H.R. 6556 — what changed
Failing Bank Acquisition Fairness Act
From Reported in House to Engrossed in House. 1 section amended and 1 added between Reported in House and Engrossed in House.
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. 1823(c)(4)) is amended by adding at the end the following:
changed
“(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, the Corporation may not consider any application, proposed application, or bid from a company, if such application, proposed application, or bid that would result in violation of—
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“(i) section 18(c)(13) or 44(b)(2); 44(b)(2), or
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“(ii) section 3(d)(2), 4(i)(8), or 14 of the Bank Holding Company Act of 1956.”1956,”
Sec. 5 Discretionary Surplus Fund
added
added
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.
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Effective date— The amendment made by subsection (a) shall take effect on September 1, 2036.