article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Bank Regulation Adjustment Act''. SEC. 2. CRIMINAL LIABILITY ESTABLISHED FOR CERTAIN ACTIVITIES RELATING TO CREDIT CARDS. Section 134 of the Truth in Lending Act (15 U.S.C. 1644) is amended-- (1) in the provision designated as subsection (d), by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C); (2) in the provision designated as subsection (e), by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B); (3) by redesignating the provisions designated as subsections (a) through (f) as paragraphs (1) through (6), respectively; (4) by moving the left margin of paragraphs (1) through (6) (as so redesignated by paragraph (3) of this section) 2 ems to the right; (5) by striking ``or'' at the end of paragraph (5) (as so redesignated by paragraph (3) of this section); (6) by striking ``obtained--'' at the end of paragraph (6) (as so redesignated by paragraph (3) of this section) and inserting a semicolon; (7) by inserting immediately after paragraph (6) (as so redesignated) the following new paragraphs: ``(7) Whoever, with unlawful or fraudulent intent, utilizes, or conspires to utilize, an instrumentality of interstate or foreign commerce to notify a creditor in accordance with section 161 that a statement of account contains a billing error with regard to a transaction, knowing the statement to be correct with regard to such transaction; or ``(8) Whoever, with unlawful or fraudulent intent, utilizes, or conspires to utilize, an instrumentality of interstate or foreign commerce to notify a card issuer of an unauthorized use of a credit card with regard to a transaction knowing the use of the credit card in connection with such transaction to have been authorized,''; (8) by inserting the following subsection designation and heading immediately preceding paragraph (1) (as so redesignated): ``(a) In General.--''; and (9) by adding at the end the following new subsection: ``(b) Obtaining Credit Card by Fraudulent Means.--Whoever, with unlawful or fraudulent intent, utilizes, or conspires to utilize an instrumentality of interstate or foreign commerce-- ``(1) to submit an application for a credit card to a credit card issuer knowing the application to be forged, fictitious, altered, or fraudulent; ``(2) to submit false or misleading information to a credit card issuer; or ``(3) to apply for 2 or more credit cards from 1 or more credit card issuers within any 1-year period, shall be fined in accordance with title 18, United States Code, imprisoned for not more than 10 years, or both.''. SEC. 3. DECREASE IN CERTAIN BURDENS ASSOCIATED WITH CURRENCY TRANSACTION REPORTING REQUIREMENTS. Section 5313 of title 31, United States Code, is amended by adding at the end the following new subsection: ``(h) Administrative Action Required.-- ``(1) Annual inflation adjustment.--Any amount established by the Secretary under subsection (a) which defines a transaction for which a report is required under such subsection shall be adjusted annually after December 31, 1997, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.''. ``(2) Infrequent filers.-- ``(A) In general.--If the number of reports filed by a depository institution under subsection (a) averages less than 50 per month, the depository institution may file such reports on a quarterly basis. ``(B) Reporting of suspicious transactions not affected.--Subparagraph (A) shall not be construed as affecting any obligation of a depository institution to promptly report any suspicious transaction in accordance with section 5318(g).''. SEC. 4. REPEAL OF ``DUE ON DEMAND'' REQUIREMENT FOR LOANS TO INSIDERS. Section 22(g) of the Federal Reserve Act (12 U.S.C. 375a) is amended-- (1) in paragraph (1)-- (A) by inserting ``and'' after the semicolon at the end of subparagraph (B); (B) by striking ``; and'' at the end of subparagraph (C) and inserting a period; and (C) by striking subparagraph (D); (2) by striking paragraph (6); and (3) by redesignating paragraphs (7), (8), (9), and (10) as paragraphs (6), (7), (8), and (9), respectively. SEC. 5. REPEAL OF AUTHORITY TO ASSESS EXAMINATION FEES ON STATE DEPOSITORY INSTITUTIONS. (a) State Member Banks.--The 8th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 326) is amended by striking the penultimate sentence (relating to assessments for examinations). (b) Nonmember State Depository Institutions.--Section 10(e)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1820(e)(1)) is amended by inserting ``Federal'' before ``depository institution''. SEC. 6. EFFECTIVE DATE OF BANKING REGULATIONS. (a) In General.--Except as provided in subsection (b), no regulation prescribed by any Federal banking agency shall take effect before the end of the 180-day period beginning on the date the regulation is published in final form in the Federal Register unless the Federal law under which such regulation is prescribed specifies an effective date for such regulation. (b) Exceptions for Regulations Reducing Burdens on Depository Institutions.--Subsection (a) shall not apply to any regulation the purpose of which is to reduce the administrative burden on depository institutions. (c) Definitions.--For purposes of this section, the terms ``depository institution'' and ``Federal banking agency'' have the meaning given to such terms in section 3 of the Federal Deposit Insurance Act. SEC. 7. OTHER PROVISIONS. (a) Field of Membership Authority.--Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is amended by striking ``Federal credit union membership shall be limited to groups having a common bond'' and inserting ``the membership of any Federal credit union shall be limited to groups having common bonds''. (b) Expansion of Voting Period Before Conversion to Another Form of Depository Institution.--Any regulation prescribed by the National Credit Union Administration under the Federal Credit Union Act which requires a vote by the members of an insured credit union (as defined in section 101(7) of the Federal Credit Union Act) in a special meeting or by mail to approve or disapprove a proposal by the credit union to transfer all or any portion of the deposits of the credit union to an insured depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act) shall allow the credit union to provide notice of such vote up to 90 days before the date of the vote. SEC. 8. EXEMPTION FOR FEES AND INCOME ATTRIBUTABLE TO CERTAIN ASSETS OF DEPOSITORY INSTITUTIONS. Notwithstanding any other provision of Federal law, the fees and income received by a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act) which are attributable to the 1st $350,000,000 of the total assets of such institution shall be excluded from gross income of such institution for purposes of any Federal tax on income for taxable years of the institution which begin after December 31, 1997.
summary: Bank Regulation Adjustment Act - Amends the Truth in Lending Act to establish a criminal penalty for specified activities pertaining to fraudulent use of credit cards, including obtaining a credit card by fraudulent means. Amends Federal monetary law to mandate annual inflation adjustments with respect to specified transactions for which a domestic financial institution is required to file currency transaction reports. Permits filers of infrequent currency transaction reports to file on a quarterly basis. Amends the Federal Reserve Act to repeal: (1) the "due on demand" requirement for "insider loans" to executive bank officers; (2) reporting requirements pertaining to such loans; and (3) the authority of the Board of Governors of the Federal Reserve System to assess examination fees against State depository institutions. Amends the Federal Deposit Insurance Act to restrict to Federal depository institutions the assessment of examination fees by the Federal Deposit Insurance Corporation. States that the effective date for banking regulations shall be at the end of the 180-day period beginning on the date the regulation is published in final form in the Federal Register (unless Federal law specifically prescribes otherwise). Amends the Federal Credit Union Act to expand Federal credit union membership from groups having a common bond to groups having common bonds. Declares that any regulation prescribed by the National Credit Union Administration which requires a vote by the membership to approve or disapprove a proposal to transfer credit union deposits to an insured depository institution shall allow the credit union to provide notice of such vote up to 90 days before the date of the vote. Excludes from the gross income of a depository institution, for Federal tax purposes, the fees and income it receives which are attributable to the first $350 million of its total assets.