Depository Institutions Disaster Relief Act of 1993

Depository Institutions Disaster Relief Act of 1993 - Amends the Federal Deposit Insurance Act to cite circumstances under which a Federal banking regulatory agency may waive regulatory requirements for insured depository institutions located in federally declared major disaster areas.

Limits the waivers to a three-year period. Requires such agency to give notice of the waiver in the Federal Register.

[Congressional Bills 103th Congress]
[From the U.S. Government Printing Office]
[H.R. 2661 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2661

To enhance the availability of credit in disaster areas by reducing the 
 regulatory burden imposed upon insured depository institutions to the 
 extent such action is consistent with the safety and soundness of the 
                             institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 15, 1993

Mr. Grams (for himself, Mr. Bereuter, Mr. Leach, Mr. Smith of Iowa, Mr. 
   McCollum, Mr. Nussle, Mr. Petri, Mr. Gilchrest, Mr. Ramstad, Mr. 
   Barrett of Nebraska, Mr. Emerson, Mr. Volkmer, Mr. Lightfoot, Ms. 
Danner, Mr. Talent and Mr. Wheat) introduced the following bill; which 
  was referred to the Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To enhance the availability of credit in disaster areas by reducing the 
 regulatory burden imposed upon insured depository institutions to the 
 extent such action is consistent with the safety and soundness of the 
                             institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1993''.

SEC. 2. EMERGENCY WAIVERS OF BURDENSOME REGULATORY REQUIREMENTS FOR 
              DISASTER AREAS.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding at the end the following new section:

``SEC. 44. EMERGENCY WAIVERS FOR DISASTER AREAS.

    (a) In General.--Each Federal banking agency shall, by regulation 
or order, waive the applicability of any provision of law or regulation 
to any insured depository institution which is located within, or a 
significant portion of the service area of which is located within, a 
disaster area if--
            ``(1) the waiver takes effect before the end of the 30-
        month period beginning on the date on which the President 
        determines, pursuant to section 401 of the Robert T. Stafford 
        Disaster Relief and Emergency Assistance Act, that a major 
        disaster exists in the area; and
            ``(2) the agency determines that the waiver--
                    ``(A) would enhance the institution's ability to 
                make additional credit available in the disaster area; 
                and
                    ``(B) is consistent with the safety and soundness 
                of the institution.
    ``(b) 3-Year Limit on Waivers.--Any waiver granted under this 
section shall expire not later than 3 years after the date of the 
determination referred to in subsection (a)(1).
    ``(c) Publication Required.--After granting any waiver under 
subsection (a), an appropriate Federal banking agency shall publish in 
the Federal Register a statement which--
            ``(1) describes the waiver; and
            ``(2) explains how the waiver--
                    ``(A) will enhance the availability of additional 
                credit in the disaster area; and
                    ``(B) is consistent with safety and soundness of 
                any insured depository institution which is subject to 
                the waiver.
    ``(d) Disaster Area Defined.--For purposes of this section, the 
term `disaster area' means--
            ``(1) an area in which the President has determined, 
        pursuant to section 401 of the Robert T. Stafford Disaster 
        Relief and Emergency Assistance Act, that a major disaster 
        exists; and
            ``(2) any area which--
                    ``(A) is adjacent to an area described in paragraph 
                (1); and
                    ``(B) has suffered flood- drought- or wind-related 
                damage as a result of the same set of circumstances 
                giving rise to the determination referred to in 
                paragraph (1) with respect to the area described in 
                such paragraph.''.

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