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United States · Law · HR

H.R. 3474 (103rd)

Riegle Community Development and Regulatory Improvement Act of 1994

enactedUnited States· United States Congress· EN

Introduced

9 November 1993

Last action

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Status

Became Public Law No: 103-325.

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Subjects

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Source updated

14 January 2025

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Summary

TABLE OF CONTENTS: Title I: Regulatory Reform Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 Subtitle B: General Regulatory Reform Subtitle C: Other Regulatory Reform Subtitle D: Reports, Studies, Streamlined Regulatory Requirements Title II: Community Development Financial Institutions Title I: Regulatory Reform - Regulatory Reform Act of 1993 - Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 - Amends the Federal Deposit Insurance Act (FDIA) to: (1) modify holding company audit requirements; (2) increase the asset size of small insured depository institutions eligible for Federal 18-month examination schedules; (3) repeal the mandate that each appropriate Federal banking agency prescribe stock valuation standards for insured depository institutions; (4) exclude depository institution holding companies from the scope of Federal standards for safety and soundness; and (5) direct the Federal Deposit Insurance Corporation to minimize the regulatory burden on insured depository institutions when prescribing reporting requirements. Subtitle B: General Regulatory Reform - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to direct the Appraisal Subcommittee to encourage the States to develop reciprocity agreements permitting licensed appraisers in good standing to perform appraisals in sister States. (Sec. 112) Amends the FDIA to: (1) permit certain small changes in agreements for collateralization of public deposits; (2) provide separate insurance for deposits made pursuant to any revocable trust established under the Bank Deposit Financial Assistance Program of the Department of Energy; and (3) mandate that State and Federal regulatory agencies coordinate their examinations and reporting requirements for insured depository institutions. (Sec. 116) Amends the Federal Reserve Act to limit the liability of member banks for deposits made at foreign branches. (Sec. 117) Amends the Bank Holding Company Act of 1956 (BHCA) to provide expedited procedures for forming a bank holding company. Amends specified banking law to: (1) reduce the number of directors of national banking associations which must come from a designated geographical area; and (2) repeal specified obsolete requirements for national banks. Subtitle C: Other Regulatory Reform - Amends the Real Estate Settlement Procedures Act (RESPA) to permit specified disclosures under the Truth in Lending Act to be used in lieu of RESPA disclosure requirements with respect to home equity loans. (Sec. 122) Amends the Housing and Urban Development Act of 1968 to state that creditors shall not be required to provide homeownership debt counseling notification more than once annually. (Sec. 123) Amends RESPA to: (1) modify the disclosure requirements regarding the servicing of federally related mortgage loans; and (2) exempt from its purview extensions of credit for business, commercial, or agricultural purposes and loans to government agencies. (Sec. 125) Amends the Truth in Lending Act, the Truth in Savings Act, and the Truth in Leasing Act to prescribe special disclosure guidelines for radio broadcast advertisements for open end consumer credit plans, specified other credit plans, certain deposits, and consumer leases, including use of a toll-free telephone number. Subtitle D: Reports, Studies, Streamlined Regulatory Requirements - Directs the Secretary of the Treasury to study and report to the Congress on: (1) the impact of the implementation of risk-based capital standards on the domestic economy; and (2) the availability of credit for consumers and small businesses. (Sec. 133) Directs the Board and selected Federal and congressional agencies to study and report to the Congress on the impact (including budgetary impact) of the payment of interest on the sterile reserves of insured depository institutions. (Sec. 134) Directs Federal banking agencies to: (1) review, streamline, and make uniform regulatory requirements, and report jointly to the Congress; (2) work jointly to simplify and make uniform the financial status reports required of the banking industry; (3) consider the burden upon such industry of additional regulatory requirements; (4) eliminate duplicative filings; and (5) jointly review and revise (if necessary) the manner in which recourse loans are treated under capital standards and other accounting principles. (Sec. 139) Amends the FDIA to cite conditions under which banking agencies shall not be required to submit antitrust reports in connection with bank merger transactions. (Sec. 140) Amends selected Federal banking laws and the Home Owners' Loan Act to modify the guidelines under which a national banking association or Federal savings association may purchase for its own account shares of stock owned exclusively by depository institution holding companies functioning as bankers' banks. (Sec. 141) Amends the FDIA to apply Federal due process protections to the prejudgment attachment of assets of a depository institution whose insured status has been terminated, without regard to the requirement that the applicant show irreparable and immediate injury or loss. Title II: Community Development Financial Institutions - Community Development Banking and Financial Institutions Act of 1993 - Establishes the Community Development Banking and Financial Institutions Fund as a wholly-owned government corporation to: (1) provide financial and technical assistance, including training, to community development financial institutions; and (2) establish a national information clearinghouse. Requires the Fund to submit to the President an annual status report and specified studies. (Sec. 212) Authorizes appropriations.

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