§ 4801. — Incorporated definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4801]
TITLE 12--BANKS AND BANKING
CHAPTER 48--FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
Sec. 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'', ``insured 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, Sec. 301, Sept. 23, 1994, 108 Stat. 2214.)
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 complete
classification of title III to the Code, see Tables.
Use of Subordinated Debt To Protect Financial System and Deposit Funds
From ``Too Big To Fail'' Institutions
Pub. L. 106-102, title I, Sec. 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 establishing a
requirement that, with respect to large insured depository
institutions and depository institution 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 market forces and market
discipline to bear on the operation of, and the assessment of the
viability of, such institutions and companies and reduce the risk to
economic conditions, financial stability, and any deposit insurance
fund;
``(2) if such requirement is feasible and appropriate, the
appropriate amount or percentage of capital that should be
subordinated debt consistent with such purposes; 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 Secretary in connection with the
study required under subsection (a), together with such legislative and
administrative 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 holding company' has
the meaning given the term in section 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 enhancement,
including a guarantee or standby letter of credit; and
``(D) is not held in whole or in part by any affiliate or
institution-affiliated party of the insured depository
institution or bank holding company.''
Study and Report on Adapting Existing Legislative Requirements to Online
Banking and Lending
Pub. L. 106-102, title VII, Sec. 729, Nov. 12, 1999, 113 Stat. 1476,
provided that:
``(a) Study Required.--The Federal banking agencies shall conduct a
study of banking regulations regarding the delivery of financial
services, including those regulations that may assume that there will be
person-to-person contact during the course of a financial services
transaction, and report their recommendations on adapting those existing
requirements to online banking and lending.
``(b) Report Required.--Before the end of the 2-year period
beginning on the date of the enactment of this Act [Nov. 12, 1999], the
Federal banking agencies shall submit a report to the Congress on the
findings and conclusions of the agencies with respect to the study
required under subsection (a), together with such recommendations for
legislative or regulatory action as the agencies may determine to be
appropriate.
``(c) Definition.--For purposes of this section, the term `Federal
banking agencies' means each Federal banking agency (as defined in
section 3(z) of the Federal Deposit Insurance Act [12 U.S.C.
1813(z)]).''
Treasury Report on Reduced Taxation and Viability of Small Banks
Pub. L. 105-219, title IV, Sec. 403, Aug. 7, 1998, 112 Stat. 935,
provided that: ``The Secretary [of the Treasury] shall, not later than 1
year after the date of enactment of this Act [Aug. 7, 1998], submit a
report to the Congress containing--
``(1) recommendations for such legislative and administrative
action as the Secretary deems appropriate, that would reduce and
simplify the tax burden for--
``(A) insured depository institutions having less than
$1,000,000,000 in assets; and
``(B) banks having total assets of not less than
$1,000,000,000 nor more than $10,000,000,000; and
``(2) any other recommendations that the Secretary deems
appropriate that would preserve the viability and growth of small
banking institutions in the United States.''
Study and Report on Capital Standards and Their Impact on Economy
Section 328 of Pub. L. 103-325 provided that:
``(a) In General.--The Secretary of the Treasury, in consultation
with the Federal banking agencies, shall conduct a study of the effect
that the implementation of risk-based capital standards for depository
institutions, including the Basle international capital standards, is
having on--
``(1) the safety and soundness of insured depository
institutions;
``(2) the availability of credit, particularly to individuals
and small businesses; and
``(3) economic growth.
``(b) Report.--
``(1) In general.--Before the end of the 1-year period beginning
on the date of enactment of this Act [Sept. 23, 1994], the Secretary
of the Treasury shall submit a report to the Congress on the
findings and conclusions of the Secretary with respect to the study
conducted under subsection (a).
``(2) Recommendations.--The report shall contain any
recommendations with respect to capital standards that the Secretary
of the Treasury may determine to be appropriate.''
Study on Impact of Payment of Interest on Reserves
Section 329 of Pub. L. 103-325 provided that:
``(a) Federal Reserve Study.--Not later than 180 days after the date
of enactment of this Act [Sept. 23, 1994], the Board of Governors of the
Federal Reserve System, in consultation with the Federal Deposit
Insurance Corporation and the National Credit Union Administration
Board, shall conduct a study and report to the Congress on--
``(1) the necessity, for monetary policy purposes, of continuing
to require insured depository institutions to maintain sterile
reserves;
``(2) the appropriateness of paying a market rate of interest to
insured depository institutions on sterile reserves or, in the
alternative, providing for payment of such interest into the
appropriate deposit insurance fund;
``(3) the monetary impact that the failure to pay interest on
sterile reserves has had on insured depository institutions,
including an estimate of the total dollar amount of interest and the
potential income lost by insured depository institutions; and
``(4) the impact that the failure to pay interest on sterile
reserves has had on the ability of the banking industry to compete
with nonbanking providers of financial services and with foreign
banks.
``(b) Budgetary Impact Study.--Not later than 180 days after the
date of enactment of this Act [Sept. 23, 1994], the Director of the
Office of Management and Budget and the Director of the Congressional
Budget Office, in consultation with the Committees on the Budget of the
Senate and the House of Representatives, shall jointly conduct a study
and report to the Congress on the budgetary impact of--
``(1) paying a market rate of interest to insured depository
institutions on sterile reserves; and
``(2) paying such interest into the respective deposit insurance
funds.''
Study and Report on Consumer Credit System
Section 330 of Pub. L. 103-325 provided that:
``(a) Study.--The Secretary of the Treasury, in consultation with
the Board of Governors of the Federal Reserve System, the Administrator
of the Small Business Administration, the Secretary of Housing and Urban
Development, and the other Federal banking agencies, shall conduct a
study of the process, including any Federal laws, by which credit is
made available for consumers and small businesses in order to identify
procedures, including any Federal laws, which have the effect of--
``(1) reducing the amount of credit available for such purposes
or the number of persons eligible for such credit;
``(2) increasing the level of consumer inconvenience, cost, and
time delays in connection with the extension of consumer and small
business credit without corresponding benefit with respect to the
protection of consumers or small businesses or the safety and
soundness of insured depository institutions; and
``(3) increasing costs and burdens on insured depository
institutions, insured credit unions, and other lenders without
corresponding benefit with respect to the protection of consumers or
small business concerns or to the safety and soundness of insured
institutions.
``(b) Report.--
``(1) In general.--Not later than 1 year after the date of
enactment of this Act [Sept. 23, 1994], the Secretary of the
Treasury shall submit a report to the Congress on the findings and
conclusions of the Secretary with respect to the study conducted
under subsection (a).
``(2) Recommendations.--The report required by paragraph (1)
shall contain any recommendations for administrative action or
statutory changes that the Secretary of the Treasury may determine
to be appropriate.
``(c) Public Participation.--In conducting the study required by
subsection (a), comments shall be solicited from consumers,
representatives of consumers, insured depository institutions, insured
credit unions, other lenders, and other interested parties.''
Study on Check-Related Fraud
Section 333 of Pub. L. 103-325 provided that:
``(a) Study.--The Board of Governors of the Federal Reserve System
(hereafter in this section referred to as the `Board') shall conduct a
study on the advisability of extending the 1-business-day period
specified in section 603(b)(1) of the Expedited Funds Availability Act
[12 U.S.C. 4002(b)(1)], regarding availability of funds deposited by
local checks, to 2 business days.
``(b) Considerations.--In conducting the study under subsection (a),
the Board shall consider--
``(1) whether there is a pattern of significant increases in
check-related losses at depository institutions attributable to the
provisions of the Expedited Funds Availability Act [12 U.S.C. 4001
et seq.]; and
``(2) whether extension of the time period referred to in
subsection (a) is necessary to diminish the volume of any such
check-related losses.
``(c) Report to the Congress.--Not later than 2 years after the date
of enactment of this Act [Sept. 23, 1994], the Board shall submit a
report to the Congress concerning the results of the study conducted
under this section and including any recommendations for legislative
action.''
Feasibility Study of Data Bank
Section 341 of Pub. L. 103-325 provided that:
``(a) In General.--Not later than 18 months after the date of
enactment of this Act [Sept. 23, 1994], the Federal Financial
Institutions Examination Council shall--
``(1) 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
``(2) report the results of such study to the Congress.
``(b) Additional Factors.--The study required under subsection (a)
shall consider the feasibility of--
``(1) permitting depository institutions to file reports
directly with the data bank; and
``(2) permitting Federal banking agencies, State bank
supervisors, and the public to obtain access to any appropriate
report on file with the data bank which such agency or supervisor or
the public is otherwise authorized to receive.''
Timely Completion of CRA Review
Section 342 of Pub. L. 103-325 provided that: ``The comprehensive
regulatory review 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 Federal banking agencies, shall be
completed at the earliest practicable time.''
Waiver of Right of Rescission for Certain Refinancing Transactions
Section 344 of Pub. L. 103-325 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 consultation with
the consumer advisory council to such Board, consumers, representatives
of consumers, lenders, and other interested parties, shall submit
recommendations 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 transactions 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 secured by an interest in the same property, would
benefit consumers.''
