TECHNICAL AMENDMENTS TO THE FEDERAL BANKING LAWS.

SEC. 602. TECHNICAL AMENDMENTS TO THE FEDERAL BANKING LAWS. (a) Federal Deposit Insurance Act Amendments.— The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended— (1) in section 3— (A) in subsection (i)(l), by striking “(11)(h)” and inserting “(11)(m)”; (B) in subsection (l)(4), by striking “bank’s or” and inserting “a bank’s or a”; and (C) in subsection (q)(2)(E) by striking “Depository Institutions Supervisory Act” and inserting “Financial Institutions Supervisory Act of 1966”; (2) in section 5(b)(5), by striking the semicolon at the end and inserting a comma; (3) in section 5(e)(4), by redesignating clauses (i) and (ii) as subparagraphs (A) and (B) respectively, and indenting appropriately; (4) in section 7(a)(3), by striking “Chairman of the” before “Director of the Office of Thrift Supervision”; (5) in section 7(b)(3)(C), by striking the first period at the end; (6) in section 7(j)(2)(A), in the third sentence— (A) by striking “this section (j)(2)” and inserting “this paragraph”; and (B) by striking “this subsection (j)(2)” and inserting “this paragraph”; (7) in section 7(j)(7)(A), by striking “monoplize” and inserting “monopolize”; (8) in section 7(l)(7), by striking “the ratio of the value of” and inserting “the ratio of”; (9) in section 7(m)(5)(A) by striking “savings association institution” and inserting “such institution”; (10) in section 7(m)(7), by inserting “the” before “Federal”; 108 STAT. 2289 (11) in section 8(a)(3), by striking “subparagraph (B) of this subsection” and inserting “paragraph (2)(B)”; (12) in section 8(a)(7)— (A) by inserting a comma after “Board of Directors”; and (B) by striking “the period the period” and inserting “the period”; (13) in section 8(b)(4), by striking “subparagraph (3)” and inserting “paragraph (3)”; (14) in section 8(c)(2), by striking “injuction” and inserting “injunction”; (15) in section 8(g)(2), by striking “depository institution” each place such term appears and inserting “bank”; (16) in section 8(o)— (A) in the second sentence, by striking “subsection (b)” and inserting “subsection (d)”; and (B) by striking “board of directors” each place such term appears and inserting “Board of Directors”; (17) in section 8(p), by striking “banking” each place such term appears and inserting “depository”; (18) in section 8(r)(2), by striking “therof” and inserting “thereof”; (19) in section 10(b)(1), by striking “claim” and inserting “claims”; (20) in section 10(b)(2)(B), by adding “and” at the end; (21) in the section heading for paragraph (4) of section 11(a), by striking “PROVISIONS” and inserting “PROVISIONS”; (22) in section 11(d)(2)(B)(u), by striking “is” and inserting “are”; (23) in section 11(d)(8)(B)(ii), by inserting “provide” before “a statement”; (24) in section 11(d)(14)(B), by striking “statute of limitation” and inserting “statute of limitations”; (25) in section 11(d)(16)(B)(iv), by striking “dispositions” and inserting “disposition”; (26) in section 11(e)(8)(D)(v)(I), by inserting a closing parenthesis after “1934”; (27) in section 11(e)(12)(B), by striking “directors or officers” and inserting “director’s or officer’s”; (28) in section 11(f)(3)(A), by striking “to” in the heading and inserting “WITH”; (29) in the second sentence of section 11(i)(3)(A), by striking “other claimant or category or claimants” and inserting “other claimant or category of claimants”; (30) in section 11(n)(4)(E)(i), by adding “and” at the end; (31) in section 11(n)(12)(A), by striking “subparagraphs” and inserting “subparagraph”; (32) in the second sentence of section 11(q)(1), by striking “decided” and inserting “held”; (33) in section 11(u)(3)(B), by striking “subsection (c)(9)” and inserting “section 40(p)”; (34) in section 13(c)(1)(B)— (A) by striking “a in default insured bank” and inserting “an insured bank in default”; and (B) by striking “such in default insured bank” and inserting “such insured bunk”; (35) in section 13(c)(2)(A)— 108 STAT. 2290 (A) by striking “with an insured institution” and inserting “with another insured depository institution”: and (B) by striking “by an insured institution” and inserting “by another insured depository institution”; (36) in section 13(f)(2)(B)(i), by striking “the in default insured bank” and inserting “the insured bunk in default”; (37) in section 13(D(2)(B)(iii), by striking “of of” and inserting “of”: (38) in section 13(f)(3), by striking “closing” in the heading and inserting “default”; (39) in section 13(f)(6)(A), by striking “bank that has in default” and inserting “bank that is in default”; (40) in section 13(f)(6)(B)(i), by striking the semicolon at the end and inserting a period; (41) in section 13(f)(7)— (A) in subparagraph (A), by striking “or” at the end: and (B) in subparagraph (B), by striking the period at the end and inserting “; or”; (42) in section 13(f)(l2)(A), by striking “is less than” and inserting “are less than”; (43) in section 15(c)(1), by striking “obligations liabilities” in the heading and inserting “obligations, guarantees, and liabilities”; (44) in section 18(b), by striking “, if such bank shall deposit” and inserting “if the insured depository institution deposits”; (45) in section 18(c)(1)(B), by inserting “or” at the end; (46) in section 18(c)(4), by striking “other two bunking agencies” each place such term appears and inserting “other Federal banking agencies”; (47) in section 18(c)(6), by striking “other two banking agencies” and inserting “other Federal banking agencies”; (48) in section 18(c)(9), by striking “with the following information:” and inserting “with—”; (49) in section 18(f)— (A) by striking “such bank” and inserting “such insured depository institution”; and (B) by striking “the bank” and inserting “the insured depository institution”; (50) in section 18(k)(4)(A)(ii)(II), by striking “or” at the end; (51) in section 20(a)(3), by inserting “or” at the end; (52) in section 21(c), by striking “the bank” and inserting “the insured depository institution”; (53) in section 21(d)(2), by striking “the bank” and inserting “the insured depository institution”; (54) in section 21(e), by striking “the bank” and inserting “the insured depository institution”; (55) in section 25(a), by striking “the bank” each place it appears and inserting “the insured depository institution, insured branch, or bank”; (56) in section 28(c)(2)(A)(i) by striking “, or” and inserting “; or”; (57) in section 28(d)(4)(C), by striking “subparagraphs” and inserting “subparagraph”; 108 STAT. 2291 (58) in section 28(e)(4), by striking “any other” and inserting “and any other”; (59) in section 30(e)(1)(A), by striking “venders” and inserting “the vendors”; (60) in section 31(b)(1), by striking “Board of Directors” and inserting “board of directors”; (61) in section 33(c)(1), by striking the comma at the end and inserting a semicolon; (62) in section 34(a)(1)(A)(iii)— (A) by striking “sections” and inserting “section”; and (B) by striking “and” and inserting “or”; (63) in section 34(a)(2), by adding a period at the end; (64) in section 38(f)(6), by striking “Commisssion” and inserting “Commission”; (65) in section 40(c)(4)(A), by striking “subsections (p)(12)(B) and (C)” and inserting “subparagraphs (B) and (C) of subsection (p)(12)”; and (66) in section 40(d)(8)(A), by striking “meeting” and inserting “meeting the”. (b) Federal Home Loan Bank Act.— Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 1441a) is amended— (1) in subsection (a)(11), by striking “a United States District Court” and inserting “a United States district court”; (2) in subsection (b)(11)(B)(iii), by striking the comma after “chapter 5”; (3) in subsection (b)(11)(E)(iv)(II), by striking “knowledgable” and inserting “knowledgeable”; (4) in subsection (b)(11)(G), by inserting “Advisory personnel.—” before “The Corporation shall”; (5) in subsection (r)(4), by striking “subsection.—” and inserting “subsection, the following definitions shall apply:”; (6) in subsection (s)(2), by striking “subsection—” and inserting “subsection, the following definitions shall apply:”; and (7) in subsection (u)(5), by striking “subsection—” and inserting “subsection, the following definitions shall apply:”. (c) Resolution Trust Corporation Completion Act.— Section 21(a) of the Resolution Trust Corporation Completion Act (107 Stat. 2406) is amended— (1) by striking “33(a)” and inserting “33”; (2) by striking “1831j(a)” and inserting “1831j”; (3) in paragraph (1), by striking “paragraph (1)” and inserting “subsection (a)(1)”; and (4) in paragraph (2), by striking “paragraph (2)” and inserting “subsection (a)(2)”. (d) Federal Reserve Act.— Section 7(a) of the Federal Reserve Act (12 U.S.C. 289) is amended— (1) in paragraph (1)(B), by inserting “(A)” after “subparagraph”; and (2) in paragraph (2), by striking “subparagraph (A)” and inserting “paragraph (1)(A)”. (e) Repeal of Provisions in the Revised Statutes.— The following sections of the Revised Statutes are hereby repealed: (1) Section 5170 (12 U.S.C. 28). (2) Section 5203 (12 U.S.C. 87). (3) Section 5206 (12 U.S.C. 88). (4) Section 5196 (12 U.S.C. 89). 108 STAT. 2292 (5) Section 5158 (12 U.S.C. 1U2). (6) Section 5159 (12 U.S.C. 101a). (7) Section 5172 (12 U.S.C. 104). (8) Section 5173 (12 U.S.C. 107). (9) Section 5174 (12 U.S.C. 108). (10) Section 5182 (12 U.S.C. 109). (11) Section 5183 (12 U.S.C. 110). (12) Section 5195 (12 U.S.C. 123). (13) Section 5184 (12 U.S.C. 124). (14) Section 5226 (12 U.S.C. 131). (15) Section 5227 (12 U.S.C. 132). (16) Section 5228 (12 U.S.C. 133). (17) Section 5229 (12 U.S.C. 134). (18) Section 5230 (12 U.S.C. 137). (19) Section 5231 (12 U.S.C. 138). (20) Section 5232 (12 U.S.C. 135). (21) Section 5233 (12 U.S.C. 136). (22) Section 5185 (12 U.S.C. 151). (23) Section 5186 (12 U.S.C. 152). (24) Section 5160 (12 U.S.C. 168). (25) Section 5161 (12 U.S.C. 169). (26) Section 5162 (12 U.S.C. 170). (27) Section 5163 (12 U.S.C. 171). (28) Section 5164 (12 U.S.C. 172). (29) Section 5165 (12 U.S.C. 173). (30) Section 5166 (12 U.S.C. 174). (31) Section 5167 (12 U.S.C. 175). (32) Section 5222 (12 U.S.C. 183). (33) Section 5223 (12 U.S.C. 184). (34) Section 5224 (12 U.S.C. 185). (35) Section 5225 (12 U.S.C. 186). (36) Section 5237 (12 U.S.C. 195). (f) Repeal of Other Obsolete Provisions in Banking Laws.— The following provisions of law are hereby repealed: (1) Section 26 of the Federal Deposit Insurance Act (12 U.S.C. 1831c). (2) Section 12 of the Act entitled “An Act To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes.” and approved March 14, 1900 (12 U.S.C. 101). (3) Section 3 of the Act entitled “An Act To amend the laws relating to the denominations of circulating notes by national banks and to permit the issuance of notes of small denominations, and for other purposes.” and approved October 5, 1917(12 U.S.C. 103). (4) The following sections of the Act entitled “An Act fixing the amount of United States notes, providing for a redistribution of the national-bank currency, and for other purposes.” and approved June 20, 1874: (A) Section 5 (12 U.S.C. 105). (B) Section 3 (12 U.S.C. 121). (C) Section 8 (12 U.S.C. 126). (D) Section 4 (12 U.S.C. 176). (5) The following sections of the Act entitled “An Act to enable national-banking associations to extend their corporate existence, and for other purposes.” and approved July 12, 1882: 108 STAT. 2293 (A) Section 8 (12 U.S.C. 177). (B) Section 9 (12 U.S.C. 178). (6) The Act entitled “An Act to amend the national bank act in providing for the redemption of national bank notes stolen from or lost by banks of issue.” and approved July 28, 1892(12 U.S.C. 125). (7) The Act entitled “An Act authorizing the conversion of national gold banks.” and approved February 14, 1880 (12 U.S.C. 153). (g) Amendments to Other Laws.— (1) The 8th paragraph of the 4 th undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by striking “Comptroller of the Currency” and inserting “Secretary of the Treasury”. (2) Section 11(d) of the Federal Reserve Act (12 U.S.C. 248(d)) is amended— (A) by striking “bureau under the charge of the Comptroller of the Currency” and inserting “Secretary of the Treasury”; and (B) by striking “Comptroller” and inserting “Secretary of the Treasury” (3) The 1st sentence of the 8th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 418) is amended by striking “the Comptroller of the Currency shall under the direction of the Secretary of the Treasury,” and inserting “the Secretary of the Treasury shall”. (4) The 9th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 419) is amended to read as follows: “When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for the delivery of such notes in accordance with this Act.”. (5) The 10th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 420) is amended— (A) by striking “Comptroller of the Currency” and inserting “Secretary of the Treasury”; and (B) by striking “Federal Reserve Board” and inserting “Board of Governors of the Federal Reserve System”. (6) The 11th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 421) is amended to read as follows: “The Secretary of the Treasury may examine the plates, dies, bed pieces, and other material used in the printing of Federal Reserve notes and issue regulations relating to such examinations.”. (7) The 6th undesignated paragraph of section 18 of the Federal Reserve Act (38 Stat. 269) is amended— (A) by striking “Comptroller of the Currency” each place it appears and inserting “Secretary of the Treasury”; and (B) in the 7th sentence, by striking “Comptroller” and inserting “Secretary of the Treasury”. (8) The Act entitled “An Act to provide for the redemption of national-bank notes, Federal Reserve bank notes, and Federal Reserve notes which cannot be identified as to the bank of issue.” and approved June 13, 1933, is amended— 108 STAT. 2294 (A) in the 1st section (12 U.S.C. 121a)— (i) by striking “whenever any national-bank notes, Federal Reserve bank notes,” and inserting “whenever any Federal Reserve bank notes”; and (ii) by striking “, and the notes, other than Federal Reserve notes, so redeemed shall be forwarded to the Comptroller of the Currency for cancellation and destruction”; and (B) in section 2 (12 U.S.C. 122a)— (i) by striking “National-bank notes and”; and (ii) by striking “national-bank notes and”. (9) The 1st section of the Act entitled “An Act making appropriations for sundry civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and seventy-six, and for other purposes.” and approved March 3, 1875, is amended in the 1st paragraph which appears under the heading “national currency” by striking “Secretary of the Treasury: Provided, That” and all that follows through the period and inserting “Secretary of the Treasury.”. (10) The Act entitled “An Act to simplify the accounts of the Treasurer of the United States, and for other purposes.” and approved October 10, 1940 (12 U.S.C. 177a) is amended by striking all after the enacting clause and inserting the following: “That the cost of transporting and redeeming outstanding national bank notes and Federal Reserve bank notes as may be presented to the Treasurer of the United States for redemption shall be paid from the regular annual appropriation for the Department of the Treasury.”. (11) Section 5234 of the Revised Statutes (12 U.S.C. 192) is amended by striking “has refused to pay its circulating notes as therein mentioned, and”. (12) Section 5236 of the Revised Statutes (12 U.S.C. 194) is amended by striking “, after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such association”. (13) Section 5238 of the Revised Statutes (12 U.S.C. 196) is amended by striking the 1st sentence. (14) Section 5119(b)(2) of title 31, United States Code, is amended by adding at the end the following: “The Secretary shall not be required to reissue United States currency notes upon redemption.”. (h) Amendments to Outdated Dividend Provisions.— (1) Withdrawal of capital.— Section 5204 of the Revised Statutes (12 U.S.C. 56) is amended— (A) in the 2d sentence, by striking “net profits then on hand, deducting therefrom its losses and bad debts” and inserting “undivided profits, subject to other applicable provisions of law”; and (B) by striking the 3d sentence. (2) Declaration of dividends.— Section 5199 of the Revised Statutes (12 U.S.C. 60) is amended— (A) in the 1st sentence, by striking “net profits of the association” and inserting “undivided profits of the association, subject to the limitations in subsection (b),”; (B) by striking “net profits” each subsequent place such term appears and inserting “net income”; and (C) by striking subsection (c). 108 STAT. 2295 (i) Clerical Amendments.— (1) The table of sections for chapter 1 of title LXII of the Revised Statutes of the United States is amended— (A) by inserting after the item relating to section 5156 the following new item: “5156A. Mergers, consolidations, and other acquisitions authorized.”; and (B) by striking the items relating to sections 5141 and 5151. (2) The table of sections for chapter 2 of title LXII of the Revised Statutes of the United States is amended by striking the item relating to each of the following sections: (A) Section 5158. (B) Section 5159. (C) Section 5160. (D) Section 5161. (E) Section 5162. (F) Section 5163. (G) Section 5164. (H) Section 5165. (I) Section 5166. (J) Section 5167. (K) Section 5170. (L) Section 5171. (M) Section 5172. (N) Section 5173. (O) Section 5174. (P) Section 5175. (Q) Section 5176. (R) Section 5177. (S) Section 5178. (T) Section 5179. (U) Section 5180. (V) Section 5181. (W) Section 5182. (X) Section 5183. (Y) Section 5184. (Z) Section 5185. (AA) Section 5186. (BB) Section 5187. (CC) Section 5188. (DD) Section 5189. (3) The table of sections for chapter 3 of title LXII of the Revised Statutes of the United States is amended by striking the item relating to each of the following sections: (A) Section 5193. (B) Section 5194. (C) Section 5195. (D) Section 5196. (E) Section 5202. (F) Section 5203. (G) Section 5206. (H) Section 5209. (I) Section 5212. (4) The table of sections for chapter 4 of title LXII of the Revised Statutes of the United States is amended— 108 STAT. 2296 (A) by inserting after the item relating to section 5239 the following new item: “5239A. Regulatory authority.”; and (B) by striking the items relating to the following sections: (i) Section 5222. (ii) Section 5223. (iii) Section 5224. (iv) Section 5225. (v) Section 5226. (vi) Section 5227. (vii) Section 5228. (viii) Section 5229. (ix) Section 5230. (x) Section 5231. (xi) Section 5232. (xii) Section 5233. (xiii) Section 5237. (xiv) Section 5243.