Sec. 6. Short form call report and examination cycle
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Section 7(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(a) ) is amended by adding at the end the following: The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3). For purposes of this paragraph, the term covered depository institution means an insured depository institution that— has a CAMELS composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) as of the most recent examination of such institution; and satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. .
Section 10(d) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(d) ) is amended— by redesignating paragraphs
(5)through
(10)as paragraphs
(6)through (11), respectively; in each of paragraphs
(8)and (9), as so redesignated, by striking paragraph
(6)and inserting paragraph
(7); and by inserting after paragraph
(4)the following: With respect to an insured depository institution and notwithstanding paragraph (4), paragraphs (1), (2), and
(3)shall apply with 24-month substituted for 12-month if the insured depository institution— meets the requirements under subparagraphs
(B)through
(D)of paragraph (4); and is a covered depository institution, as defined under section 7(a)(12)(B). .
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