12 U.S.C. § 4801 — Incorporated definitions

Page 1760 TITLE 12—BANKS AND BANKING § 4748 1 See References in Text note below. (2) by applying subsection (e) to the balance of the loan. (Pub. L. 103–325, title II, § 257, Sept. 23, 1994, 108 Stat. 2212.) § 4748. Reimbursement to Fund (a) In general If a participating State withdraws funds from a reserve fund pursuant to terms of the partici- pation agreement permitted by subsection (d) or (r) of section 4745 of this title, such partici- pating State shall, not later than 15 calendar days after such withdrawal, submit to the Fund an amount computed by multiplying the amount withdrawn by the appropriate factor, as determined under subsection (b). (b) Factor The appropriate factor shall be obtained by di- viding the total amount of contributions that have been made by the participating State to all reserve funds which were subject to reimburse- ment— (1) by 2; and (2) by the total amount of contributions made by the participating State to all reserve funds, including if applicable, contributions that have been made by the State prior to be- coming a participating State if the State con- tinued its own capital access program in ac- cordance with section 4743(b) of this title. (c) Use of reimbursements The Fund may use funds reimbursed pursuant to this section to make reimbursements under section 4747 of this title. (Pub. L. 103–325, title II, § 258, Sept. 23, 1994, 108 Stat. 2213.) § 4749. Regulations The Fund shall promulgate appropriate regu- lations to implement this subchapter. (Pub. L. 103–325, title II, § 259, Sept. 23, 1994, 108 Stat. 2214.) § 4750. Authorization of appropriations (a) Amount There are authorized to be appropriated to the Fund $50,000,000 to carry out this subchapter. (b) Budgetary treatment The amount authorized to be appropriated under subsection (a) shall be subject to discre- tionary spending caps, as provided in section 665 1 of title 2, and therefore shall reduce by an equal amount funds made available for other discretionary spending programs. (Pub. L. 103–325, title II, § 260, Sept. 23, 1994, 108 Stat. 2214.) Editorial Notes REFERENCES IN TEXT Section 665 of title 2, referred to in subsec. (b), was repealed by Pub. L. 105–33, title X, § 10118(a), Aug. 5, 1997, 111 Stat. 695. CHAPTER 48—FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT Sec. 4801. Incorporated definitions. 4802. Administrative consideration of burden with new regulations. 4803. Streamlining of regulatory requirements. 4804. Elimination of duplicative filings. 4805. Call report simplification. 4805a. Call report simplification. 4806. Regulatory appeals process, ombudsman, and alternative dispute resolution. 4807. Time limit on agency consideration of com- pleted applications. 4808. Revising regulatory requirements for trans- fers of all types of assets with recourse. 4809. ‘‘Plain language’’ requirement for Federal banking agency rules. § 4801. Incorporated definitions Unless otherwise specifically provided in this chapter, for purposes of this chapter— (1) the terms ‘‘appropriate Federal banking agency’’, ‘‘Federal banking agencies’’, ‘‘in- sured depository institution’’, and ‘‘State bank supervisor’’ have the same meanings as in section 1813 of this title; and (2) the term ‘‘insured credit union’’ has the same meaning as in section 1752 of this title. (Pub. L. 103–325, title III, § 301, Sept. 23, 1994, 108 Stat. 2214.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in original ‘‘this title’’ meaning title III of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2214, which enacted this chapter, sections 633 and 2606 of this title, and section 5329 of Title 31, Money and Finance, amended sections 1, 24, 27, 72, 93, 161, 248, 250, 324, 375a, 375b, 482, 1462a, 1464, 1468, 1813, 1815, 1817, 1819 to 1821, 1823, 1828, 1831f, 1831m, 1831p–1, 1831t, 1842, 1843, 1849, 1865, 1953, 2605, 3201, 3205, 3207, 3351, and 4313 of this title and sections 77c, 78c, 1667c, and 1681g of Title 15, Commerce and Trade, enacted provisions set out as notes under this section, sections 24, 633, 1468, 1820, 1831p–1, and 1831t of this title, and sections 78c and 1667c of Title 15, and amended provisions set out as notes under sections 1825 and 1828 of this title. For com- plete classification of title III to the Code, see Tables. Statutory Notes and Related Subsidiaries USE OF SUBORDINATED DEBT TO PROTECT FINANCIAL SYSTEM AND DEPOSIT FUNDS FROM ‘‘TOO BIG TO FAIL’’ INSTITUTIONS Pub. L. 106–102, title I, § 108, Nov. 12, 1999, 113 Stat. 1361, provided that: ‘‘(a) STUDY REQUIRED.—The Board of Governors of the Federal Reserve System and the Secretary of the Treasury shall conduct a study of— ‘‘(1) the feasibility and appropriateness of estab- lishing a requirement that, with respect to large in- sured depository institutions and depository institu- tion holding companies the failure of which could have serious adverse effects on economic conditions or financial stability, such institutions and holding companies maintain some portion of their capital in the form of subordinated debt in order to bring mar- ket forces and market discipline to bear on the oper- ation of, and the assessment of the viability of, such institutions and companies and reduce the risk to economic conditions, financial stability, and any de- posit insurance fund; ‘‘(2) if such requirement is feasible and appropriate, the appropriate amount or percentage of capital that Page 1761 TITLE 12—BANKS AND BANKING § 4802 should be subordinated debt consistent with such pur- poses; and ‘‘(3) the manner in which any such requirement could be incorporated into existing capital standards and other issues relating to the transition to such a requirement. ‘‘(b) REPORT.—Before the end of the 18-month period beginning on the date of the enactment of this Act [Nov. 12, 1999], the Board of Governors of the Federal Reserve System and the Secretary of the Treasury shall submit a report to the Congress containing the findings and conclusions of the Board and the Sec- retary in connection with the study required under sub- section (a), together with such legislative and adminis- trative proposals as the Board and the Secretary may determine to be appropriate. ‘‘(c) DEFINITIONS.—For purposes of subsection (a), the following definitions shall apply: ‘‘(1) BANK HOLDING COMPANY.—The term ‘bank hold- ing company’ has the meaning given the term in sec- tion 2 of the Bank Holding Company Act of 1956 [12 U.S.C. 1841]. ‘‘(2) INSURED DEPOSITORY INSTITUTION.—The term ‘insured depository institution’ has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act [12 U.S.C. 1813(c)]. ‘‘(3) SUBORDINATED DEBT.—The term ‘subordinated debt’ means unsecured debt that— ‘‘(A) has an original weighted average maturity of not less than 5 years; ‘‘(B) is subordinated as to payment of principal and interest to all other indebtedness of the bank, including deposits; ‘‘(C) is not supported by any form of credit en- hancement, including a guarantee or standby letter of credit; and ‘‘(D) is not held in whole or in part by any affil- iate or institution-affiliated party of the insured depository institution or bank holding company.’’ STUDY AND REPORT ON ADAPTING EXISTING LEGISLA- TIVE REQUIREMENTS TO ONLINE BANKING AND LEND- ING Pub. L. 106–102, title VII, § 729, Nov. 12, 1999, 113 Stat. 1476, required the Federal banking agencies (as defined in 12 U.S.C. 1813(z)) to study banking regulations re- garding the delivery of financial services, including those regulations that may assume that there will be person-to-person contact during the course of a finan- cial services transaction, and report their recommenda- tions on adapting those existing requirements to online banking and lending, and report to Congress on the findings and conclusions, together with appropriate recommendations for legislative or regulatory action, before the end of the 2-year period beginning on Nov. 12, 1999. TREASURY REPORT ON REDUCED TAXATION AND VIABILITY OF SMALL BANKS Pub. L. 105–219, title IV, § 403, Aug. 7, 1998, 112 Stat. 935, required the Secretary of the Treasury to submit, not later than 1 year after Aug. 7, 1998, a report to the Congress containing recommendations for appropriate legislative and administrative action that would reduce and simplify the tax burden for small banking institu- tions. STUDY AND REPORT ON CAPITAL STANDARDS AND THEIR IMPACT ON ECONOMY Pub. L. 103–325, title III, § 328, Sept. 23, 1994, 108 Stat. 2230, directed the Secretary of the Treasury, in con- sultation with the Federal banking agencies, to con- duct a study of the effect that the implementation of risk-based capital standards for depository institu- tions, including the Basle international capital stand- ards, was having on the safety and soundness of insured depository institutions and economic growth and to submit a report and any capital standard recommenda- tions to Congress before end of the 1-year period begin- ning on Sept. 23, 1994. STUDY ON IMPACT OF PAYMENT OF INTEREST ON RESERVES Pub. L. 103–325, title III, § 329, Sept. 23, 1994, 108 Stat. 2230, provided for, not later than 180 days after Sept. 23, 1994, studies and reports to the Congress on the need and impact of payment of interest on sterile reserves. STUDY AND REPORT ON CONSUMER CREDIT SYSTEM Pub. L. 103–325, title III, § 330, Sept. 23, 1994, 108 Stat. 2231, provided for a study of the process, including any Federal laws, by which credit is made available for con- sumers and small businesses in order to identify proce- dures, including any Federal laws, that reduce avail- able credit, increase consumer inconvenience, or in- crease costs and burdens on insured depository institu- tions, with a report and recommendations by the Sec- retary of the Treasury no later than 1 year after Sept. 23, 1994. STUDY ON CHECK-RELATED FRAUD Pub. L. 103–325, title III, § 333, Sept. 23, 1994, 108 Stat. 2233, provided that the Board of Governors of the Fed- eral Reserve System should conduct a study on the ad- visability of extending the 1-business-day period speci- fied in 12 U.S.C. 4002(b)(1), regarding availability of funds deposited by local checks, to 2 business days, and report to the Congress no later than 2 years after Sept. 23, 1994. FEASIBILITY STUDY OF DATA BANK Pub. L. 103–325, title III, § 341, Sept. 23, 1994, 108 Stat. 2238, provided that, not later than 18 months after Sept. 23, 1994, the Federal Financial Institutions Examina- tion Council would study the feasibility, including the costs and benefits to insured depository institutions, of establishing and maintaining a data bank for reports submitted by any depository institution to a Federal banking agency and report to Congress. TIMELY COMPLETION OF CRA REVIEW Pub. L. 103–325, title III, § 342, Sept. 23, 1994, 108 Stat. 2238, provided that: ‘‘The comprehensive regulatory re- view of the Community Reinvestment Act of 1977 [12 U.S.C. 2901 et seq.] that, as of the date of enactment of this Act [Sept. 23, 1994], is being conducted by the Fed- eral banking agencies, shall be completed at the ear- liest practicable time.’’ WAIVER OF RIGHT OF RESCISSION FOR CERTAIN REFINANCING TRANSACTIONS Pub. L. 103–325, title III, § 344, Sept. 23, 1994, 108 Stat. 2239, provided that: ‘‘Not later than 6 months after the date of enactment of this Act [Sept. 23, 1994], the Board of Governors of the Federal Reserve System, in con- sultation with the consumer advisory council to such Board, consumers, representatives of consumers, lend- ers, and other interested parties, shall submit rec- ommendations to the Congress regarding whether a waiver or modification, at the option of a consumer, of the right of rescission under section 125 of the Truth in Lending Act [15 U.S.C. 1635] with respect to trans- actions which constitute a refinancing or consolidation (with no new advances) of the principal balance then due, and any accrued and unpaid finance charges of an existing extension of credit by a different creditor se- cured by an interest in the same property, would ben- efit consumers.’’ § 4802. Administrative consideration of burden with new regulations (a) Agency considerations In determining the effective date and adminis- trative compliance requirements for new regula- tions that impose additional reporting, disclo- sure, or other requirements on insured deposi- tory institutions, each Federal banking agency