Defense Production Act Amendments of 1992/Title III

TITLE III — MISCELLANEOUS PROVISIONS

Sec. 301. Energy Security.

Section 203 of the Geothermal Energy Research, Development, and Demonstration Act of 1974 (30 U.S.C. 1143) is amended by striking “1990” and inserting “1993”.

Sec. 302. Domestic Retail Deposit-taking by Foreign Banks.

(a) IN GENERAL.—

Section 6(c) of the International Banking Act of 1978 (12 U.S.C. 3104(c)) is amended—

(1) in paragraph (1)—

(A) by inserting “domestic retail” before “deposit accounts”; and

(B) by inserting “and requiring deposit insurance protection,” after “$100,000,”; and

(2) in paragraph (2)—

(A) by striking “Deposit” and inserting “Domestic retail deposit”; and

(B) by inserting “that require deposit insurance protection” after “$100,000”.

(b) EFFECTIVE DATE.—

This section, and the amendments made by this section, shall have the same effective date as the Federal Deposit Insurance Corporation Improvement Act of 1991.

Sec. 303. Deposit Insurance Assessment Rates for Lifeline Account Deposits.

(a) IN GENERAL.—

Section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)) (as amended by section 302(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991) is amended—

(1) in subparagraph (D), by striking the comma after “members”; and

(2) by adding at the end the following new subparagraph:

``(H) BANK ENTERPRISE ACT REQUIREMENT.— The Corporation shall design the risk-based assessment system so that, insofar as the system bases assessments, directly or indirectly, on deposits, the portion of the deposits of any insured depository institution which are attributable to lifeline accounts established in accordance with the Bank Enterprise Act of 1991 shall be subject to assessment at a rate determined in accordance with such Act.´´.

(b) CONFORMING AMENDMENTS.—

(1) Section 232(b)(1) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Public Law 102-242) is amended—

(A) by striking “(8), (9), and (10)” and inserting “and (8)”; and

(B) by striking “(9), (10), and (11)” and inserting “and (9)”.

(2) Section 233(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991 is amended by striking “section 235” where such term appears in paragraphs (3) and (5) and inserting “section 234”.

(3) Section 7(d)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1817(d)(4)) (as added by section 233(c)(1) of the Federal Deposit Insurance Corporation Improvement Act of 1991) is amended by striking “section 235” and inserting “section 234”.

(4) Effective on the effective date of the amendment made by section 302(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991, section 232(a)(1) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 1834(a)((1)) is amended by striking “7(b)(10)” and inserting “7(b)(2)(H)”.

(5) Section 10(f) of the Federal Deposit Insurance Act (12 U.S.C. 1820(f)) (as added by section 302(d) of the Federal Deposit Insurance Corporation Improvement Act of 1991) is hereby redesignated as subsection (g).

(6) Section 302(e) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Public Law 102-242, 105 Stat. 2349) is amended—

(A) by redesignating paragraphs (2), (3), and (4) as paragraphs (3), (4), and (5), respectively; and

(B) by striking paragraph (1) and inserting the following new paragraphs:

``(1) in section 5(d)(3)(B)(i)—

``(A) by striking “average assessment base” and inserting “deposits”; and

``(B) by striking “shall—” and all that follows through the period and inserting “shall be treated as deposits which are insured by the Savings Association Insurance Fund.”;

``(2) in section 5(d)(3)(B)(ii)—

``(A) by striking “average assessment base” and inserting “deposits”; and

``(B) by striking “shall—” and all that follows through the period and inserting “shall be treated as deposits which are insured by the Bank Insurance Fund.”´´.

(7) Effective on the effective date of the amendment made by section 302(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991, section 7(b) of the Federal Deposit Insurance Act (12 U.S.C. 1817(c) (as amended by such section 302(a)) is amended—

(A) by adding at the end, the paragraph added to such section 7(b) (as in effect on the day before the effective date of such amendment) by section 103(b)(2) of the Federal Deposit Insurance Corporation Improvement Act of 1991; and

(B) by redesignating such paragraph as paragraph (6).

(8) Effective on the effective date of the amendment made by section 302(e)(4) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (as so redesignated by paragraph (6)(A) of this subsection), section 7(b) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)) (as amended by section 302(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991) is amended by adding after paragraph (6) (as transferred and so redesignated by paragraph (6) of this subsection) the following new paragraph:

``(7) COMMUNITY ENTERPRISE CREDITS.— The Corporation shall allow a credit against any semiannual assessment to any insured depository institution which satisfies the requirements of the Community Enterprise Assessment Credit Board under section 233(a)(1) of the Bank Enterprise Act of 1991 in the amount determined by such Board by regulation.´´.

(9) Effective on the effective date of the amendment made by section 302(e)(4) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (as so redesignated by paragraph (3)(A) of this subsection), section 233 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 1834a) is amended—

(A) in subsection (a)(1)(A), by striking “7(d)(4)” and inserting “7(b)(7)”;

(B) in subsection (a)(3), by striking “7(d)(4)” and inserting “7(b)(7)”; and

(C) in subsection (e)(2), by striking “made for purposes of the notification required under section 7(d)(1)(B)” and inserting “of the semiannual assessment to which such credit is applicable”.

Sec. 304. Effective Date.

This Act and the amendments made by this Act shall be deemed to have become effective on March 1, 1992, except as otherwise specifically provided in this Act.

Sec. 305. Provisional Repeal of Duplicative Provisions.

In the event of the enactment of H.R. 5334 (An Act to amend and extend certain laws relating to housing and community development, and for other purposes), the following provisions of that Act, and the amendments made by such provisions, are repealed, effective on the date of enactment of this Act:

(1) Section 1603(a)(3) of such Act.

(2) Section 1604(a)(11) of such Act.

(3) Paragraphs (1), (2), and (3) of section 1604(b) of such Act.

(3)^[1] Paragraphs (2) through (7) of section 1605(a) of such Act.

Notes

1. So in original, probably should be (4).