Federal Deposit Insurance Corporation Improvement Act of 1991

Summary

Federal Deposit Insurance Corporation Improvement Act of 1991 - Title I: FDIC Funding - Amends the Federal Deposit Insurance Act to increase from $5,000,000,000 to $25,000,000,000 the aggregate amount of outstanding loans which the Federal Deposit Insurance Corporation (FDIC) may have from the Treasury for insurance purposes at any one time. Prescribes guidelines for such outstanding loans. Sets as a prerequisite to FDIC loans from the Treasury an agreed-upon repayment schedule that demonstrates that FDIC income from assessments will be sufficient to amortize principal and interest within the period established in the repayment schedule. Prescribes circumstances under which the FDIC may impose special emergency assessments allocated between Bank Insurance Fund members (BIF) and Savings Association Insurance Fund members (SAIF) to reflect the degree to which proceeds of borrowed amounts were used for the benefit of the respective insurance funds. Title II: Supervisory Reforms - Prescribes guidelines for: (1) mandatory annual on-site examinations of all insured depository institutions (except those in conservatorship); (2) the establishment of a banking examination improvement program; (3) independent annual audits of insured depository institutions; (4) assessments to cover examination costs of State nonmember banks and other institutions; and (5) deposit insurance application procedures. Title III: Accounting Reforms - Mandates that the accounting principles applicable to all insured depository institutions be uniform and consistent with generally accepted accounting principles. Prescribes guidelines for the review and implementation of accounting procedures by the appropriate Federal banking agencies. Title IV: Prompt Corrective Action - Directs the FDIC to establish by regulation critical capital levels for insured depository institutions. Prescribes capitalization guidelines for insured depository institutions, including: (1) a mandatory review and report to the Congress by the FDIC Inspector General with respect to insurance fund losses caused by an undercapitalized institution; and (2) FDIC authorization to appoint itself as conservator for insured depository institutions in order to prevent losses to a deposit insurance fund. Title V: Least-Cost Resolutions - Establishes as a prerequisite to FDIC assistance to troubled insured depository institutions that the FDIC determine the least costly resolution according to prescribed criteria. Mandates an annual audit by the General Accounting Office to determine compliance with the least-cost approach by the FDIC and the Resolution Trust Corporation. Prescribes procedures under which the receiver of an insured depository institution may disallow a secured claim in excess of the value of the collateral to the extent of the excess portion, and subsequently treat such portion as an unsecured claim. Directs the FDIC to take action to ensure that it receives on a regular basis from each insured depository institution an accurate accounting of all insured, preferred, and uninsured deposits. Amends the Federal Reserve Act to restrict to specified time frames the use of liquidity lending to undercapitalized depository institutions for depositor insurance fund purposes. Amends the Federal Deposit Insurance Act to preclude FDIC assistance to a troubled depository institution unless the FDIC: (1) removes the board of directors of such institution; and (2) repudiates shareholder claims in such institution.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 April 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 25 April 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 April 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 May 1991

   Referred

   Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

5. 7 May 1991

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

6. 7 May 1991

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

7. 6 November 1991

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

8. 6 November 1991

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

9. 7 November 1991

   Calendars

   Placed on the Union Calendar, Calendar No. 174.

   Source: Calendars

10. 7 November 1991

    Reported

    Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-293.

    Source: Committee

11. 7 November 1991

    Reported

    Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-293.

    Source: Committee

12. 12 November 1991

    Reported

    Rules Committee Resolution H. Res. 277 Reported to House. Rule provides for consideration of H.R. 2094 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. The resolution provides for the consideration of the bill in the Committee of the Whole House on the State of the Union. Measure will be read by section. Specified amendments are in order. It shall be in order to consider an amendment in the nature of a substitute recomended by the Committee on Banking, Finance and Urban Affairs now printed in the bill as an original bill for the purpose of amendment. Said substitute shall be considered read and all points of order against the substitute shall be waived. No amendment to the substitute shall be in order except those printed in the report accompanyingy this resolution. Said amendments shall be considered in the order, mannner, and debatable for the time specified in the report. Amend...

    Source: Floor

13. 12 November 1991

    Passed

    Mr. Moakley asked unanimous consent that the Committee on Rules have until midnight on Nov. 12 to file a report on H.R. 2094. Agreed to without objection.

    Source: Committee

14. 13 November 1991

    Floor

    The Speaker designated the Honorable Bob Carr to act as Chairman of the Committee.

    Source: Floor

15. 13 November 1991

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 2094 as unfinished business.

    Source: Floor

16. 13 November 1991

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 277 and Rule XXIII.

    Source: Floor

17. 13 November 1991

    Floor

    Rule provides for consideration of H.R. 2094 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. The resolution provides for the consideration of the bill in the Committee of the Whole House on the state of the Union. Measure will be read by section. Specified amendments are in order. It shall be in order to consider an amendment in the nature of a substitute recommended by the Committee on Banking, Finance and Urban Affairs now printed in the bill as an original bill for the purpose of amendment. Said substitute shall be considered read and all points of order against the substitute shall be waived. No amendment to the substitute shall be in order except those printed in the report accompanying this resolution. Said amendments shall be considered in the order, manner, and debatable for the time specified in the report. Amend...

    Source: Floor

18. 13 November 1991

    Floor

    Considered under the provisions of rule H. Res. 277.

    Source: Floor

19. 13 November 1991

    Passed

    Rule H. Res. 277 passed House.

    Source: Floor

20. 14 November 1991

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

21. 14 November 1991

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection.

    Source: Floor

22. 14 November 1991

    Vote

    On passage Failed by recorded vote: 191 - 227 (Roll no. 399).

    Source: Floor

23. 14 November 1991

    Vote

    Failed of passage/not agreed to in House: On passage Failed by recorded vote: 191 - 227 (Roll no. 399).

    Source: Floor

24. 14 November 1991

    Failed

    On motion to recommit with instructions Failed by voice vote.

    Source: Floor

25. 14 November 1991

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

26. 14 November 1991

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2094.

    Source: Floor

27. 14 November 1991

    Floor

    Considered as unfinished business.

    Source: Floor

28. 14 November 1991

    Floor

    DEBATE - Pursuant to the provisions of H. Res. 277, the Committee of the Whole proceeded with one hour of debate on the Wylie amendments en bloc. The amendments were pending as unfinished Committee business from the previous day.

    Source: Floor

29. 14 November 1991

    Floor

    Mr. Armey moved to recommit with instructions to Banking, Finance + Urban Affrs.

    Source: Floor

30. 14 November 1991

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file
• Reported in House · — · Download file

Documents

5 official files

• Reported in House (text)

  Reported in House · EN

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• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

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• Failed of passage in House

  summary · EN · 14 November 1991

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• Reported to House with amendment(s)

  summary · EN · 7 November 1991

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• Introduced in House

  summary · EN · 25 April 1991

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Sponsors

• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• · hsba00 · Standing

Related records

• related to → Providing for the consideration of the bill (H.R. 2094) to require the least-cost resolution of insured depository institutions, to improve supervision and examinations, to provide additional resources to the Bank Insurance Fund, and for other purposes.
• related to → Financial Institutions Safety and Consumer Choice Act of 1991
• related to ← Federal Deposit Insurance Corporation Improvement Act of 1991
• amends ← Amendments en bloc revise the regulations covering foreign banks in the United States; add deposit insurance reforms to limit banking activities that pose risks to the Federal Deposit Insurance funds; limit the ability of banks to accept brokered deposits; require the FDIC to institute risk-based premiums; give the FDIC authority to prohibit risky activities by State chartered banks; and provide a loan guarantee program for certain Rhode Island depositors.
• amends ← Amendments en bloc: (1) phase out over three years the existing restrictions on interstate banking and interstate branching for banks that maintain a capital/assets ratio of at least 6% and an overall ratio of at least 8% (Bank regulators would be permitted to set higher minimum capital requirements but would not be able to reduce them.); (2) limit interstate bank mergers and acquisitions to restrict any one bank from holding more than 10% of all insured deposits held by depository institutions nationwide, or more than 30% of the insured deposits in a single state; (3) permit states to enact legislation to opt out of the provisions of the bill; (4) prohibit interstate sale of insurance by state banks without the specific authorization of the recipient state; (5) permit such interstate insurance activities in existance prior to enactment of the bill, provided they were lawful and not subject to legal challenge as of June 1, 1991; (6) clarify that national banks may sell insurance only from offices in towns with a population of 5,000 or less; (7) prohibit national banks or their subsidiaries from future underwriting and selling of title insurance; and (8) prevent federal bank regulators from permitting banks or subsidiaries from engaging in real estate investment, management, or development, or acting as a real estate principl. or broker.