Page:United States Statutes at Large Volume 110 Part 4.djvu/642

This page needs to be proofread.


110 STAT. 3009-479 PUBLIC LAW 104-208—SEPT. 30, 1996 " (e) PROHIBITION ON CERTAIN ASSOCIATIONS. — "(1) IN GENERAL. — No insured credit union may be sponsored by or accept financial support, directly or indirectly, from any Government-sponsored enterprise, if the credit union includes the customers of the Government-sponsored enterprise in the field of membership of the credit union. "(2) ROUTINE BUSINESS FINANCING. — Paragraph (1) shall not apply with respect to advances or other forms of financial assistance generally provided by a Government-sponsored enterprise in the ordinary course of business of the enterprise. " (3) GOVERNMENT-SPONSORED ENTERPRISE DEFINED. —For purposes of this subsection, the term 'Government-sponsored enterprise' has the meaning given to such term in section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. "(4) EMPLOYEE CREDIT UNION.— NO provision of this subsection shall be construed as prohibiting any employee of a Government-sponsored enterprise from becoming a member of a credit union whose field of membership is the employees of such enterprise.". (b) BANKS AND SAVINGS ASSOCIATIONS. —Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end the following new subsection: " (s) PROHIBITION ON CERTAIN AFFILIATIONS. — "(1) IN GENERAL.—No depository institution may be an affiliate of, be sponsored by, or accept financial support, directly or indirectly, from any Government-sponsored enterprise. " (2) EXCEPTION FOR MEMBERS OF A FEDERAL HOME LOAN BANK.— Paragraph (1) shall not apply with respect to the membership of a depository institution in a Federal home loan bank. "(3) ROUTINE BUSINESS FINANCING. — Paragraph (1) shall not apply with respect to advances or other forms of financial assistance provided by a Government-sponsored enterprise pursuant to the statutes governing such enterprise. "(4) GOVERNMENT-SPONSORED ENTERPRISE DEFINED. —For purposes of this subsection, the term 'Government-sponsored enterprise' has the meaning given to such term in section 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.". 12 USC 1781 (c) EFFECTIVE DATE. —The amendments made by this section note. shall apply on and after January 1, 1996. Deposit Subtitle G—Deposit Insurance Funds Insurance Funds Act of 1996. 12 USC 1811 SEC. 2701. SHORT TITLE. This subtitle may be cited as the "Deposit Insurance Funds Act of 1996". note. 12 USC 1817 SEC. 2702. SPECIAL ASSESSMENT TO CAPITAUZE SAIF. (a) IN GENERAL.— Except as provided in subsection (f), the Board of Directors of the Federal Deposit Insurance Corporation shall impose a special assessment on the SAIF-assessable deposits of each insured depository institution in accordance with assessment regulations of the Corporation at a rate applicable to all such