,,ii #aah? ,,congress #a/ ,session ,s4 #bdig ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bf1 #bjbc ,mr4 ,vance introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,f$]al ,deposit ,insurance ,act to conv]t c]ta9 insur$ ,/ate banks into national banks4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bank ,failure ,prev5tion ,act4 #b4 ,conv]sion ( insur$ ,/ate bank ) total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj into a national bank 7a7 ,9 g5]al ,section #bd ( ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;a7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,automatic conv]sion to a national bank+ association 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,av]age total consolidat$ assets ,! t]m av]age total consolidat$ assets means ! av]age ( total consolidat$ assets = ! f\r mo/ rec5t cal5d> qu>t]s or1 if ! insur$ ,/ate bank has n report$ total consolidat$ assets = ea* ( ! f\r mo/ rec5t cal5d> qu>t]s1 ! total consolidat$ assets = ! mo/ rec5t cal5d> qu>t] or av]age ( ! mo/ rec5t cal5d> qu>t]s1 z applicable4 7,b7 ,cov]$ insur$ /ate bank ,! t]m 8cov]$ insur$ ,/ate bank0 means an insur$ ,/ate bank ) av]age total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj4 7#b7 ,conv]sion 7,a7 ,9 g5]al ,by op]ation ( law1 a cov]$ insur$ ,/ate bank %all conv]t to & become a national bank+ association on ! date t is #ahj days aft] ! end ( ! qu>t] 9 :i* ! insur$ ,/ate bank became a cov]$ insur$ ,/ate bank4 ,! ,comptroll] ( ! ,curr5cy %all issue a c]tificate ( organization to ! association on su* date4 ,! requirem5ts & re/rictions on ! conv]sion ( a ,/ate ,bank or ,sav+s ,association conta9$ 9 ,section #eaed ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ce7 d n apply to conv]sions "u ?is section4 ,a cov]$ insur$ ,/ate bank may cont9ue to op]ate any bran* or ag5cy t ! cov]$ insur$ ,/ate bank op]at$ on ! date on :i* ! ,comptroll] ( ! ,curr5cy issues ! c]tificate ( organization4 ,! ,comptroll] ( ! ,curr5cy may1 9 ! ,comptroll]'s discretion & subject to su* t]ms & conditions z ! ,comptroll] may prescribe1 p]mit su* cov]$ insur$ ,/ate bank to reta9 & c>ry at a value det]m9$ by ! ,comptroll] su* ( ! assets ( su* conv]t+ bank z d n con=m to ! legal requirem5ts relative to assets acquir$ & held by national bank+ associations4 ,! ,comptroll] ( ! ,curr5cy may ext5d or accel]ate any compliance date ( ?is section if ! ,comptroll] det]m9es t su* ext5sion or accel]ation is appropriate4 ,9 det]m9+ :e!r an ext5sion or accel]ation is appropriate1 ! ,comptroll] w consid] ! effect ( ! modification on f9ancial /ability1 ! p]iod ( "t = :i* ! modification w\ld be necess>y to facilitate compliance ) ?is section1 & ! actions ! cov]$ insur$ ,/ate bank is tak+ to come into compliance ) ?is section4 7,b7 ,rights & duties ,:5 ! cov]$ insur$ ,/ate bank has receiv$ its c]tificate ( organization f ! ,comptroll] ( ! ,curr5cy1 su* bank %all be consid]$ a national bank & sup]vis$ & regulat$ z su*1 & ! bank & all its /ockhold]s1 (fic]s1 & employees %all h ! same p[]s & privileges & %all be subject to ! same duties1 liabilities1 & regulations1 9 all respects1 z %all h be5 prescrib$ by ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq47 & ! ,national ,bank+ ,act = associations orig9ally organiz$ z national bank+ associations4 7,c7 ,notice ,a cov]$ insur$ ,/ate bank %all submit a notice to ! ,comptroll] ( ! ,curr5cy & ! appropriate ,f$]al bank+ ag5cy )9 #fj days ( becom+ a cov]$ insur$ ,/ate bank4 ,! notice %all conta9-- 7i7 ! date on :i* ! insur$ ,/ate bank became a cov]$ insur$ ,/ate bank2 7ii7 ! date on :i* ! cov]$ insur$ ,/ate bank w conv]t to a national bank+ association2 & 7iii7 ! "n to be assum$ by su* association foll[+ conv]sion1 :i* %all include ! ^w national4 7#c7 ,transitions 7,a7 ,no transition = c]ta9 insur$ /ate banks ,an insur$ ,/ate bank t w\ld be a cov]$ insur$ ,/ate bank imm$iately prior to ,decemb] #ca1 #bjbc1 %all be consid]$ to h become a cov]$ insur$ ,/ate bank on ,janu>y #a1 #bjbd4 7,b7 ,ord]ly transition ,foll[+ receipt ( ! notice "u subsection 7k77#b77;,c71 ! appropriate ,f$]al bank+ ag5cy %all provide to ! ,comptroll] ( ! ,curr5cy ! cov]$ insur$ ,/ate bank's reports ( condition & o!r relevant f9ancial & sup]visory in=mation1 z reque/$ by ! ,comptroll]4 7#d7 ,rulemak+ ,! ,comptroll] ( ! ,curr5cy1 aft] consult+ ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al ,deposit ,insurance ,corporation1 %all issue rules to c>ry out ?is section t-- 7,a7 e/abli% /reaml9$ /&>ds & proc$ures t cle>ly id5tify requir$ docum5tation & timel9es = compliance ) applicable law2 & 7,b7 require a cov]$ insur$ ,/ate bank automatically conv]t+ "u subsection 7k77#b7 to id5tify activities & inve/m5ts1 :e!r conduct$ by ! cov]$ insur$ ,/ate bank or its affiliates1 t-- 7i7 d n con=m to ! requirem5ts = activities & inve/m5ts ( a national bank2 & 7ii7 are held by ! cov]$ insur$ ,/ate bank or its affiliates on ! date on :i* ! cov]$ ,/ate bank submits ! notice pursuant to subsection 7k77#b77;,a72 7,c7 e/abli%-- 7i7 a transition process = br++ ! activities & inve/m5ts describ$ 9 p>agraph 7,b7 into con=mance ) ! requirem5ts = a national bank "u applicable law2 & 7ii7 proc$ures = all[+ ! cov]$ insur$ ,/ate bank to submit to ! ,comptroll] ( ! ,curr5cy an application to cont9ue to hold activities & inve/m5ts describ$ 9 p>agraph 7,b7 aft] conv]sion1 :i* may be approv$ or d5i$ by ! ,comptroll] 9 8 discretion2 & 7,d7 ! ,comptroll] ( ! ,curr5cy det]m9es necess>y 9 ! int]e/s ( safety & s\ndness4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ,decemb] #ca1 #bjbc4