BRIDGE DEPOSITORY INSTITUTIONS.

SEC. 1604. BRIDGE DEPOSITORY INSTITUTIONS.(a) In General.—Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 1821) is amended—(1) in subsection (d)(2)—(A) in subparagraph (F), by striking “as receiver” and all that follows through clause (ii) and inserting the following: “as receiver, with respect to any insured depository institution, organize a new depository institution under subsection (m) or a bridge depository institution under subsection (n).”;(B) in subparagraph (G), by striking “new bank or a bridge bank” and inserting “new depository institution or a bridge depository institution”;(2) in the heading for subsection (e)(10)(C), by striking “Bridge Banks” and inserting “Bridge Depository Institutions”;122 STAT. 2827(3) in subsection (e)(10)(C)(i), by striking “bridge bank” and inserting “bridge depository institution”;(4) in subsection (m)—(A) in the subsection heading, by striking “Banks” and inserting “Depository Institutions”;(B) by striking “insured bank” each place such term appears and inserting “insured depository institution”;(C) by striking “new bank” each place such term appears and inserting “new depository institution”;(D) by striking “such bank” each place such term appears and inserting “such depository institution”;(E) by striking “the bank” each place such term appears and inserting “the insured depository institution”;(F) in paragraph (1), by inserting “or Federal savings association” after “national bank”;(G) in paragraph (6), by striking “only bank” and inserting “only depository institution”;(H) in paragraph (9), by inserting “or the Director of the Office of Thrift Supervision, as appropriate” after “Comptroller of the Currency”;(I) in paragraph (15), by striking “, but in no event” and all that follows through “located”;(J) in paragraph (16)—(i) by inserting “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” each place such term appears;(ii) by striking “the bank” each place such term appears and inserting “the depository institution”;(iii) by inserting “or Federal savings association” after “national bank” each place such term appears;(iv) by inserting “or Federal savings associations” after “national banks”; and(v) by striking “Such bank” and inserting “Such depository institution”; and(K) in paragraph (18), by inserting “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” each place such term appears;(5) in subsection (n)—(A) in the subsection heading, by striking “Banks” and inserting “Depository Institutions”;(B) by striking “bridge bank” each place such term appears and inserting “bridge depository institution”;(C) by striking “bridge banks” each place such term appears (other than in paragraph (1)(A))and inserting “bridge depository institutions”;(D) by striking “bridge bank’s” each place such term appears and inserting “bridge depository institution’s”;(E) by striking “insured bank” each place such term appears and inserting “insured depository institution”;(F) by striking “insured banks” each place such term appears and inserting “insured depository institutions”;(G) by striking “such bank” each place such term appears (other than in paragraph (4)(J)) and inserting “such depository institution”;(H) by striking “the bank” each place such term appears and inserting “the depository institution”;122 STAT. 2828(I) by striking “bank or banks” each place such term appears and inserting “depository institution or institutions”;(J) in paragraph (1)(A)—(i) by inserting “, with respect to 1 or more insured banks, or the Director of the Office of Thrift Supervision, with respect to 1 or more insured savings associations,” after “Comptroller of the Currency”;(ii) by inserting “or Federal savings associations, as appropriate,” after “national banks”;(iii) by inserting “or Federal savings associations, as applicable,” after “banking associations”; and(iv) by striking “as bridge banks” and inserting “as ‘bridge depository institutions’ ”;(K) in paragraph (1)(B)—(i) by striking “of a bank”; and(ii) by striking “of that bank”;(L) in the heading for paragraph (1)(E), by inserting “or federal savings association” before the period;(M) in paragraph (1)(E), by inserting before the period “, in the case of 1 or more insured banks, and as a Federal savings association, in the case of 1 or more insured savings associations”;(N) in paragraph (2)—(i) by inserting “or Federal savings association” after “national bank” each place such term appears;(ii) in subparagraph (A), by inserting “or the Director of the Office of Thrift Supervision” after “Comptroller of the Currency”; and(iii) in the heading for subparagraph (B), by inserting “or federal savings association” before the period;(O) in paragraph (4)—(i) in the matter preceding subparagraph (A), by inserting “or Federal savings association, as appropriate” after “national bank”;(ii) in subparagraph (C), by striking “under section 5138 of the Revised Statutes or any other” and inserting “under any”;(iii) by inserting “and the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” each place such term appears;(iv) in subparagraph (D), by striking “bank’s” and inserting “depository institution’s”; and(v) in subparagraph (H), by striking “a bank in default” and inserting “a depository institution in default”;(P) in paragraph (8)—(i) in subparagraph (A), by striking “the banks” and inserting “the depository institutions”;(ii) in subparagraph (B), by striking “bank’s” and inserting “depository institution’s”;(Q) by striking “bridge bank” or “bridge banks” as the case may be in the headings for paragraphs (9), (10), (12), and (13) and inserting “bridge depository institution” or “bridge depository institutions” as appropriate;122 STAT. 2829(R) in paragraph (11), by inserting “or a Federal savings association, as the case may be,” after “national bank” each place such term appears;(S) in paragraph (12)—(i) by inserting “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” each place such term appears; and(ii) by inserting “or Federal savings associations, as appropriate” after “national banks”; and(T) in paragraph (13), by striking “single bank” and inserting “single depository institution”.(b) Other Conforming Amendments.—(1) Federal deposit insurance act.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—(A) in section 3 (12 U.S.C. 1813), by striking subsection (i) and inserting the following:“(i) New Depository Institution and Bridge Depository Institution Defined.—“(1) New depository institution.—The term ‘new depository institution’ means a new national bank or Federal savings association, other than a bridge depository institution, organized by the Corporation in accordance with section 11(m).“(2) Bridge depository institution.—The term ‘bridge depository institution’ means a new national bank or Federal savings association organized by the Corporation in accordance with section 11(n).”;(B) in section 10(d)(5)(B) (12 U.S.C. 1820(d)(5)(B)), by striking “bridge bank” and inserting “bridge depository institution”;(C) in section 12 (12 U.S.C. 1822), by striking “new bank” each place such term appears and inserting “new depository institution”;and(D) in section 38(j)(2) (12 U.S.C. 1831o(j)(2)), by striking “bridge bank” and inserting “bridge depository institution”.(2) Federal credit union act.—Section 207(c)(10)(C)(i) of the Federal Credit Union Act (12 U.S.C. 1787(c)(10)(C)(i)) is amended by striking “bridge bank” and inserting “bridge depository institution”.(3) Title 11, united states code.—Section 783 of title 11, United States Code, is amended by striking “bridge bank” and inserting “bridge depository institution”.(4) Title 26, united states code.—Section 414(l)(2)(G) of the Internal Revenue Code of 1986, is amended by striking “bridge bank” and inserting “bridge depository institution”.(c) Repeal of Deposit Limitation.—Section 11(n)(1)(B)(i) of the Federal Deposit Insurance Act (12 U.S.C. 1821(n)(1)(B)(i)) is amended by striking “, except that” and all that follows through “another insured depository institution”.(d) Federal Reserve Bank Lending to Bridge Depository Institutions.—Section 11(n)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1821(n)(5)) is amended by adding at the end the following new subparagraph:“(D) Capital levels.—A bridge depository institution shall not be considered an undercapitalized depository institution or a critically undercapitalized depository institution for purposes of section 10B(b) of the Federal Reserve Act.”.122 STAT. 2830