J. French Hill
Representative for Arkansas · Republican · United States
“``(2) Selection of economic indicators.--Not later than 3 months after the date of enactment of this section, the Board of Governors shall-- ``(A) complete a study on the advantages and disadvantages of the use of either nominal United States gross domestic product (as published by the Department of Commerce) or the Consumer Price Index (…”
“``(2) Selection of economic indicators.--Not later than 3 months after the date of enactment of this section, the Board of Governors shall-- ``(A) complete a study on the advantages and disadvantages of the use of either nominal United States gross domestic product (as published by the Department of Commerce) or the Consumer Price Index (…”
“(B) Selection of economic indicators.--Not later than 3 months after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall-- (i) complete a study on the advantages and disadvantages of the use of either nominal United States gross domestic product (as published by the Department of Commerce) or the…”
“(B) Selection of economic indicators.--Not later than 3 months after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall-- (i) complete a study on the advantages and disadvantages of the use of either nominal United States gross domestic product (as published by the Department of Commerce) or the…”
“(2) Guidance.--The term ``guidance'' means a financial agency statement of general applicability, intended to have a future effect on the behavior of regulated parties, that sets forth a policy on a statutory, regulatory, or technical issue, or an interpretation of a statute or regulation, but does not include-- (A) a rule promulgated pur…”
“(2) Guidance.--The term ``guidance'' means a financial agency statement of general applicability, intended to have a future effect on the behavior of regulated parties, that sets forth a policy on a statutory, regulatory, or technical issue, or an interpretation of a statute or regulation, but does not include-- (A) a rule promulgated pur…”
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“(2) Top-tier depository institution holding company defined.--In this subsection, the term ``top-tier depository institution holding company'' means a depository institution holding company (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) that is not controlled by any other depository institution holding company. (d) Annual Report on Federal Deposit Insurance Applications.--The Federal Deposit Insurance Corporation shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Corporation includes the following: (1) The number of applications for deposit insurance received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned.”
“(c) Annual Report on Depository Institution Holding Company Applications.-- (1) In general.--The Board of Governors of the Federal Reserve System shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Board of Governors includes the following: (A) The number of applications to become a top-tier depository institution holding company received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (B) The mean and median times to approve such applications. (C) To the extent practicable, common reasons leading to denial or withdrawal of such applications.”
“(4) To the extent practicable, common reasons leading to the denial, withdrawal, or expiration of preliminary approval of such applications. (b) Annual Report on Federal Credit Union Charter Applications.--The National Credit Union Administration shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the agency includes the following: (1) The number of Federal credit union charter applications received, approved on a final basis, denied, withdrawn, inactive, or returned pending resubmission. (2) The mean and median times for final approval of such applications. (3) To the extent practicable, common reasons leading to application denial, withdrawal, inactivity, or to applications being returned for resubmission.”
“SEC. 102. NEW BANK APPLICATION NUMBERS KNOWLEDGE. (a) Annual Report on National Bank and Federal Savings Association Charter Applications.--The Comptroller of the Currency shall publish an annual report that includes the following, or with respect to any equivalent procedure used by the Office of the Comptroller of the Currency includes the following: (1) The number of applications for a national bank or Federal savings association charter received, approved on a preliminary basis, approved on a final basis, denied, withdrawn, inactive, expired, mooted, returned, returned pending resubmission, or otherwise dispositioned. (2) The mean and median times for preliminary approval of such applications. (3) The mean and median times for final approval of such applications.”
“``(B) Extension.--Unless the Federal banking agencies make the determination described in subparagraph (A), the authorities under subsections (a) and (b) shall be permanent. ``(C) Termination.--If the Federal banking agencies make the determination described in subparagraph (A)-- ``(i) subsections (a) and (b) shall only apply to a qualifying community bank that became an insured depository institution before the date of such determination; and ``(ii) the Federal banking agencies shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and make such report available to the public, containing such determination and the reasons for such determination.''; and (3) in subsection (e)(6)(B), by striking ``between January 1, 2026, and December 31, 2028'' and inserting ``on or after January 1, 2026''.”
“803. Discretionary surplus fund. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS SEC. 101. PROMOTING NEW BANK FORMATION. Section 908 of the 21st Century ROAD to Housing Act is amended-- (1) in subsection (b)(2), by striking ``180-day'' and inserting ``90-day''; (2) in subsection (c)-- (A) in the heading, by inserting ``and Extension'' after ``Study''; (B) by redesignating paragraph (2) as paragraph (3); and (C) by inserting after paragraph (1) the following: ``(2) Safety and soundness determination; extension of pilot program.-- ``(A) Determination.--Not earlier than January 1, 2031, and not later than June 30, 2031, the Federal banking agencies may, jointly, determine that subsections (a) and (b) have had a significant adverse effect on the safety and soundness of qualifying community banks.”
“Stop Agency Fiat Enforcement of Guidance. Sec. 403. Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow. TITLE V--STRENGTHENING LOCAL BANK FUNDING Sec. 501. Bringing the Discount Window into the 21st Century. Sec. 502. Keeping Deposits Local. TITLE VI--PROMOTING BANK COMPETITION AND MERGER CLARITY Sec. 601. Bank Competition Modernization. Sec. 602. Merger Agreement Approvals Clarity and Predictability. Sec. 603. Merger Process Review. Sec. 604. Bank Failure Prevention. TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK RESOLUTIONS Sec. 701. Least Cost Exception. Sec. 702. Enhancing Bank Resolution Participation. Sec. 703. Failing Bank Acquisition Fairness. TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS Sec. 801. Merchant Banking Modernization. Sec. 802. Bank-Fintech Partnership Enhancement. Sec.”
“Promoting New Bank Formation. Sec. 102. New Bank Application Numbers Knowledge. Sec. 103. CDFI Fund Transparency. Sec. 104. CDFI Bond Guarantee Improvement. TITLE II--TAILORING BANK REGULATION Sec. 201. Taking Account of Institutions with Low Operation Risk. Sec. 202. Small Bank Holding Company Relief. Sec. 203. Tailoring and Indexing Enhanced Regulations. Sec. 204. Community Bank Regulatory Tailoring. TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION Sec. 301. Halting Uncertain Methods and Practices in Supervision. Sec. 302. Fair Audits and Inspections for Regulators' Exams. Sec. 303. Supervisory Modifications for Appropriate Risk-based Testing. Sec. 304. Financial Integrity and Regulation Management. TITLE IV--REGULATORY ACCOUNTABILITY AND TRANSPARENCY Sec. 401. FDIC Board Accountability. Sec. 402.”
“Pursuant to House Resolution 1438, in lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services, printed in the bill, an amendment in [[Page H4708]] the nature of a substitute consisting of the text of Rules Committee Print 119-35 is adopted and the bill, as amended, is considered read. The text of the bill, as amended, is as follows: H.R. 6955 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Main Street Capital Access Act'' or the ``Main Street Act''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS Sec. 101.”
“Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [House] [Pages H4707-H4731] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] MAIN STREET CAPITAL ACCESS ACT Mr. HILL of Arkansas. Mr. Speaker, pursuant to House Resolution 1438, I call up the bill (H.R. 6955) and ask for its immediate consideration by the House. The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. Bost).”
“Mr. Speaker, I yield myself the balance of my time. I thank my colleagues on both sides of the aisle for this debate. I thank Mr. Moore for writing this bill, drafting it, persuading the support that he has. I urge all Members on both sides of the aisle to support this bill in the name of privacy in the United States. Mr. Speaker, I yield back the balance of my time. The SPEAKER pro tempore. All time for debate has expired. Pursuant to House Resolution 1423, the previous question is ordered on the bill, as amended. The question is on the engrossment and third reading of the bill. The bill was ordered to be engrossed and read a third time, and was read the third time. Motion to Recommit”
“Mr. Speaker, I yield 4 minutes to the gentleman from Kentucky (Mr. Barr), who chairs the Subcommittee on Financial Institutions and Monetary Policy.”
“Importantly, this bill does not interfere with any existing law enforcement authorities, anti-money laundering requirements, fraud prevention efforts, or other obligations designed to protect consumers and safeguard our financial system. H.R. 1181 is a commonsense measure that simply safeguards financial privacy while maintaining the integrity of our Nation's payment network. I urge all my colleagues to support the legislation, and I reserve the balance of my time.”
“The Protecting Privacy in Purchases Act provides important protections for consumers by preventing the misuse of payment systems to monitor lawful purchasing activity. Consumers should not have to sacrifice their financial privacy in order to participate in our modern economy. Protecting financial privacy helps reinforce confidence in the institutions and infrastructure that our payment systems operate around. Americans should be able to participate in the economy with confidence that their lawful transactions are simply being processed, not tracked or categorized or scrutinized beyond what is never necessary to essentially facilitate the payment. This bill helps preserve the integrity of that payment system by keeping it focused on facilitating commerce and efficient movement of funds.”
“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of Mr. Moore's Protecting Privacy in Purchases Act. Financial privacy is fundamental to consumer trust and confidence in our financial system. As technology continues to transform financial services, protecting Americans' financial privacy remains an essential part of Congress' oversight role. Merchant category codes were designed to help process transactions, not create mechanisms for tracking or categorizing lawful purchases. Maintaining trust in the payment system requires clear safeguards to ensure that these tools are used for commerce, not consumer surveillance. H.R. 1181 establishes those safeguards by preventing payment card networks and processors from using merchant category codes to target firearms retailers and their customers.”
“Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on this measure. The SPEAKER pro tempore. Is there objection to the request of the gentleman from Arkansas? There was no objection.”
“(6) Payment card network.--The term ``payment card network'' means an entity that directly or through a network participant, processor, or agent provides proprietary services, infrastructure, software, or hardware used to authorize, clear and settle credit, debit, or prepaid transactions. The SPEAKER pro tempore. The bill, as amended, shall be debatable for 1 hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees. The gentleman from Arkansas (Mr. Hill) and the gentlewoman from California (Ms. Waters) each will control 30 minutes. The Chair recognizes the gentleman from Arkansas (Mr. Hill). General Leave”
“(4) Firearms retailer.--The term ``firearms retailer'' means a person, entity, or retail location physically located in the United States that is engaged in the business of selling or trading-- (A) firearms; (B) ammunition; (C) accessories of firearms; or (D) components of firearms. (5) Merchant category code.--The term ``merchant category code'' means a multi-digit code, issued by the International Organization for Standardization, for the purposes of enabling the classification of merchants into specific categories based on the type of business, trade, or services supplied.”
“(3) Firearm.--The term ``firearm'' means-- (A) a ``firearm'' as such term is defined in section 921(a)(3) of title 18, United States Code; (B) a ``shotgun'' as such term is defined in section 921(a)(5) of title 18, United States Code; (C) a ``rifle'' as such term is defined in section 921(a)(7) of title 18, United States Code; (D) an ``antique firearm'' as such term is defined in section 921(a)(16) of title 18, United States Code; (E) a ``semiautomatic rifle'' as such term is defined in section 921(a)(29) of title 18, United States Code; and (F) a ``handgun'' as such term is defined in section 921(a)(30) of title 18, United States Code.”
“(2) Covered entity.--The term ``covered entity'' means any entity that-- (A) has on the date of the enactment of this section, or establishes after the date of the enactment of this section, a relationship with a merchant for the purposes of processing credit, debit, or prepaid transactions; or (B) has on the date of the enactment of this section, or establishes after the date of the enactment of this section, a relationship with an entity that establishes a relationship with a merchant for the purposes of processing credit transactions, debit transactions, or prepaid transactions.”
“(d) Report.--The Attorney General shall, each year, submit a report to the Congress that-- (1) identifies the number of investigations undertaken by the Attorney General under subsection (b); (2) includes a summary of such investigations and their disposition; and (3) provides any available data and analysis that relates to the effectiveness of this Act. (e) Definitions.--In this Act: (1) Ammunition.--The term ``ammunition'' has the meaning given the term in section 921(a)(17)(A) of title 18, United States Code.”
“(c) Preemption.-- (1) In general.--Any law of a State or local government regulating the assignment, use, or disclosure of merchant category codes that are used only or primarily for firearms retailers or that identifies a retailer as engaged in the business of selling firearms, ammunition, accessories of firearms, or components of firearms is hereby preempted. (2) Limitation.--Notwithstanding paragraph (1), nothing in this Act may be construed to prevent a payment card network or a covered entity from complying with any Federal, State, or local law or regulations related to dispute processing, fraud, compliance management, or protecting transaction integrity from concerns related to illegal or suspicious activities, data breaches, or cyber risks.”
“(3) Written notice.--If the Attorney General determines, after conducting an investigation under paragraph (2), that a payment card network or covered entity has violated this section, the Attorney General shall send a written notice of such violation to such payment card network or covered entity that requires the payment card network or covered entity to remedy the violation not later than 30 days after the date on which the payment card network or covered entity receives such notice. (4) Injunction.-- (A) In general.--If a payment card network or covered entity does not remedy a violation within 30 days of receiving a written notice under paragraph (3), the Attorney General may bring an action in Federal court to enjoin the violating behavior. (B) No private right of action.--This Act does not create a private right of action.”
“(2) For covered entities.--A covered entity may not assign to a firearms retailer any merchant category code that is used only or primarily for firearms retailers or that identifies such retailer as engaged in the business of selling firearms, ammunition, accessories of firearms, or components of firearms. (b) Enforcement.-- (1) In general.--The Attorney General shall enforce this section and shall, not later than 90 days after the date of the enactment of this section, establish a process for individuals, including firearms retailers, to submit complaints relating to alleged violations of this section. [[Page H4442]] (2) Investigation.--The Attorney General shall investigate any complaint received through the processes established by the Attorney General under paragraph (1).”
“This Act may be cited as the ``Protecting Privacy in Purchases Act''. SEC. 2. DISTINGUISHING FIREARM RETAILERS PROHIBITED. (a) Prohibitions Relating to Merchant Category Codes.-- (1) For payment card networks.--A payment card network may not require-- (A) a firearms retailer to use a merchant category code that-- (i) is used only or primarily for firearms retailers; or (ii) identifies such retailer as engaged in the business of selling firearms, ammunition, accessories of firearms, or components of firearms; or (B) a covered entity to assign a merchant category code that is used only or primarily for firearms retailers or that identifies a firearms retailer as engaged in the business of selling firearms.”
“Mr. Speaker, pursuant to House Resolution 1423, I call up the bill (H.R. 1181) to prohibit payment card networks and covered entities from requiring the use of or assigning merchant category codes that distinguish a firearms retailer from general- merchandise retailer or sporting-goods retailer, and for other purposes, and ask for its immediate consideration in the House. The Clerk read the title of the bill. The SPEAKER pro tempore. Pursuant to House Resolution 1423, the amendment in the nature of a substitute recommended by the Committee on Financial Services printed in the bill is adopted, and the bill, as amended, is considered read. The text of the bill, as amended, is as follows: H.R. 1181 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.”
“Mr. Speaker, I urge a ``yes'' vote on the bill. I appreciate the work on both sides of the aisle, and I yield back the balance of my time. The SPEAKER pro tempore. The question is on the motion offered by the gentleman from Arkansas (Mr. Hill) that the House suspend the rules and pass the bill, H.R. 6556, as amended. The question was taken; and (two-thirds being in the affirmative) the rules were suspended and the bill, as amended, was passed. A motion to reconsider was laid on the table. ____________________”
“Mr. Speaker, I urge Members on both sides of the aisle to vote ``yes'' on this measure. I reserve the balance of my time.”
“That means that it is very hard to compete with them. What the gentleman from Massachusetts (Mr. Lynch) has proposed is let us have more bidding for those failed banks by crafting a process that is transparent that Congress oversees, Congress outlines the guardrails, where smaller banks could team up with other capital sources and bid for one of those failed banks and end up being in a much more competitive process. What the government gets is a more diversified, more competitive banking system instead of the default winner being one of the big five existing financial institutions. I thank the gentleman from Massachusetts (Mr. Lynch) for his work on this legislation. I thank Chairman Barr of our Financial Institutions Subcommittee and Ranking Member Waters for bringing our bipartisan team together on the committee in advancing this bill.”
“After the resolution of the savings and loan bank crisis and all the other related bank failures of the 1980s and very early 1990s, the government said, look, this is out of hand, and we want to enforce a least cost resolution process when a bank fails, meaning we don't want to lose more money after the closing by trying to keep these banks open. So they offered this ability that whoever paid the highest price, thus the least cost to the taxpayers, was the winner, which is good policy. However, now it is 30 years later, and the largest banks in the country, as outlined by the gentleman from Massachusetts (Mr. Lynch), have a disproportionate ability to bid $1 more and thus be the least cost to the taxpayer--or maybe after the last debate one penny more-- and be the least cost to the taxpayer.”
“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I join my friend from Massachusetts in speaking to the importance of this bill and provide just a couple of minutes of perspective. If you go back to the 1980s, it was a period of Third World debt crisis, the oil and gas lending crisis, and the real estate lending crisis culminating in the late 1980s with really the collapse of [[Page H4441]] the savings and loan industry across the country from too lax supervision and too lax management of these institutions. In both large banks like the famous Continental Illinois failure in Chicago to some of the large thrifts, the government chose to keep banks open rather than closing them by essentially taking a note back called open bank assistance. It essentially increased the losses to the taxpayers.”
“Lynch) for his leadership on this legislation, and I urge my colleagues on both sides of the aisle to support H.R. 6556. Mr. Speaker, I reserve the balance of my time.”
“This legislation includes critical guardrails, such as requiring regulators to report to Congress within 30 days of a waiver on why the waiver was granted, why other qualified alternatives were not selected, and any recommendations for legislative or regulatory changes to improve competition for future bank resolutions. That transparency helps to ensure that these decisions are made in the best interests of depositors; our financial system at large; and, of course, the American people. This is a practical, bipartisan reform that strengthens oversight, promotes competition, and reinforces confidence in the bank resolution process, while preserving regulators' ability to respond to bank failures. Mr. Speaker, I thank my friend from Massachusetts (Mr.”
“However, regulators are allowed to waive these concentration limits under certain circumstances. H.R. 6556 restricts when those concentration limits can be waived to situations in which there are no other qualified bidders for that failed bank and the transaction is necessary to prevent significant economic disruption or adverse effects on U.S. financial stability. This legislation helps address concentration in the U.S. banking sector and promote a more transparent, competitive, and accountable approach to resolving failing banks.”
“Mr. Speaker, I rise in strong support of H.R. 6556, the Failing Bank Acquisition Fairness Act, offered by my friend from Massachusetts. When a bank fails, regulators need to move fast to protect depositors, preserve confidence in our financial system, consider potential buyers, and minimize disruption to families, businesses, and communities. All of that often takes place in a very short period of time, between Friday at close of business and Monday morning at opening for business. At that same time, those decisions should be made by a process that is fair, transparent, and promotes competition. Under current law, Federal regulators are generally prohibited from approving a merger or acquisition of a failed or failing bank if the resulting institution would control more than 10 percent or more of deposits nationwide.”
“Failing Bank Increase by at Increase by at Would increase ........... https:// Acquisition Least $500K. Least $500K. direct spending by docs.house.gov/ Fairness Act, as $1 million, billsthisweek/ amended. increase revenues 20260713/ by $1 million, and HR6556_SUSxml.pdf result in no increase in the deficit. --------------------------------------------------------------------------------------------------------------------------------------------------------”
“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I include in the Record the Congressional Budget Office score for this bill. EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF JULY 13, 2026 -------------------------------------------------------------------------------------------------------------------------------------------------------- Additional Effect on Direct Information on Suspension Bill Bill Number Title Spending Effect on Revenues Direct Spending and Text at Revenue Effects doc.house.gov -------------------------------------------------------------------------------------------------------------------------------------------------------- H.R. 6556........................”
“Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on this legislation. The SPEAKER pro tempore. Is there objection to the request of the gentleman from Arkansas? There was no objection.”
“(b) Effective Date.--The amendment made by subsection (a) shall take effect on September 1, 2036. The SPEAKER pro tempore. Pursuant to the rule, the gentleman from Arkansas (Mr. Hill) and the gentleman from Massachusetts (Mr. Lynch) each will control 20 minutes. The Chair recognizes the gentleman from Arkansas. [[Page H4440]] General Leave”
“1823(c)(4)) is amended by adding at the end the following: ``(I) Limitation on considering bad faith bids.--In making a determination under this paragraph of whether an exercise of authority is the least costly to the Deposit Insurance Fund, any application, proposed application, or bid that would result in violation of-- ``(i) section 18(c)(13) or 44(b)(2), or ``(ii) section 3(d)(2), 4(i)(8), or 14 of the Bank Holding Company Act of 1956, shall not be considered a possible method for meeting the Corporation's obligation under this section for purposes of subparagraph (A).''. SEC. 5. DISCRETIONARY SURPLUS FUND. (a) In General.--The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is reduced by $2,000,000.”
“(b) Public Disclosure.--The waiving agency submitting a report under subsection (a) and the Federal Deposit Insurance Corporation shall make the report publicly available on their respective websites, subject to redactions for confidential supervisory information and any other information described under section 552(b) of title 5, United States Code. SEC. 4. LIMITATION ON CONSIDERING BAD FAITH BIDS IN LEAST COST DETERMINATION. Section 13(c)(4) of the Federal Deposit Insurance Act (12 U.S.C.”
“SEC. 3. CONGRESSIONAL NOTIFICATION AND JUSTIFICATION FOR WAIVERS. (a) In General.--Whenever the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or the Federal Deposit Insurance Corporation waives a concentration limit under section 18(c)(13)(B) or section 44(e) of the Federal Deposit Insurance Act or under section 3(d)(5), section 4(i)(8)(B), or section 14(c)(2) of the Bank Holding Company Act of 1956, in connection with the acquisition of a bank or insured depository institution in default or in danger of default, or in connection with an acquisition with respect to which the Federal Deposit Insurance Corporation provides assistance under section 13 of the Federal Deposit Insurance Act, the waiving agency and the Federal Deposit Insurance Corporation, jointly, shall, not later than 30 days after such waiver, submit a written report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs in the Senate containing-- (1) a justification for the waiver, including an analysis of why it was necessary to prevent significant economic disruption or significant adverse effects on financial stability; (2) a description of alternative bids or outcomes considered, including efforts to solicit and encourage bids from entities that would not require a waiver; (3) an explanation of why alternative bids were not selected, if applicable; and (4) any recommendations for legislative or regulatory changes to improve competition in future insured depository institution resolutions.”
“(b) Concentration Limit With Respect to Consolidated Liabilities.--Section 14(c) of the Bank Holding Company Act of 1956 (12 U.S.C. 1852(c)) is amended-- (1) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively; (2) by striking ``With the'' and inserting the following: ``(1) In general.--With the''; and (3) by adding at the end the following: ``(2) Limitation.--The Board may provide written consent for an acquisition described in paragraph (1)(A) or in paragraph (1)(B) only if the Board determines, based on clear and convincing evidence, that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid (as defined in section 18(c)(13)(C) of the Federal Deposit Insurance Act) from another institution that is not subject to the prohibition in subsection (b).''.”
“``(C) Qualified bid defined.--In this paragraph, the term `qualified bid' has the meaning given that term in section 18(c)(13)(C) of the Federal Deposit Insurance Act.''; and (B) in section 4(i)(8), by amending subsection (B) to read as follows: ``(B) Exception.--Subparagraph (A) shall not apply to an acquisition if-- ``(i) such acquisition involves an insured depository institution in default or in danger of default and the Board determines, based on clear and convincing evidence, that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid (as defined in section 18(c)(13)(C) of the Federal Deposit Insurance Act) from another institution that is not subject to the prohibition in paragraph (2); or ``(ii) the Federal Deposit Insurance Corporation provides assistance under section 13 of the Federal Deposit Insurance Act to facilitate such acquisition and the Board determines, based on clear and convincing evidence, that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid (as defined in section 18(c)(13)(C) of the Federal Deposit Insurance Act) from another institution that is not subject to the prohibition in paragraph (2).''.”
“``(B) Concentration limit exception.--The Board may, without regard to paragraph (2), approve an application pursuant to paragraph (1)(A) if-- ``(i) the application is for the acquisition of 1 or more banks in default or in danger of default and the Board determines, based on clear and convincing evidence, that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph (2); or ``(ii) the application is for an acquisition with respect to which assistance is provided under section 13(c) of the Federal Deposit Insurance Act and the Board determines, based on clear and convincing evidence, that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph (2).”
“``(3) Qualified bid defined.--In this subsection, the term `qualified bid' has the meaning given that term in section 18(c)(13)(C).''. (2) Bank holding company act of 1956.--The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended-- (A) in section 3(d), by amending paragraph (5) to read as follows: ``(5) Exception for banks in default or in danger of default.-- ``(A) General exception.--The Board may, without regard to subparagraph (B) or (D) of paragraph (1) or paragraph (3), approve an application pursuant to paragraph (1)(A) if-- ``(i) the application is for an acquisition of 1 or more banks in default or in danger of default; or ``(ii) the application is for an acquisition with respect to which assistance is provided under section 13(c) of the Federal Deposit Insurance Act.”
“``(2) Concentration limit exception.--The responsible agency may, without regard to subsection (b)(2), approve an application under subsection (a)(1) for approval of a merger transaction if-- ``(A) the merger transaction involves 1 or more banks in default or in danger of default and the responsible agency determines, based on clear and convincing evidence, that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection (b)(2); or ``(B) the Corporation provides assistance under section 13(c) to facilitate such merger transaction and the responsible agency determines, based on clear and convincing evidence, that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection (b)(2).”
“1841(o)(9)).''; and (B) in section 44, by amending subsection (e) to read as follows: ``(e) Exception for Banks in Default or in Danger of Default.-- ``(1) General exception.--The responsible agency may, without regard to paragraph (1), (3), (4), or (5) of subsection (b) or paragraph (2), (4), or (5) of subsection (a), approve an application under subsection (a)(1) for approval of a merger transaction if-- ``(A) the merger transaction involves 1 or more banks in default or in danger of default; or ``(B) the Corporation provides assistance under section 13(c) to facilitate such merger transaction.”
“1831o(b)); ``(II) with respect to a bank holding company, has the meaning given such term in section 2(o)(1)(B) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(o)(1)(B)); ``(III) with respect to a savings and loan holding company, has the meaning given such term in section 238.2 of title 12, Code of Federal Regulations; and ``(IV) with respect to a company that is not an insured depository institution, bank holding company, or savings and loan holding company, means maintaining equity capital that the Corporation determines is commensurate with the capital maintained by an insured depository institution that is well capitalized; and ``(v) the term `well managed' has the meaning given such term in section 2(o)(9) of the Bank Holding Company Act of 1956 (12 U.S.C.”
“(a) Concentration Limits With Respect to Deposits.-- (1) Federal deposit insurance act.--The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended-- (A) in section 18(c)(13)-- (i) by amending subparagraph (B) to read as follows: ``(B) Subparagraph (A) shall not apply to an interstate merger transaction if-- ``(i) such interstate merger transaction involves 1 or more insured depository institutions in default or in danger of default and the responsible agency determines, based on clear and convincing evidence, that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph (A); or ``(ii) the Corporation provides assistance under section 13 to facilitate such interstate merger transaction and the responsible agency determines, based on clear and convincing evidence, that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability, and the Corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph (A).''; and (ii) in subparagraph (C)-- (I) in clause (i), by striking ``and'' at the end; (II) in clause (ii), by striking the period at the end and inserting a semicolon; and (III) by adding at the end the following: ``(iii) the term `qualified bid' means an application, proposed application, or bid from a company where-- ``(I) if applicable, the company, any affiliate insured depository institution, and any affiliate depository institution holding company is well capitalized and well managed, as of the date of the application, proposed application, or bid; and ``(II) upon consummation of the transaction, the resulting insured depository institution is well capitalized; [[Page H4439]] ``(iv) the term `well capitalized'-- ``(I) with respect to an insured depository institution, has the meaning given such term in section 38(b) (12 U.S.C.”