CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PERSONS PROVIDING GOODS, PRODUCTS, OR SERVICES.

SEC. 225. CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PERSONS PROVIDING GOODS, PRODUCTS, OR SERVICES. The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by inserting after section 29 (as added by section 224 of this title) the following new section: “SEC. 30. CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PER-SONS PROVIDING GOODS, PRODUCTS, OR SERVICES. “(a) In General.—An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of such depository institution if the performance of such contract would adversely affect the safety or soundness of the institution. “(b) Rulemaking.—The Corporation shall prescribe such regulations and issue such orders, including definitions consistent with this section, as may be necessary to administer and carry out the purposes of, and prevent evasions of, this section. “(c) Enforcement.—Any action taken by any appropriate Federal banking agency under section 8 to enforce compliance on the part of any insured depository institution with the requirements of this section may include a requirement that such institution properly reflect the transaction on its books and records. “(d) No Private Right of Action.—This section may not be construed as creating any private right of action. “(e) Study.— “(1) In general.—The Attorney General and the Comptroller General of the United States shall jointly conduct a study on the extent to which— “(A) insured depository institutions are entering into contracts with vendors under which vendors agree to purchase stock or assets from insured depository institutions or to invest capital in or make deposits in such institutions; and 103 STAT. 276 “(B) if such practices occur, the extent to which such practices are having an anticompetitive effect and should be prohibited. “(2) Report to congress.—Before the end of the 1-year period beginning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Attorney General and the Comptroller General shall submit a report to the Congress on the results of the study conducted pursuant to paragraph (1).”.