108 STAT. 2216 PUBLIC LAW 103-325—SEPT. 23, 1994 (1) to eliminate, to the extent practicable, duplicative or otherwise unnecessary requests for information in connection with applications or notices to the agencies; and (2) to harmonize, to the extent practicable, any inconsistent publication and public notice requirements. SEC. 305. COORDINATED AND UNIFIED EXAMINATIONS. (a) IN GENERAL.— Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)) is amended by adding at the end the following new paragraphs: "(6) COORDINATED EXAMINATIONS.—To minimize the disruptive effects of examinations on the operations of insured depository institutions— "(A) each appropriate Federal banking agency shall, to the extent practicable and consistent with principles of safety and soundness and the public interest— "(i) coordinate examinations to be conducted by that agency at an insured depository institution and its affiliates; "(ii) coordinate with the other appropriate Federal banking agencies in the conduct of such examinations; "(iii) work to coordinate with the appropriate State bank supervisor— "(I) the conduct of all examinations made pursuant to this subsection; and "(II) the number, types, and frequency of reports required to be submitted to such agencies and supervisors by insured depository institutions, and the type and amount of information required to be included in such reports; and "(iv) use copies of reports of examinations of insured depository institutions made by any other Federal banking agency or appropriate State bank supervisor to eliminate duplicative requests for information; and "(B) not later than 2 years after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994, the Federal banking agencies shall jointly establish and implement a system for determining which one of the Federal banking agencies shall be the lead agency responsible for managing a unified examination of each insured depository institution and its affiliates, as required by this subsection. - ' " (7) SEPARATE EXAMINATIONS PERMITTED. —Notwithstanding paragraph (6), each appropriate Federal banking agency may conduct a separate examination in an emergency or under other exigent circumstances, or when the agency believes that a violation of law may have occurred. "(8) REPORT.— At the time the system provided for in paragraph (6) is established, the Federal banking agencies shall submit a joint report describing the system to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives. Thereafter, the Federal banking agencies shall annually submit a joint report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the
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