2000
<PRE>        S.1273
                       One Hundred Third Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
  the fifth day of January, one thousand nine hundred and ninety-three


                                 An Act

  
 
  To facilitate recovery from the recent flooding of the Mississippi 
River and its tributaries 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. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1993''.
SEC. 2. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT.
    (a) 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 April 1, 1993, 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 1993 flooding 
of the Mississippi River and its tributaries, 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.
    (b) 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 subsection (a) 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.
    (c) Time Limit on Exceptions.--Any exception made under this section 
shall expire not later than October 1, 1994.
    (d) Publication Required.--The Board of Governors of the Federal 
Reserve System shall publish in the Federal Register a statement that--
        (1) describes any exception made under this section; and
        (2) explains how the exception can reasonably be expected to 
    produce benefits to the public that outweigh possible adverse 
    effects.

SEC. 3. DEPOSIT OF INSURANCE PROCEEDS.

    (a) 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--
        (1) the institution--
            (A) 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 April 1, 1993, 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 1993 flooding of the Mississippi River and its tributaries, 
        on the day before the date of any such determination;
            (B) 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;
            (C) was adequately capitalized (as defined in section 38 of 
        the Federal Deposit Insurance Act) before the major disaster; 
        and
            (D) has an acceptable plan for managing the increase in its 
        total assets and total deposits; and
        (2) the subtraction is consistent with the purpose of section 38 
    of the Federal Deposit Insurance Act.
    (b) Time Limit on Exceptions.--Any exception made under this section 
shall expire not later than April 1, 1995.
    (c) Definitions.--For purposes of this section:
        (1) Appropriate federal banking agency.--The term ``appropriate 
    Federal banking agency'' has the same meaning as in section 3 of the 
    Federal Deposit Insurance Act.
        (2) Insured depository institution.--The term ``insured 
    depository institution'' has the same meaning as in section 3 of the 
    Federal Deposit Insurance Act.
        (3) Leverage limit.--The term ``leverage limit'' has the same 
    meaning as in section 38 of the Federal Deposit Insurance Act.
        (4) 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 
    subsection (a)(1)(A), 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.

SEC. 4. BANKING AGENCY PUBLICATION REQUIREMENTS.

    (a) 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 April 
1, 1993, 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 1993 flooding of the Mississippi River and its 
tributaries, if the agency determines that the action would facilitate 
recovery from the major disaster:
        (1) Procedure.--Exercising the agency's authority under 
    provisions of law other than this section without complying with--
            (A) any requirement of section 553 of title 5, United States 
        Code; or
            (B) any provision of law that requires notice or opportunity 
        for hearing or sets maximum or minimum time limits with respect 
        to agency action.
        (2) Publication requirements.--Making exceptions, with respect 
    to institutions or other entities for which the agency is the 
    primary Federal regulator, to--
            (A) any publication requirement with respect to establishing 
        branches or other deposit-taking facilities; or
            (B) any similar publication requirement.
    (b) Publication Required.--A qualifying regulatory agency shall 
publish in the Federal Register a statement that--
        (1) describes any action taken under this section; and
        (2) explains the need for the action.
    (c) Qualifying Regulatory Agency Defined.--For purposes of this 
section, the term ``qualifying regulatory agency'' means--
        (1) the Board of Governors of the Federal Reserve System;
        (2) the Comptroller of the Currency;
        (3) the Director of the Office of Thrift Supervision;
        (4) the Federal Deposit Insurance Corporation;
        (5) the Financial Institutions Examination Council;
        (6) the National Credit Union Administration; and
        (7) with respect to chapter 53 of title 31, United States Code, 
    the Secretary of the Treasury.
    (d) Expiration.--Any exception made under this section shall expire 
not later than April 1, 1994.

SEC. 5. STUDY; REPORT TO THE CONGRESS.

    (a) Study.--The Secretary of the Treasury, after consultation with 
the appropriate Federal banking agen
6a6
cies (as defined in section 3 of the 
Federal Deposit Insurance Act), shall conduct a study that--
        (1) examines how the agencies and entities granted authority by 
    the Depository Institutions Disaster Relief Act of 1992 and by this 
    Act have exercised such authority;
        (2) evaluates the utility of such Acts in facilitating recovery 
    from disasters consistent with the safety and soundness of 
    depository institutions; and
        (3) contains recommendations with respect to whether the 
    authority granted by this Act should be made permanent.
    (b) Report to the Congress.--Not later than 18 months after the date 
of the enactment of this Act, the Secretary of the Treasury shall submit 
to the Congress a report on the results of the study required by 
subsection (a).

SEC. 6. 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 1993 
flooding of the Mississippi River and its tributaries.

SEC. 7. OTHER AUTHORITY NOT AFFECTED.

    Nothing in this Act limits the authority of any department or agency 
under any other provision of law.







                                Speaker of the House of Representatives.







                             Vice President of the United States and    
                                                President of the Senate.

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