscussionDraftLanguage

MeadeMeadeMeadeMeade,,,,DanielDanielDanielDaniel to:Meade,Daniel,pnash,Michael.Barr,scott.alvarez,linda.l.robertson

10/26/200908:03PM

Cc:"Roslanowick,Jeanne","Beresik,Michael","Threatt,Adrianne","Marks,Kathryn","Stewart,Lawranne","Smith,David",

Laurie.SchafferHistory: Thismessagehasbeenforwarded.

All,

Attached are most of the remaining sections of the draft (subtitles, C, F, G and H). Still to come at thispoint are Subtitles A&B, which cover systemic risk regulation and the Council. We are continuing to holdthese pending possible further principal-level discussions, but we will get them to you as soon as we areable. Please know that we will also include, in Subtitles A&B, language authorizing Emergency FinancialStabilization assistance through facilities we should be able to send you this language before the rest ofA&B, and will do so.

We plan on releasing the complete draft tomorrow morning.

Thanks.

From: Meade, DanielSent: Monday, October 26, 2009 1:17 PMTo: '[email protected]'; '[email protected]'; '[email protected]'; '[email protected]'Cc: Roslanowick, Jeanne; Beresik, Michael; Threatt, Adrianne; Marks, Kathryn; Stewart, Lawranne; Smith,David; '[email protected]'

Subject: Draft Title I Discussion Draft LanguageImportance: High

Michael, Paul, Linda and Scott


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Jeanne and Michael asked me to thank you again for the meeting on Friday it was very helpful to us ingetting these drafts finalized, and we really appreciate your collaboration on all of these issues. Attachedis the proposed draft of the first pieces we have on Title I (the systemic and prudential cluster of issues)that reflects where we are now after the input weve received from all of you. Specifically, attached are thesubtitles on payments and BHC and prudential improvements; the rest of Title I (e.g. Council, systemicoversight, resolution) will follow shortly. We intend to release the draft sometime before we go hometoday and therefore would like your reactions as soon as possible.

Thanks,

Dan Meade

Daniel S. Meade

Senior Counsel

House Committee on Financial Services

2129 RayburnHouseOfficeBuilding

-SubtitleCdraft10-26-09730pm.pdf -subtitleh13_3_--_10-26-2009645pm_.pdf -

Resolution--subtitleG_10-26-2009230pm_.pdf -SubtitleFSecuritizationDiscussionDraft10-26-09630PM.pdf

(b)(6)


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Subtitle CIMPROVEMENTS TO1

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SUPERVISION AND REGULATION OF

FEDERAL DEPOSITORY INSTITUTIONS

SEC. 1201. DEFINITIONS.

For purposes of this subtitle, the following definitions shall apply:

(1) BOARD OF GOVERNORS.The term Board of Governors means the Board of

Governors of the Federal Reserve System.

(2) CORPORATION.The term Corpor tion means the Federal Deposit

Insurance Corporation.

(3) OFFICE OF THE COMPTROLLER F THE CU RENCY.The term Office of the

Comptroller of the Currency eans th office established by section 324 of the Revised

Statutes (12 U.S.C. 1).

(4) OFFICE THRIFT SUPERVISION.The term Office of Thrift Supervision

means the of ce established by section 3 of the Home Owners Loan Act (12 U.S.C.

1462a).

(5) SECRETARY.The term Secretary means the Secretary of the Treasury.

(6) TRANSFER DATE.The term transfer date has the meaning provided in

section1205.

(7) CERTAIN OTHER TERMS. The terms affiliate, bank holding company,

control (when used with respect to a depository institution), depository institution,

Federal banking agency, Federal savings association, including, insured branch,

insured depository institution, savings association, State savings association, and


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subsidiary have the same meanings as in section 3 of the Federal Deposit Insurance

Act.

SEC. 1202. AMENDMENTS TO THE HOME OWNERSLOAN ACT RELATING TO TRANSFER OF

FUNCTIONS.

(a) AMENDMENTS TO SECTION 2.Section 2 of the Home Owners Loan Act (12 U.S.C.

1462) is amended by revising paragraph (1) as follows:

(1) BOARD OF GOVERNORS.The term Board of Governors means the Board of

Governors of the Federal Reserve System..

(b) AMENDMENTS TO SECTION 3.Section 3 of the Home Own rs Loan Act (12 U.S.C.

1462a) is amended

(1) by striking subsection (a) d inserting he following new subsection:

(a) ESTABLISHMENT OF DIVISION OF THRIFT SUPERVISION.To carry out the

purposes of this Act, ther is here y estab ished the Division of Thrift Supervision, which

shall be a division within t e Office of the Comptroller of the Currency.;

(2) in ubsection ( )

(A) by strik ng paragraph (1) and inserting the following new paragraph:

(1) IN GENERAL.The Division of Thrift Supervision shall be headed by

a Deputy Comptroller of the Currency who shall be subject to the general oversight of the

Comptroller of the Currency.;

(B) in paragraph (2), by striking Director and inserting Comptroller of

the Currency; and

(C) by striking paragraph (3) and (4);


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(3) by striking subsections (c), (d), and (e) and inserting the following new

subsection:

(c) POWERS OF THE COMPTROLLER OF THE CURRENCY.The Comptroller of the

Currency shall have all the powers, duties, and functions transferred by the Financial

Stability Improvement Act of 2009 to the Comptroller of the Currency to carry out this

Act.;

(4) by redesignating subsections (f) and (i) as subsections (d) and (e),

respectively;

(5) in subsection (d) (as so redesignated) by striking Director each place such

term appears and inserting Comptroller of t Cur ency;

(6) by striking subsections (g), (h), and (j); nd

(7) in subsection (e) (as so rede ign ted), by striking compensation of the

Director and other employees of he Offi e and a l other expenses thereof and inserting

expenses incurred by the Comptr ller of the Currency in carrying out this Act.

(c) AMENDMENTS TO SEC ION 4.Section 4 of the Home Owners Loan Act (12 U.S.C.

1463) is amended by str ing Dir ctor every time it appears and inserting Comptroller of the

Currency.

(d) AMENDMENTS TO SECTION 5.

(1) UNIVERSAL.Section 5 of the Home Owners Loan Act (12 U.S.C. 1464) is

amended

(A) by striking Director and Director of the Office of Thrift Supervision each

place such term appears and inserting Comptroller of the Currency; and

(B) by striking Directors each place such term appears and inserting


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Comptroller of the Currencys.

(2) SPECIFIC PROVISIONS.

(A) Section 5(d)(2)(E) of the Home Owners Loan Act is amended by striking or

the Resolution Trust Corporation, as appropriate, each place such term appears.

(B) Section 5(d)(3)(B) of the Home Owners Loan Act is amended by striking

or the Resolution Trust Corporation.

(e) Amendments to Sections 8 and 9.Sections 8 and 9 of the Home Owners Loan Act

(12 U.S.C. 11466a, 1467) are each amended by striking Dir t r each place such term appears

and inserting Comptroller of the Currency.

(f) TECHNICAL AND CONFORMING AMENDME TS.

(1) Definitions.Section 2 o the Home Owners Loan Act (12 U.S.C. 1462) is

amended

(A) by striking pa agraph 1) and 3); and

(B) by redesignatin aragraphs (2), (4), (5), (6), (7), (8) and (9) as paragraphs

(1), (2), (3), (4), (5), (6), (7), and 8), respectively.

(2) SECTI N 3.

(A) The heading for section 3 of the Home Owners Loan Act is amended by

striking DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION and inserting DIVISION OF

THRIFT SUPERVISION.

(B) The heading for subsection (e) of section (3) of the Home Owners Loan Act

is amended by striking DIRECTOR and inserting COMPTROLLER OF THE CURRENCY.

(3) SECTION 5.

(A) The heading for paragraph (2)(E)(ii) of section 5(d) of the Home Owners


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Loan Act and the heading for paragraph (3)(B) of such section are each amended by striking OR

RTC.

(g) Clerical Amendment.The table of contents section for the Home Owners Loan Act

is amended by striking the item relating to section 3 and inserting the following new item:

Sec. 3. Division of Thrift Supervision..

SEC.1203.AMENDMENTS TO THE REVISED STATUTES.

(a) AMENDMENT TO SECTION 324.Section 324 of the Revised Statutes of the United

States (12 U.S.C. 1) is amended to read as follows:

SEC.324. There shall be in the Department of he Treasury bureau, the chief officer

of which bureau shall be called the Comptroller of th Cur ncy, and shall perform his or her

duties under the general direction of the Sec tary of the T easury. The Comptroller of the

Currency shall have the same authority over m tter as were vested in the Office of Thrift

Supervision or its Director on th day be ore the ate of enactment of the Financial Stability

Improvement Act of 2009. The S c etary of the Treasury may not delay or prevent the issuance

of any rule or the promulgation o any r gulation by the Comptroller of the Currency..

(b) Amendments o Sectio 327.Section 327 of the Revised Statutes of the United

States (12 U.S.C. 4) is amended to read as follows:

SEC.327DEPUTY COMPTROLLERS.

(A)APPOINTMENT.The Secretary of the Treasury shall appoint no more than 5 Deputy

Comptrollers of the Currency

(1) 1 of whom shall be designated First Deputy Comptroller of the Currency; and

(2) 1 of whom shall be designated the Deputy Comptroller of the Division of Thrift

Supervision.


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(b) PAY.The Secretary of the Treasury shall fix the compensation of the Deputy

Comptrollers of the Currency and provide such other benefits as the Secretary may determine to

be appropriate.

(c) OATH OF OFFICE;DUTIES.Each Deputy Comptroller shall take the oath of office

and shall perform such duties as the Comptroller of the Currency shall direct.

(d) SERVICE AS ACTING COMPTROLLER.During a vacancy in the office or during the

absence or disability of the Comptroller, each Deputy Comptroller shall possess the power and

perform the duties attached by law to the Office of the Compt o ler under such order of

succession following the First Deputy Comptroller as th Comptrolle shall direct..

(c) AMENDMENT TO SECTION 329.Section 29 of he Revised Statutes of the United

States (12 U.S.C. 11) is amended by inserting or any Fed ral savings association before the

period at the end.

(d) AMENDMENT TO SECT ON 481 The ourth sentence of the second undesignatedparagraph of Section 5240 of the Re ised Statutes of the United States (12 U.S.C. 481) is

amended by striking Secretary of the T easury; and all that follows through the end of the

sentence, and inserting Secretary of the Treasury; the employment and compensation of

examiners, chief examiners, reviewing examiners, assistant examiners, and of the other

employees of the office of the Comptroller of the Currency whose compensation is and shall be

paid from assessments on banks or affiliates thereof or from other fees or charges imposed

pursuant to this subchapter shall be set and adjusted pursuant to chapter 71 of title five, United

States Code and without regard to the provisions of other laws applicable to officers or

employees of the United States."


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(e)AMENDMENT TO SECTION 482.The first sentence in the first undesignated paragraph

of Section 5240 of the Revised Statutes of the United States (12 U.S.C. 482) is amended by

inserting pursuant to chapter 71 of title five, United States Code, after shall,.

SEC.1204. POWER AND DUTIES TRANSFERRED.

(a) DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.

(1) TRANSFER OF FUNCTIONS.Except as otherwise provided in this subtitle, all

functions of the Director of the Office of Thrift Supervision are transferred to the Office

of the Comptroller of the Currency.

(2) COMPTROLLERS AUTHORITY.Exce t as otherwis provided in this subtitle,

the Comptroller of the Currency shall succeed to all powers, authorities, rights, and duties

that were vested in the Director of th Office of Th ift Supervision under Federal law,

including the Home Owners Loan Ac on he day before the transfer date.

(3) FUNCTIONS RELATING TO SUPERVISION OF STATE SAVINGS ASSOCIATIONS.

(A) TRANSFER OF FUNCTIONS.All functions of the Director of the Office

of Thr ft Supervis n rela ing to the supervision and regulation of State savings

associatio s are transferred to the Corporation.

(B) CORPORATIONS AUTHORITY.The Corporation shall succeed to all

powers, authorities, rights, and duties that were vested in the Director of the

Office of Thrift Supervision under Federal law, including the Homeowners Loan

Act, on the day before the transfer date, relating to the supervision and regulation

of State savings associations.

(4) FUNCTIONS RELATING TO SUPERVISION OF SAVINGS AND LOAN HOLDING

COMPANIES.


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(iii) a description of the steps that will be taken to effect an orderly

and timely implementation of this title within the extended time period;

and

(B) publishes notice of that designated later date in the Federal Register.

(2) EXTENSION LIMITED.In no case shall any date designated under paragraph

(1) be later than 18 months after the date of enactment of this Act.

(3) EFFECT ON REFERENCES TO TRANSFER DATE.If the Secretary takes the

actions provided in paragraph (1) for designating a da r the transfer of functions to the

Office of the Comptroller of the Currency, the C rporation, and the Board of Governors

under section 1204, references in this title to transf r date shall mean the date

designated by the Secretary.

SEC. 1206. OFFICE OF THRIFT SUPER ISION ABOLISHED.

Effective 90 days after th transfe date, t e Office of Thrift Supervision and the position

of Director of the Office of Thrift Supervision are abolished.

SEC. 1207. SAVIN S PROVI IONS

(a) OFFICE OF TH IFT SUPERVISION.

(1) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT AFFECTED.Section

1204(a)(1) and 1206 shall not affect the validity of any right, duty, or obligation of the

United States, the Director of the Office of Thrift Supervision, the Office of Thrift

Supervision, or any other person, that existed on the day before the transfer date.

(2) CONTINUATION OF SUITS.This Act shall not abate any action or proceeding

commenced by or against the Director of the Office of Thrift Supervision or the Office of

Thrift Supervision before the transfer date, except that


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(A) for any action or proceeding arising out of a function of the Director

of the Office of Thrift Supervision transferred to the Comptroller of the Currency

by this title, the Comptroller of the Currency or the Office of the Comptroller of

the Currency shall be substituted for the Director of the Office of Thrift

Supervision or the Office of Thrift Supervision, as the case may be, as a party to

the action or proceeding as of the transfer date; and

(B) for any action or proceeding arising out of a function of the Director of

the Office of Thrift Supervision transferred to h Corporation by this title, the

Chairman of the Corporation shall be substituted for th Director of the Office of

Thrift Supervision as a party to the a ion o proceeding as of the transfer date.

(C) for any action or p ceeding ari ing out of a function of the Director of

the Office of Thrift Supervision tran ferred to the Board of Governors by this

title, the Chairman of the oard o Governors shall be substituted for the Director

of the Office of Th if Supervision as a party to the action or proceeding as of the

transf r date.

(b) CONTINUATI N OF EXI TING OTSORDERS,RESOLUTIONS,DETERMINATIONS,

AGREEMENTS,REGULATIONS, ETC.All orders, resolutions, determinations, agreements, and

regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory

materials, that have been issued, made, prescribed, or allowed to become effective by the Office

of Thrift Supervision, or by a court of competent jurisdiction, in the performance of functions

that are transferred by this title and that are in effect on the day before the transfer date, shall

continue in effect according to the terms of those orders, resolutions, determinations, agreements,

and regulations, interpretative rules, other interpretations, guidelines, procedures, and other


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advisory materials,and shall be enforceable by or against

(1) the Office of the Comptroller of the Currency, in the case of a function

of the Director of the Office of Thrift Supervision transferred to the Comptroller

of the Currency, until modified, terminated, set aside, or superseded in accordance

with applicable law by the Office of the Comptroller of the Currency, by any

court of competent jurisdiction, or by operation of law; or

(2) the Corporation, in the case of a function of the Director of the Office

of Thrift Supervision transferred to the Corpor ti n, until modified, terminated,

set aside, or superseded in accordance wi h applicable w by the Corporation, by

any court of competent jurisdiction, o by o eration of law.

(3) the Board of Gove ors, in the se of a function of the Director of the

Office of Thrift Supervision tra sfe red to he Board of Governors, until

modified, termina ed, set side, or superseded in accordance with applicable law

by the Board of Go e nors, by any court of competent jurisdiction, or by

operat on of law.

(d) IDENTIFICATI N OF RE ULATIONS CONTINUED.

(1) BY OFFICEOFTHECOMPTROLLEROFTHECURRENCY.Not later

than the transfer date, the Comptroller of the Currency shall

(A) after consultation with the Chairperson of the Corporation, identify the

regulations continued under subsection (c) that will be enforced by the Office of

the Comptroller of the Currency; and

(B) publish a list of such regulations in the Federal Register.

(2) BY THE CORPORATION.Not later than the transfer date, the Corporation


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terms.

SEC. 1208. REGULATIONS AND ORDERS.

In addition to any powers transferred to the Comptroller of the Currency by this title, the

Comptroller of the Currency may prescribe such regulations and issue such orders as the

Comptroller of the Currency determines to be appropriate to carry out this title and the powers

and duties transferred to the Comptroller of the Currency by this title.

SEC. 1209. COORDINATION OF TRANSITION ACTIVITIES.

Before the transfer date, the Comptroller of the Currency shall

(1) consult and cooperate with the Office of Thrift Sup rvision to facilitate the

orderly transfer of functions to the Comptrol r of the Currency;

(2) determine and redetermin , from time t time

(A) the amount of funds nec ssary o pay any expenses associated with the

transfer of functions (incl ding ex enses for personnel, property, and

administrative serv s) during the period beginning on the date of enactment of

this A t and endin on th transfer date;

(B what pe sonnel are appropriate to facilitate the orderly transfer of

functions by this title; and

(C) what property and administrative services are necessary to support the

Office of the Comptroller of the Currency during the period beginning on the date

of enactment of this Act and ending on the transfer date; and

(3) take such actions as may be necessary to provide for the orderly

implementation of this title.

SEC. 1210. INTERIM RESPONSIBILITIES OF OFFICE OF THE COMPTROLLER OF


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and the Chairperson of the Corporation shall

(i) jointly determine the number of employees of the Office of

Thrift Supervision necessary to perform or support

(I) the functions of the Office of Thrift Supervision that are

transferred to the Office of the Comptroller of the Currency by this

title; and

(II) the functions of the Office of Thrift Supervision that

are transferred to the Corporati n y this title;

(iii) consistent with the numbers determ ned under clause (ii),

jointly identify employees of e Off ce of Thrift Supervision for transfer

to the Office of the C ptroller of e Currency or the Corporation in a

manner that the Directo of the Office of Thrift Supervision, the

Comptroll r of the Curren y, and the Chairperson of the Corporation, in

their discre on, deem equitable.

(2) TRANSFER OF EMPLOYEES PERFORMING CONSUMER FINANCIAL PROTECTION

FUNCTIONS.No hing in paragraph (1) shall affect the transfer of employees performing

or supporting consumer financial protection functions of the Comptroller of the Currency

and the Director of the Office of Thrift Supervision to the Consumer Financial Protection

Agency as provided in the Consumer Financial Protection Agency Act of 2009.

(3) APPOINTMENT AUTHORITY FOR EXCEPTED SERVICE TRANSFERRED.

(A) IN GENERAL.In the case of employees occupying positions in the

excepted service, any appointment authority established pursuant to law or

regulations of the Office of Personnel Management for filling such positions shall


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be transferred, subject to subparagraph (B).

(B) DECLINING TRANSFERS ALLOWED.The Office of the Comptroller of

the Currency and the Corporation may decline to accept a transfer of authority

under subparagraph (A) (and the employees appointed pursuant thereto) to the

extent that such authority relates to positions excepted from the competitive

service because of their confidential, policy-making, policy-determining, or

policy-advocating character.

(b) TIMING OF TRANSFERS AND POSITION ASSIGNMENT .Each employee to be

transferred under this section shall

(1) be transferred not later than 90 days afte the transfer date; and

(2) receive notice of his or he position ass nment not later than 120 days after

the effective date of his or her transfer

(c) TRANSFER OF FUNCTI N.

(1) IN GENERAL.No withstanding any other provision of law, the transfer of

employees sh ll be deemed a transfer of functions for the purpose of section 3503 of title

5, United States Code.

(2) PRIORITY OF THIS ACT.If any provision of this title conflicts with any

protection provided to transferred employees under section 3503 of title 5, United States

Code, the provisions of this title shall control.

(d) EMPLOYEESSTATUS AND ELIGIBILITY.The transfer of functions and employees

under this title, and the abolition of the Office of Thrift Supervision, shall not affect the status of

the transferred employees as employees of an agency of the United States under any provision of

law.


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(e) EQUAL STATUS AND TENURE POSITIONS.Each employee transferred from the Office

of Thrift Supervision shall be placed in a position at either the Office of the Comptroller of the

Currency or the Corporation with the same status and tenure as he or she held on the day before

the transfer date.

(f) NO ADDITIONAL CERTIFICATION REQUIREMENTS.Examiners transferred to the Office

of the Comptroller of the Currency or the Corporation shall not be subject to any additional

certification requirements before being placed in a comparable examiners position at the Office

of the Comptroller of the Currency or the Corporation examinin the same types of institutions

as they examined before they were transferred.

(g) PERSONNEL ACTIONS LIMITED.

(1) 1-YEAR PROTECTION.Ex pt as provi d in paragraph (2), each employee

transferred from the Office of Thrift S pervision holding a permanent position on the day

before the transfer date shall not, during t e 1-year period beginning on the transfer date,

be involuntarily separated, involuntarily reassigned outside his or her locality pay area

as defined by he Office of Personnel Management.

(2) EXCE TIONS. aragraph (1) does not limit the right of the Office of the

Comptroller of the Currency or the Corporation to

(A) separate an employee for cause or for unacceptable performance; or

(B) terminate an appointment to a position excepted from the competitive

service because of its confidential policy-making, policy-determining, or policy-

advocating character.

(h) PAY.

(1) 1-YEAR PROTECTION.Except as provided in paragraph (2), each employee


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transferred from the Office of Thrift Supervision shall, during the 1-year period

beginning on the transfer date, receive pay at a rate not less than the basic rate of pay

(including any geographic differential) that the employee received during the 1-year

period immediately before the transfer.

(2) EXCEPTIONS.Paragraph (1) does not limit the right of the Office of the

Comptroller of the Currency or the Corporation to reduce a transferred employees rate of

basic pay

(A) for cause;

(B) for unacceptable performanc ; or

(C) with the employees cons nt.

(3) PROTECTION ONLY WHILE MPLOYED.Paragraph (1) applies to a transferred

employee only while that employee remain employed by the Office of the Comptroller

of the Currency or the Corporation.

(4) PAY INCREASES ERMITTED.Paragraph (1) does not limit the authority of the

Office of the Comptroller f the Currency or the Corporation to increase a transferred

employees pay.

(i) BENEFITS.

(1) RETIREMENT BENEFITS FOR TRANSFERRED EMPLOYEES.

(A) IN GENERAL.

(i) CONTINUATION OF EXISTING RETIREMENT PLAN.Each

employee transferred from the Office of Thrift Supervision may remain

enrolled in his or her existing retirement plan or plans as long as he or she

remains employed by the Office of the Comptroller of the Currency.


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(ii) EMPLOYERS CONTRIBUTION.The Office of the Comptroller

of the Currency or the Corporation shall pay any employer contributions

to the existing retirement plan of each employee transferred from the

Office of Thrift Supervision as required under that plan.

(B) DEFINITION.For purposes of this paragraph, the term existing

retirement plan means, with respect to any employee transferred under this

section, the particular retirement plan (including the Financial Institutions

Retirement Fund) and any associated thrift sav ngs plan of the agency from which

the employee was transferred, which the mployee wa enrolled in on the day

before the transfer date.

(2) BENEFITS OTHER THAN RE REMENT BENEFITS.

(A) DURING 1ST YEAR.

(i) EXISTING PLANS CONTINUE.Each transferred employee may,

for 1 year a e the transfer date, retain membership in any other employee

benefit pro ram of the Office of Thrift Supervision, including a dental,

vi ion, long term care, or life insurance program, to which the employee

belonged on the day before the transfer date.

(ii) EMPLOYERS CONTRIBUTION.The Office of the Comptroller

of the Currency or the Corporation shall pay any employer cost in

continuing to extend coverage in the benefit program to the employee as

required under that program or negotiated agreements.

(B) DENTAL, VISION, OR LIFE INSURANCE AFTER 1ST YEAR.If, after the 1-

year period beginning on the transfer date, the Office of the Comptroller of the


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Currency or the Corporation decides not to continue participation in any dental,

vision, or life insurance program of the Office of Thrift Supervision, an employee

transferred from the Office of Thrift Supervision pursuant to this title who is a

member of such a program may, before the decision of the Office of the

Comptroller of the Currency or the Corporation takes effect, elect to enroll,

without regard to any regularly scheduled open season, in

(i) the enhanced dental benefits program established by chapter

89A of title 5, United States Code;

(ii) the enhanced vision b nefits establi hed by chapter 89B of title

5, United States Code; and

(iii) the Feder Employees Group Life Insurance Program

established by chapter 87 of itle 5, United States Code, without regard to

any requir ment o insurab lity.

(C)LONG TERM CARE INSURANCE AFTER 1ST YEAR.If, after the 1-year

period beginning n the t ansfer date, the Office of the Comptroller of the

Currency r the Co poration decides not to continue participation in any long term

care insurance program of the Office of Thrift Supervision, an employee

transferred from the Office of Thrift Supervision pursuant to this title who is a

member of such a program may, before the decision of the Office of the

Comptroller of the Currency or the Corporation takes effect, elect to apply for

coverage under the Federal Long Term Care Insurance Program established by

chapter 90 of title 5, United States Code, under the underwriting requirements

applicable to a new active workforce member (as defined in Part 875, title 5, Code


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of Federal Regulations).

(D) EMPLOYEES CONTRIBUTION.

(i) IN GENERAL.Subject to clause (ii), an individual enrolled in

the Federal Employees Health Benefits program under this subparagraph

shall pay any employee contribution required by the plan.

(ii) COST DIFFERENTIAL.The difference in costs between the

benefits that the Office of Thrift Supervision is providing on the date of

enactment of this Act and the benefits rovided by this section shall be

paid by the Comptroller of the Currency or the Corporation.

(iii) FUNDS TRANSFER The Office of the Comptroller of the

Currency or the Corp tion shall t nsfer to the Federal Employees

Health Benefits Fund es abli hed under section 8909 of title 5, United

States Code, an amount de ermined by the Director of the Office of

Personnel Management, after consultation with the Office of the

Comptroll r of th Currency or the Corporation and the Office of

M nageme t and Budget, to be necessary to reimburse the Fund for the

cost to the Fund of providing benefits under this subparagraph not

otherwise paid for by the employee under clause (i).

(E) SPECIAL PROVISIONS TO ENSURE CONTINUATION OF LIFE INSURANCE

BENEFITS.

(i) IN GENERAL.An annuitant (as defined in section 8901(3) of

title 5, United States Code) who is enrolled in a life insurance plan

administered by the Office of Thrift Supervision on the day before the


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transfer date shall be eligible for coverage by a life insurance plan under

sections 8706(b), 8714a, 8714b, and 8714c of title 5, United States Code,

or in a life insurance plan established by the Office of the Comptroller of

the Currency or the Corporation, without regard to any regularly

scheduled open season and requirement of insurability.

(ii) EMPLOYEES CONTRIBUTION.

(I) IN GENERAL.Subject to subclause (II), an individual

enrolled in a life insurance plan u der this clause shall pay any

employee contribution required by the plan.

(II) COST DIFFERENTIAL.The difference in costs between

the benefits th the Office f Thrift Supervision is providing on

the date of enac men of this Act and the benefits provided by this

se tion sha l be paid by the Comptroller of the Currency or the

Corpo ation.

(II ) FUNDS TRANSFER.The Office of the Comptroller of

the urrency or the Corporation shall transfer to the Employees

Life Insurance Fund established under section 8714 of title 5,

United States Code, an amount determined by the Director of the

Office of Personnel Management, after consultation with the

Office of the Comptroller of the Currency or the Corporation and

the Office of Management and Budget, to be necessary to

reimburse the Fund for the cost to the Fund of providing benefits

under this subparagraph not otherwise paid for by the employee


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Corporation by this title

(A) manage any employees of the Office of Thrift Supervision and

provide for the payment of the compensation and benefits of any such employees

that accrue before the transfer date; and

(B) manage any property of the Office of Thrift Supervision until the

property is transferred under section 1212; and

(2) may take any other action necessary to wind up the affairs of the Office of

Thrift Supervision relating to the transferred function

(b) AUTHORITY AND STATUS OF DIRECTOR.

(1) IN GENERAL.Notwithstanding th tran ers of functions under this title, the

Director of the Office of Thrift Supe ision shall, uring the 90-day period beginning on

the transfer date, retain and may exerci e any authority vested in the Director on the day

before the transfer date that is necessary carry out the requirements of this title during

that period.

(2) OTHER PROVIS ONS.For purposes of paragraph (1), the Director of the Office

of Thrift Supervi ion shall during the 90-day period beginning on the transfer date,

continue to be

(A) treated as an officer of the United States; and

(B) entitled to receive compensation at the same annual rate of basic pay

that he or she was receiving on the day before the transfer date.

SEC. 1215. CONTINUATION OF SERVICES.

Any agency, department, or other instrumentality of the United States, and any successor

to any such agency, department, or instrumentality, that was, before the transfer date, providing


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(b) REGISTRATION AND EXAMINATION.

(1) IN GENERAL.Within 90 days after becoming a savings and loan holding company,

each savings and loan holding company shall register with the Board on forms prescribed

by the Board, which shall include such information, under oath or otherwise, with respect

to the financial condition, ownership, operations, management, and intercompany

relationships of such holding company and its subsidiaries, and related matters, as the

Board may deem necessary or appropriate to carry out the purposes of this section. Upon

application, the Board may extend the time within which a savings and loan holding

company shall register and file the requisite info mation.

(2) REGULATIONS AND ORDERS. The Board is authorized to issue such regulations and

orders as may be necessary to enable it to adminis r and carry out the purposes of this

act and prevent evasions thereof, inclu ing egulations relating to capital levels of

savings and loan holding compan es.

(3) REPORTS.--Each savin and loan holding company and each subsidiary thereof,

other than a s vings assoc ation, hall file with the Board such reports as may be required

by the Board. Su h report shall be made under oath or otherwise, and shall be in such

form and for such periods, as the Board may prescribe. Each report shall contain such

information concerning the operations of such savings and loan holding company and its

subsidiaries as the Board may require.

(4) BOOKS AND RECORDS.Each savings and loan holding company shall maintain such

books and records as may be prescribed by the Board.

(5) EXAMINATIONS.Each savings and loan holding company and each subsidiary

thereof (other than a bank) shall be subject to such examinations as the Board may


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prescribe. The cost of such examinations shall be assessed against and paid by such

holding company. Examination and other reports may be furnished by the Board to the

Office of the Comptroller of the Currency or the appropriate State supervisory authority.

The Board shall, to the extent deemed feasible, use for the purposes of this subsection,

reports filed with or examinations made by other Federal agencies or the appropriate

State supervisory authority.

(6) SUPERVISION PROGRAM. In undertaking its authority in this subsection(b), the

Board shall establish and maintain a program to examin supervise, and regulate savings

and loan holding companies that is commensura e with and at east as strict as the board's

program for examining, supervising, and reg lating bank holding companies.

This program for savings and loan h lding compa ies shall also take into account and

preserve the specialized focus of subsi iary savings associations on home mortgage

finance and other requirements o the qua ified thrift lender test pursuant to subsection

(m).

(7) AGENT F R SERVICE F PRO ESS.The Board may require any savings and loan

holding company or persons connected therewith if it is not a corporation, to execute and

file a prescribed form of irrevocable appointment of agent for service of process.

(8) RELEASE FROM REGISTRATION.The Board may at any time, upon the Board's own

motion or upon application, release a registered savings and loan holding company from

any registration theretofore made by such company, if the Board determines that such

company no longer has control of any savings association.

Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (c)) is amended as follows:

(1) In paragraph (2)(F)(i)


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(1)by deleting Director and inserting Board1Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (e)(5)) is amended as follows:

(1)by deleting Director every place it appears and inserting Board.3Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (f)) is amended as follows:

(1)by deleting Director every place it appears and inserting Board5Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (g)) is amended as follows:

(1)by deleting Director in each subparagraph (1) through (5) in which it appears and7inserting Board

Section 10 of the Home Owners Loan Act (12 U.S.C 1467a (h)) is mended as follows:

(1)in paragraph (2) by deleting Director and i serting Board(2)in paragraph (3) by deleting Directo and inserti g Board

Section 10 of the Home Owners Loan Act (12 U S.C. 1467a (i)) is amended as follows:

(1)in paragraph (1)(A) by deleting Dir ctor a d inserting Board;13(2)in paragraph (2)(B) by deletin Director and inserting Board;14(3)in paragraph (2)(F), by deleti g Di ector and inserting Board;15(4)in paragraph (3)(B) y deleting Director and inserting Board;16(5)in paragraph (3)(F) by deleting Director and inserting Board;17(6)in paragraph (4) by deleting Director and inserting Board;18(7)in paragraph (5) by deleting Director and inserting Board19Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (j)) is amended as follows:

(1) by deleting Director every place it appears and inserting Board

Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (l)) is amended as follows:


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(1)in subparagraph (1) by deleting Director and inserting Board, in consultation with the1Comptroller of the Currency,

(2)in subparagraph (2) by deleting Director and inserting Board, in consultation with the3Comptroller of the Currency,

Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (m)) is amended as follows:

(1)in paragraph (2) by striking DIRECTOR and inserting COMPTROLLER;6(2)in paragraph (2) by striking Director may grant and inserting Comptroller of the7

Currency may grant;

(3)in paragraph (2) by striking the Director deems a d inserting e Comptroller deems;9(4)in subparagraph (2)(A) by striking Director and inse ting Comptroller10(5)in subparagraph (2)(B) by striking Dir tor and ins rting Comptroller11(6)in subparagraph (2)(B)(iii) by striking Di ect r and inserting Comptroller12(7)in paragraph (4)(D) by striking Dir ctor and inserting Comptroller13(8)in paragraph (4)(E) by striking Director and inserting Comptroller14(9)in paragraph (7)(B) by striking Dir ctor and inserting Comptroller15Section 10 of the Home Owners Loan Act (12 U.S.C. 1467a (o)) is amended as follows:

(1)in subparagraph (3) in the heading by striking DIRECTOR and inserting BOARD;17(2)in subparagraph (3)(A) by striking Director and inserting Board;18(3)in subparagraph (3)(B) by striking Director and inserting Board;19(4)in subparagraph (3)(C) by striking Director and inserting Board;20(5)in subparagraph (3)(D) by striking Director and inserting Comptroller21(6)in paragraph (7) by deleting chartered by the Director and inserting chartered by the22

Comptroller;


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conducting any activities or investing in any companies other than those

permissible under sections 10(c)(1) and 10(c)(3), unless the Board specifically

determines otherwise in accordance with subparagraph (D)

(C) APPLICABLE LAW. Notwithstanding clause (ii), no company that

controls a special-purpose holding company (including any subsidiaries of such company

that are properly not subsidiaries of the special-purpose holding company), solely due to

the requirement to form such Company by the Financial Stability Improvement Act of

2009

(i) shall not be, or shall not be tr ated as a sav gs and loan holding

company by virtue of its ownership of a spe ial purpose holding company; and

(ii) shall not be subje t to this Sec on 10, except for portions of this

Section 10 as are explicitly ma e applicable in this subsection (t).

(D)BOARD AUTHORITY.

(i) RULES AND EXEMPTIONS. In addition to any other authority of the

Board the Board may, at its discretion, prescribe rules and regulations or issue

orders reg rding:

(I) establishment and operation of limited-purpose holding

companies;

(II) exemptions from the requirement to conduct all activities

described in sections 10(c)(1) and 10(c)(3) through the limited-

purpose holding company if such exemption

(aa) would not threaten the safety and soundness

of the special purpose holding company or any subsidiary


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company from compliance with section 23A or 23B of the Federal Reserve Act with

respect to each affiliate of such institution, including affiliates located within the special-

purpose holding company structure.

(3) TYING PROVISIONS. A company that directly or indirectly controls a limited-

purpose holding, and any of its affiliates, shall be subject to section 5(q) and regulations

prescribed under such section, in connection with transactions involving the products or services

of such company or affiliate and those of an affiliated savings association as if such company or

affiliate were a savings association.

(4) CROSS MARKETING RESTRICTIONS APPLICABLE TO COMMERCIAL

ACTIVITIES-

(A) IN GENERAL- A limit d purpose ho ding company shall not--

(i) offer or market, dir ctly or through any arrangement, any product or

service of an affiliate company th is not a subsidiary of the special purpose

holding company; r

(ii) permi any of its products or services to be offered or marketed,

directly o through any arrangement, by or through any affiliate that is not a

subsidiary of the special-purpose holding company .

(B) BOARD AUTHORITY TO GRANT EXEMPTIONS- The Board may grant

exemptions from the restrictions in this paragraph if

(i)

(I) the arrangement does not violate section 106 of the Bank Holding

Company Act Amendments of 1970 or Section 5(q) of this Act; and

(II) the Board determines that the arrangement is in the public interest,


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does not undermine the separation of banking and commerce, and is consistent

with the safety and soundness of the special-purpose financial holding company.

(5) FINANCIAL HOLDING COMPANY REQUIREMENTS. A special purpose

holding company shall be subject to

(A) the conditions for engaging in expanded financial activities in section 4(l) of

the Bank Holding Company Act; and

(B) the provisions applicable to financial holding companies that fail to meet

certain requirements in section 4(m) of the Bank Hold ng Company Act.

(6) INDEPENDENCE OF SPECIAL-PURPOSE HOLDING C MPANY.

(A) No less than 25 percent f the members of the board of directors of a

special-purpose holding com ny and eac subsidiary controlled by a special

purpose holding company shall be i dependent of the parent company and any

subsidiary control ed by s ch pare t company

(i) F r purposes of this subparagraph, a director shall be

independen of th parent company if such person is not currently serving,

or within th previous two-year period has not served, as a director or

employee of any affiliate of the special-purpose holding company that is

not a subsidiary of the special purpose holding company.

(ii) No executive officer of a special-purpose holding company or

any subsidiary of a special-purpose holding company may serve as an

employee, director or officer of an affiliate of the special-purpose holding

company that is not a subsidiary of the special-purpose holding company.


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(3) STANDARDS FOR WAIVER OF DIVIDEND.The Board of Governors shall not object to

a notice of intent to waive dividends under paragraph (2) if

(A) the waiver would not be detrimental to the safe and sound operation of the

savings association; and

(B) the board of directors of the mutual holding company expressly determines

that a waiver of the dividend by the mutual holding company is consistent with

the directors fiduciary duties to the mutual members of such company.

(4) RESOLUTION INCLUDED IN WAIVER NOTICE.A div dend waiver notice shall include

a copy of the resolution of the board of directors of the mutual holding company, in form and

substance satisfactory to the Board, together with any supp rting materials relied upon by the

board of directors, concluding that the propo d dividend waiver is consistent with the board of

directors fiduciary duties to the mutual memb rs o the mutual holding company.

(b) The Board will not c nsider aived d vidends in determining an appropriate

exchange ratio in the even o a full conversion to stock form.

CONFORMING AMENDMENTS

SEC. 1218. AMENDMENT TO SECTION 2.

Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended

(1) in subsection (a)(1)

(A) in subparagraph (B), by striking Director of the Office of Thrift

Supervision and inserting Chairman of the Board of Governors of the Federal

Reserve System, or such other member of the Board of Governors as the

Chairman of the Board of Governors shall designate;

(2) by amending subsection (d)(2) to read as follows:


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(2) ACTING OFFICIALS MAY SERVE.In the event of a vacancy in the office of the

Comptroller of the Currency and pending the appointment of a successor, or during the

absence or disability of the Comptroller of the Currency, the acting Comptroller of the

Currency shall be a member of the Board of Directors in the place of the Comptroller of

the Currency.; and

(3) in subsection (f)(2), by striking or of the Office of Thrift Supervision.

SEC. 1219. AMENDMENTS TO SECTION 3.

Section 3 of the Federal Deposit Insurance Act (12 U . 1813) is amended

(1) in subsection (b)(1)(C) (relating to th definition of the term savings

association), by striking Director of the Office of Thrift Supervision and inserting

Comptroller of the Currency;

(2) in subsection (l)(5) (relating to the definition of the term deposit), in the

introductory text, by striking , D rector of the Office of Thrift Supervision, and

inserting , and;

(3) in ubsection ( ) (rela ing to the definition of the term appropriate Federal

banking agency

(A) by amending paragraph (1) to read as follows:

(1) the Comptroller of the Currency, in the case of any national bank, any Federal

branch or agency of a foreign bank, or any savings association or savings and loan holding

company;;

(B) in paragraph (2)(F), by adding and at the end after the semi-colon;

(C) in paragraph (3), by striking ; and and inserting a period

(D) by amending paragraph (3) to read as follows:

(3) the Federal Deposit Insurance Corporation in the case of a State nonmember


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insured bank, State savings association, or a foreign bank having an insured branch.

and

(E) by striking paragraph (4).

(4) in subsection (z) (relating to the definition of the term Federal banking

agency), by striking the Director of the Office of Thrift Supervision,.


Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817) is amended

(1) in paragraph (2)

(A) in subparagraph (A)

(i) in the first sentenc by striking the Director of the Office of

Thrift Supervision;

(ii) in the secon sent nce, y striking the Director of the Office

of Thrift S pervis n;

(B) in subp ragraph (B), by striking Comptroller of the Currency, the

Board f Governo s of t e Federal Reserve System, and the Director of the Office

of Thrift Supervision, and inserting Comptroller of the Currency and the Board

of Governors f the Federal Reserve System,;

(2) in paragraph (3), in the first sentence, by striking Comptroller of the

Currency, the Chairman of the Board of Governors of the Federal Reserve System, and

the Director of the Office of Thrift Supervision and inserting Comptroller of the

Currency and the Chairman of the Board of Governors of the Federal Reserve System;

(3) in paragraph (7), by striking Director of the Office of Thrift Supervision,



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Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is amended

(1) in subsection (a)(8)(B)(ii), in the last sentence

(A) by striking Director of the Office of Thrift Supervision each place it

appears and inserting Comptroller of the Currency;

(B) by inserting the Office of Thrift Supervision, as successor to after

as a successor to and before the Federal Savings and Loan Insurance

Corporation;

(4) in subsection (o)

(A) by striking Director of the O fice of Thrif Supervision and inserting

Comptroller of the Currency;

(5) in subsection (w)(3)(A), by striking O fice of Thrift Supervision and

inserting Office of the Comptroller of he Curren y.


Section 11 of the Federal D osit Insurance Act (12 U.S.C. 1821) is amended

(1) in ubsection ( )

(A) in para raph (6)

(i) in the heading, by striking DIRECTOR OF THE OFFICE OF THRIFT

SUPERVISION and inserting COMPTROLLER OF THE CURRENCY;

(ii) in subparagraph (A), by striking Director of the Office of

Thrift Supervision and inserting Comptroller of the Currency;

(iii) in subparagraph (B), by striking Director of the Office of


(2) in subsection (d)


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(A) in paragraph (2)(F)(i), by striking Director of the Office of Thrift

Supervision and inserting Comptroller of the Currency;

(B) in paragraph (17)(A)

(i) by striking Comptroller of the Currency; and

(B) by striking appropriate;

(C) in paragraph (18)(B), by striking or the Director of the Office of

Thrift Supervision;


Section 13(k)(1)(A)(iv) of the Federal Deposit I surance Act 12 U.S.C. 1823(k)

(1)(A)(iv)) is amended by striking Director of The Office f Thrift Supervision and inserting

Comptroller of the Currency.

SEC. 1224. AMENDMENTS TO SECTION 18

Section 18 of the Federal Deposi Insuran e Act (12 U.S.C. 1828) is amended

(1) in subsection (c)

(A) in para raph 2)

(i) i subparagraph (A), by striking bank; and inserting bank or

a savings association;;

(ii) in subparagraph (B), by adding and at the end after the semi-

colon;

(iii) in subparagraph (C), by striking bank (except a savings bank

supervised by the Director of the Office of Thrift Supervision); and and

inserting bank or State savings association.; and

(iv) by striking subparagraph (D); and


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(2) in subsection (g)(1), by striking Director of the Office of Thrift Supervision

and inserting Comptroller of the Currency;

(3) in subsection (i)

(A) in paragraph (2)

(i) by amending subparagraph (B) to read as follows:

(B) the Corporation, if the resulting institution is to be a State nonmember

insured bank or insured State savings association.; and

(ii) by striking subparagraph (C);

(4) in subsection (m)


(i) in subparagraph (A), by triking Director of the Office of

Thrift Supervision and inser ing Comptroller of the Currency;

(ii) n subp ragrap (B), by striking Director of the Office of

Thrift Supe vi ion and inserting Comptroller of the Currency;

(B) in par graph (2)

(i) i subparagraph (A), by striking Director of the Office of


(ii) in subparagraph (B), by striking Director of the Office of

Thrift Supervision each place it appears and inserting Comptroller of the

Currency

(C) in paragraph (3)

(i) in subparagraph (A), by striking Director of the Office of

Thrift Supervision and inserting Comptroller of the Currency; and


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(ii) in subparagraph (B), by striking Office of Thrift Supervision



Section 28 of the Federal Deposit Insurance Act (12 U.S.C. 1831e) is amended

(1) in subsection (e)


(i) in subparagraph (A)(ii), by striking Director of the Office of

Thrift Supervision and inserting Comp oller of the Currency;

(ii) in subparagraph (C), by striking D ector of the Office of

Thrift Supervision and inser ng C mptroller of the Currency;

(iii) in subparagraph (F), by triking Director of the Office of

Thrift Supervision and nse ting omptroller of the Currency;

(B) in par graph ( )

(i) in subparagraph (A), by striking Director of the Office of

Thrift Sup vision and inserting Comptroller of the Currency;

(ii) n subparagraph (B), by striking Director of the Office of


(2) in subsection (h)(2), by striking Director of the Office of Thrift Supervision


SEC. 1226. AMENDMENTS TO THE ALTERNATIVE MORTGAGE TRANSACTION

PARITY ACT OF 1982.

(a) AMENDMENTS TO SECTION 802.Section 802(a)(3) of the Alternative Mortgage

Transaction Parity Act of 1982 (12 U.S.C. 3801) is amended


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(1) by striking Comptroller of the Currency, and inserting Comptroller of the

Currency and ; and

(2) by striking , and the Director of the Office of Thrift Supervision.

(b) AMENDMENTS TO SECTION 804.Section 804(a) of the Alternative Mortgage

Transaction Parity Act of 1982 (12 U.S.C. 3803) is amended

(1) by amending paragraph (1) to read as follows:

(1) with respect to banks, savings associations, mutual savings banks, and

savings banks, only to transactions made in accordanc ith regulations governing

alternative mortgage transactions as issued by th Comptrolle of the Currency to the

extent that such regulations are authorized by rulemaking authority granted to the

Comptroller of the Currency under l s other than this section.; and

(2) by striking paragraph (3).

SEC. 1227. AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956.

(a) AMENDMENTS TO SECT ON 4.Section 4 of the Bank Holding Company Act of 1956

(12 U.S.C. 1843) is amended

(A) in su section ( ) paragraph (12)(A)

(i) by striking Resolution Trust Corporation; and

SEC. 1228. AMENDMENTS TO THE BANK PROTECTION ACT OF 1968.

Section 2 of the Bank Protection Act of 1968 (12 U.S.C. 1881) is amended

(1) in paragraph (1) by striking national banks, and inserting national banks and

federal savings associations.;

(2) in paragraph (2), by inserting and at the end;

(3) in paragraph (3), by striking , and at the end and inserting a period; and


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SEC. 1229. AMENDMENTS TO THE BANK SERVICE CORPORATION ACT.

(a) AMENDMENTS TO SECTION 1.Section 1(b) of the Bank Service Corporation Act (12

U.S.C. 1861(b)) is amended

(1) in paragraph (4), by striking insured bank, and inserting insured bank or

(2) by striking Office of Thrift Supervision and inserting Office of the

Comptroller of the Currency; and

(3) by striking , the Federal Savings and Loan I surance Corporation,.

SEC. 1230. AMENDMENTS TO THE COMMUNITY REINVE TMENT ACT OF 1977.

Section 803 of the Community Reinvestmen Act o 1977 (12 U.S.C. 2902) is amended

in subsection (1)

(1) in paragraph (A) by striking national banks and inserting national banks or

savings associations (the deposits of whic are insured by the Federal Deposit Insurance

Corporation);

(2) in aragraph (B) by s iking and bank holding companies; and inserting ,

bank holding companies a d savings and loan holding companies;

(3) by striking paragraph (D); and

SEC. 1231. AMENDMENTS TO THE DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT.

(a) AMENDMENT TO SECTION 207.Section 207 of the Depository Institution

Management Interlocks Act (12 U.S.C. 3206) is amended

(1) in paragraph (1) by striking national banks, and inserting national banks

and Federal savings associations (the deposits of which are insured by the Federal

Deposit Insurance Corporation), ;


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(a) AMENDMENT TO SECTION 1002.Section 1002 of the Federal Financial Institutions

Examination Council Act of 1978 (12 U.S.C. 3301) is amended

(1) by striking Federal Home Loan Bank Board and inserting Federal Housing

Finance Agency.

(b) AMENDMENT TO SECTION 1003.Section 1003 of the Federal Financial Institutions

Examination Council Act of 1978 (12 U.S.C. 3302) is amended

(1) in paragraph (1) by striking the Office of Thrift Supervision

(c) AMENDMENTS TO SECTION 1004Section 1004 of th Federal Financial Institutions

Examination Council Act of 1978 (12 U.S.C. 3303) is amended in su ection (a)

(1) by striking paragraph (4); and

(2) by renumbering paragraph (5) as parag ph (4).

SEC. 1236. AMENDMENTS TO THE FEDERAL HOME LOAN BANK ACT.

(a) AMENDMENTS TO SEC ION 18 Subs ction 18(c) of the Federal Home Loan Bank

Act (12 U.S.C. 1438(c)) is amend d

(1) by triking D ector f the Office of Thrift Supervision each place it appears

and inserting C mptrolle of the Currency;

(2) in paragraph (1)(B), by striking and the agencies under its administration or

supervision;

(3) in paragraph (5), by striking and such agencies.

(b) AMENDMENTS TO SECTION 21A.Section 21A of the Federal Home Loan Bank Act

(12 U.S.C. 1441a) is repealed.

SEC. 1237. AMENDMENTS TO THE FEDERAL RESERVE ACT.

(a) AMENDMENTS TO SECTION 19.Section 19 of the Federal Reserve Act (12 U.S.C.


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461(b)) is amended

(1) in subsection (b)(1)(F) by striking the Director of the Office of Thrift

Supervision and inserting the Comptroller of the Currency.

(B) in subsection (b)(4)(B), by striking the Director of the Office of

Thrift Supervision and inserting the Comptroller of the Currency.

SEC. 1238. AMENDMENTS TO THE FINANCIAL INSTITUTIONS REFORM,

RECOVERY, AND ENFORCEMENT ACT OF 1989.

(a) AMENDMENTS TO SECTION 302.Section 302(1) o t e Financial Institutions Reform,

Recovery, and Enforcement Act of 1989 (12 U.S.C. 146 a nt.) is ame ded by striking Director

of the Office of Thrift Supervision and inserting C mptr ller of the Currency.

(b) AMENDMENT TO SECTION 305.S ction 305 o the Financial Institutions Reform,

Recovery, and Enforcement Act of 1989 (12 U S.C 1464 nt.) is amended

(1) in subsection (b)

(A) in parag aph (1)

(i) y striking Director of the Office of Thrift Supervision and

in erting Comptroller of the Currency; and

(c) AMENDMENT TO SECTION 308.Subsection 308(a) of the Financial Institutions

Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 nt.) is amended by striking

Director of the Office of Supervision and Comptroller of the Currency.

(d) AMENDMENTS TO SECTION 402.Section 402 of the Financial Institutions Reform,

Recovery, and Enforcement Act of 1989 (12 U.S.C. 1437 nt.) is amended

(1) in subsection (a), by striking Director of the Office of Thrift Supervision

and inserting Comptroller of the Currency;


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(ii) in subparagraph (D), by striking Office of Thrift Supervision,


(b) AMENDMENT TO SECTION 1315.Section 1315(b) of the Housing and Community

Development Act of 1992 (12 U.S.C. 4515(b)) is amended by striking the Federal Deposit

Insurance Corporation, and the Office of Thrift Supervision. and inserting and the Federal

Deposit Insurance Corporation..

(c) AMENDMENT TO SECTION 1317.Section 1317(c) of the Housing and Community

Development Act of 1992 (12 U.S.C. 4517(c)) is amended

(1) by striking the Federal Deposit Insu ance Corpor tion, or the Director of the

Office of Thrift Supervision and inserting r the Federal Deposit Insurance

Corporation.

SEC. 1241. AMENDMENTS TO THE HOUSING AND URBAN-RURAL RECOVERY

ACT OF 1983.

Section 469 of the Housing and Urban-Rural Recovery Act of 1983 (12 U.S.C. 1701p-1)

is amended in the fir sentence

(a) by striking F deral H me Loan Bank Board and inserting Federal Housing

Finance Agency;.

SEC. 1242. AMENDMENTS TO THE NATIONAL HOUSING ACT.

(a) AMENDMENTS TO SECTION 203.Section 203(s) of the National Housing Act (12

U.S.C. 1709(s)) is amended

(1) in paragraph (5), by revising the paragraph to read as follows:

if the mortgagee is a national bank, a subsidiary or affiliate of such a bank, a Federal savings22

association or a subsidiary or affiliate of a savings association, the Comptroller of the Currency;23


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(2) in paragraph (7) by inserting or State savings association after State bank;

and


SEC. 1243. AMENDMENTS TO THE RIGHT TO FINANICAL PRIVACY ACT OF

1978.

Section 11(7) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401(7)) is

amended

(1) by striking subparagraph (B); and

(2); by designating subparagraphs (C) th ough (I) as s paragraphs (B) through

(H).

SEC. 1244. AMENDMENTS TO THE B LANCED BUDGET AND EMERGENCY

DEFICIT CONTROL ACT OF 1985.

(a) AMENDMENTS TO SECTION 25 .Sec on 255(g)(1)(A) of the Balanced Budget and

Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended

(1) by triking D ector f the Office of Thrift Supervision.

(b) AMENDMENT TO SECT ON 256.Section 256(h)(4) of the Balanced Budget and

Emergency Deficit Control Act of 1985 (2 U.S.C. 906(h)(4)) is amended

(1) by striking subparagraphs (C) and (G); and

(2) by redesignating subparagraphs (D),(E), (F) and (H) as subparagraphs (C)

through (G), respectively.

SEC. 1345. AMENDMENTS TO THE CRIME CONTROL ACT OF 1990.

(a) AMENDMENTS TO SECTION 2539.Section 2539(c)(2) of the Crime Control Act of

1990, Public Law 101-647, is amended


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(1) by striking subparagraph (F) and redesignating subparagraphs (G) and (H) as

subparagraphs (F) through (G).

(b) AMENDMENT TO SECTION 2554.Section 2554(b)(2) of the Crime Control Act of

1990, Public Law 101-647, is amended by striking Director of the Office of Thrift Supervision


SEC. 1346. AMENDMENT TO THE FLOOD DISASTER PROTECTION ACT OF 1973.

Section 3(a)(5) of the Flood Disaster Protection Act of 1973, as amended (42 U.S.C.

4003(a)(5)) is amended

(1)by striking the Office of Thrift Supervi on..SEC. 1247. AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940.

(a) AMENDMENT TO SECTION 6.Se ion 6(a)(3) f the Investment Company Act of

1940 (15 U.S.C. 80a-6(a)(3)) is amended by s iking Federal Savings and Loan Insurance

Corporation and inserting Comptroller of the Currency.

SEC. 1248. AMENDMENTS T THE NEIGHBORHOOD REINVESTMENT

CORPORATION ACT.

(a) Corporation Act, as am nded (42 U.S.C. 8105(c)(3)) is amended

(1) by striking the Federal Home Loan Bank Board and inserting Federal

Housing Finance Agency.

SEC. 1349. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

(a) AMENDMENTS TO SECTION 3.Section 3 of the Securities Exchange Act of 1934 (15

U.S.C. 78c) is amended

(1) in subsection (a)

(A) in paragraph (34)(A)


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SUBTITLE G ADDITIONAL IMPROVEMENTS FOR FINANCIAL

CRISIS MANAGEMENT

SECTION 1701. ADDITIONAL IMPROVEMENTS FOR FINANCIAL CRISIS

MANAGEMENT.

Section 13 of the Federal Reserve Act is amended in the 3rd undesignated paragraph (12

U.S.C. 343) to read as follows:

In unusual and exigent circumstances, the Board of Governors of the Federal Reserve

System, by the affirmative vote of not less than five members and with the written concurrence

of the Secretary of the Treasury, may authorize any Federal r ve bank, during such periods as

the said board may determine, at rates established in acc rdance with he provisions of section

14, subdivision (d) of this Act (12 U.S.C. 357), to d count or an individual, partnership, or

corporation, notes, drafts, and bills of excha ge when suc notes, drafts, and bills of exchange

are indorsed or otherwise secured to the satisf ction of th Federal reserve bank: Providedthat

the Board of Governors of the Federal R serve System may authorize a Federal reserve bank to

discount notes, drafts, or bills of e change under this section only as part of a broadly available

credit or other facility and may n t auth rize a Federal Reserve bank to discount notes, drafts, or

bills of exchange for only a single and specific individual, partnership, or corporation:And

provided furtherthat before discounting any such note, draft, or bill of exchange for an

individual, a partnership or corporation the Federal reserve bank shall obtain evidence that such

individual, partnership, or corporation is unable to secure adequate credit accommodations from

other banking institutions. All discounts under this paragraph for individuals, partnerships, or

corporations shall be subject to such limitations, restrictions, and regulations as the Board of

Governors of the Federal Reserve System may prescribe.


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taking into consideration the effectiveness of the action in mitigating potential adverse1

effects on the financial system or economic conditions, the cost to the general fund of the2

Treasury, and the potential to increase moral hazard on the part of creditors,3

counterparties, and shareholders in the identified financial holding company,4

then the Secretary must take action under section 1604(a), the Corporation must act in5

accordance with section 1604(b), and the Corporation may take one or more actions specified in6

section 1604(c) in accordance with the requirements of that subsection.7

(c) DOCUMENTATION AND REVIEW.8

(1) IN GENERAL.The Secretary shall9

(A) document any determina on und subsection (b); and,10

(B) retain the documentation for r view under paragraph (2).11

(2) GAO REVIEW.The Comp roller Ge ral of the United States shall review

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