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                                                        Calendar No. 35

106th CONGRESS

  1st Session

                                 S. 576

                          [Report No. 106-11]

_______________________________________________________________________

                                 A BILL

   To provide for improved monetary policy and regulatory reform in 
    financial institution management and activities, to streamline 
 financial regulatory agency actions, to provide for improved consumer 
               credit disclosure, and for other purposes.

_______________________________________________________________________

                             March 10, 1999

                 Read twice and placed on the calendar





                                                        Calendar No. 35
106th CONGRESS
  1st Session
                                 S. 576

                          [Report No. 106-11]

   To provide for improved monetary policy and regulatory reform in 
    financial institution management and activities, to streamline 
 financial regulatory agency actions, to provide for improved consumer 
               credit disclosure, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 10, 1999

 Mr. Gramm, from the Committee on Banking, Housing, and Urban Affairs, 
 reported the following original bill; which was read twice and placed 
                            on the calendar

_______________________________________________________________________

                                 A BILL


 
   To provide for improved monetary policy and regulatory reform in 
    financial institution management and activities, to streamline 
 financial regulatory agency actions, to provide for improved consumer 
               credit disclosure, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial 
Regulatory Relief and Economic Efficiency Act of 1999''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
TITLE I--IMPROVING MONETARY POLICY AND FINANCIAL INSTITUTION MANAGEMENT 
                               PRACTICES

Sec. 101. Payment of interest on reserves at Federal reserve banks.
Sec. 102. Amendments relating to interest on certain accounts at 
                            depository institutions.
Sec. 103. Repeal of savings association liquidity provision.
Sec. 104. Repeal of dividend notice requirement.
Sec. 105. Thrift service companies.
Sec. 106. Elimination of thrift multistate multiple holding company 
                            restrictions.
Sec. 107. Noncontrolling investments by savings association holding 
                            companies.
Sec. 108. Repeal of deposit broker notification and recordkeeping 
                            requirement.
Sec. 109. Uniform regulation of extensions of credit to executive 
                            officers.
Sec. 110. Expedited procedures for certain reorganizations.
Sec. 111. National bank directors.
Sec. 112. Amendment to Bank Consolidation and Merger Act.
Sec. 113. Loans on or purchases by institutions of their own stock; 
                            affiliations.
Sec. 114. Depository institution management interlocks.
Sec. 115. Purchased mortgage servicing rights.
Sec. 116. Cross marketing restriction; limited purpose bank relief.
Sec. 117. Divestiture requirement.
           TITLE II--STREAMLINING ACTIVITIES OF INSTITUTIONS

Sec. 201. Updating of authority for community development investments.
Sec. 202. Federal Reserve Act lending limits.
Sec. 203. Business purpose credit extensions.
Sec. 204. Affinity groups.
Sec. 205. Fair debt collection practices.
Sec. 206. Restriction on acquisitions of other insured depository 
                            institutions.
Sec. 207. Mutual holding companies.
Sec. 208. Call report simplification.
                 TITLE III--STREAMLINING AGENCY ACTIONS

Sec. 301. Elimination of duplicative disclosure of fair market value of 
                            assets and liabilities.
Sec. 302. Payment of interest in receiverships with surplus funds.
Sec. 303. Repeal of reporting requirement on differences in accounting 
                            standards.
Sec. 304. Agency review of competitive factors in Bank Merger Act 
                            filings.
Sec. 305. Elimination of SAIF and DIF special reserves.
                        TITLE IV--MISCELLANEOUS

Sec. 401. Alternative compliance methods for advertising credit terms.
Sec. 402. Positions of Board of Governors of Federal Reserve System on 
                            the Executive Schedule.
Sec. 403. Federal Housing Finance Board.
Sec. 404. CRA Flexibility for credit card banks.
                     TITLE V--TECHNICAL CORRECTIONS

Sec. 501. Technical correction relating to deposit insurance funds.
Sec. 502. Rules for continuation of deposit insurance for member banks 
                            converting charters.
Sec. 503. Amendments to the Revised Statutes.
Sec. 504. Conforming change to the International Banking Act of 1978.

TITLE I--IMPROVING MONETARY POLICY AND FINANCIAL INSTITUTION MANAGEMENT 
                               PRACTICES

SEC. 101. PAYMENT OF INTEREST ON RESERVES AT FEDERAL RESERVE BANKS.

    (a) In General.--Section 19(b) of the Federal Reserve Act (12 
U.S.C. 461(b)) is amended by adding at the end the following new 
paragraph:
            ``(12) Earnings on reserves.--
                    ``(A) In general.--Balances maintained at a Federal 
                reserve bank by or on behalf of a depository 
                institution may receive earnings, to be paid by the 
                Federal reserve bank at least once in each calendar 
                quarter, at a rate or rates not to exceed the general 
                level of short-term interest rates.
                    ``(B) Regulations relating to payments and 
                distribution.--The Board may prescribe regulations 
                concerning--
                            ``(i) the payment of earnings in accordance 
                        with this paragraph;
                            ``(ii) the distribution of such earnings to 
                        the depository institutions which maintain 
                        balances at such banks, or on behalf of which 
                        such balances are maintained; and
                            ``(iii) the responsibilities of depository 
                        institutions, Federal home loan banks, and the 
                        National Credit Union Administration Central 
                        Liquidity Facility with respect to the 
                        crediting and distribution of earnings 
                        attributable to balances maintained, in 
                        accordance with subsection (c)(1)(B), in a 
                        Federal reserve bank by any such entity on 
                        behalf of depository institutions which are not 
                        member banks.''.
    (b) Authorization for Pass Through Reserves for Member Banks.--
Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C. 461(c)(1)(B)) 
is amended by striking ``which is not a member bank''.
    (c) Technical and Conforming Amendments.--Section 19 of the Federal 
Reserve Act (12 U.S.C. 461) is amended--
            (1) in subsection (b)(4) (12 U.S.C. 461(b)(4)), by striking 
        subparagraph (C) and redesignating subparagraphs (D) and (E) as 
        subparagraphs (C) and (D), respectively; and
            (2) in subsection (c)(1)(A) (12 U.S.C. 461(c)(1)(A)), by 
        striking ``subsection (b)(4)(C)'' and inserting ``subsection 
        (b)''.

SEC. 102. AMENDMENTS RELATING TO INTEREST ON CERTAIN ACCOUNTS AT 
              DEPOSITORY INSTITUTIONS.

    (a) Interest-Bearing Transaction Accounts Authorized for All 
Businesses.--Section 2 of Public Law 93-100 (12 U.S.C. 1832) is 
amended--
            (1) by redesignating subsections (b) and (c) as subsections 
        (c) and (d), respectively; and
            (2) by inserting after subsection (a) the following:
    ``(b) Transfers.--Notwithstanding any other provision of law, any 
depository institution may, before January 1, 2001, permit the owner of 
any deposit or account on which interest or dividends are paid to make 
up to 24 transfers per month, for any purpose, to another account of 
the owner in the same institution. Nothing in this subsection shall be 
construed to prevent an account offered pursuant to this subsection 
from being considered a transaction account (as defined in section 
19(b) of the Federal Reserve Act (12 U.S.C. 461(b)) for purposes of 
that Act.''.
    (b) Amendments Relating to Savings and Demand Deposit Accounts at 
Depository Institutions.--
            (1) NOW accounts authorized for all businesses.--Section 2 
        of Public Law 93-100 (12 U.S.C. 1832) is amended to read as 
        follows:

``SEC. 2. WITHDRAWALS BY NEGOTIABLE OR TRANSFERABLE INSTRUMENTS FOR 
              TRANSFERS TO THIRD PARTIES.

    ``Notwithstanding any other provision of law, any depository 
institution (as defined in section 3 of the Federal Deposit Insurance 
Act) may permit the owner of any deposit or account to make withdrawals 
from such deposit or account by negotiable or transferable instruments 
for the purpose of making payments to third parties. With respect to an 
escrow account maintained in connection with a loan, a lender or 
servicer shall pay interest on such account only if such payments are 
required by contract between the lender or servicer and the borrower, 
or a specific statutory provision of the law of the State in which the 
security property is located requires the lender or servicer to make 
such payments.''.
            (2) Repeal of prohibition on payment of interest on demand 
        deposits.--
                    (A) Federal reserve act.--Section 19(i) of the 
                Federal Reserve Act (12 U.S.C. 371a) is amended to read 
                as follows:
    ``(i) [Reserved].''.
                    (B) Home owners' loan act.--Section 5(b)(1)(B) of 
                the Home Owners' Loan Act (12 U.S.C. 1464(b)(1)(B)) is 
                amended in the first sentence, by striking ``savings 
                association may not--'' and all that follows through 
                ``(ii) permit any'' and inserting ``savings association 
                may not permit any''.
                    (C) Federal deposit insurance act.--Section 18(g) 
                of the Federal Deposit Insurance Act (12 U.S.C. 
                1828(g)) is amended to read as follows:
    ``(g) [Reserved].''.
            (3) Effective date.--The amendments made by this subsection 
        shall take effect on January 1, 2001.

SEC. 103. REPEAL OF SAVINGS ASSOCIATION LIQUIDITY PROVISION.

    (a) Repeal of Liquidity Provision.--Section 6 of the Home Owners' 
Loan Act (12 U.S.C. 1465) is repealed.
    (b) Conforming Amendments.--
            (1) Section 5.--Section 5(c)(1)(M) of the Home Owners' Loan 
        Act (12 U.S.C. 1464(c)(1)(M)) is amended to read as follows:
                    ``(M) Liquidity investments.--Investments 
                identified by the Director, including cash, funds on 
                deposit at a Federal reserve bank or a Federal home 
                loan bank, or bankers' acceptances.''.
            (2) Section 10.--Section 10(m)(4)(B)(iii) of the Home 
        Owners' Loan Act (12 U.S.C. 1467a(m)(4)(B)(iii)) is amended by 
        striking ``liquid assets'' and all that follows through ``Loan 
        Act,'' and inserting ``cash and marketable securities 
        identified by the Director,''.

SEC. 104. REPEAL OF DIVIDEND NOTICE REQUIREMENT.

    Section 10(f) of the Home Owners' Loan Act (12 U.S.C. 1467a(f)) is 
amended to read as follows:
    ``(f) [Reserved].''.

SEC. 105. THRIFT SERVICE COMPANIES.

    Section 5(c)(4)(B) of the Home Owners' Loan Act (12 U.S.C. 
1464(c)(4)(B)) is amended--
            (1) in the subparagraph heading, by striking 
        ``corporations'' and inserting ``companies''; and
            (2) in the first sentence, by striking ``corporation 
        organized'' and all that follows through ``such State.'' and 
        inserting ``company, if such company engages or will engage 
        only in activities reasonably related to the activities of 
        financial institutions, as the Director may determine and 
        approve. For purposes of this subparagraph, the term `company' 
        includes any corporation and any limited liability company (as 
        defined in section 1(b)(7) of the Bank Service Company Act).''.

SEC. 106. ELIMINATION OF THRIFT MULTISTATE MULTIPLE HOLDING COMPANY 
              RESTRICTIONS.

    Section 10(e) of the Home Owners' Loan Act (12 U.S.C. 1467a(e)) is 
amended--
            (1) by striking paragraph (3); and
            (2) by redesignating paragraphs (4), (5), and (6) as 
        paragraphs (3), (4), and (5), respectively.

SEC. 107. NONCONTROLLING INVESTMENTS BY SAVINGS ASSOCIATION HOLDING 
              COMPANIES.

    Section 10(e)(1)(A)(iii) of the Home Owners' Loan Act (12 U.S.C. 
1467a(e)(1)(A)(iii) is amended--
            (1) by inserting ``, except with the prior written approval 
        of the Director,'' after ``or to retain'';
            (2) by striking ``so acquire or retain'' and inserting 

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