12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

Page 957 TITLE 12—BANKS AND BANKING § 1811 Sec. 1831v. Authority of State insurance regulator and Securities and Exchange Commission. 1831w. Safety and soundness firewalls applicable to financial subsidiaries of banks. 1831x. Insurance customer protections. 1831y. CRA sunshine requirements. 1831z. Bi-annual FDIC survey and report on encour- aging use of depository institutions by the unbanked. 1831aa. Enforcement of agreements. 1831bb. Capital requirements for certain acquisition, development, or construction loans. 1831cc. Data standards. 1831dd. Open data publication. 1832. Withdrawals by negotiable or transferable in- struments for transfers to third parties. 1833. Repealed. 1833a. Civil penalties. 1833b. Comparability in compensation schedules. 1833c. Comptroller General audit and access to records. 1833d. Repealed. 1833e. Equal opportunity. 1834. Reduced assessment rate for deposits attrib- utable to lifeline accounts. 1834a. Assessment credits for qualifying activities relating to distressed communities. 1834b. Community development organizations. 1835. Insured depository institution capital re- quirements for transfers of small business obligations. 1835a. Prohibition against deposit production of- fices. § 1811. Federal Deposit Insurance Corporation (a) Establishment of Corporation There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the ‘‘Corporation’’) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted. (b) Asset disposition division (1) Establishment The Corporation shall have a separate divi- sion of asset disposition. (2) Management The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors. (3) Responsibilities of division The division of asset disposition shall carry out all of the responsibilities of the Corpora- tion under this chapter relating to the liquida- tion of insured depository institutions and the disposition of assets of such institutions. (Sept. 21, 1950, ch. 967, § 2[1], 64 Stat. 873; Pub. L. 101–73, title II, § 202, Aug. 9, 1989, 103 Stat. 188; Pub. L. 103–204, § 22(a), Dec. 17, 1993, 107 Stat. 2407.) Editorial Notes CODIFICATION The Federal Deposit Insurance Corporation was origi- nally created as a part of the Federal Reserve Act by act June 16, 1933, ch. 89, § 8, 48 Stat. 168, which added section 12B to the Federal Reserve Act, act Dec. 23, 1913, ch. 6, 38 Stat. 103, and was classified to section 264 of this title. Act Dec. 23, 1913, ch. 6, § 12B, as added June 16, 1933, ch. 89, § 8, 48 Stat. 168 has been amended by acts June 16, 1934, ch. 546, § 1(1)–(10), 48 Stat. 969, 970; June 28, 1935, ch. 335, 49 Stat. 435; Aug. 23, 1935, ch. 614, § 101, 49 Stat. 684; Apr. 21, 1936, ch. 244, 49 Stat. 1237; May 25, 1938, ch. 276, 52 Stat. 442; June 16, 1938, ch. 489, 52 Stat. 767; June 20, 1939, ch. 214, § 2, 53 Stat. 842; Apr. 13, 1943, ch. 62, § 1, 57 Stat. 65; Aug. 5, 1947, ch. 492, §§ 2, 4, 61 Stat. 773; June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948; Oct. 15, 1949, ch. 695, § 4, 63 Stat. 880; Aug. 17, 1950, ch. 729, §§ 5–7, 64 Stat. 457. Section 12B of the Federal Reserve Act was with- drawn from the Federal Reserve Act and made a sepa- rate Act by section 1 of act Sept. 21, 1950, and set out as this chapter. PRIOR PROVISIONS Section is derived from subsec. (a) of former section 264 of this title. See Codification note above. AMENDMENTS 1993—Pub. L. 103–204 inserted ‘‘Federal Deposit Insur- ance Corporation’’ as section catchline, redesignated existing provisions as subsec. (a), inserted heading, and substituted ‘‘There is hereby established’’ for ‘‘There is hereby created’’, and added subsec. (b). 1989—Pub. L. 101–73 inserted ‘‘and savings associa- tions’’ after ‘‘banks’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1993 AMENDMENT Pub. L. 103–204, § 22(b), Dec. 17, 1993, 107 Stat. 2407, pro- vided that: ‘‘The amendments made by subsection (a) [amending this section] shall become effective on July 1, 1995.’’ SHORT TITLE OF 2010 AMENDMENT Pub. L. 111–203, title VI, § 601, July 21, 2010, 124 Stat. 1596, provided that: ‘‘This title [enacting sections 214d, 1467b, 1831c, 1831o–1, 1850a, 1851, and 1852 of this title and section 77z–2a of Title 15, Commerce and Trade, amend- ing sections 35, 36, 84, 371a, 371c, 371c–1, 375, 375b, 1462, 1464, 1467a, 1468, 1828, 1831u, 1841 to 1844, 1848a, and 3907 of this title and section 78q of Title 15, and enacting provisions set out as notes under sections 35, 84, 371a, 371c, 375, 375b, 1462, 1467a, 1815, 1828, 1831c, and 1831u of this title and sections 77z–2a and 78q of Title 15] may be cited as the ‘Bank and Savings Association Holding Company and Depository Institution Regulatory Im- provements Act of 2010’.’’ SHORT TITLE OF 2006 AMENDMENT Pub. L. 109–351, § 1(a), Oct. 13, 2006, 120 Stat. 1966, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Financial Services Regulatory Re- lief Act of 2006’.’’ Pub. L. 109–173, § 1, Feb. 15, 2006, 119 Stat. 3601, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Federal Deposit Insurance Reform Conforming Amendments Act of 2005’.’’ Pub. L. 109–171, title II, § 2101, Feb. 8, 2006, 120 Stat. 9, provided that: ‘‘This subtitle [subtitle B (§§ 2101–2109) of title II of Pub. L. 109–171, amending sections 24, 338a, 347b, 1431, 1441a, 1441b, 1464, 1467a, 1723i, 1735f–14, 1813, 1815 to 1817, 1821, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831h, 1831m, 1831o, 1833a, 1834, 1841, and 3341 of this title and section 905 of Title 2, The Congress, en- acting provisions set out as notes under sections 1817 and 1821 of this title, and repealing provisions set out as notes under section 1821 of this title] may be cited as the ‘Federal Deposit Insurance Reform Act of 2005’.’’ SHORT TITLE OF 2004 AMENDMENT Pub. L. 108–386, § 1, Oct. 30, 2004, 118 Stat. 2228, pro- vided that: ‘‘This Act [amending sections 321, 1709, 1813, 1817, 1820, 1821, 1828, 1841, 1842, 1881, 3206, and 3207 of this title and sections 78c, 78l, and 78q of Title 15, Commerce and Trade, and enacting provisions set out as notes Page 958 TITLE 12—BANKS AND BANKING § 1811 under section 321 of this title] may be cited as the ‘2004 District of Columbia Omnibus Authorization Act’.’’ SHORT TITLE OF 2000 AMENDMENT Pub. L. 106–569, title XII, § 1200, Dec. 27, 2000, 114 Stat. 3032, provided that: ‘‘This title [enacting sections 215a–2, 215a–3, and 4805a of this title, amending sections 11, 71 to 72, 83, 215b, 1426, 1464, 1467a, 1817, 1818, 1821, 1828, 1831n, and 3102 of this title, repealing sections 51, 1465, and 1831f–1 of this title, enacting provisions set out as a note under section 1817 of this title, and amending provisions set out as a note under section 1828 of this title] may be cited as the ‘Financial Regulatory Relief and Economic Efficiency Act of 2000’.’’ SHORT TITLE OF 1999 AMENDMENT Pub. L. 106–102, § 1(a), Nov. 12, 1999, 113 Stat. 1338, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Gramm-Leach-Bliley Act’.’’ SHORT TITLE OF 1998 AMENDMENT Pub. L. 105–277, div. H, § 1, Oct. 21, 1998, 112 Stat. 2681–854, provided that: ‘‘This Division [amending sec- tion 1828 of this title] may be cited as the ‘Depository Institution-GSE Affiliation Act of 1998’.’’ SHORT TITLE OF 1997 AMENDMENTS Pub. L. 105–24, § 1, July 3, 1997, 111 Stat. 238, provided that: ‘‘This Act [amending sections 36 and 1831a of this title and enacting provisions set out as a note under section 1831a of this title] may be cited as the ‘Riegle- Neal Amendments Act of 1997’.’’ Pub. L. 105–18, title V, § 50001, June 12, 1997, 111 Stat. 211, provided that: ‘‘This title [enacting provisions set out as notes under this section and sections 1828, 1831o, and 4008 of this title] may be cited as the ‘Depository Institutions Disaster Relief Act of 1997’.’’ SHORT TITLE OF 1996 AMENDMENT Pub. L. 104–208, div. A, title II, § 2701, Sept. 30, 1996, 110 Stat. 3009–479, provided that: ‘‘This subtitle [subtitle G (§§ 2701–2711) of title II of div. A of Pub. L. 104–208 amending sections 24, 338a, 347b, 1431, 1441 to 1441b, 1464, 1467a, 1723i, 1735f–14, 1813, 1815 to 1817, 1821, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831m, 1831o, 1833a, 1834, 1841, and 3341 of this title and section 905 of Title 2, The Congress, repealing section 1831h of this title, and en- acting provisions set out as notes under sections 1441, 1817, and 1821 of this title and section 162 of Title 26, In- ternal Revenue Code] may be cited as the ‘Deposit In- surance Funds Act of 1996’.’’ SHORT TITLE OF 1994 AMENDMENT Pub. L. 103–328, § 1(a), Sept. 29, 1994, 108 Stat. 2338, pro- vided that: ‘‘This Act [enacting sections 43, 215a–1, 1831u, and 1835a of this title, amending sections 30, 36, 215, 215a, 215b, 1441a, 1462a, 1820, 1821, 1828, 1831a, 1831r–1, 1841, 1842, 1846, 2906, 3103 to 3105, and 3106a of this title and section 1927 of Title 7, Agriculture, enacting provi- sions set out as notes under this section, sections 215, 1828, 3104, 3105, and 3107 of this title, section 1927 of Title 7, and section 5112 of Title 31, Money and Finance, and amending provisions set out as notes under this section and sections 5111 and 5112 of Title 31] may be cited as the ‘Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994’.’’ SHORT TITLE OF 1993 AMENDMENT Pub. L. 103–76, § 1, Aug. 12, 1993, 107 Stat. 752, provided that: ‘‘This Act [enacting provisions set out as notes under this section and sections 1828, 1831o, and 4008 of this title] may be cited as the ‘Depository Institutions Disaster Relief Act of 1993’.’’ SHORT TITLE OF 1992 AMENDMENTS Pub. L. 102–550, title XV, § 1500, Oct. 28, 1992, 106 Stat. 4044, provided that: ‘‘This title [see Tables for classi- fication] may be cited as the ‘Annunzio-Wylie Anti- Money Laundering Act’.’’ Pub. L. 102–485, § 1, Oct. 23, 1992, 106 Stat. 2771, pro- vided that: ‘‘This Act [enacting sections 338a and 3352 of this title, amending section 24 of this title, and en- acting provisions set out as notes under this section and sections 1811, 1828, 1831o, and 4008 of this title] may be cited as the ‘Depository Institutions Disaster Relief Act of 1992’.’’ SHORT TITLE OF 1991 AMENDMENT Pub. L. 102–242, § 1(a), Dec. 19, 1991, 105 Stat. 2236, as amended by Pub. L. 102–550, title XVI, § 1601, Oct. 28, 1992, 106 Stat. 4075, provided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Federal Deposit Insurance Corporation Improvement Act of 1991’.’’ Pub. L. 102–242, title II, § 231, Dec. 19, 1991, 105 Stat. 2308, provided that: ‘‘This subtitle [subtitle C (§§ 231–234) of title II of Pub. L. 102–242, enacting sections 1834, 1834a, and 1834b of this title and amending section 1817 of this title] may be cited as the ‘Bank Enterprise Act of 1991’.’’ SHORT TITLE OF 1990 AMENDMENT Pub. L. 101–508, title II, § 2001, Nov. 5, 1990, 104 Stat. 1388–14, provided that: ‘‘This Act [probably means this subtitle, which is subtitle A (§§ 2001–2005) of title II of Pub. L. 101–508, amending sections 1817 and 1824 of this title] may be cited as the ‘FDIC Assessment Rate Act of 1990’.’’ SHORT TITLE OF 1989 AMENDMENT Pub. L. 101–73, § 1(a), Aug. 9, 1989, 103 Stat. 183, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Financial Institutions Reform, Re- covery, and Enforcement Act of 1989’.’’ SHORT TITLE OF 1987 AMENDMENT Pub. L. 100–86, title V, § 501, Aug. 10, 1987, 101 Stat. 623, provided that: ‘‘This title [enacting sections 1439–1 and 1772b of this title, amending sections 481, 1726, 1727, 1729, 1730a, 1785, 1786, 1813, 1821, 1823, 1828, 1842, 1843, and 1849 of this title and sections 905 and 906 of Title 2, The Congress, enacting provisions set out as a note under section 1464 of this title, amending provisions set out as a note under section 1729 of this title, and repealing provisions set out as a note under section 1464 of this title] may be cited as the ‘Financial Institutions Emer- gency Acquisitions Amendments of 1987’.’’ SHORT TITLE OF 1982 AMENDMENT Pub. L. 97–320, title I, § 101, Oct. 15, 1982, 96 Stat. 1469, provided that: ‘‘This title [amending sections 1431, 1436, 1437, 1462, 1464, 1725, 1726, 1727, 1728, 1729, 1730, 1730a, 1785, 1786, 1813, 1814, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1831c, 1841, 1842, and 1843 of this title and enacting provisions set out as a note under section 1464 of this title] may be cited as the ‘Deposit Insurance Flexibility Act’.’’ Pub. L. 97–320, title II, § 201, Oct. 15, 1982, 96 Stat. 1489, provided that: ‘‘This title [amending sections 1464, 1726, 1729, and 1823 of this title and enacting provisions set out as notes under section 1823 of this title] may be cited as the ‘Net Worth Certificate Act’.’’ SHORT TITLE OF 1981 AMENDMENT Pub. L. 97–110, title I, § 101, Dec. 26, 1981, 95 Stat. 1513, provided that: ‘‘This title [amending sections 1813, 1817, and 1821 of this title] may be cited as the ‘International Banking Facility Deposit Insurance Act’.’’ SHORT TITLE OF 1978 AMENDMENT Pub. L. 95–630, title VI, § 601, Nov. 10, 1978, 92 Stat. 3683, provided that: ‘‘This title [amending section 1817 of this title] may be cited as the ‘Change in Bank Con- trol Act of 1978’.’’ SHORT TITLE Act Sept. 21, 1950, ch. 967, § 1, 64 Stat. 873, provided: ‘‘That section 12B of the Federal Reserve Act, as amended, is hereby withdrawn as a part of that Act and Page 959 TITLE 12—BANKS AND BANKING § 1811 is made a separate Act [enacting this chapter] to be known as the ‘Federal Deposit Insurance Act’.’’ SEPARABILITY Pub. L. 102–242, title IV, § 481, Dec. 19, 1991, 105 Stat. 2388, provided that: ‘‘If any provision of this Act [see Short Title of 1991 Amendment note above], or any ap- plication of any provision of this Act to any person or circumstance, is held invalid, the remainder of the Act, and the application of any remaining provision of the Act to any other person or circumstance, shall not be affected by such holding.’’ Pub. L. 101–73, title XII, § 1221, Aug. 9, 1989, 103 Stat. 547, provided that: ‘‘If any provision of this Act [see Short Title of 1989 Amendment note above] or the ap- plication thereof to any person or circumstance is held invalid, the remainder of the Act and the application of the provision to other persons not similarly situated or to other circumstances shall not be affected thereby.’’ CONSTRUCTION OF 1999 AMENDMENTS Pub. L. 106–102, title II, § 210, Nov. 12, 1999, 113 Stat. 1396, provided that: ‘‘Nothing in this Act [see Short Title of 1999 Amendment note above] shall supersede, affect, or otherwise limit the scope and applicability of the Commodity Exchange Act (7 U.S.C. 1 et seq.).’’ Pub. L. 106–102, title VII, § 714, Nov. 12, 1999, 113 Stat. 1470, provided that: ‘‘Nothing in this Act [see Short Title of 1999 Amendment note above] shall be construed to repeal any provision of the Community Reinvest- ment Act of 1977 [12 U.S.C. 2901 et seq.].’’ CONSTRUCTION OF 1997 AMENDMENT Pub. L. 105–18, title V, § 50006, June 12, 1997, 111 Stat. 213, provided that: ‘‘No provision of this title [see Short Title of 1997 Amendments note above] shall be con- strued as limiting the authority of any department or agency under any other provision of law.’’ CONSTRUCTION OF 1994 AMENDMENT Pub. L. 103–328, title I, § 111, Sept. 29, 1994, 108 Stat. 2365, provided that: ‘‘No provision of this title [enacting sections 43, 215a–1, 1831u, and 1835a of this title, amend- ing sections 30, 36, 215, 215a, 215b, 1462a, 1820, 1828, 1831a, 1831r–1, 1841, 1842, 1846, 2906, 3103 to 3105, and 3106a of this title and section 1927 of Title 7, Agriculture, enact- ing provisions set out as notes under this section, sec- tions 215, 1828, 3104, 3105, and 3107 of this title and sec- tion 1927 of Title 7, and amending provisions set out as a note under this section] and no amendment made by this title to any other provision of law shall be con- strued as affecting in any way— ‘‘(1) the authority of any State or political subdivi- sion of any State to adopt, apply, or administer any tax or method of taxation to any bank, bank holding company, or foreign bank, or any affiliate of any such bank, bank holding company, or foreign bank, to the extent that such tax or tax method is otherwise per- missible by or under the Constitution of the United States or other Federal law; ‘‘(2) the right of any State, or any political subdivi- sion of any State, to impose or maintain a non- discriminatory franchise tax or other nonproperty tax instead of a franchise tax in accordance with sec- tion 3124 of title 31, United States Code; or ‘‘(3) the applicability of section 5197 of the Revised Statutes [section 85 of this title] or section 27 of the Federal Deposit Insurance Act [section 1831d of this title].’’ CONSTRUCTION OF 1993 AMENDMENTS Pub. L. 103–76, § 7, Aug. 12, 1993, 107 Stat. 755, provided that: ‘‘Nothing in this Act [see Short Title of 1993 Amendment note above] limits the authority of any de- partment or agency under any other provision of law.’’ CONSTRUCTION OF 1992 AMENDMENTS Pub. L. 102–485, § 8, Oct. 23, 1992, 106 Stat. 2775, pro- vided that: ‘‘Nothing in this Act [see Short Title of 1992 Amendments note above] limits the authority of any department or agency under any other provision of law.’’ CYBERSECURITY AND FINANCIAL SYSTEM RESILIENCE REPORT Pub. L. 116–260, div. Q, title I, § 108, Dec. 27, 2020, 134 Stat. 2173, provided that: ‘‘(a) IN GENERAL.—Not later than the end of the 180- day period beginning on the date of enactment of this Act [Dec. 27, 2020], and annually thereafter, each bank- ing regulator shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that provides a detailed expla- nation of measures undertaken to strengthen cybersecurity within the financial services sector and with respect to the functions of the regulator, includ- ing the supervision and regulation of financial institu- tions and, where applicable, third-party service pro- viders. Each such report shall specifically include a de- tailed analysis of— ‘‘(1) policies and procedures (including those de- scribed under section 3554(b) of title 44, United States Code) to detect, defend against, and respond to— ‘‘(A) efforts to deny access to or degrade, disrupt, or destroy any information and communications technology system or network, or exfiltrate infor- mation from such a system or network without au- thorization; ‘‘(B) destructive malware attacks; ‘‘(C) denial of service activities; and ‘‘(D) any other efforts that may threaten the functions of the banking regulator or entities over- seen by the regulator by undermining cybersecurity and the resilience of the financial system; ‘‘(2) activities to ensure the effective implementa- tion of policies and procedures described under para- graph (1), including— ‘‘(A) the appointment of qualified staff, the provi- sion of staff training, the use of accountability measures to support staff performance, and the des- ignation, if any, of senior appointed leadership to strengthen accountability for oversight of cybersecurity measures within each banking regu- lator and among regulated entities; ‘‘(B) deployment of adequate resources and tech- nologies; ‘‘(C) efforts of the banking regulators to respond to cybersecurity-related findings and recommenda- tions of the Inspector General of the banking regu- lator or the independent evaluation described under section 3555 of title 42, United States Code; ‘‘(D) industry efforts to respond to cybersecurity- related findings and recommendations of the bank- ing regulators; ‘‘(E) as appropriate, efforts to strengthen cybersecurity in coordination with other Federal departments and agencies, domestic and foreign fi- nancial institutions, and other partners, including the development and dissemination of best prac- tices regarding cybersecurity and the sharing of threat information; and ‘‘(3) any current or emerging threats that are likely to pose a risk to the resilience of the financial sys- tem. ‘‘(b) FORM OF REPORT.—The report required under subsection (a) shall be submitted in unclassified form, but may include a classified annex, if appropriate. ‘‘(c) CONGRESSIONAL BRIEFING.—Upon request, the head of each banking regulator shall provide a detailed briefing to the appropriate Members of Congress on each report submitted pursuant to subsection (a), ex- cept— ‘‘(1) the Chairman of the Board of Governors of the Federal Reserve System may designate another mem- ber of the Board of Governors of the Federal Reserve System to provide such briefing; ‘‘(2) the Chairperson of the Federal Deposit Insur- ance Corporation may designate another member of Page 960 TITLE 12—BANKS AND BANKING § 1811 the Board of Directors of the Corporation to provide such briefing; and ‘‘(3) the Chairman of the National Credit Union Ad- ministration may designate another member of the National Credit Union Administration Board to pro- vide such briefing. ‘‘(d) DEFINITIONS.—For the purposes of this section: ‘‘(1) APPROPRIATE MEMBERS OF CONGRESS.—The term ‘appropriate Members of Congress’ means the fol- lowing: ‘‘(A) The Chairman and Ranking Member of the Committee on Financial Services of the House of Representatives. ‘‘(B) The Chairman and Ranking Member of the Committee on Banking, Housing, and Urban Affairs of the Senate. ‘‘(2) BANKING REGULATOR.—The term ‘banking regu- lator’ means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Na- tional Credit Union Administration. ‘‘(3) SENIOR APPOINTED LEADERSHIP.—With respect to a banking regulator, the term ‘senior appointed leadership’ means a position that requires Senate confirmation. ‘‘(e) SUNSET.—The provisions of this section shall have no force or effect on or after the date that is 7 years after the date of enactment of this Act [Dec. 27, 2020].’’ YEAR 2000 READINESS FOR FINANCIAL INSTITUTIONS Pub. L. 105–164, § 2, Mar. 20, 1998, 112 Stat. 32, provided that: ‘‘(a) FINDINGS.—The Congress finds that— ‘‘(1) the Year 2000 computer problem poses a serious challenge to the American economy, including the Nation’s banking and financial services industries; ‘‘(2) thousands of banks, savings associations, and credit unions rely heavily on internal information technology and computer systems, as well as outside service providers, for mission-critical functions, such as check clearing, direct deposit, accounting, auto- mated teller machine networks, credit card proc- essing, and data exchanges with domestic and inter- national borrowers, customers, and other financial institutions; and ‘‘(3) Federal financial regulatory agencies must have sufficient examination authority to ensure that the safety and soundness of the Nation’s financial in- stitutions will not be at risk. ‘‘(b) DEFINITIONS.—For purposes of this section— ‘‘(1) the terms ‘depository institution’ and ‘Federal banking agency’ have the same meanings as in sec- tion 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]; ‘‘(2) the term ‘Federal home loan bank’ has the same meaning as in section 2 of the Federal Home Loan Bank Act [12 U.S.C. 1422]; ‘‘(3) the term ‘Federal reserve bank’ means a re- serve bank established under the Federal Reserve Act [12 U.S.C. 221 et seq.]; ‘‘(4) the term ‘insured credit union’ has the same meaning as in section 101 of the Federal Credit Union Act [12 U.S.C. 1752]; and ‘‘(5) the term ‘Year 2000 computer problem’ means, with respect to information technology, any problem which prevents such technology from accurately processing, calculating, comparing, or sequencing date or time data— ‘‘(A) from, into, or between— ‘‘(i) the 20th and 21st centuries; or ‘‘(ii) the years 1999 and 2000; or ‘‘(B) with regard to leap year calculations. ‘‘(c) SEMINARS AND MODEL APPROACHES TO YEAR 2000 COMPUTER PROBLEM.— ‘‘(1) SEMINARS.— ‘‘(A) IN GENERAL.—Each Federal banking agency and the National Credit Union Administration Board shall offer seminars to all depository institu- tions and insured credit unions under the jurisdic- tion of such agency on the implication of the Year 2000 computer problem for— ‘‘(i) the safe and sound operations of such depos- itory institutions and credit unions; and ‘‘(ii) transactions with other financial institu- tions, including Federal reserve banks and Fed- eral home loan banks. ‘‘(B) CONTENT AND SCHEDULE.—The content and schedule of seminars offered pursuant to subpara- graph (A) shall be determined by each Federal banking agency and the National Credit Union Ad- ministration Board taking into account the re- sources and examination priorities of such agency. ‘‘(2) MODEL APPROACHES.— ‘‘(A) IN GENERAL.—Each Federal banking agency and the National Credit Union Administration Board shall make available to each depository in- stitution and insured credit union under the juris- diction of such agency model approaches to com- mon Year 2000 computer problems, such as model approaches with regard to project management, vendor contracts, testing regimes, and business continuity planning. ‘‘(B) VARIETY OF APPROACHES.—In developing model approaches to the Year 2000 computer prob- lem pursuant to subparagraph (A), each Federal banking agency and the National Credit Union Ad- ministration Board shall take into account the need to develop a variety of approaches to cor- respond to the variety of depository institutions or credit unions within the jurisdiction of the agency. ‘‘(3) COOPERATION.—In carrying out this section, the Federal banking agencies and the National Credit Union Administration Board may cooperate and co- ordinate their activities with each other, the Finan- cial Institutions Examination Council, and appro- priate organizations representing depository institu- tions and credit unions.’’ STUDY AND REPORT ON UNITED STATES FINANCIAL SERVICES SYSTEM Pub. L. 103–328, title II, § 210, Sept. 29, 1994, 108 Stat. 2379, provided that: ‘‘(a) STUDY.— ‘‘(1) IN GENERAL.—The Secretary of the Treasury (hereafter in this section referred to as the ‘Sec- retary’) shall, after consultation with the Advisory Commission on Financial Services established under subsection (b), and consultation in accordance with paragraph (3), conduct a study of matters relating to the strengths and weaknesses of the United States fi- nancial services system in meeting the needs of the system’s users, including the needs of— ‘‘(A) individual consumers and households; ‘‘(B) communities; ‘‘(C) agriculture; ‘‘(D) small-, medium-, and large-sized businesses; ‘‘(E) governmental and nonprofit entities; and ‘‘(F) exporters and other users of international fi- nancial services. ‘‘(2) MATTERS STUDIED.—The study required under paragraph (1) shall include consideration of— ‘‘(A) the changes underway in the national and international economies and the financial services industry, and how those changes affect the finan- cial services system’s ability to efficiently meet the needs of the national economy and the system’s users during the next 10 years and beyond; and ‘‘(B) the adequacy of existing statutes and regula- tions, and the existing regulatory structure, to meet the needs of the financial services system’s users effectively, efficiently, and without unfair, anticompetitive, or discriminatory practices. ‘‘(3) CONSULTATION.—Consultation in accordance with this paragraph means consultation with— ‘‘(A) the Board of Governors of the Federal Re- serve System; ‘‘(B) the Commodity Futures Trading Commis- sion; ‘‘(C) the Comptroller of the Currency; Page 961 TITLE 12—BANKS AND BANKING § 1811 ‘‘(D) the Director of the Office of Thrift Super- vision; ‘‘(E) the Federal Deposit Insurance Corporation; ‘‘(F) the Secretary of the Department of Housing and Urban Development; ‘‘(G) the Securities and Exchange Commission; ‘‘(H) the Director of the Congressional Budget Of- fice; and ‘‘(I) the Comptroller General of the United States. ‘‘(b) ADVISORY COMMISSION ON FINANCIAL SERVICES.— ‘‘(1) ESTABLISHMENT.—There is established the Ad- visory Commission on Financial Services (hereafter in this section referred to as the ‘Advisory Commis- sion’). ‘‘(2) MEMBERSHIP OF COMMISSION.—The Advisory Commission— ‘‘(A) shall consist of not less than 9 nor more than 14 members appointed by the Secretary from among individuals— ‘‘(i) who are— ‘‘(I) users of the financial services system; or ‘‘(II) experts in finance or on the financial services system; and ‘‘(ii) who are not employees of the Federal Gov- ernment; and ‘‘(B) shall include representatives of business, ag- riculture, and consumers. ‘‘(3) CHAIRPERSON.—The Secretary or the Sec- retary’s designee shall serve as Chairperson of the Advisory Commission. ‘‘(4) TRAVEL EXPENSES.—Members of the Advisory Commission shall be allowed travel expenses, includ- ing per diem in lieu of subsistence, at rates author- ized for employees of agencies under subchapter I of chapter 57 of title 5, United States Code, while away from their homes or regular places of business in per- forming services for the Advisory Commission. ‘‘(5) TERMINATION.—The Advisory Commission shall terminate 30 days after the date of submission of the report required under subsection (d). ‘‘(c) RECOMMENDATIONS.—Based on the results of the study conducted under subsection (a), the Secretary shall develop such recommendations as may be appro- priate for changes in statutes, regulations, and policies to improve the operation of the financial services sys- tem, including changes to better— ‘‘(1) meet the needs of, and assure access to the sys- tem for, current and potential users; ‘‘(2) promote economic growth; ‘‘(3) protect consumers; ‘‘(4) promote competition and efficiency; ‘‘(5) avoid risk to the taxpayers; ‘‘(6) control systemic risk; and ‘‘(7) eliminate discrimination. ‘‘(d) REPORT.—Not later than 15 months after the date of enactment of this Act [Sept. 29, 1994], the Secretary shall submit to the President pro tempore of the Sen- ate and the Speaker of the House of Representatives a report describing the study conducted under subsection (a) and any recommendations developed under sub- section (c).’’ STUDY AND REPORT ON DEPOSITORY INSTITUTIONS DISASTER RELIEF ACTS OF 1992 AND 1993 Pub. L. 103–76, § 5, Aug. 12, 1993, 107 Stat. 754, directed Secretary of the Treasury, after consultation with ap- propriate Federal banking agencies to conduct a study that (1) examined how agencies and entities granted au- thority by Depository Institutions Disaster Relief Act of 1992 and by this Act have exercised such authority, (2) evaluated the utility of such Acts in facilitating re- covery from disasters consistent with safety and sound- ness of depository institutions, and (3) contained rec- ommendations with respect to whether the authority granted by this Act should be made permanent, and, not later than 18 months after Aug. 12, 1993, submit to Congress a report on the results of the study. FEASIBILITY STUDY ON AUTHORIZING INSURED AND UNINSURED DEPOSIT ACCOUNTS Pub. L. 102–242, title III, § 321, Dec. 19, 1991, 105 Stat. 2370, directed Federal Deposit Insurance Corporation to study the feasibility of authorizing insured depository institutions to offer both insured and uninsured deposit accounts to customers, specified factors to be consid- ered in conducting the study, and directed Corporation, before the end of the 6-month period beginning on Dec. 19, 1991, to submit a report to Congress containing the Corporation’s findings and conclusions with respect to the study and any recommendations for legislative or administrative action the Corporation determined to be appropriate. PRIVATE REINSURANCE STUDY Pub. L. 102–242, title III, § 322, Dec. 19, 1991, 105 Stat. 2370, directed Board of Directors of Federal Deposit In- surance Corporation, in consultation with Secretary of the Treasury and individuals from the private sector with expertise in private insurance, private reinsur- ance, depository institutions, or economics, to conduct a study of the feasibility of establishing a private rein- surance system, such study to include a demonstration project consisting of a simulation, by a sample of pri- vate reinsurers and insured depository institutions, of the activities required for a private reinsurance sys- tem, with a report to Congress on the study before the end of the 18-month period beginning on Dec. 19, 1991. PURPOSES OF 1989 AMENDMENT Pub. L. 101–73, title I, § 101, Aug. 9, 1989, 103 Stat. 187, provided that: ‘‘The purposes of this Act [see Short Title of 1989 Amendment note above] are as follows: ‘‘(1) To promote, through regulatory reform, a safe and stable system of affordable housing finance. ‘‘(2) To improve the supervision of savings associa- tions by strengthening capital, accounting, and other supervisory standards. ‘‘(3) To curtail investments and other activities of savings associations that pose unacceptable risks to the Federal deposit insurance funds. ‘‘(4) To promote the independence of the Federal Deposit Insurance Corporation from the institutions the deposits of which it insures, by providing an inde- pendent board of directors, adequate funding, and ap- propriate powers. ‘‘(5) To put the Federal deposit insurance funds on a sound financial footing. ‘‘(6) To establish an Office of Thrift Supervision in the Department of the Treasury, under the general oversight of the Secretary of the Treasury. ‘‘(7) To establish a new corporation, to be known as the Resolution Trust Corporation, to contain, man- age, and resolve failed savings associations. ‘‘(8) To provide funds from public and private sources to deal expeditiously with failed depository institutions. ‘‘(9) To strengthen the enforcement powers of Fed- eral regulators of depository institutions. ‘‘(10) To strengthen the civil sanctions and criminal penalties for defrauding or otherwise damaging de- pository institutions and their depositors.’’ STUDIES OF FEDERAL DEPOSIT INSURANCE, BANKING SERVICES, AND SAFETY AND SOUNDNESS OF GOVERN- MENT-SPONSORED ENTERPRISES Pub. L. 101–73, title X, Aug. 9, 1989, 103 Stat. 507, as amended by Pub. L. 103–328, title I, § 108(a), Sept. 29, 1994, 108 Stat. 2361; Pub. L. 104–208, div. A, title II, § 2608, Sept. 30, 1996, 110 Stat. 3009–474, provided that: ‘‘SEC. 1001. STUDY OF FEDERAL DEPOSIT INSUR- ANCE SYSTEM. ‘‘(a) IN GENERAL.—The Secretary of the Treasury, in consultation with the Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Re- serve System, the Director of the Office of Thrift Su- pervision, the Chairperson of the Federal Deposit Insur- ance Corporation, the Chairman of the National Credit Union Administration Board, the Director of the Office of Management and Budget, and individuals from the private sector, shall conduct a study of the Federal de- posit insurance system. Page 962 TITLE 12—BANKS AND BANKING § 1811 ‘‘(b) TOPICS.—As part of the study required under sub- section (a), the Secretary of the Treasury shall inves- tigate, review, and evaluate the following: ‘‘(1) The feasibility of establishing a deposit insur- ance premium rate structure which would take into account, on an institution-by-institution basis— ‘‘(A) asset quality risk; ‘‘(B) interest rate risk; ‘‘(C) quality of management; and ‘‘(D) profitability and capital. ‘‘(2) Incentives for market discipline, including the advantages of— ‘‘(A) limiting each depositor to 1 insured account per institution; ‘‘(B) reducing the amount insured, or providing for a graduated decrease in the percentage of the amounts deposited which are insured as the amounts deposited increase; ‘‘(C) combining Federal with private insurance in order to bring the market discipline of private in- surance to bear on the management of the deposi- tory institution; and ‘‘(D) ensuring, by law or regulation, that on the closing of any insured depository institution, the appropriate Federal insurance fund will honor only its explicit liabilities, and will never make good any losses on deposits not explicitly covered by Federal deposit insurance. ‘‘(3) The scope of deposit insurance coverage and its impact on the liability of the insurance fund. ‘‘(4) The feasibility of market value accounting, as- sessments on foreign deposits, limitations on bro- kered deposits, the addition of collateralized bor- rowings to the deposit insurance base, and multiple insured accounts. ‘‘(5) The impact on the deposit insurance funds of varying State and Federal bankruptcy exemptions and the feasibility of— ‘‘(A) uniform exemptions; ‘‘(B) limits on exemptions when necessary to repay obligations owed to federally insured deposi- tory institutions; and ‘‘(C) requiring borrowers from federally insured depository institutions to post a personal or cor- porate bond when obtaining a mortgage on real property. ‘‘(6) Policies to be followed with respect to the re- capitalization or closure of insured depository insti- tutions whose capital is depleted to, or near the point of, insolvency. ‘‘(7) The efficiency of housing subsidies through the Federal home loan bank system. ‘‘(8) Alternatives to Federal deposit insurance. ‘‘(9) The feasibility of developing and admin- istering, through the appropriate Federal banking agency, an examination of the principles and tech- niques of risk management and the application of such principles and techniques to the management of insured institutions. ‘‘(10) The adequacy of capital of insured credit unions and the National Credit Union Share Insur- ance Fund, including whether the supervision of such fund should be separated from the other functions of the National Credit Union Administration. ‘‘(11) The feasibility of requiring, by statute or other means, that— ‘‘(A) independent auditors and accountants of a depository institution report the results of any audit of the institution to the relevant regulatory agency or agencies; ‘‘(B) a regulator share reports on a depository in- stitution with the institution’s independent audi- tors and accountants; and ‘‘(C) independent auditors and accountants par- ticipate in conferences between the regulator and the depository institution. ‘‘(12) The feasibility of adopting regulations which are the same as or similar to the provisions of Eng- land’s Banking Act, 1987, ch. 22 (4 Halsbury’s Statutes of England and Wales 527–650 (1987)), enacted on May 15, 1987, relating to the Bank of England’s relation- ship with auditors and reporting accountants (includ- ing sections 8, 39, 41, 45, 46, 47, 82, 83, 85, and 94 of such Act). ‘‘(c) FINAL REPORT.—Not later than the close of the 18-month period beginning on the date of the enact- ment of this Act [Aug. 9, 1989], the Secretary of the Treasury shall submit to the Congress a final report containing a detailed statement of findings made, and conclusions drawn from, the study conducted under this section, including such recommendations for ad- ministrative and legislative action as the Secretary de- termines to be appropriate. ‘‘SEC. 1002. SURVEY OF BANK FEES AND SERVICES. ‘‘(a) ANNUAL SURVEY REQUIRED.—The Board of Gov- ernors of the Federal Reserve System shall obtain a sample, which is representative by geographic location and size of the institution, of— ‘‘(1) certain retail banking services provided by in- sured depository institutions; and ‘‘(2) the fees, if any, which are imposed by such in- stitutions for providing any such service, including fees imposed for not sufficient funds, deposit items returned, and automated teller machine transactions. ‘‘(b) ANNUAL REPORT TO CONGRESS REQUIRED.— ‘‘(1) PREPARATION.—The Board of Governors of the Federal Reserve System shall prepare a report of the results of each survey conducted pursuant to sub- section (a). ‘‘(2) CONTENTS OF THE REPORT.—Each report pre- pared pursuant to paragraph (1) shall include— ‘‘(A) a description of any discernible trend, in the Nation as a whole, in each of the 50 States, and in each consolidated metropolitan statistical area or primary metropolitan statistical area (as defined by the Director of the Office of Management and Budget), in the cost and availability of retail bank- ing services (including fees imposed for providing such services), that delineates differences between insured depository institutions on the basis of both the size of the institution and any engagement of the institution in multistate activity; and ‘‘(B) a description of the correlation, if any, among the following factors: ‘‘(i) An increase or decrease in the amount of any deposit insurance premium assessed by the Federal Deposit Insurance Corporation against insured depository institutions. ‘‘(ii) An increase or decrease in the amount of the fees imposed by such institutions for pro- viding retail banking services. ‘‘(iii) A decrease in the availability of such services. ‘‘(3) SUBMISSION TO CONGRESS.—The Board of Gov- ernors of the Federal Reserve System shall submit an annual report to the Congress not later than Sep- tember 1, 1995, and not later than June 1 of each sub- sequent year. ‘‘SEC. 1003. GENERAL ACCOUNTING OFFICE [GOV- ERNMENT ACCOUNTABILITY OFFICE] STUDY. ‘‘(a) IN GENERAL.—The Comptroller General of the United States shall conduct a study of deposit insur- ance issues raised by section 1001 emphasizing in par- ticular— ‘‘(1) analysis of the policy considerations affecting the scope of deposit insurance coverage; ‘‘(2) evaluation of the risks associated with bank in- surance contracts both as to the issuing institution and the deposit insurance funds; and ‘‘(3) the effect of proposed changes in the definition of ‘deposit’ on— ‘‘(A) market discipline; and ‘‘(B) the ability of other participants in capital markets to raise funds. ‘‘(b) REPORT.—Not later than the close of the 18- month period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Comptroller General shall submit to the Congress the results of the study re- quired by subsection (a). Page 963 TITLE 12—BANKS AND BANKING § 1811 ‘‘SEC. 1004. STUDY REGARDING CAPITAL REQUIRE- MENTS FOR GOVERNMENT-SPONSORED EN- TERPRISES. ‘‘(a) IN GENERAL.—The Comptroller General of the United States shall conduct a study of the risks under- taken by all government-sponsored enterprises and the appropriate level of capital for such enterprises con- sistent with— ‘‘(1) the financial soundness and stability of the government-sponsored enterprises; ‘‘(2) minimizing any potential financial exposure of the Federal Government; and ‘‘(3) minimizing any potential impact on borrowing of the Federal Government. ‘‘(b) CONSULTATION AND COOPERATION WITH OTHER AGENCIES.—The Comptroller General shall determine the structure and methodology of the study under this section in consultation with and with the cooperation of the Secretary of Agriculture and the Farm Credit Administration (with respect to the Farm Credit Banks, the Banks for Cooperatives, and the Federal Ag- ricultural Mortgage Corporation), the Secretary of Education (with respect to the Student Loan Mar- keting Association and the College Construction Loan Corporation), the Secretary of Housing and Urban De- velopment (with respect to the Federal National Mort- gage Association and the Federal Home Loan Mortgage Corporation), and the government-sponsored enter- prises. ‘‘(c) ACCESS TO RELEVANT INFORMATION.—Each gov- ernment-sponsored enterprise shall provide full and prompt access to the Comptroller General to its books and records and shall promptly provide any other infor- mation requested by the Comptroller General. In con- ducting the study under this section, the Comptroller General may request information from, or the assist- ance of, any department or agency of the Federal Gov- ernment that is authorized by law to supervise or ap- prove any of the activities of any government-spon- sored enterprise. ‘‘(d) SPECIFIC REQUIREMENTS.—The study shall exam- ine and evaluate— ‘‘(1) the degrees and types of risks that are under- taken by the government-sponsored enterprises in the course of their operations, including credit risk, interest rate risk, management and operational risk, and business risk; ‘‘(2) the most appropriate method or methods for quantifying the types of risks undertaken by the gov- ernment-sponsored enterprises; ‘‘(3) the actual level of risk that exists with respect to each government-sponsored enterprise, which shall take into account factors including the volume and type of securities outstanding that are issued or guaranteed by each government-sponsored enterprise and the extent of off-balance sheet expense of each government-sponsored enterprise; ‘‘(4) the appropriateness of applying a risk-based capital standard to each government-sponsored en- terprise, taking into account the nature of the busi- ness each government-sponsored enterprise conducts; ‘‘(5) the costs and benefits to the public from appli- cation of a risk-based capital standard to the govern- ment-sponsored enterprises and the impact of such a standard on the capability of each government-spon- sored enterprise to carry out its purpose under law; ‘‘(6) the impact, if any, of the operation of the gov- ernment-sponsored enterprises on borrowing of the Federal Government; ‘‘(7) the overall level of capital appropriate for each of the government-sponsored enterprises; and ‘‘(8) the quality and timeliness of information cur- rently available to the public and the Federal Gov- ernment concerning the extent and nature of the ac- tivities of government-sponsored enterprises and the financial risk associated with such activities. ‘‘(e) REPORTS TO CONGRESS.—The Comptroller General shall submit to the Congress 2 reports regarding the study under this section. The first report shall be sub- mitted to the Congress not later than 9 months after the date of the enactment of this Act [Aug. 9, 1989] and the second report shall be submitted to the Congress not later than 21 months after the date of the enact- ment of this Act. Each report shall set forth— ‘‘(1) the results of the study under this section; ‘‘(2) any recommendations of the Comptroller Gen- eral with respect to appropriate capital standards for each government-sponsored enterprise; ‘‘(3) any recommendations of the Comptroller Gen- eral with respect to information that, in the deter- mination of the Comptroller General, should be pro- vided to the Congress concerning— ‘‘(A) the extent and nature of the activities of the government-sponsored enterprises; and ‘‘(B) the nature of any periodic reports that the Comptroller General believes should be submitted to the Congress relating to the capital condition and operations of the government-sponsored enter- prises; and ‘‘(4) any recommendations and opinions of the Sec- retary of Agriculture, the Secretary of Education, the Secretary of Housing and Urban Development, and the Secretary of the Treasury regarding the re- port, to the extent that the recommendations and views of such officers differ from the recommenda- tions and opinions of the Comptroller General. ‘‘(f) DEFINITION.—For purposes of this section, the term ‘government-sponsored enterprises’ means the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Home Loan Bank System, the Farm Credit Banks, the Banks for Cooperatives, the Federal Agricultural Mortgage Corporation, the College Construction Loan Insurance Corporation, the Student Loan Marketing Associa- tion.’’ [Pub. L. 103–328, title I, § 108(b), Sept. 29, 1994, 108 Stat. 2362, provided that: ‘‘The requirements of sub- section (a) [amending section 1002 of Pub. L. 101–73, set out above] shall not apply after the end of the 7-year period beginning on the date of enactment of this Act [Sept. 29, 1994].’’] EXPANSION OF USE OF UNDERUTILIZED MINORITY BANKS, WOMEN’S BANKS, AND LOW-INCOME CREDIT UNIONS Pub. L. 101–73, title XII, § 1204, Aug. 9, 1989, 103 Stat. 520, provided that: ‘‘(a) CONSULTATION ON EXPANDED USE.—The Secretary of the Treasury shall consult with the appropriate Fed- eral banking agencies and the National Credit Union Administration Board on methods for increasing the use of underutilized minority banks, women’s banks, and limited income credit unions as depositaries or fi- nancial agents of Federal agencies. ‘‘(b) REPORT TO CONGRESS.—The Secretary of the Treasury shall include, in the 1st annual report sub- mitted to the Congress under section 331(a) of title 31, United States Code, after the completion of the con- sultation required by subsection (a), a report of the ac- tions taken by the Secretary to increase the use of un- derutilized minority banks, women’s banks, and lim- ited income credit unions as depositaries or financial agents of Federal agencies. ‘‘(c) DEFINITIONS.—For purposes of this section: ‘‘(1) APPROPRIATE FEDERAL BANKING AGENCY.—The term ‘appropriate Federal banking agency’ has the meaning given to such term in section 3(q) of the Federal Deposit Insurance Act [12 U.S.C. 1813(q)]. ‘‘(2) MINORITY BANK.—The term ‘minority bank’ means any depository institution described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Re- serve Act [12 U.S.C. 461(b)(1)(A)(i), (ii), (iii)]— ‘‘(A) more than 50 percent of the ownership or control of which is held by 1 or more minority indi- viduals; and ‘‘(B) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals. ‘‘(3) MINORITY.—The term ‘minority’ means any Black American, Native American, Hispanic Amer- ican, or Asian American. Page 964 TITLE 12—BANKS AND BANKING § 1812 ‘‘(4) LOW-INCOME CREDIT UNION.—The term ‘low-in- come credit union’ means any depository institution described in section 19(b)(1)(A)(iv) of the Federal Re- serve Act which serves predominately low-income members (as defined by the National Credit Union Administration Board pursuant to section 101(5) of the Federal Credit Union Act [12 U.S.C. 1752(5)]). ‘‘(5) WOMEN’S BANK.—The term ‘women’s bank’ means any depository institution described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Re- serve Act— ‘‘(A) more than 50 percent of the outstanding shares of which are held by 1 or more women; ‘‘(B) a majority of the directors on the board of directors of which are women; and ‘‘(C) a significant percentage of senior manage- ment positions of which are held by women.’’ SMALL INVESTOR PARTICIPATION IN UNITED STATES GOVERNMENT SECURITIES OFFERINGS; STUDY BY SEC- RETARY OF THE TREASURY Pub. L. 101–73, title XII, § 1207, Aug. 9, 1989, 103 Stat. 523, provided that: ‘‘Not later than the close of the 18- month period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Secretary of the Treasury shall conduct a study and report to the Congress on— ‘‘(1) whether, and to what extent, the issuance of se- curities by the United States Government in small denominations benefits small investors, increases the participation of small investors in United States Gov- ernment securities offerings, and promotes savings and thrift by the average United States taxpayer; and ‘‘(2) additional measures the Secretary recommends be taken to expand the availability of securities issued by the United States Government to benefit small investors, increase their participation in United States Government securities offerings, and to promote savings and thrift by the average United States taxpayer.’’ EXPENDITURE OF TAXPAYER MONEY ONLY FOR DEPOSIT INSURANCE PURPOSES Pub. L. 101–73, title XII, § 1208, Aug. 9, 1989, 103 Stat. 523, provided that: ‘‘Funds appropriated to the Sec- retary of the Treasury pursuant to an authorization contained in this Act [see Short Title of 1989 Amend- ment note above], and any amount authorized to be borrowed from the Secretary of the Treasury by any entity pursuant to this Act, may only be used as per- mitted by law, and may not otherwise be used for mak- ing any payment to any shareholder in, or creditor to, any insured depository institution.’’ STUDIES OF RELATIONSHIP BETWEEN PUBLIC DEBT AND ACTIVITIES OF GOVERNMENT-SPONSORED ENTERPRISES Pub. L. 101–73, title XIV, § 1404, Aug. 9, 1989, 103 Stat. 551, provided that: ‘‘(a) IN GENERAL.—In order to better manage the bonded indebtedness of the United States, the Sec- retary shall conduct 2 annual studies to assess the fi- nancial safety and soundness of the activities of all Government-sponsored enterprises and the impact of their operations on Federal borrowing. ‘‘(b) ACCESS TO RELEVANT INFORMATION.— ‘‘(1) INFORMATION FROM GSE’S.—Each Government- sponsored enterprise shall provide full and prompt ac- cess to the Secretary to its books and records, and shall promptly provide any other information re- quested by the Secretary. ‘‘(2) INFORMATION FROM SUPERVISORY AGENCIES.—In conducting the studies under this section, the Sec- retary may request information from, or the assist- ance of, any Federal department or agency author- ized by law to supervise the activities of any Govern- ment-sponsored enterprise. ‘‘(3) CONFIDENTIALITY OF INFORMATION.— ‘‘(A) IN GENERAL.—The Secretary shall determine and maintain the confidentiality of any book, record, or information made available under this subsection in a manner generally consistent with the level of confidentiality established for the ma- terial by the Government-sponsored enterprise in- volved. ‘‘(B) EXEMPTION FROM PUBLIC DISCLOSURE REQUIRE- MENTS.—The Department of the Treasury shall be exempt from section 552 of title 5, United States Code, with respect to any book, record, or informa- tion made available under this subsection and de- termined by the Secretary to be confidential under subparagraph (A). ‘‘(C) PENALTY FOR UNAUTHORIZED DISCLOSURE.— Any officer or employee of the Department of the Treasury shall be subject to the penalties set forth in section 1906 of title 18, United States Code, if— ‘‘(i) by virtue of his employment or official po- sition, he has possession of or access to any book, record, or information made available under this subsection and determined by the Secretary to be confidential under subparagraph (A); and ‘‘(ii) he discloses the material in any manner other than— ‘‘(I) to an officer or employee of the Depart- ment of the Treasury; or ‘‘(II) pursuant to the exceptions set forth in such section 1906. ‘‘(c) ASSESSMENT OF RISK.—In assessing the financial safety and soundness of the activities of Government- sponsored enterprises, and the impact of their activi- ties on Federal borrowing, the Secretary shall quantify the risks associated with each Government-sponsored enterprise. In quantifying such risks, the Secretary shall determine the volume and type of securities out- standing which are issued or guaranteed by each Gov- ernment-sponsored enterprise, the capitalization of each Government-sponsored enterprise, and the degree of risk involved in the operations of each Government- sponsored enterprise due to factors such as credit risk, interest rate risk, management and operations risk, and business risk. The Secretary shall also report on the quality and timeliness of information currently available to the public and the Federal Government concerning the extent and nature of the activities of Government-sponsored enterprises and the financial risk associated with such activities. ‘‘(d) REPORTS TO CONGRESS.—The Secretary shall sub- mit to the Congress— ‘‘(1) by May 15, 1990, a report setting forth the re- sults of the 1st annual study conducted under this section; and ‘‘(2) by May 15, 1991, a report setting forth the re- sults of the 2nd annual study conducted under this section. ‘‘(e) DEFINITIONS.—For purposes of this section: ‘‘(1) GOVERNMENT-SPONSORED ENTERPRISE.—The term ‘Government-sponsored enterprise’ means— ‘‘(A) the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank System, the Farm Credit Banks, the Banks for Cooperatives, the Federal Ag- ricultural Mortgage Corporation, the Student Loan Marketing Association, the College Construction Loan Insurance Association, and any of their affili- ated or member institutions; and ‘‘(B) any other Government-sponsored enterprise, as designated by the Secretary. ‘‘(2) SECRETARY.—The term ‘Secretary’ means the Secretary of the Treasury or his delegate.’’ § 1812. Management (a) Board of Directors (1) In general The management of the Corporation shall be vested in a Board of Directors consisting of 5 members— (A) 1 of whom shall be the Comptroller of the Currency; (B) 1 of whom shall be the Director of the Consumer Financial Protection Bureau; and