PUBLIC LAW 109–173—FEB. 15, 2006
119 STAT. 3609
required under paragraph (1), together with such recommendations for legislative or administrative action as the Board of Directors may determine to be appropriate. Before submitting the report to Congress, the Board of Directors shall provide a draft of the report to the Comptroller General for comment. (e) BASEL II STUDY.— (1) IN GENERAL.—Not later than 1 year after the date of enactment of this Act, the Comptroller General shall report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the potential impact on the financial system of the United States of the implementation of the new Basel Capital Accord (Basel II) and the proposed revisions to current reserve requirement regulations for nonBasel II banks. (2) FACTORS TO BE INCLUDED.—The report required under paragraph (1) shall address the following: (A) The potential impact of Basel II on capital requirements in the United States, including— (i) whether there would be a reduction in capital requirements; (ii) whether Basel II could hinder enforcement of prompt corrective action laws and regulations; and (iii) the potential implications any changes in capital requirements may have on the safety and soundness of the financial system in the United States. (B) By gathering available information, the ability of United States banks and bank regulators to implement and comply with the provisions of Basel II, including— (i) the costs of Basel II for financial institutions and regulators; (ii) the feasibility and appropriateness of Basel II’s statistical models; and (iii) the ability of regulators to oversee capital requirement operations of financial institutions. (C) The ability of the United States financial institution regulatory agencies— (i) to attract and retain sufficient expertise, both among specialists and examiners; and (ii) to conduct the necessary oversight of capital and risk modeling by regulated financial institutions subject to Basel II.
Deadline. Reports.
SEC. 7. BI-ANNUAL FDIC SURVEY AND REPORT ON INCREASING THE DEPOSIT BASE BY ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section: ‘‘SEC. 49. BI-ANNUAL FDIC SURVEY AND REPORT ON ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.
12 USC 1831z.
‘‘(a) SURVEY REQUIRED.— ‘‘(1) IN GENERAL.—The Corporation shall conduct a biannual survey on efforts by insured depository institutions to bring those individuals and families who have rarely, if ever, held a checking account, a savings account or other type of transaction or check cashing account at an insured depository
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