MISCELLANEOUS PROVISIONS.

SEC. 306. MISCELLANEOUS PROVISIONS. (a) Federal Home Loan Bank Dividends.— Section 16 of the Federal Home Loan Bank Act (12 U.S.C. 1436) is amended by adding at the end thereof the following new subsection: “(c) Exception in Case of Losses in Connection With Financing Corporation Stock.— “(1) In general.— Notwithstanding subsection (a) of this section, if— “(A) a Federal Home Loan Bank incurs a chargeoff or an expense in connection with such bank’s investment in the stock of the Financing Corporation under section 21; 101 STAT. 601 “(B) the Board determines there is an extraordinary need for the member institutions of the bank to receive dividends; and “(C) the bank has reduced all reserves (other than the reserve account required by the first 2 sentences of subsection (a)) to zero, the Board may authorize such bank to declare and pay dividends out of undivided profits (as such term is defined in section 21(d)(7)) or the reserve account required by the first 2 sentences of subsection (a). “(2) Requirements of section 21 not affected.— Notwithstanding any payment of dividends by any Federal Home Loan Bank pursuant to an authorization by the Board under paragraph (1), the applicable provisions of section 21 shall continue to apply with respect to such bank, and to such bank’s investment in the Financing Corporation, in the same manner and to the same extent as if such payment had not been made.”. (b) Conforming Amendment.— Section 402(h) of the National Housing Act (12 U.S.C. 1725(h)) is amended— (1) by striking out “After the effective date” and inserting in lieu thereof “(1) After the effective date”; and (2) by adding at the end thereof the following new paragraph: “(2) The first three sentences of paragraph (1) shall not apply to stock issued by the Corporation to the Financing Corporation under subsection (b)(1)(A).”. (c) Limitation on Special Assessment.— Section 404(c) of the National Housing Act (12 U.S.C. 1727(c)) is amended— (1) by striking out “(c) The Corporation” and inserting in lieu thereof “(c)(1) Special Assessment.—Subject to paragraph (2), the Corporation”; and (2) by adding at the end thereof the following new paragraph: “(2) Limitations on Amount of Assessment.— The amount of any additional premium assessed by the Corporation against any insured institution under paragraph (1) in any of the following years shall not exceed the amount listed in connection with each such year in the following table (unless the Federal Home Loan Board determines that severe pressures on the Corporation exist which necessitate an infusion of additional funds): “For year: The amount of the additional premium may not exceed: 1987 5/48 of 1 percent of the total amount of the accounts of the insured members of such institution; 1988 1/12 of 1 percent of the total amount of the accounts of the insured members of such institution; 1989 1/16 of 1 percent of the total amount of the accounts of the insured members of such institution; 1990 1/24 of 1 percent of the total amount of the accounts of the insured members of such institution; 1991 1/48 of 1 percent of the total amount of the accounts of the insured members of such institution.”. (d) Priority of Secured Interests.— Section 10 of the Federal Home Loan Bank Act (12 U.S.C. 1430) is amended by adding at the end thereof the following new subsection: 101 STAT. 602 “(e) Priority of Certain Secured Interests.— Notwithstanding any other provision of law, any security interest granted to a Federal Home Loan Bank by any member of any Federal Home Loan Bank or any affiliate of any such member shall be entitled to priority over the claims and rights of any party (including any receiver, conservator, trustee, or similar party having rights of a lien creditor) other than claims and rights that— “(1) would be entitled to priority under otherwise applicable law; and “(2) are held by actual bona fide purchasers for value or by actual secured parties that are secured by actual perfected security interests.”. (e) Coordination of Termination Assessment With Final Insurance Premium.— Section 407(d) of the National Housing Act (12 U.S.C. 1730(d)) is amended— (1) by striking out “(d)” and inserting in lieu thereof “(d)(1) Final Insurance Premium”; and (2) by adding at the end thereof the following new paragraph: “(2) Exception Relating to Final Insurance Premium.— If an institution (whose status as an insured institution is terminated) pays an assessment to the Financing Corporation under section 21(f)(4) of the Federal Home Loan Bank Act with respect to such termination, the institution shall not be obligated to pay the final insurance premium described in the third sentence of paragraph (1).”. (f) Section 404(f) Does Not Apply to Institutions Which Cease to be FSLIC Insured.— Section 404(f) of the National Housing Act (12 U.S.C. 1727(f)) is amended— (1) by striking out “(f) If” and inserting in lieu thereof “(f)(1) Pro Rata Distribution on Termination of Insured Status.—If”; and (2) by adding at the end thereof the following new paragraph: “(2) Exception.— In the case of an institution which— “(A) ceases to be an insured institution; and “(B) is required to pay an assessment to the Financing Corporation under section 21(f)(4) of the Federal Home Loan Bank Act with respect to the termination of such insured status, paragraph (1), the last sentence of subsection (e)(i), and subsection (i)(4) shall not apply with respect to such institution.”. (g) Secondary Reserve.— Section 404 of the National Housing Act (12 U.S.C. 1727) is amended by striking out subsection (h). (h) 1-Year Prohibition on Termination of FSLIC Insured Status.— (1) In general.— No association or insured institution may take any action which would result in the voluntary termination of its status as an insured institution during the 1-year period beginning on the date of the enactment of this Act. (2) Exception.— Paragraph (1) shall not apply with respect to any association or institution described in section 21(f)(4)(F) of the Federal Home Loan Bank Act (as added by section 302 of this title). (3) Authority of fslic to arrange emergency acquisitions not affected.— Paragraph (1) shall not affect the authority of the Federal Savings and Loan Insurance Corporation to arrange for the acquisition of an association or insured institution under section 406(f) or 408(m) of the National Housing Act. 101 STAT. 603 (4) Definitions.— For purposes of this subsection— (A) Association.— The term “association” has the meaning given to such term under section 2(d) of the Home Owners’ Loan Act of 1933. (B) Insured institution.— The term “insured institution” has the meaning given to such term in section 401(a) of the National Housing Act. (i) FSLIC Report Requirements.— Section 402 of the National Housing Act is amended by adding at the end thereof the following new subsection: “(k) Reports and Budgets Required.— “(1) Quarterly reports and budgets.— Before the end of the 2-week period beginning on the first day of each calendar quarter, the Corporation shall complete a detailed written report and budget describing and explaining— “(A) planned or anticipated activities and estimates of receipts and expenditures for such calendar quarter; and “(B) the activities, receipts, and expenditures for the preceding calendar quarter. “(2) Semiannual report.— Before the end of the 30-day period beginning on the first day of each semiannual period, the Corporation shall complete a detailed written report and budget describing and explaining the activities, receipts, and expenditures for the preceding semiannual period. “(3) Submission of semiannual report to congress.— The Corporation shall submit a copy of each semiannual report required under paragraph (2) to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. “(4) Activities, etc., of federal asset disposition association.— Activities, receipts, and expenditures of the Federal Asset Disposition Association (or any successor thereto) shall be included in any report or budget required under this subsection. “(5) Definitions.— For purposes of this subsection— “(A) Activities.— The term ‘activities’ includes any activity engaged in with respect to any insured institution in financial difficulty. “(B) Semiannual period.— The term ‘semiannual period’ means— “(i) the period beginning on January 1 of any calendar year and ending June 30 of such year; and “(ii) the period beginning on July 1 of any calendar year and ending December 31 of such year.”.