Financial Institutions Safety and Consumer Choice Act of 1991

Financial Institutions Safety and Consumer Choice Act of 1991 - Title I: Safety and Soundness - Federal Deposit Insurance Corporation Improvement Act of 1991 - Subtitle A: Deposit Insurance Funds - Amends the Federal Deposit Insurance Act to increase from $5,000,000,000 to $30,000,000,000 the amount of credit available from the Treasury to the Federal Deposit Insurance Corporation (FDIC). Sets maximum limits upon the outstanding obligations of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF). Directs the Comptroller General to report quarterly to certain congressional committees regarding FDIC compliance with such obligation limitations. Mandates a repayment schedule as a prerequisite to any such borrowing. Requires the Secretary of the Treasury to submit a copy of such schedule to certain congressional committees and to consult with them regarding repayment terms.

Authorizes the FDIC to impose special assessments upon insured depository institutions (in addition to existing assessments) if emergency assessments are required and if they are allocated between the BIF and SAIF according to their respective needs. Sets forth BIF borrowing guidelines.

Subtitle B: Supervisory Reforms - Prescribes guidelines for: (1) mandatory annual on-site examinations of all insured depository institutions; and (2) fiscal status reports from all insured depository institutions (but exempting certain small-sized insured depository institutions). Sets forth guidelines for assessments to cover FDIC costs of conducting examinations of insured depository institutions and their affiliates. Outlines the application procedure for deposit insurance.

Requires the FDIC to study and report to the Congress on ways to streamline Federal banking regulatory requirements.

Subtitle C: Accounting Reforms - Mandates that: (1) the accounting principles applicable to all insured depository institutions be uniform and consistent with generally accepted accounting principles; (2) each appropriate Federal banking agency implement certain accounting procedures (maintaining uniform accounting standards for use in determining the capital ratios of insured depository institutions); and (3) each appropriate Federal banking agency report annually to certain congressional committees on any differences between its accounting or capital standards and those used by other agencies.

Requires each insured depository institution to include in its annual status report the total number and aggregate dollar amount of its outstanding loans to specified small businesses and farms. Exempts certain small-sized depository institutions from this requirement.

Requires large, interstate banking institutions to file quarterly reports of loan and deposit activities.

Subtitle D: Prompt Regulatory Action - Requires each appropriate Federal banking agency and the FDIC to prescribe regulations for implementation of a prompt regulatory action system which includes: (1) uniform standards; (2) minimum capital requirements; (3) deadlines for submission and review of capital restoration plans; (4) standards for safety and soundness; and (5) asset growth guidelines. Sets capital distribution restrictions for any insured depository institution that does not meet all currently applicable capital standards after making such distribution. Requires undercapitalized depository institutions to submit capital restoration plans with specified contents. Sets forth regulatory guidelines and restrictions for depository institutions according to risk categories (including the appointment of conservators or receivers for national banks and Federal savings associations not in compliance with statutory capital standards).

Authorizes the FDIC Board of Directors to appoint the FDIC as sole conservator or receiver of an insured depository institution (following consultation with the appropriate Federal or State agency) after a determination that specified risk conditions have been met.

Subtitle E: Least-Cost Resolution - Mandates that FDIC assistance to troubled insured depository institutions be in accord with prescribed least-cost resolution guidelines to ensure that such assistance is the least costly of all possible methods to the affected deposit insurance fund. Mandates an annual General Accounting Office (GAO) audit of the FDIC and the Resolution Trust Corporation to determine compliance with such least-cost approach. Sets forth procedural guidelines with respect to: (1) creditors' claims; (2) data collection; (3) financial services industry impact analyses before resolution of a troubled insured depository institution; and (4) financial assistance prior to appointment of a receiver or conservator.

Amends the Federal Reserve Act to set forth limitations on advances by a Federal Reserve bank to an undercapitalized depository institution.

Amends the Federal Deposit Insurance Act to direct the FDIC upon providing assistance to a troubled institution to: (1) remove its board of directors; and (2) treat shareholders' claims with regard to such institution as if the institution were closed.

Subtitle F: Federal Insurance for State Chartered Depository Institutions - Uniform Depositor Protection Act of 1991 - Sets a deadline by which State depository institutions or credit unions must obtain deposit insurance as a prerequisite to accepting deposits.

Subtitle G: Management and Conflict of Interest Reforms - Management and Conflict of Interest Reform Amendments of 1991 - Prohibits individuals whose employment depends on a bank from also serving as a bank director.

Title II: Regulatory Improvement - Subtitle A: Regulation of Foreign Banks - Foreign Bank Supervision Enhancement Act of 1991 - Amends the International Banking Act of 1978 to prohibit a foreign bank from establishing any branch or agency in the United States without prior approval of the Board of Governors of the Federal Reserve System (the Board). Outlines approval and termination procedures. Authorizes the Board to examine each branch or agency of a foreign bank or foreign entities engaged in lending practices. Mandates annual on-site examinations of such entities and outlines a coordinated examination procedure with the Comptroller of the Currency and the FDIC. Prohibits foreign banks from establishing representative offices without the Board's prior approval.

Amends the Federal Deposit Insurance Act to require a financial institution to file a consolidated report with the appropriate Federal banking agency if the credit it extends (currently, if the loan or loans it makes) to an insured depository institution is secured by 25 percent or more of any class of shares of the borrowing institution.

Amends the International Banking Act of 1978 to authorize the Board, the Comptroller of the Currency, the FDIC, and the Director of the Office of Thrift Supervision to disclose to their foreign counterparts information obtained in the course of supervisory or examination authority, subject to confidentiality requirements. Sets forth a civil money penalty schedule for violations of such Act by a foreign bank.

Amends the Bank Holding Company Act of 1956 to declare that consideration of a bank's managerial resources by the Board includes the competence, experience, and integrity of its officers, directors, and principal shareholders.

Subtitle B: Customer and Consumer Provisions - Sets a deadline by which each appropriate Federal banking agency must submit to certain congressional committees recommendations with respect to reducing paperwork and improving the administration and enforcement of the Community Reinvestment Act of 1977. Directs GAO to study and report to the Congress on the examination processes used by Federal banking agencies to evaluate compliance with the Community Reinvestment Act of 1977.

Amends the Community Reinvestment Act of 1977 to require the appropriate Federal financial supervisory agency to consider and give credit for capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions with minority- and women-owned financial institutions and with low-income credit unions that help meet the credit needs of their local communities.

Amends the Equal Credit Opportunity Act to require specified Federal agencies to: (1) refer to the Attorney General any cases in which there is reason to believe that a pattern or practice of credit discrimination exists with respect to credit application denials or discouragement; and (2) notify the Secretary of Housing and Urban Development of those cases in which there is reason to believe that a violation of the Fair Housing Act has occurred.

Prohibits any appropriate Federal banking agency from requiring an institution to engage in data collection to fulfill Fair Housing Act requirements (other than under the Home Mortgage Disclosure Act).

Requires the Secretary of the Treasury and the head of each appropriate Federal banking agency to review and report to the Congress on laws and regulations which might adversely affect the capital position and profitability of insured depository institutions.

Amends the Expedited Funds Availability Act with respect to funds held beyond statutory schedules to mandate a one-year interval between required notices to the depositor.

Amends the Electronic Fund Transfer Act to proscribe: (1) any preauthorized electronic fund transfer from a consumer's account on the basis of any form of check negotiation by a consumer; or (2) treatment of any provision contained in a check received by a depository institution and negotiated by a consumer as constituting an electronic funds transfer authorization.

Amends the Expedited Funds Availability Act to make permanent the four-business days waiting period before a depositor may withdraw funds deposited at an automated teller machine owned or operated by a depository institution other than his own.

Amends the Federal Deposit Insurance Act to set forth notification and policy guidelines to be followed by an insured depository institution with respect to advance notice of branch closures.

Subtitle C: Bank Enterprise Act - Bank Enterprise Act of 1991 - Directs the Board and the FDIC to establish minimum requirements according to prescribed criteria so that certain accounts providing basic consumer transaction services at insured depository institutions may qualify as lifeline accounts. Amends the Federal Deposit Insurance Act to provide that an insured depository institution's assessment rate with respect to such lifeline accounts shall be one-half the maximum rate. Sets forth assessment procedures.

Directs the Community Enterprise Assessment Credit Board (established by this Act) to issue guidelines according to specified criteria to determine community enterprise assessment credits for: (1) eligible insured depository institutions providing financial assistance to low- and moderate-income clients in distressed communities; (2) small business developers; and (3) nonprofit developers. Establishes the Community Enterprise Assessment Credit Board to establish procedures for accepting and considering applications by insured depository institutions for such assessment credits.

Prescribes parameters within which an insured depository institution may sell insurance in a qualified distressed community lacking insurance services. Amends Federal law to permit any national bank meeting minimum capital requirements which is located in a qualified distressed community to underwrite or deal in securities issued by a corporation located or headquartered in such community. Outlines the criteria under which an insured depository institution shall be treated as either a community development organization or a bank. Sets forth criteria for community development banks, organizations and corporations (thus making entities which meet such criteria eligible for specified insurance premium credits).

Title III: Nationwide Banking and Branching - Amends the Bank Holding Company Act of 1956 to authorize the Board to approve interstate acquisitions applications of bank holding companies or foreign banks notwithstanding State law to the contrary. Amends Federal banking law with respect to interstate branching by national banks. Authorizes the Comptroller of the Currency to approve the interstate consolidation or merger of national or State banks with national banks located in any State (currently, only national banks located in the same State). Authorizes the resulting national banks to retain pre-merger or pre-consolidation branches upon approval of the Comptroller.

Gives States three years to elect to prohibit interstate branching.

Amends the Federal Deposit Insurance Act to preclude a State from prohibiting interstate branching within its borders by State banks of other States.

Amends the International Banking Act of 1978 to authorize interstate banking or branching by foreign banks. Authorizes such banks to establish a Federal branch or agency in any State in which it is not operating under State law. Subjects a foreign bank's interstate branching activities to certain limitations imposed upon bank holding companies from the same home State as the foreign bank. Conditions a foreign bank's establishment of Federal or State branches upon Board approval and the approval of the appropriate State bank supervisor. Requires Board approval for certain bank holding company acquisitions by a foreign bank outside its home State.

Amends the Home Owners' Loan Act to authorize the Director of the Office of Thrift Supervision to approve interstate acquisitions of savings and loan associations by either a foreign bank or a savings and loan holding company.

Amends the Community Reinvestment Act of 1977 to require that the appropriate Federal financial supervisory agency maintain separate State-by-State written evaluations of a depository institution's record of performance in each State in which it maintains one or more branches.

Prohibits entities from engaging in interstate banking primarily for deposit production purposes. Requires the appropriate Federal banking agencies to prescribe guidelines to ensure that interstate branches meet the credit needs of the community and market area in which they operate. Permits State visitation of Federal depository institutions for State tax compliance purposes.

Requires banks to meet specific minimum capital requirements before engaging in in-state banking or branching.

Title IV: Financial Services Modernization - Subtitle A: Amendments to Federal Banking Laws - Amends the Bank Holding Company Act of 1956 to: (1) amend definitions related to diversified and financial services holding companies, (but retaining the Act's definition of "company" as excluding individuals, thus avoiding strict liability for individuals with respect to a company's violation of criminal statutes); (2) modify and expedite the bank acquisition application process with respect to diversified and financial services holding companies; and (3) modify the guidelines for financial services holding companies and savings association subsidiaries with respect to interests in nonbanking organizations (including securities, real estate, and insurance activities). Sets forth: (1) capitalization guidelines for financial services holding companies and diversified holding companies; and (2) consumer protection provisions for financial services holding company affiliates. Prohibits, with specified exceptions, interlocking directors and management officials with respect to financial services holding companies and their securities affiliates. Prohibits an insured depository institution subsidiary of a financial services holding company from engaging in activities requiring a customer to retain an affiliated insurance agent, or to obtain particular insurance. Proscribes reciprocal arrangements between diversified or financial services holding companies and their affiliates.

Prescribes guidelines for registration and enforcement procedures by the Board regarding financial services holding companies and their subsidiaries, including requisite reports and examinations. Grants the Board cease and desist authority over holding companies and their affiliates whenever it has reasonable cause to believe that such a company is engaged in activities posing a serious risk to the financial safety and stability of any insured depository institution affiliate. Establishes criminal penalties for violations of this Act.

Preempts State law with respect to certain permissible affiliations between financial services holding companies and insured depository institutions. Retains State jurisdiction over consumer protection and insurance laws regarding financial services holding companies.

Amends the Bank Holding Company Act Amendments of 1970 to permit certain tying arrangements by a financial services holding company or diversified holding company if the products or services in question are also separately available to the customer from members of the same banking group on equivalent terms, or terms not less favorable than those prevailing for comparable transactions, and if varying the consideration would not substantially lessen competition or tend to create a monopoly. Prohibits either a financial services holding company or a diversified holding company (and their respective nonbank subsidiaries) from engaging in reciprocal dealing practices and exclusive dealing practices with their customers (thus extending to such holding companies the same proscription applicable to banks, including liability for civil penalties).

Grants the Federal Reserve Board authority to prescribe regulations as it determines appropriate in the public interest.

Grants competitors as well as any others who have suffered injury to their business or property standing to sue for antitrust violations by financial services institutions.

Provides that practices engaged in pursuant to this Act do not preclude the right of any party to bring an action under Federal or State law, including antitrust law.

Applies to such holding companies insider loan provisions of the Federal Reserve Act.

Amends the Home Owners' Loan Act to exempt from its coverage specified financial services and diversified holding companies, as well as their subsidiaries.

Amends the Home Owners' Loan Act to set forth circumstances under which a national bank that is a SAIF member shall be deemed to be a savings association if: (1) it resulted from the conversion of a savings association that was either in danger of default, or in receivership; or (2) the national bank acquired significant assets of a savings association; and (3) after the conversion or acquisition the resulting national bank has capitalization levels which equal or exceed statutory requirements.

Declares that any national bank shall be deemed to be a savings association for "qualified thrift lender" (QTL) purposes if: (1) it meets QTL requirements; (2) resulted from the conversion of a savings association subsidiary of a savings and loan holding company; and (3) is a depository institution whose capitalization level meets or exceeds statutory requirements.

Amends the Federal Deposit Insurance Act to prescribe guidelines for mergers and acquisitions of insured depository institutions during the conversion moratorium of August 9, 1989, to August 9, 1994 (thereby authorizing combinations of BIF and SAIF members upon approval of the appropriate Federal banking agency).

Amends the Home Owners' Loan Act to authorize acquisition transactions between Federal savings associations and any insured depository institution.

Amends specified Federal banking law to authorize acquisition transactions between any national bank and any insured depository institution.

Amends the Bank Holding Company Act of 1956 to permit a company that controls a bank but is not treated as a bank holding company to acquire control of an insured institution in a merger transaction without losing its exempt status. Authorizes an acquired insured institution to continue its pre-merger activities if: (1) such activities are permissible for bank holding companies; and (2) it does not both accept demand deposits and make commercial loans. Authorizes such resulting acquired institution to increase its annual asset growth for a one-year period.

Amends Federal banking law to authorize national banks that do not have a securities affiliate to distribute securities issued by certain investment companies. Prohibits a domestic national bank from: (1) underwriting, distributing, or selling interests in an asset pool; (2) organizing or controlling a registered investment company; or (3) engaging in specified securities activities.

Prescribes guidelines under which national banks in certain small-sized population areas may engage in specified insurance activities.

Amends the Federal Reserve Act to modify the guidelines for extensions of credit and covered transactions between member banks and their affiliates.

Amends the Federal Deposit Insurance Act to require insured depository institutions to disclose to their customers by prominent display the uninsured status of certain nonbanking products, including insurance and securities.

Amends the National Banking Act to authorize bankers' banks to provide services to depository institution holding companies.

Amends the International Banking Act of 1978 to subject the nonbanking activities of foreign banks (or their holding companies) in the United States to the same statutory parameters as apply to U.S. financial services holding companies.

Prohibits an insured depository institution from engaging in highly leveraged financial transactions involving a buyout, acquisition, or recapitalization of an existing business in an amount of more than 20 million dollars.

Subtitle B: Amendments to Federal Securities Laws - Amends the Securities Exchange Act of 1934, and various other laws, to revise provisions regarding the regulation of securities activities of depository institutions and bank investment company activities.

Subtitle C: General Provisions - Requires the Chairman of the Securities and Exchange Commission and the Chairman of the Board of Governors of the Federal Reserve to report to the Congress and the President for the next five years on whether their agencies have the manpower, funding, and other resources necessary: (1) to oversee the anticipated financial activities of holding companies, insured depository institutions, and securities affiliates pursuant to this Act; and (2) to enforce the statutes and regulations that are applicable to such activities.

Requires the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System to jointly study the effectiveness of customer and investor protection firewalls.

Requires such entities to study securities registration and reporting requirements.

Title V: Federal Deposit Insurance Reform - Subtitle A: Activities - Amends the Federal Deposit Insurance Act to authorize the FDIC to impose additional restrictions on certain troubled institutions with respect to: (1) the acceptance of brokered deposits; and (2) the acceptance, renewal, or rollover of funds obtained through any deposit broker. Prohibits a troubled institution from soliciting deposits by offering interest rates significantly higher than prevailing rates offered by other insured depository institutions on comparable deposits.

Sets an interim maximum assessment rate for BIF members until a risk-based assessment system has been established by the Board of Directors according to criteria prescribed by this Act. Directs the Board of Directors to analyze and report to the Congress the impact of a risk-based assessment system upon specified aspects of mortgage lending. Sets limitations upon insured State banks and their subsidiaries with respect to activities that are impermissible for national banks, including insurance underwriting and equity investments. Retains savings bank life insurance activities by certain insured banks in New York, Connecticut, or Massachusetts. Directs the FDIC to study, and consequently address, any risks posed to insurance funds by savings bank life insurance activities of insured banks.

Requires the appropriate Federal banking agencies to: (1) adopt jointly uniform regulations prescribing standards for loans or extensions of credit by insured depository institutions that are secured by unimproved real estate or are made to finance construction; and (2) develop a system to monitor interest rate risk and adjust risk-based capital standards to reflect interest rate risk. Prescribes guidelines for the FDIC to take enforcement action against insured depository institutions and institution-affiliated parties. (Currently the FDIC is authorized to take such actions only against savings associations).

Subtitle B: Coverage - Treats as uninsured deposits any bank investment contracts between an insured depository institution and an employee benefit plan that permit benefit-responsive withdrawals or transfers without penalty. Excludes such uninsured deposits from the assessment base of insured depository institutions. Sets a maximum ceiling for insured deposits at $100,000.00. Directs the FDIC to provide deposit insurance coverage for deposits accepted on a pass-through basis to employee benefit plan participants or beneficiaries (including customers of commodity futures merchants who hold individual and commingled customer accounts pursuant to the Commodity Exchange Act or regulations of the Commodity Futures Trading Commission). Terminates such coverage by a specified deadline if the depository institution has not met specified minimum capitalization requirements. Declares that certain self-directed individual retirement accounts shall be aggregated and insured up to $100,000 per participant per insured depository institution. Includes within such maximum coverage certain trust funds and interbank deposits by a fiduciary depository institution.

Requires the FDIC to study and report to the Congress on the cost and feasibility of tracking insured and uninsured deposits of any individual, and the exposure of the Federal Government with respect to all insured depository institutions. Requires the Federal Reserve Board to report to the FDIC the results of a survey conducted as part of such cost-benefit analysis regarding the ownership, dollar amount, and type of deposits held by individuals, including the type of financial institutions in which the deposit accounts are held.

Proscribes payments on foreign deposits by a Federal entity.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to establish civil penalties for failure by an insured depository institution to make accurate certified statements of its assessment base, or of the amount of deposit insurance premium due.

Subtitle C: Demonstration Project and Studies - Directs the FDIC to study and report to the Congress on the feasibility of: (1) authorizing insured depository institutions to offer both insured and uninsured deposit accounts to customers; and (2) establishing a private reinsurance system.

Subtitle D: Credit Unions - Amends the Federal Credit Union Act to authorize the National Credit Union Administration Board to appoint itself as liquidating agency of any federally insured State credit union upon a determination that it is insolvent or bankrupt.

Subtitle E: FDIC Property Disposition - Amends the Federal Deposit Insurance Act to create an affordable housing program.

Title VI: Miscellaneous Provisions - Subtitle A: Payment System Risk Reduction - Sets forth general netting rules and parameters to ensure that covered contractual payment obligations and entitlements between any two financial institutions or financial clearinghouses are netted pursuant to the conditions of applicable netting contracts.

Subtitle B: Right to Financial Privacy Act of 1978 - Amends the Right to Financial Privacy Act of 1978 to authorize a Federal entity to transfer to the Department of Justice financial institution records for use in certain civil actions or criminal forfeiture actions (regardless of whether such actions are also directed at customers of the institution). States that such transfer does not constitute a waiver of any privilege pertaining to such records.

Subtitle C: Final Settlement Payment Procedure - Amends the Federal Deposit Insurance Act to authorize the FDIC to settle uninsured and unsecured claims on an institution in receivership with a final settlement payment which must reflect an average of the FDIC's receivership recovery experience.

Subtitle D: Miscellaneous Committees, Studies, and Reports - Establishes the Commission on the Thrift Industry to investigate and report to the President and certain congressional committees on the future status of the thrift industry. Terminates the Commission after submission of such report.

Establishes the Bank Insurance Fund Advisory Committee to submit an annual report to certain congressional committees regarding business conditions and regulatory matters affecting BIF members.

Requires the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the National Credit Union Administration to report to the Congress the results of a jointly conducted feasibility study on: (1) assessing Federal Reserve banks an amount equal to imputed earnings on reserves held at such banks by insured depository institutions; and (2) the likely effects of such assessments upon the Federal banking and insurance fund system.

Establishes the Depository Institutions Reform Advisory Committee to report to the President, certain congressional committees, and each appropriate Federal banking agency, on: (1) the current regulatory and supervisory scheme for financial institutions; (2) ways to ensure the safe and sound operation of depository institutions; and (3) ways to minimize losses to the deposit insurance funds. Terminates the Committee after submission of its report.

Directs the Comptroller General to report to the Congress by a specified deadline regarding the effects of requiring insured depository institutions to cash Federal Government checks in areas with a disproportionately high Federal worker client base.

Amends the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide that the Federal Advisory Committee Act does not apply to the Credit Standards Advisory Board (thus giving such Board permanent status).

Subtitle E: Utilization of Private Sector - Amends the Federal Deposit Insurance Act to direct the FDIC to utilize private sector resources if it determines that such course is beneficial in implementing its responsibilities. Requires the FDIC to present a semiannual status report to the Congress which includes specified information with respect to its assets and liabilities, and the assets and liabilities of institutions for which it is conservator or receiver.

Requires the FDIC and the Resolution Trust Corporation to implement procedures to: (1) minimize payments for legal, accounting, and investment banking services; and (2) provide diverse geographical representation of such services.

Subtitle F: Emergency Assistance for Rhode Island - Directs the Secretary of the Treasury to guarantee the repayment of a specified amount borrowed by the State of Rhode Island (or the Depositors Economic Protection Corporation) in order to expedite the repayment of depositors at State-chartered banks and credit unions in receivership, and to facilitate the resolution of such receiverships.

Subtitle G: Qualified Thrift Lender Test Improvements - Qualified Thrift Lender Reform Act of 1991 - Amends the Home Owners' Loan Act to provide that a savings association shall have the status of a qualified thrift lender if its qualified thrift investments continue to equal or exceed 70 percent of its portfolio assets on a monthly average basis in nine out of every 12 months. Increases from ten percent to 20 percent the amount of liquid assets which are excludable from a savings association's portfolio assets when determining the asset base against which qualified thrift investments are calculated. Modifies the definition of qualified thrift assets to include additional investments. Increases from five percent to ten percent the maximum percentage of allowable consumer loans.

Subtitle H: Prohibition on Entering Secrecy Agreements and Protective Orders - Amends the Federal Deposit Insurance Act to prohibit the FDIC from entering into any agreement or approving any protective order which prohibits it from disclosing the settlement terms in an action for damages or restitution brought by it as conservator or receiver of an insured depository institution.

Subtitle I: Establishment of Capital Standard Requirement - Mandates that Federal banking regulatory agencies establish minimum capital standards at least equal to the minimum capital requirements under all international accords on capital standards for financial institutions to which the United States has agreed.

Subtitle J: References in Federal Law - Makes technical adjustments to references in Federal law.

Subtitle K: Bank and Thrift Employee Provisions - Allows employees to continue to receive health benefits temporarily when a bank is taken over or sold by FDIC.

Subtitle L: Sense of the House of Representatives on the Credit Crisis - Expresses the sense of the House of Representatives that the Congress and the President should take immediate and carefully-coordinated action to arrest the Nation's credit crisis.