Deposit Insurance Flexibility Act

Deposit Insurance Flexibility Act - Title I: Federal Deposit Insurance Corporation Amendments - Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to make loans to, make deposits in, purchase the assets or securities of, assume the liabilities of, or make contributions to, any insured bank if such action is taken: (1) to prevent the bank's closing; (2) to restore a closed insured bank; or (3) to lessen the risk to the Corporation posed by an insured bank under the threat of instability due to severe financial conditions.

Authorizes the Corporation, in order to facilitate a merger or consolidation of an insured bank or the sale of assets of such insured bank and the assumption of its liabilities, or the acquisition of its stock, to: (1) purchase any such assets or assume such liabilities; (2) make loans or contributions to, or deposits in, or purchase the securities of, such institution; (3) guarantee it or the company which controls or will acquire control of it against loss by reason of merging or consolidating; or (4) do any combination of the above.

Requires the Corporation, in its annual report to Congress, to report the total amount it has saved, or estimates it has saved, by exercising the authority provided in this Act.

Amends the Home Owner's Loan Act of 1933 to permit the Home Loan Bank Board to authorize the conversion of a State-chartered savings bank insured by the FDIC into a Federal savings bank. Requires continued FDIC insurance coverage for a converted bank.

Amends the National Housing Act to grant the Federal Home Loan Bank Board the same supervisory powers with regard to a FDIC insured federal savings bank that it has with other Federal associations.

Amends the Federal Deposit Insurance Corporation to allow a closed insured bank with assets of a specified amount, or insured banks with specified assets which are in danger of closing, to be acquired by out of State banks or holding companies. Permits the FDIC, in the case of a closed bank, to sell the assets of such bank and arrange for the assumption of its liabilities by an insured depository institution located in the same State.

Permits the FDIC, in the case of an insured bank with a certain amount of assets which is in danger of closing, to arrange an acquisition by an insured depository institution located in the State where the insured bank is chartered.

Amends the Bank Holding Company Act of 1956 to permit a waiver of notice and hearing requirements to allow the Federal Reserve to approve emergency acquisitions of thrift institutions by commercial banks.

Title II: Federal Home Loan Bank Board Amendments - Amends the Home Owners' Loan Act to allow the Federal Home Loan Bank Board to authorize a mutual institution to become, or merge into, a newly-chartered, Federal stock savings bank.

Amends the National Housing Act to permit the Federal Savings and Loan Insurance Corporation to provide assistance to insured institutions when severe financial conditions exist which threaten the stability of a significant number of insured institutions. Includes deposits in the institution or the purchase of securities as a type of assistance.

Permits the Corporation to authorize an insured institution eligible for assistance to merge with any other insured institution or an FDIC insured bank or to be acquired by any holding company.

Amends the Federal Home Loan Bank Act to waive the requirement when severe financial conditions exist that a portion of net earnings of the banks be set aside semiannually to a reserve account, and to allow the banks to pay dividends from undivided profits.

Amends the National Housing Act to permit the Federal Savings and Loan Insurance Corporation to borrow from the Federal Home Loan banks. Requires the rate on such a loan to be at least the banks marginal cost of funds, with adequate security.

Permits the Corporation, if extraordinary financial conditions exist, to terminate distribution of shares of the secondary reserve and utilize said reserve on the same basis as the primary reserve.

Title III: National Credit Union Administration Amendments - Amends the Federal Credit Union Act to authorize the National Credit Union Share Insurance Fund to borrow from the National Credit Union Administration Central Liquidity Facility.

Permits the National Credit Union Administration Board to approve mergers or purchase and assumption transactions between two insured credit unions if one of the credit unions is insolvent or in danger of insolvency, if an emergency is found to exist, and if other reasonable alternatives are not available.

Permits the National Credit Union Administration Central Liquidity Facility to advance funds to the Share Insurance Fund.

Title IV: Effective Date and Short Title - States the effective date and the short title of this bill.