AUTHORITY OF THE FDIC TO TAKE ENFORCEMENT ACTION AGAINST SAVINGS ASSOCIATIONS.

SEC. 912. AUTHORITY OF THE FDIC TO TAKE ENFORCEMENT ACTION AGAINST SAVINGS ASSOCIATIONS. Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is amended by adding at the end thereof the following new subsection: “(t) Authority of Board To Take Enforcement Action Against Savings Associations.— “(1) Authority to recommend that director of office of thrift supervision take enforcement action.—The Corporation, based on an examination of a savings association by the Corporation or by the Director of the Office of Thrift Supervision or on other information, may recommend that the Direc-103 STAT. 483tor take any enforcement action authorized under section 7(j), this section, or section 18(j) with respect to any savings association. “(2) Authority of board to order corporation to take enforcement action if director of office of thrift supervision fails to follow recommendation.—If the Director fails to take the recommended action or to provide an acceptable plan for addressing the concerns of the Corporation as set forth in its recommendation before the close of the 60-day period beginning on the date of the receipt of the formal recommendation from the Corporation, the Board of Directors may order the Corporation to take such action if the Board determines that— “(A) the association is in an unsafe or unsound condition; or “(B) failure to take the recommended action will result in continuance of unsafe or unsound practices in conducting the business of the savings association. “(3) Effect of exigent circumstances.— “(A) Authority to act.—Notwithstanding paragraphs (1) and (2), the Board of Directors may order the Corporation to exercise its authority, without regard to the time period set forth, in exigent circumstances after notifying the Director. “(B) Agreement on exigent circumstances.—The Corporation shall, by agreement with the Director, set forth those exigent circumstances in which the Corporation may act without regard to the time period set forth above. “(4) Requests for formal actions and investigations.— “(A) Submission of requests.—The regional offices of the Office of Thrift Supervision shall concurrently submit all requests for formal investigations or enforcement actions to both the Director and the Corporation. “(B) Director required to report on requests.—The Director shall report semiannually to the Corporation the status or disposition of all such requests, including the reasons for the Director’s decision to either approve or deny all such requests. “(5) Nondelegation.—Any decisions by the Board of Directors to order actions described in this subsection shall not be delegated.”.