To provide for adequate funding for the Financing Corporation, to provide for the merger of the deposit insurance funds, to provide for the conversion of Federal savings associations into banks and the treatment of State savings associations as banks for purposes of Federal banking law, to abolish the position of Director of the Office of Thrift Supervision, and for other purposes.
TABLE OF CONTENTS:
Title I: Bank Insurance Fund and Savings Association
Insurance Fund
Title II: Status of Banks and Savings Associations
Title III: Transfer of Functions, Personnel, and Property
Title IV: Loan Loss Reserve Treatment
Thrift Charter Conversion Act of 1995 - Title I: Bank Insurance Fund and Savings Association Insurance Fund - Amends the Federal Deposit Insurance Act (FDIA) to prescribe guidelines for the imposition of a single additional special assessment on each member of the Savings Association Insurance Fund (SAIF) and the Bank Insurance Fund (BIF), for deposit into the SAIF.
(Sec. 102) Amends the Federal Home Loan Bank Act to make conforming amendments to the assessment authority of the Financing Corporation (FICO), extending FICO assessments to all depository institutions insured by the Federal Deposit Insurance Corporation (FDIC). Amends the FDIA to declare that assessment rates for SAIF members may not be less than assessment rates for BIF members.
Amends the FDIA to: (1) repeal its exit moratorium and conversion (Oakar) provisions; (2) replace the BIF with a deposit insurance fund initially consisting of the merged assets and liabilities of the BIF and SAIF; (3) direct the FDIC to merge the BIF and SAIF into the deposit insurance fund by January 1, 1998; and (4) establish in the new deposit insurance fund a special emergency reserve.
(Sec. 104) Prescribes procedural guidelines with respect to the refund of amounts in a deposit insurance fund in excess of the designated reserve amount.
(Sec. 105) Prohibits the FDIC Board of Directors from setting semi-annual assessments in excess of the amount needed to maintain or achieve the designated reserve ratio of a deposit insurance fund.
Title II: Status of Banks and Savings Associations - Prescribes procedural guidelines for the termination of Federal savings association charters and their conversion into national bank charters or State depository institution charters. Prohibits the Director of the Office of Thrift Supervision from granting any charter for a Federal savings association. Amends the FDIA to treat State Savings Associations as banks for purposes of Federal banking law.
(Sec. 202) Amends the Bank Holding Company Act of 1956 to permit continuation of grandfathered bank holding company activities and affiliations.
(Sec. 203) Sets forth transition provisions for: (1) activities of savings associations and mutual savings associations which have converted into or become treated as banks; and (2) registration of bank holding companies resulting from conversions of savings associations to banks or treatment of savings associations as banks.
(Sec. 208) Repeals the Home Owners' Loan Act.
Title III: Transfer of Functions, Personnel, and Property - Abolishes the Office of Thrift Supervision and the position of Director of such Office. Transfers its functions, personnel, and property to the Office of the Comptroller of the Currency, the FDIC, or the Board of Governors of the Federal Reserve System.
Title IV: Loan Loss Reserve Treatment - Amends the Internal Revenue Code to repeal the special thrift bad debt reserve method.
Introduced in House
Introduced in House
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsor introductory remarks on measure. (CR H9251)
Subcommittee Consideration and Mark-up Session Held and Forwarded to Full Committee by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral (Amended) by the Yeas and Nays 15 - 1.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line