Home > 105th Congressional Bills > H.R. 4364 (ih) To streamline the regulation of depository institutions, to safeguard confidential banking and credit union supervisory information, and for other purposes. ...H.R. 4364 (ih) To streamline the regulation of depository institutions, to safeguard confidential banking and credit union supervisory information, and for other purposes. ...
relating to any credit union, the Administration and the credit
union may intervene in such action or proceeding for the
purpose of--
``(A) enforcing the limitations established in
paragraph (1) of subsections (b) and (d);
``(B) seeking the withdrawal of any compulsory
process with respect to such information; and
``(C) registering appropriate objections with
respect to the action or proceeding to the extent the
action or proceeding relates to or involves such
information.
``(2) Right to appeal.--Any court order that compels
production of confidential supervisory information may be
immediately appealed by the Administration and the order
compelling production shall be automatically stayed, pending
the outcome of such appeal.
``(f) Regulations.--
``(1) Authority to prescribe.--The Board may prescribe such
regulations as the Board considers to be appropriate, after
consultation with the Federal banking agencies (as defined in
section 3 of the Federal Deposit Insurance Act), to carry out
the purposes of this section.
``(2) Authority to require notice.--Any regulations
prescribed by the Administration under paragraph (1) may
require any person in possession of confidential supervisory
information to notify the Administration whenever the person is
served with a subpoena, order, discovery request, or other
judicial or administrative process requiring the personal
attendance of such person as a witness or requiring the
production of such information in any proceeding.
``(g) Access in Accordance With Regulations and Orders.--
Notwithstanding any other provision of this section, the Administration
may, without waiving any privilege, authorize access to confidential
supervisory information for any appropriate governmental, law
enforcement, or public purpose in accordance with agency regulations or
orders.''.
TITLE VI--TECHNICAL CORRECTIONS
SEC. 601. TECHNICAL CORRECTION RELATING TO DEPOSIT INSURANCE FUNDS.
(a) In General.--Section 2707 of the Deposit Insurance Funds Act of
1996 (12 U.S.C. 1821 note; Public Law 104-208; 110 Stat. 3009-496) is
amended by striking ``7(b)(2)(C)'' and inserting ``7(b)(2)(E)''.
(b) Effective Date.--The amendment made by subsection (a) shall be
deemed to have the same effective date as section 2707 of the Deposit
Insurance Funds Act of 1996.
SEC. 602. RULES FOR CONTINUATION OF DEPOSIT INSURANCE FOR MEMBER BANKS
CONVERTING CHARTERS.
Section 8(o) of the Federal Deposit Insurance Act (12 U.S.C.
1818(o)) is amended in the second sentence, by striking ``subsection
(d) of section 4'' and inserting ``subsection (c) or (d) of section
4''.
SEC. 603. WAIVER OF CITIZENSHIP REQUIREMENT FOR NATIONAL BANK
DIRECTORS.
Section 5146 of the Revised Statutes of the United States (12
U.S.C. 72) is amended in the 1st sentence, by inserting before the
period ``, and waive the requirement of citizenship in the case of not
more than a minority of the total number of directors of a national
bank which is an affiliate (as defined in section 3(w)(6) of the
Federal Deposit Insurance Act) of a foreign bank''.
SEC. 604. TECHNICAL AMENDMENT TO PROHIBITION ON COMPTROLLER INTERESTS
IN NATIONAL BANKS.
Section 329 of the Revised Statutes of the United States (12 U.S.C.
11) is amended by striking ``to be interested in any association
issuing national currency under the laws of the United States'' and
inserting ``to hold an interest in any national bank''.
SEC. 605. APPLICABILITY OF LIMITATION TO PRIOR INVESTMENTS.
(a) In General.--Section 18(s) of the Federal Deposit Insurance Act
(12 U.S.C. 1828(s)) is amended by adding at the end the following new
paragraph:
``(5) Certain investments.--Paragraph (1) shall not apply
to investments lawfully made before April 11, 1996, by a
depository institution in a Government-sponsored enterprise.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply as if such amendment had been included in the amendment made by
section 2615(b) of the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 as of the effective date of such section.
TITLE VII--SPECIAL RESERVE FUNDS
SEC. 701. ABOLITION OF SPECIAL RESERVE FUNDS.
(a) SAIF Special Reserve.--Section 11(a)(6) of the Federal Deposit
Insurance Act (12 U.S.C. 1821(a)(6)) is amended by striking
subparagraph (L).
(b) Special Reserve of the Deposit Insurance Fund.--Section 2704 of
the Deposit Insurance Funds Act of 1996 is amended--
(1) by striking subsection (b);
(2) by striking paragraph (4) of subsection (d);
(3) in subsection (d)(6)(C)(i), by striking ``(6) and (7)''
and inserting ``(5), (6), and (7)''; and
(4) in subsection (d)(6)(C)(ii), by striking ``(6)'' and
inserting ``(5)''.
(c) Effective Date.--The amendments made by this section shall
apply as if such amendments had been included in the Deposit Insurance
Funds Act of 1996 as of the date of the enactment of such Act.
Passed the House of Representatives October 9 (legislative
day, October 8), 1998.
Attest:
Clerk.
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