[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2430 Engrossed in Senate (ES)]
103d CONGRESS
2d Session
S. 2430
_______________________________________________________________________
AN ACT
To facilitate recovery from the recent flooding in Georgia, Alabama,
and Florida resulting from Tropical Storm Alberto by providing greater
flexibility for depository institutions and their regulators, and for
other purposes.
103d CONGRESS
2d Session
S. 2430
_______________________________________________________________________
AN ACT
To facilitate recovery from the recent flooding in Georgia, Alabama,
and Florida resulting from Tropical Storm Alberto by providing greater
flexibility for depository institutions and their regulators, 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. DEPOSITORY INSTITUTIONS DISASTER RELIEF.
(a) Truth in Lending Act; Expedited Funds Availability Act.--
(1) Truth in lending act.--During the 240-day period
beginning on the date of enactment of this Act, the Board of
Governors of the Federal Reserve System may make exceptions to
the Truth in Lending Act for transactions within an area in
which the President, pursuant to section 401 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act, has
determined, on or after July 1, 1994, that a major disaster
exists, or within an area determined to be eligible for
disaster relief under other Federal law by reason of damage
related to the 1994 flooding in Georgia, Alabama, and Florida
resulting from Tropical Storm Alberto, if the Board determines
that the exception can reasonably be expected to alleviate
hardships to the public resulting from such disaster that
outweigh possible adverse effects.
(2) Expedited funds availability act.--During the 240-day
period beginning on the date of enactment of this Act, the
Board of Governors of the Federal Reserve System may make
exceptions to the Expedited Funds Availability Act for
depository institution offices located within any area referred
to in paragraph (1) of this section if the Board determines
that the exception can reasonably be expected to alleviate
hardships to the public resulting from such disaster that
outweigh possible adverse effects.
(3) Time limit on exceptions.--Any exception made under
this subsection shall expire not later than January 1, 1996.
(4) Publication required.--The Board of Governors of the
Federal Reserve System shall publish in the Federal Register a
statement that--
(A) describes any exception made under this
subsection; and
(B) explains how the exception can reasonably be
expected to produce benefits to the public that
outweigh possible adverse effects.
(b) Deposit of Insurance Proceeds.--
(1) In general.--The appropriate Federal banking agency
may, by order, permit an insured depository institution to
subtract from the institution's total assets, in calculating
compliance with the leverage limit prescribed under section 38
of the Federal Deposit Insurance Act, an amount not exceeding
the qualifying amount attributable to insurance proceeds, if
the agency determines that--
(A) the institution--
(i) had its principal place of business
within an area in which the President, pursuant
to section 401 of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act,
has determined, on or after July 1, 1994, that
a major disaster exists, or within an area
determined to be eligible for disaster relief
under other Federal law by reason of damage
related to the 1994 flooding in Georgia,
Alabama, and Florida resulting from Tropical
Storm Alberto, on the day before the date of
any such determination;
(ii) derives more than 60 percent of its
total deposits from persons who normally reside
within, or whose principal place of business is
normally within, areas of intense devastation
caused by the major disaster;
(iii) was adequately capitalized (as
defined in section 38 of the Federal Deposit
Insurance Act) before the major disaster; and
(iv) has an acceptable plan for managing
the increase in its total assets and total
deposits; and
(B) the subtraction is consistent with the purpose
of section 38 of the Federal Deposit Insurance Act.
(2) Time limit on exceptions.--Any exception made under
this subsection shall expire not later than January 1, 1996.
(3) Definitions.--For purposes of this subsection, the
following definitions shall apply:
(A) Appropriate federal banking agency.--The term
``appropriate Federal banking agency'' has the same
meaning as in section 3 of the Federal Deposit
Insurance Act.
(B) Insured depository institution.--The term
``insured depository institution'' has the same meaning
as in section 3 of the Federal Deposit Insurance Act.
(C) Leverage limit.--The term ``leverage limit''
has the same meaning as in section 38 of the Federal
Deposit Insurance Act.
(D) Qualifying amount attributable to insurance
proceeds.--The term ``qualifying amount attributable to
insurance proceeds'' means the amount (if any) by which
the institution's total assets exceed the institution's
average total assets during the calendar quarter ending
before the date of any determination referred to in
paragraph (1)(A)(i), because of the deposit of
insurance payments or governmental assistance made with
respect to damage caused by, or other costs resulting
from, the major disaster.
(c) Banking Agency Publication Requirements.--
(1) In general.--A qualifying regulatory agency may take
any of the following actions with respect to depository
institutions or other regulated entities whose principal place
of business is within, or with respect to transactions or
activities within, an area in which the President, pursuant to
section 401 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, has determined, on or after July 1,
1994, that a major disaster exists, or within an area
determined to be eligible for disaster relief under other
Federal law by reason of damage related to the 1994 flooding in
Georgia, Alabama, and Florida resulting from Tropical Storm
Alberto, if the agency determines that the action would
facilitate recovery from the major disaster:
(A) Procedure.--Exercising the agency's authority
under provisions of law other than this subsection
without complying with--
(i) any requirement of section 553 of title
5, United States Code; or
(ii) any provision of law that requires
notice or opportunity for hearing or sets
maximum or minimum time limits with respect to
agency action.
(B) Publication requirements.--Making exceptions,
with respect to institutions or other entities for
which the agency is the primary Federal regulator, to--
(i) any publication requirement with
respect to establishing branches or other
deposit-taking facilities; or
(ii) any similar publication requirement.
(2) Publication required.--A qualifying regulatory agency
shall publish in the Federal Register a statement that--
(A) describes any action taken under this
subsection; and
(B) explains the need for the action.
(3) Qualifying regulatory agency defined.--For purposes of
this subsection, the term ``qualifying regulatory agency''
means--
(A) the Board of Governors of the Federal Reserve
System;
(B) the Comptroller of the Currency;
(C) the Director of the Office of Thrift
Supervision;
(D) the Federal Deposit Insurance Corporation;
(E) the Financial Institutions Examination Council;
(F) the National Credit Union Administration; and
(G) with respect to chapter 53 of title 31, United
States Code, the Secretary of the Treasury.
(4) Expiration.--Any exception made under this subsection
shall expire not later than January 1, 1996.
(d) Sense of the Congress.--It is the sense of the Congress that
the Board of Governors of the Federal Reserve System, the Comptroller
of the Currency, the Director of the Office of Thrift Supervision, the
Federal Deposit Insurance Corporation, and the National Credit Union
Administration should encourage depository institutions to meet the
financial services needs of their communities and customers located in
areas affected by the 1994 flooding in Georgia, Alabama, and Florida
resulting from Tropical Storm Alberto.
(e) Other Authority Not Affected.--Nothing in this section limits
the authority of any department or agency under any other provision of
law.
Passed the Senate August 25 (legislative day, August 18),
1994.
Attest:
Secretary.