Riegle Community Development and Regulatory Improvement Act of 1994

TABLE OF CONTENTS: Title I: Community Development and Consumer Protection Subtitle A: Community Development and Financial Institutions Act Subtitle B: Home Ownership and Equity Protection Title II: Small Business Capital Formation Subtitle A: Small Business Loan Securitization Subtitle B: Small Business Capital Enhancement Title III: Paperwork Reduction and Regulatory Improvement Title IV: Money Laundering Title V: National Flood Insurance Reform Subtitle A: Definitions Subtitle B: Compliance and Increased Participation Subtitle C: Ratings and Incentives for Community Floodplain Management Programs Subtitle D: Mitigation of Flood Risks Subtitle E: Task Forces Subtitle F: Miscellaneous Provisions Title VI: General Provisions Riegle Community Development and Regulatory Improvement Act of 1994 - Title I: Community Development and Consumer Protection - Subtitle A: Community Development Banking and Financial Institutions Act - Community Development Banking and Financial Institutions Act of 1994 - Establishes the Community Development Financial Institutions Fund (the Fund) as a wholly owned government corporation to promote economic revitalization and community development through an investment and assistance program for community development financial institutions. Vests Fund management in an Administrator. (Sec. 104) Establishes the Community Development Advisory Board to advise on Fund policies, but not on the granting or denial of any particular application. Prescribes selection criteria for community development partnerships and institutions. Mandates Fund assistance for a geographically diverse group of applicants from metropolitan, nonmetropolitan, and rural areas. Makes exceptions to non-Federal matching funds requirements in the case of an applicant with severe constraints on available source of matching funds. (Sec. 109) Provides for a Fund training program to assist the financial services industry to undertake community development activities. Authorizes the Fund to provide capitalization assistance to enhance the liquidity of community development financial institutions. (Sec. 114) Sets forth incentives within the parameters of the Bank Enterprise of 1991 for depository institutions to engage in community development banking through private investments in targeted activities in qualified distressed communities. Mandates that a community development financial institution receiving Fund assistance compile and maintain specified user profile data. Prescribes guidelines for coordinated recordkeeping and oversight by the Fund and the appropriate Federal banking agency. Directs the Fund to study and report to the President and the Congress on lending and investment practices on Indian reservations and other land held in trust by the United States. Instructs the Comptroller General to submit to the President and the Congress an evaluation of Fund structure, governance, and performance. Establishes an Inspector General for the Fund and authorizes appropriations for it. (Sec. 120) Amends the Federal Credit Union Act to authorize the National Credit Union Administration Board (NCUAB) to invest idle moneys from the Community Development Credit Union Revolving Loan Fund into Treasury securities, and to use the interest earned for technical assistance to community development credit unions. (Sec. 121) Authorizes appropriations for FY 1995 through 1998. Subtitle B: Home Ownership and Equity Protection - Home Ownership and Equity Protection Act of 1994 - Amends the Truth in Lending Act to set forth disclosure requirements for certain (closed- end) consumer credit transactions secured by a consumer's principal dwelling (other than a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan) which meet specified criteria with respect to: (1) the annual percentage rate; and (2) points and fees which exceed certain limits. (Sec. 152) Prohibits such mortgages from containing: (1) prepayment penalties; (2) balloon payments; (3) negative amortization; and (4) prepaid payments. Prohibits a creditor from extending credit without regard to a consumer's repayment ability. Imposes a civil penalty for violations of this Act. (Sec. 154) Amends the Truth in Lending Act to require a creditor to conspicuously disclose specified lending data to a consumer in connection with reverse mortgage transactions. (Sec. 157) Directs the Board of Governors of the Federal Reserve System (the Board) to: (1) study and report to the Congress on the adequacy of Federal consumer protections in connection with an open end credit transaction secured by the consumer's principal dwelling; (2) report to the Congress on whether, for purposes of such transactions, a more appropriate interest rate index exists than the yield on Treasury securities; and (3) conduct periodic public hearings on the home equity loan market and the adequacy of existing consumer protection laws to protect low-income consumers. Title II: Small Business Capital Formation - Subtitle A: Small Business Loan Securitization - Small Business Loan Securitization and Secondary Market Enhancement Act of 1994 - Amends the Securities Exchange Act of 1934 to define a "small business related security" (SBRS) as generally a high rated security that represents or is secured by promissory notes or leases of personal property evidencing the obligation of a small business concern. Extends to SBRS subject to Board jurisdiction the same exemptions from margin requirements and credit prohibitions as currently apply to mortgage related securities. (Sec. 206) Amends the Home Owners' Loan Act, the Federal Credit Union Act, and related statutes to allow banks, credit unions, and other depository institutions to invest in SBRS. (Sec. 207) Amends the Secondary Mortgage Market Enhancement Act of 1984 to: (1) authorize any U.S. person or entity to invest in SBRS to the same extent such person is authorized to invest in U.S. obligations; and (2) exempt SBRS from any State law's security registration and qualification requirements to the same extent as U.S. securities. Permits the States to enact registration or qualification requirements for SBRS within seven years of enactment of this Act (thus overriding its preemptions). (Sec. 208) Mandates that accounting principles applicable to the transfer of a small business loan or lease of personal property with recourse contained in federally required reports or statements be consistent with generally accepted accounting principles. Requires the amount of capital required to be maintained by a depository institution with respect to the sale of a small business loan or personal property lease with recourse to equal an amount sufficient to meet its reasonable estimated liability under the recourse arrangement. Sets forth capital and reserve requirements for the transfer by qualified insured depository institutions of small business loans with recourse. (Sec. 209) Directs the Board and the Securities and Exchange Commission (the Commission) to conduct a joint study and report to the Congress on the impact of the small business loan securitization provisions of this Act upon the credit and securities markets. (Sec. 210) Directs the Financial Institutions Examination Council to report to the Congress on its recommendations for the use of consistent financial terminology by depository institutions for small business loans or leases of personal property sold for the creation of small business related securities. Subtitle B: Small Business Capital Enhancement -Establishes the Small Business Capital Enhancement Program to enhance the availability of financing for small business concerns through State implementation of small business capital access programs. Authorizes any State to apply to the Community Development Financial Institutions Fund for approval as a participating State eligible for reimbursement. Sets forth application approval criteria and implementation guidelines. (Sec. 253) Provides that a non-participating State that has its own capital access program providing portfolio insurance for business loans (based on a separate loss reserve fund for each financial institution) may apply to be approved as a participating State. Specifies that: (1) if a State is approved, each financial institution with a particular agreement in effect with the State shall immediately be considered a participating financial institution; and (2) a State with an existing program that is approved may continue to implement the program utilizing the reserve funds accumulated under the State program. (Sec. 255) Establishes requirements for the terms of participation agreements. (Sec. 257) Provides for reimbursement by the Fund of participating States, based on specified formulas. Requires a participating State that withdraws funds from a reserve fund pursuant to terms of the participation agreement to reimburse the Fund according to a specified formula. (Sec. 260) Authorizes appropriations. Title III: Paperwork Reduction and Regulatory Improvement - Prescribes guidelines under which the Federal banking regulatory agencies must: (1) implement specified measures to reduce paperwork and administrative burdens upon banks (including an adequate transition period for new regulations); (2) streamline and make uniform various regulatory requirements; (3) consider the impact that specified regulations prescribed under the Federal Deposit Insurance Act have upon credit availability for small business, residential, and agricultural purposes, and on low- and moderate-income communities; (4) eliminate duplicative filings; (5) conduct coordinated and unified regulatory examinations; (6) raise the asset threshold for certain small banking institutions that qualify for an 18-month regulatory examination cycle; and (7) simplify and make electronically available the call report filing and disclosure system. Repeals certain publication requirements. (Sec. 309) Mandates that each appropriate Federal banking agency and the National Credit Union Administration Board: (1) establish an independent intra-agency appellate process to review material supervisory determinations in agencies under their purview; (2) appoint an ombudsman to act as liaison between the agency and any affected person; and (3) implement an alternative dispute resolution pilot program. Directs the Administrative Conference of the United States to submit an evaluation report regarding the program to the Congress. (Sec. 310) Amends the Bank Secrecy Act to permit electronic filing of mandatory currency transaction reports by uninsured banks or financial institutions. (Sec. 311) Requires the Secretary of the Treasury to publish all rulings related to reporting for money laundering enforcement, and to issue annual staff commentaries pertaining to them. (Sec. 312) Amends the Real Estate Settlement Procedures Act of 1974 to exempt from its purview certain business, commercial, agricultural, and governmental credit transactions. (Sec. 314) Modifies the Federal audit requirements for certain insured institutions whose holding companies provide comparable auditing functions. Requires the Federal Deposit Insurance Corporation (FDIC) to submit written notification to an institution of its determination to require a review of its quarterly financial reports. (Sec. 315) Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to direct the Appraisal Subcommittee to encourage the States to develop reciprocity agreements allowing certified appraisers to perform appraisals in sister States. (Sec. 316) Amends the Home Owners' Loan Act to accelerate the effective date for interaffiliate transactions by well-capitalized savings associations. (Sec. 317) Amends the Federal Deposit Insurance Act (FDIA) to permit agreements made by a governmental entity for the collateralization of deposits even though the agreement was not executed contemporaneously with the acquisition of the collateral or with any changes in the collateral made in accordance with such an agreement. (Sec. 318) Amends the FDIA to require each appropriate Federal banking agency to prescribe by regulation or guideline (currently by regulation only) standards relating to asset quality, earnings, and stock valuation for insured depository institutions. Excludes depository institution holding companies from the scope of such standards. (Sec. 319) Amends the Bank Holding Company Act of 1956 and the FDIA to set forth expedited procedures for bank holding company formation and conversion transactions respectively. (Sec. 320) Amends the Securities Act of 1933 to exempt from its registration requirements certain holding company formations transacted in the context of the reorganization of a depository institution into a holding company structure. (Sec. 321) Amends Federal law to reduce the post-approval waiting period for: (1) bank holding company acquisitions; and (2) bank mergers. (Sec. 322) Amends Federal banking law and the Home Owners' Loan Act to: (1) authorize national banks and Federal savings associations to purchase shares in a bankers' bank in cases where some of the other investors are depository institution holding companies; and (2) permit bankers' banks to provide services to such holding companies, and to provide correspondent banking services upon request. Amends the Federal Reserve Act to increase from 10 to 15 percent the percentage of a member bank's capital and surplus that may be represented by equity-secured loans. (Sec. 325) Amends the FDIA to allow the FDIC to waive in advance the right to subsequently repudiate an insured depository institution's sale of its credit card accounts receivable. (Sec. 326) Amends the Federal Reserve Act and the FDIA to limit, in cases of political upheaval or actions by foreign governments or instrumentalities, the liability of member banks for deposits made at foreign branches. (Sec. 327) Requires reports to the Congress by: (1) the Comptroller General regarding FDIC compliance with FDIA strictures only when the FDIC has outstanding obligations (currently regardless of the existence of outstanding obligations); (2) the Secretary of the Treasury regarding the impact upon the domestic economy of risk-based capital standards for depository institutions; (3) the Board of Governors of the Federal Reserve System (the Board) and selected Federal agencies upon the monetary and budgetary impact of the payment of interest on certain sterile reserves held by insured depository institutions; and (4) the Secretary of the Treasury regarding inconveniences in the process by which credit is made available for consumers and small businesses. (Sec. 331) Amends selected banking laws to delineate the parameters of administrative autonomy for the Comptroller of the Currency and the Office of Thrift Supervision. (Sec. 332) Amends the Truth in Savings Act to modify the definition of account to mean one offered by a depository institution and intended for and generally used by consumers primarily for personal, family or household purposes (thus excluding certain nonprofit business accounts from the Act's strictures). (Sec. 333) Requires the Board to study and report to the Congress on the advisability of extending the statutory period for the availability of funds from one business day to two business days. (Sec. 334) Amends the Federal Reserve Act to authorize the Board to make exceptions to the Act's strictures governing insider lending if it finds that an individual neither actually participates in major policymaking functions of the member bank, nor has authority to do so. (Sec. 336) Amends the Truth in Lending Act to prescribe reduced disclosure guidelines for radio broadcast advertisements for consumer leases,and (2) provide a toll-free telephone number to secure related information. Directs the Board to report to the Congress on credit advertising rules. (Sec. 337) Provides that well capitalized insured depository institutions do not have to register as deposit brokers. (Sec. 338) Amends the Depository Institution Management Interlocks Act to extend from 15 to 20 years the period during which certain management officials may continue dual service with unaffiliated institutions or holding companies, subject to timely review on a case- by-case basis by the appropriate Federal regulatory agency. (Sec. 339) Amends the Fair Credit Reporting Act to require a consumer reporting agency to disclose to the consumer details of checks upon which an adverse characterization of the consumer is based. (Sec. 340) Amends the FDIA to set forth alternative customer notice procedures in lieu of written customer acknowledgement for a depository institution that is not federally insured. (Sec. 341) Directs the Federal Financial Institutions Examination Council to study and report to the Congress on the feasibility of establishing a data bank for the depository institution reports submitted to a Federal banking agency. (Sec. 343) Mandates that Federal banking agencies finalize actions on applications within one year of receipt. (Sec. 344) Directs the Board to submit recommendations to the Congress whether it would benefit consumers to have the option of waiving or modifying their rights of rescission with respect to debt consolidation or refinancing (without new advances). (Sec. 345) Amends the Real Estate Settlement Procedures Act to provide that creditors are in compliance with its mortgage transaction disclosure requirements if they submit a statement that the person making the loan has previously assigned, sold, or transferred the servicing of federally related mortgage loans (thus simplifying current disclosure requirements). (Sec. 346) Amends the Bank Holding Company Act of 1956 to prescribe 60-day notice procedures in lieu of current application requirements for bank holding companies seeking Board approval to engage in nonbanking activities or to acquire certain ownership interests. (Sec. 347) Amends the Securities Exchange Act of 1934 to include commercial real estate within the definition of "mortgage related security" (thus conferring upon such securities the benefits of the Secondary Mortgage Market Enhancement Act of 1984 and permitting depository institutions to purchase such securities subject to Federal regulatory oversight). Permits the States to "opt-out" of this Federal definition of mortgage related security upon enactment of specific legislation to the contrary. (Sec. 348) Amends the FDIA to: (1) require the FDIC to minimize the regulatory burden imposed upon well-capitalized insured depository institutions in the implementation of its data collection prescriptions; and (2) direct the Federal Financial Institutions Examination Council to issue guidelines establishing standards for discretionary use by Federal banking regulatory agencies to determine the adequacy of State examinations. (Sec. 350) Sets forth: (1) a six-month period during which the Federal banking regulatory agencies must review and revise regulations to better reflect the credit risk exposure of an insured depository institution regarding the transfer of assets with recourse; and (2) a cut-off date after which the amount of risk-based capital required to be held by an insured depository institution regarding those assets may not exceed the maximum amount of recourse for which it is contractually liable. Title IV: Money Laundering - Money Laundering Suppression Act of 1994 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions. (Sec. 402) Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate information of little value for law enforcement purposes; (3) assign a single designee to receive reports of suspicious transactions; and (4) submit annual reports to the Congress on the number of suspicious transactions reported. (Sec. 404) Requires each appropriate Federal banking agency to review and enhance: (1) training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and (2) procedures for referring cases to appropriate law enforcement agencies. Requires the Secretary and each appropriate law enforcement agency to provide information regularly to each appropriate Federal banking agency regarding money laundering schemes and activities involving depository institutions in order to enhance agency ability to examine for and identify money laundering activity. Requires the Financial Institutions Examination Council to report to the Congress on the usefulness of the reporting of criminal schemes by law enforcement agencies. (Sec. 405) Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. (Sec. 406) Requires the Secretary to delegate to Federal banking agencies any authority to assess civil money penalties. (Sec. 407) Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating non- depository institution businesses which engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress: (1) on the States' progress towards such a model statute; and (2) on possible Federal funding sources to cover costs incurred by the States in implementing a licensing and enforcement scheme. (Sec. 408) Sets forth Federal registration requirements for money transmitting businesses. Directs the Secretary to prescribe regulations establishing a threshold point for treating an agent of a money transmitting business as a money transmitting business. Establishes civil and criminal penalties for violation of such requirements. (Sec. 409) Amends Federal law regarding monetary instruments transactions to include within the definition of "financial institution" a casino, gambling casino, or gaming establishment with specified annual gaming revenues which is either State-licensed, or a certain class of Indian gaming operation (thus subjecting Indian casinos to the more comprehensive currency reporting and recordkeeping requirements of the Bank Secrecy Act). (Sec. 411) Sets forth criminal penalties for structuring domestic and international transactions to evade Federal reporting requirements (currently such violations must be wilful in order to be penalized). (Sec. 412) Requires the Comptroller General to study and report to the Congress on: (1) the vulnerability of cashiers' checks to money laundering schemes; and (2) the need for additional recordkeeping requirements for such checks. Title V: National Flood Insurance Reform - National Flood Insurance Reform Act of 1994 - Subtitle A: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968. Subtitle B: Compliance and Increased Participation - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to prohibit any waiver of its flood insurance purchase requirements for recipients of disaster assistance for flood-damaged structures. (Sec. 522) Amends the Flood Disaster Protection Act of 1973 to prohibit Federal agency lenders and government-sponsored enterprises for housing from entering into, or extending, any loan secured by improved real estate located in identified special flood hazard areas unless the property is adequately covered by flood insurance for the term of the loan. Exempts certain small loans from such flood insurance purchase requirements. (Sec. 523) Mandates that, with respect to loans secured by improved real estate or a mobile home, each: (1) Federal entity for lending regulation require specified lending institutions to establish escrow accounts for any flood insurance premiums; (2) Federal agency lender require and provide for escrow and payment of flood insurance premiums and fees; and (3) lender or servicer of such loans notify borrowers of such flood insurance purchase requirements. Requires such entities, upon borrower inaction, to purchase flood insurance on behalf of the borrower. (Sec. 525) Establishes civil penalties for regulated lending institutions with a pattern or practice of failure to require flood insurance or to notify borrowers of flood insurance purchase requirements. Authorizes lender fees for determining the applicability of such requirements. (Sec. 527) Amends the National Flood Insurance Act of 1968 to modify the special flood hazard notice requirements incumbent upon regulated lending institutions and Federal agency lenders. (Sec. 528) Sets a deadline by which the Director of the Federal Emergency Management Agency (FEMA) must develop a standard flood hazard determination form in connection with loans for residential properties located in special flood hazard areas. (Sec. 529) Amends the Federal Deposit Insurance Act, the Federal Credit Union Act, and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the respective Federal regulatory agencies to report to the Congress on the compliance of lending institutions under their purview with the National Flood Insurance Program. (Sec. 530) Amends the Federal Financial Institutions Examinations Council Act of 1978 to direct the Financial Examinations Council to assist Federal entities for lending regulation to develop uniform flood insurance standards and requirements. Subtitle C: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to establish a voluntary community rating system and premium rate incentives for community floodplain management in the form of credits on premium rates. Provides for program funding. Subtitle D: Mitigation of Flood Risks - Amends the National Flood Insurance Act of 1968 to: (1) repeal the Flooded Property Purchase and Loan Program; (2) terminate the erosion-threatened structures program; (3) set forth a flood mitigation assistance program under which the FEMA Director must provide planning assistance grants to States and communities to implement flood damage mitigation activities; (4) establish the National Flood Mitigation Fund to finance such mitigation assistance program; and (5) mandate that the national flood insurance program enable the purchase of insurance to cover the cost of compliance with land use and control measures for specified damage- or loss-prone properties. Subtitle E: Task Forces - Establishes a two-year interagency Flood Insurance Task Force to: (1) make recommendations regarding standardized flood insurance enforcement procedures; (2) study and report on compliance assistance and compliance models; (3) develop recommendations for enforcement and compliance procedures; and (4) study the reasonableness of flood hazard determination fees. (Sec. 562) Establishes a two-year Task Force on Natural and Beneficial Functions of the Floodplain to study: (1) floodplain functions that reduce flood-related losses; and (2) develop recommendations on how to reduce flood losses by protecting the natural and beneficial functions of the floodplain. Subtitle F: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to extend from September 30, 1995, to September 30, 1996: (1) the national flood insurance program; and (2) the authorities for its emergency implementation. Sets forth an annual limitation on chargeable risk premium rate increases for flood insurance on properties within any single risk classification. (Sec. 572) Amends the Housing and Community Development Act of 1987 to repeal the limitation on premium rate increases with respect to the National Flood Insurance Program. (Sec. 573) Increases the maximum flood insurance coverage amounts for residential and nonresidential property and its contents. Prescribes guidelines under which the FEMA Director is required to assess the need to update and revise floodplain areas and flood-risk zones at least every five years. (Sec. 576) Establishes the Technical Mapping Advisory Council to advise the FEMA Director on flood insurance rate maps. (Sec. 577) Instructs the FEMA Director to study and report to the Congress on: (1) the impact of erosion hazards upon the national flood insurance program; (2) a cost-benefit analysis of mapping erosion hazard areas; (3) the economic effects of charging actuarially based premium rates under the national flood insurance program for certain structures not constructed or substantially improved after a specified date; and (4) the appropriateness of existing requirements regarding the effective date and time of coverage under flood insurance contracts obtained through the national flood insurance program. (Sec. 580) Permits certain required land use and control measures to provide for the repair and restoration to predamaged conditions of specified damage- or loss-prone agricultural structures. Declares such structures ineligible for Federal disaster relief assistance. Requires the FEMA Director to report biennially on the effects of implementation of this Act upon the national flood insurance program. Prohibits granting Federal disaster relief assistance in a flood disaster area to certain persons obligated to obtain flood insurance but who have failed to do so. Title VI: General Provisions - Expresses the sense of the Senate that: (1) the Majority Leader and the Republican leader should meet to determine the timetable, procedures and forum for hearings on all matters related to Madison Guaranty Savings and Loan Association, Whitewater Development Corporation, and Capital Management Services Inc.; (2) no immunity shall be granted over the objection of Special Counsel Robert B. Fiske, Jr., to witnesses called to testify at such hearings; and (3) the hearings should be structured and sequenced in a manner that in the judgment of the leaders they would not interfere with the Special Counsel's ongoing investigation. (Sec. 602) Makes technical amendments to Federal banking laws.

TABLE OF CONTENTS: Title I: Community Development and Consumer Protection Subtitle A: Community Development Banking and Financial Institutions Subtitle B: Home Ownership and Equity Protection Title II: Small Business Capital Formation Subtitle A: Small Business Loan Securitization Subtitle B: Small Business Capital Enhancement Title III: Paperwork Reduction and Regulatory Improvement Title IV: Money Laundering Title V: Fair Trade in Financial Services Title VI: National Flood Insurance Reform Subtitle A: Definitions Subtitle B: Compliance and Increased Participation Subtitle C: Ratings and Incentives for Community Floodplain Management Programs Subtitle D: Mitigation of Flood and Erosion Risks Subtitle E: Flood Insurance Task Force Subtitle F: Miscellaneous Provisions Title VII: General Provisions Community Development, Credit Enhancement, and Regulatory Improvement Act of 1994 - Title I: Community Development and Consumer Protection - Subtitle A: Community Development Banking and Financial Institutions Act - Community Development Banking and Financial Institutions Act of 1994 - Establishes the Community Development Financial Institutions Fund (the Fund) as a wholly owned Government corporation to promote economic revitalization and community development through an investment and assistance program for community development financial institutions. (Sec. 104) Vests Fund management in an Administrator. Directs the Administrator to establish the Community Development Advisory Board (the Board) to advise on Fund policies, but not on the granting or denial of any particular application. Cites circumstances under which an applicant may be considered an agency or instrumentality of a State government even though there is no existing community development financial institution in operation on the date of enactment of this Act. Prescribes selection criteria for community partnerships and institutions. Mandates Fund assistance for geographically diverse groups of applicants from urban, rural, and Native American communities. Makes exceptions to the non-Federal matching funds requirements in the case of an applicant with severe constraints on available sources of matching funds. Provides for a Fund training program to assist the financial services industry to undertake community development activities. (Sec. 111) Authorizes the Fund to establish an information clearinghouse. Instructs the Fund to require community development financial institutions receiving assistance to compile and maintain specified user profile data. Requires the Fund to study and report to the President and the Congress on lending and investment practices on Indian reservations and other lands held in Federal trust. Authorizes the Fund to provide capitalization assistance to enhance the liquidity of community development financial institutions. (Sec. 116) Amends the Federal Credit Union Act to authorize the National Credit Union Administration Board (NCUAB) to invest idle moneys from the Community Development Credit Union Revolving Loan Fund into Treasury securities, and to use the interest earned for technical assistance to community development credit unions. Authorizes appropriations for FY 1994 through 1997. Subtitle B: Home Ownership and Equity Protection - Amends the Truth in Lending Act to set forth disclosure requirements for high cost mortgages which meet specified criteria with respect to the annual percentage rate and points and fees which exceed certain limits. Defines a high cost mortgage as a consumer credit transaction secured by the consumer's principal dwelling, other than a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan. (Sec. 151) Prohibits the terms of such mortgages from requiring: (1) prepayment penalties; (2) certain refinancing charges payable to the same creditor; (3) balloon payments; (4) negative amortization; and (5) certain consolidated prepaid payments. (Sec. 152) Imposes a civil penalty for violations of this Act. (Sec. 153) Amends the Truth in Lending Act to require a creditor to disclose conspicuously to a consumer specified lending data on reverse mortgage transactions. Title II: Small Business Capital Formation - Subtitle A: Small Business Loan Securitization - Small Business Loan Securitization and Secondary Market Enhancement Act of 1994 - Amends the Securities Exchange Act of 1934 to define a "small business related security" (SBRS) as generally a high rated security that represents or is secured by an interest in promissory notes or leases of personal property evidencing the obligation of a small business concern. Applies to SBRS subject to Federal Reserve Board terms and conditions specified exemptions from margin requirements and credit prohibitions currently applicable to mortgage related securities. (Sec. 206) Amends the Home Owners' Loan Act, the Federal Credit Union Act, and related statutes to allow banks, credit unions, and other depository institutions to invest in SBRSs. (Sec. 207) Amends the Secondary Mortgage Market Enhancement Act of 1984 to: (1) authorize any U.S. person or entity to invest in SBRSs to the same extent such person is authorized to invest in U.S. obligations; and (2) exempt SBRSs from any State law's security registration and qualification requirements to the same extent that U.S. securities are so exempt. Provides for enactment by States of specific requirements for SBRSs, overriding the preemptions of this title. (Sec. 208) Requires the accounting principles applicable to the transfer of a small business loan or lease of personal property with recourse contained in reports or statements required by appropriate Federal banking agencies to be consistent with generally accepted accounting principles. Requires the amount of capital required to be maintained by a depository institution with respect to the sale of a small business loan with recourse to equal an amount sufficient to meet the institution's reasonable estimated liability under the recourse arrangement. Sets forth capital and reserve requirements for the transfer by qualified insured depository institutions of small business loans with recourse. (Sec. 209) Authorizes the Secretary of Labor to exempt transactions involving SBRSs from certain restrictions and taxes imposed on "prohibited transactions" under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (thereby allowing pension fund managers to participate in the pooling and packaging of small business loans for sale as securities). (Sec. 210) Expresses the sense of the Senate that the taxation of a small business loan investment conduit and the holder of an interest therein should be similar to the taxation of a real estate mortgage investment conduit (REMIC) and the holder of an interest therein under the Internal Revenue Code. Subtitle B: Small Business Capital Enhancement - Establishes the Small Business Capital Enhancement Program to enhance the availability of financing for small business concerns. Authorizes any State to apply to the Secretary of Housing and Urban Development for approval as a participating State eligible for reimbursement. Sets forth application approval criteria. (Sec. 253) Provides that a non-participating State that has its own capital access program providing portfolio insurance for business loans (based on a separate loss reserve fund for each financial institution) may apply to be approved as a participating State. Specifies that: (1) if a State is approved, each financial institution with a particular agreement in effect with the State shall immediately be considered a participating financial institution; and (2) a State with an existing program that is approved may continue to implement the program utilizing the reserve funds accumulated under the State program. (Sec. 254) Establishes requirements for participation agreements. (Sec. 257) Provides for reimbursement by the Secretary of participating States, based on specified formulas. Requires a participating State that withdraws funds from a reserve fund pursuant to terms of the participation agreement to reimburse the Secretary according to a specified formula. (Sec. 260) Authorizes appropriations. Title III: Paperwork Reduction and Regulatory Improvement - Prescribes guidelines under which the Federal banking regulatory agencies must: (1) implement specified measures to reduce paperwork and administrative burdens upon banks; (2) streamline and make uniform various regulatory requirements; (3) eliminate duplicative filings; (4) conduct coordinated and unified regulatory examinations; (5) raise the asset threshold for certain small banking institutions that qualify for an 18-month regulatory examination cycle; (6) simplify and make electronically available the call report filing and disclosure system; and (7) establish an independent intra-agency appellate process. Repeals certain publication requirements. (Sec. 310) Amends the Bank Secrecy Act to permit electronic filing of mandatory currency transaction reports. (Sec. 311) Requires the Secretary of the Treasury to publish all rulings related to reporting for money laundering enforcement, and to issue annual staff commentaries pertaining to them. (Sec. 312) Amends the Real Estate Settlement Procedures Act of 1974 to exempt from its purview certain business and governmental credit transactions. (Sec. 314) Modifies the Federal audit requirements for certain insured institutions whose holding companies provide comparable auditing functions. (Sec. 315) Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to direct the Appraisal Subcommittee to encourage the States to develop reciprocity agreements allowing certified appraisers to perform appraisals in sister States. (Sec. 316) Amends the Home Owners' Loan Act to accelerate the effective date for interaffiliate transactions by well-capitalized savings associations. (Sec. 317) Amends the Federal Deposit Insurance Act (FDIA) to permit agreements made by a Federal, State, or local governmental entity for the collateralization of deposits even though the agreement was not executed contemporaneously with the acquisition of the collateral or with any changes in the collateral made in accordance with such an agreement. (Sec. 318) Amends the Federal Deposit Insurance Act to repeal the requirement that the Federal banking regulatory agencies prescribe specified standards for all insured depository institutions and depository institution holding companies with respect to asset quality, earnings, and stock valuation. (Sec. 319) Amends the Bank Holding Company Act of 1956 to set forth expedited procedures for forming a bank holding company. (Sec. 320) Amends the Securities Act of 1933 to exempt certain holding company formations from its registration requirements. (Sec. 321) Amends Federal law to reduce the post-approval waiting period for: (1) bank holding company acquisitions; and (2) bank mergers. (Sec. 323) Amends Federal banking law and the Home Owners' Loan Act to authorize national banks and Federal savings associations to purchase shares in a bankers' bank in cases where some of the other investors are depository institution holding companies. (Sec. 325) Amends the FDIA to: (1) require the Attorney General to notify banking regulatory agencies of proposed mergers raising significant competitiveness issues; and (2) allow the FDIC to waive in advance the right to subsequently repudiate an insured depository institution's sale of its credit card accounts receivable. (Sec. 327) Amends the Federal Reserve Act and the FDIA to limit the liability of member banks for deposits made at foreign branches in specified cases of political upheaval. (Sec. 329) Amends the Real Estate Settlement Procedures Act (RESPA) to cite circumstances under which the mandatory disclosures of the Truth in Lending Act may be substituted for those required under RESPA. (Sec. 330) Requires reports to the Congress on: (1) the impact of risk-capital standards upon the safety and soundness of insured depository institutions and the availability of credit; (2) the monetary and budgetary impacts of the payment of interest upon certain sterile reserves held by insured depository institutions; and (3) streamlined home mortgage, small business, and consumer lending procedures. (Sec. 335) Directs the Secretary of the Treasury to issue one-dollar silver coins emblematic of the 1995 Special Olympics World Games. Mandates that the surcharges collected from the sale of such coins be paid to the 1995 Special Olympics World Games Organizing Committee, Inc. (Sec. 336) Amends the Truth in Savings Act to modify the definition of account to mean one offered by a depository institution and intended for and generally used by consumers primarily for personal, family or household purposes (thus excluding business accounts from the Act's strictures). (Sec. 337) Amends the Expedited Funds Availability Act to cite circumstances under which the Board of Governors of the Federal Reserve System (the Board) may extend the availability of funds deposited by local checks from one business day to two business days. (Sec. 339) Amends the Federal Reserve Act to authorize the Board to suspend the applicability of the Act's insider lending strictures if it finds that an individual does not actually participate in major policy making functions of the member bank. (Sec. 341) Amends the Truth in Lending Act to prescribe alternative disclosure guidelines for radio broadcast advertisements for consumer leases, including a toll-free telephone number. (Sec. 343) Amends the Depository Institution Management Interlocks Act to extend from 15 to 20 years the period during which certain management officials may continue dual service with unaffiliated institutions or holding companies. (Sec. 345) Requires the Federal banking agencies and the Secretary of Housing and Urban Development to report to the Congress on a jointly conducted survey of financial services available to consumers under certain Federal banking laws intended to provide consumer protection. (Sec 346) Amends the Federal Deposit Insurance Act to state that any depository institution which lacks Federal deposit insurance shall receive deposits from certain new and current depositors only if: (1) the institution has disclosed its non-insured status to them; and (2) the depositors have signed written acknowledgements of such disclosures. (Sec. 347) Amends the Securities Exchange Act of 1934 to modify the definition of mortgage related security to include a promissory note directly secured by a first lien on a parcel of real estate upon which is located one or more commercial structures. Amends Federal banking law to prescribe circumstances under which a State may enact legislation that is more restrictive of transactions in such mortgage related securities by certain entities. (Sec. 348) Amends the Housing and Community Development Amendments of 1978 to revise provisions regarding the management and disposition of Department of Housing and Urban Development (HUD) - held multifamily properties and mortgages. Sets forth general contract requirements for unsubsidized projects, and provides for the sale of mortgages held on such projects. Provides for annual contribution contracts with public housing agencies for (section 8) tenant-based assistance to all eligible low-income families in multifamily housing projects acquired by a purchaser other than the Secretary at foreclosure or after sale by the Secretary. Requires the Secretary to provide section 8 assistance to any very low-income tenant currently residing in a unit otherwise required to receive project-based rental assistance. Authorizes the Secretary to provide: (1) short-term loans to facilitate the sale of multifamily housing projects to nonprofit organizations or public agencies, subject to specified conditions; and (2) tenant-based assistance to very low-income families that do not otherwise qualify for project-based rental assistance. Directs the Secretary to develop procedures to facilitate, where feasible and appropriate, the sale of multifamily housing projects to existing tenant organizations with demonstrated capacity, or to public or nonprofit entities that represent or are affiliated with such organizations. Amends the Small Business Act to repeal the National Small Business Tree Planting Program. Title IV: Money Laundering - Money Laundering Suppression Act of 1994 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions. (Sec. 402) Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate certain law enforcement information; and (3) assign a single designee to receive reports of suspicious transactions. (Sec. 404) Requires each appropriate Federal banking agency to review and enhance: (1) training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and (2) procedures for referring cases to appropriate law enforcement agencies. Requires the Secretary and each appropriate law enforcement agency to provide regularly to each appropriate Federal banking agency information regarding money laundering schemes and activities involving depository institutions in order to enhance the agency's ability to examine for and identify money laundering activity. (Sec. 405) Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. (Sec. 406) Empowers Federal banking agencies to assess civil money penalties. (Sec. 407) Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating businesses which, although not depository institutions, engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress on the States' progress towards such model statute. Instructs the Secretary of the Treasury to study and report to the Congress on possible Federal funding sources to cover costs incurred by the States in implementing a licensing and enforcement scheme. (Sec. 408) Sets forth Federal registration requirements for money transmitting businesses. Directs the Secretary to prescribe regulations establishing a threshold point for treating an agent of a money transmitting business as a money transmitting business. Establishes civil and criminal penalties for violation of such requirements. (Sec. 409) Sets forth criminal and civil penalties for structuring domestic and international transactions. Requires the Comptroller General to study and report to the Congress on cashiers' checks with respect to: (1) money laundering schemes; and (2) the need for additional recordkeeping requirements. Title V: Fair Trade in Financial Services - Fair Trade in Financial Services Act of 1994 - Amends the International Banking Act of 1978 to direct the Secretary of the Treasury (the Secretary) to: (1) identify the extent to which a foreign country denies national treatment to U.S. banking and securities organizations; and (2) determine whether such denial has a significant adverse effect upon them. (Sec. 503) Authorizes the Secretary to: (1) publish the determinations of adverse effect in the Federal Register; and (2) subsequently recommend to Federal banking agencies and the Securities and Exchange Commission (SEC) that they deny or suspend, under specified circumstances, applications filed by entities of such identified countries. Prescribes guidelines for the Secretary to initiate negotiations with foreign countries that deny national treatment for U.S. banking and securities organizations. (Sec. 504) Directs the President to: (1) identify the extent to which foreign countries deny national treatment to U.S. insurers or reinsurers; (2) determine whether such denial has a significant adverse effect upon them; and (3) inform State insurance commissioners if he has published his determination in the Federal Register. Authorizes the President to recommend to State insurance commissioners that they deny a foreign insurer's request to conduct insurance transactions in this country. Prescribes guidelines for the President to initiate negotiations with foreign countries that deny national treatment for U.S. insurers and reinsurers. (Sec. 505) Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary to investigate and report to the President and the Congress on: (1) the extent of the interdependence of U.S. financial services sectors and certain foreign countries; and (2) the economic and strategic consequences of that interdependence for the United States. (Sec. 506) Directs the Federal Reserve Board to report to congressional banking committees on the application and approval mechanism under the Foreign Bank Supervision Enhancement Act of 1991 and efforts to define consolidated home country supervision on an international basis. Title VI: National Flood Insurance Reform - National Flood Insurance Reform Act of 1994 - Subtitle A: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968. Subtitle B: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to expand flood insurance purchase requirements for borrowers securing loans through the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and Federal agency mortgage lenders. (Sec. 622) Requires residential real estate lenders to establish flood insurance premium escrow accounts. Requires Federal lenders and regulated lending institutions (banks, savings and loans, credit unions) to notify borrowers of special flood hazards and of the need to purchase and maintain flood insurance. Requires such entities, after specified notice, to purchase such insurance on behalf of the borrower and charge the borrower for premium costs. Provides for review of special hazards determinations by the Director of the Federal Emergency Management Agency (FEMA). Requires the Director to develop a standard flood hazard determination form for use in connection with loans for residential properties located in an area of special flood hazards and in which flood insurance is available. (Sec. 625) Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require the respective Federal regulatory bodies under such Act to conduct examinations and report to the Congress with respect to compliance with the National Flood Insurance Program. Provides penalties for lenders who fail to require flood insurance, maintain escrow accounts, or provide appropriate borrower notification with respect to the need for flood insurance. (Sec. 628) Amends the Federal Financial Institutions Examinations Council Act of 1978 to direct the Financial Examinations Council to coordinate with Federal entities for lending regulation to develop uniform lender standards. Subtitle C: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and premium rate incentives for community floodplain management. Provides for program funding. Subtitle D: Mitigation of Flood and Erosion Risks - Amends the Housing and Urban Development Act of 1968 to require the FEMA Director to coordinate all flood and erosion mitigation activities. Provides funding for such activities. (Sec. 642) Amends the National Flood Insurance Act of 1968 to require the FEMA Director to develop and implement a State and community flood and erosion mitigation financial assistance program for structures insured under such Act. Requires such activities to be technically feasible and cost-effective. Provides assistance limitations. Repeals (with a transition period) the current program for the purchase of certain insured properties, as well as the current program for the demolition or relocation of threatened structures. Subtitle E: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force to: (1) develop standardized flood insurance enforcement procedures; (2) study Federal agency and secondary mortgage market assistance with respect to such enforcement; and (3) study the possibility of existing Federal and corporate flood insurance programs as models for new programs. Subtitle F: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) increase maximum flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) allow additional coverage for compliance with land use and control measures; and (3) require an assessment and revision if necessary) of flood insurance maps (with identification of erosion hazard areas) at least every five years. Establishes the Technical Mapping Advisory Council to undertake certain activities with respect to the preparation, dissemination, and use of flood insurance rate maps. Provides additional funding for the preparation of such maps. (Sec. 669) Instructs the Secretary of the Treasury to maintain the National Flood Insurance Fund as a separate account. (Sec. 670) Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to declare that its insurance requirement may not be waived for recipients of Federal disaster assistance. Amends the National Flood Insurance Act of 1968 to: (1) require the FEMA Director to establish a ten-day waiting period during which flood insurance coverage shall be unavailable with respect to any claim for damage incurred during such period; (2) provide for the repair and restoration to pre-damaged conditions of certain agricultural structures; and (3) require the FEMA Director to include in his or her biennial report the effects of the implementation of this Act upon the national flood insurance program. (Sec. 675) Prohibits granting Federal disaster relief assistance to certain persons obligated to obtain flood insurance but who failed to do so. Title VII: General Provisions - Directs the Administrator of the Small Business Administration to study and report to certain congressional committees on the impact upon small business concerns in the forest products industry resulting from the designation of the Northern spotted owl as a threatened species. (Sec. 702) Amends the Fair Credit Reporting Act to require consumer reporting agencies to disclose, upon consumer request, the dates, original payees, and amounts of any checks upon which is based any negative information about the consumer. (Sec. 703) Expresses the sense of the Congress that: (1) the Administration should be commended for its efforts to oppose attempts in the United Nations to refer to Jerusalem as "occupied" territory; and (2) that the United States should exercise its veto in the United Nations Security Council on any resolution that states or implies that Jerusalem is "occupied" territory. (Sec. 704) Amends the Federal Reserve Act to declare that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee may each act in its own name or that of its own attorneys in enforcing any law, or in any legal proceeding to which either one is a party. (Sec. 705) Expresses the sense of the Senate that: (1) the Majority Leader and the Republican leader should meet to determine the timetable, procedures, and forum for hearings on all matters related to Madison Guaranty Savings and Loan Association, Whitewater Development Corporation and Capital Management Services Inc.; (2) no immunity shall be granted over the objection of Special Counsel Robert B. Fiske, Jr., to witnesses called to testify at such hearings; and (3) the hearings should be structured and sequenced in a manner that in the judgment of the leaders they would not interfere with the ongoing investigation of such Special Counsel. (Sec. 706) Expresses the sense of the Senate that no insurer shall enter into a transfer agreement, or transfer a contract of insurance, unless the transferring insurer has first provided to each affected policyholder a notice of intent to transfer. Cites notice requirements.

TABLE OF CONTENTS: Title I: Regulatory Reform Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 Subtitle B: General Regulatory Reform Subtitle C: Other Regulatory Reform Subtitle D: Reports, Studies, Streamlined Regulatory Requirements Title II: Community Development Financial Institutions Title I: Regulatory Reform - Regulatory Reform Act of 1993 - Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 - Amends the Federal Deposit Insurance Act (FDIA) to: (1) modify holding company audit requirements; (2) increase the asset size of small insured depository institutions eligible for Federal 18-month examination schedules; (3) direct the Financial Institutions Examination Council to prescribe guidelines for determining the adequacy of State examinations for Federal purposes; (4) repeal the mandate that each appropriate Federal banking agency prescribe stock valuation standards for insured depository institutions; (5) exclude depository institution holding companies from the scope of Federal standards for safety and soundness; and (6) direct the Federal Deposit Insurance Corporation to minimize the regulatory burden on insured depository institutions when prescribing reporting requirements. Subtitle B: General Regulatory Reform - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to direct the Appraisal Subcommittee to encourage the States to develop reciprocity agreements permitting licensed appraisers in good standing to perform appraisals in sister States. (Sec. 112) - Amends the the FDIA to: (1) permit certain agreements for collateralization of public deposits; (2) provide separate insurance for deposits made by an insured depository institution pursuant to the Bank Deposit Financial Assistance Program of the Department of Energy; and (3) mandate that State and Federal regulatory agencies coordinate their examinations and reporting requirements for insured depository institutions. (Sec. 116) Amends the Federal Reserve Act to limit the liability of member banks for deposits made at foreign branches. (Sec. 117) Amends the Bank Holding Company Act of 1956 (BHCA) to provide expedited procedures for forming a bank holding company. Amends specified banking law to: (1) reduce the number of directors of national banking associations which must come from a designated geographical area; and (2) repeal specified obsolete requirements for national banks. Amends the Federal Reserve Act to modify the conditions under which the Board of Governors of the Federal Reserve System (the Board) may exempt certain member banks from the limitations placed upon extensions of credit to senior personnel and principal shareholders (insider lending). Subtitle C: Other Regulatory Reform - Amends the Real Estate Settlement Procedures Act (RESPA) to permit specified disclosures under the Truth in Lending Act to be used in lieu of RESPA disclosure requirements with respect to home equity loans. (Sec. 122) Prescribes guidelines under which each Federal banking agency shall implement an alternative dispute resolution program. (Sec. 123) Amends RESPA to: (1) modify the disclosure requirements regarding the servicing of federally related mortgage loans; and (2) exempt from its purview extensions of credit for business, commercial, or agricultural purposes, and loans to government agencies. (Sec. 125) Amends the BHCA to prescribe notice procedures under which a bank holding company seeks approval to pursue nonbanking activities. (Sec. 126) Directs the Federal Reserve Board to submit to the Congress any recommendations about whether a waiver or modification, at a consumer's option, of the right of rescission with respect to a refinancing or debt comolidation would benefit consumers more than existing law. (Sec. 127) Amends the FDIA to modify the disclosure requirements imposed upon a depository institution lacking Federal deposit insurance. (Sec. 129) Requires each Federal banking agency and the National Credit Union Administration to establish an agency ombudsman to act as liaison between the agency and any party with respect to regulatory actions and/or disputes. (Sec. 130) Amends the Truth in Lending Act, the Truth in Savings Act, and the Truth in Leasing Act to prescribe alternative disclosure guidelines for radio broadcast advertisements for open end consumer credit plans, other specified credit plans, certain deposits, and consumer leases, including use of a toll-free telephone number. Subtitle D: Reports, Studies, Streamlined Regulatory Requirements - Directs the Secretary of the Treasury to study and report to the Congress on: (1) the impact of the implementation of risk-based capital standards on the domestic economy; and (2) the availability of credit for consumers and small businesses. (Sec. 133) Directs the Board and selected Federal and congressional agencies to study and report to the Congress on the impact (including budgetary impact) of the payment of interest on the sterile reserves of insured depository institutions. (Sec. 134) Directs Federal banking agencies to: (1) review and streamline regulatory requirements according to prescribed guidelines and report jointly to the Congress; (2) work jointly to simplify and make uniform the financial status reports required of the banking industry; (3) consider the burden upon such industry of additional regulatory requirements; (4) eliminate duplicative filings; and (5) jointly review and revise (if necessary) the manner in which recourse loans are treated under capital standards and other accounting principles. (Sec. 139) Amends the FDIA to cite conditions under which banking agencies shall not be required to submit antitrust reports in connection with bank merger transactions. (Sec. 140) Amends selected Federal banking laws and the Home Owners' Loan Act to modify the guidelines under which a national banking association or Federal savings association may purchase for its own account shares of stock owned exclusively by depository institution holding companies functioning as bankers' banks. (Sec. 141) Amends the FDIA to apply Federal due process protections to the prejudgment attachment of assets of a depository institution whose insured status has been terminated, without regard to the requirement that the applicant show irreparable and immediate injury or loss. (Sec. 142) Mandates that each Federal banking agency finalize action on applications within one year of their receipt. (Sec. 143) Requires completion within six months after enactment of this Act of the comprehensive regulatory review of the Community Reinvestment Act of 1977. (Sec. 145) Directs the Financial Institutions Examination Council to conduct a costs/benefit study and report to the Congress on the feasibility of maintaining a data bank for reports submitted by depository institutions to Federal banking agencies. Title II: Community Development Financial Institutions - Community Development Banking and Financial Institutions Act of 1993 - Establishes the Community Development Banking and Financial Institutions Funds as a wholly-owned Government corporation to: (1) promote economic growth, community development, and affordable housing in distressed communities through a financial and technical assistance program for community development financial institutions and community development partnerships; and (2) establish a national information clearinghouse. Directs the Fund to: (1) submit to the President an annual status report; and (2) conduct specified studies, including a study of banking practices on Indian reservation. (Sec. 216) Authorizes appropriations for FY 1994 through 1997. Mandates that a specified percentage of such appropriations be allocated to implement specified Bank Enterprise Act activities. (Sec. 218) Directs the President to appoint certain members of the Community Enterprise Assessment Credit Board by a specified deadline. (Sec. 219) Authorizes FY 1994 through 1997 appropriations to the National Credit Union Administration Board for purposes of the Community Development Credit Union Revolving Loan Fund. (Sec. 220) Amends the Federal Home Loan Bank Act to authorize certain insured community development financial institutions to obtain Federal home loan bank advances without regard to certain stock purchase requirements. (Sec. 221) Amends the Home Owners' Loan Act to: (1) include assets derived from Community Investment Program advances among those includible without limitation for purposes of meeting the qualified thrift lender test; (2) authorize a Federal home loan bank, with respect to capital stock rules, to waive the requirement that advances made from its community investment program be taken into account in determining the amount of aggregate outstanding advances made to a member; and (3) increase from 30 percent to 40 percent of total Federal Home Loan Bank (FHLB) System advances the aggregate amount of FHLB advances to non-qualified thrift lenders.

TABLE OF CONTENTS: Title I: Regulatory Reform Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 Subtitle B: General Regulatory Reform Subtitle C: Other Regulatory Reform Subtitle D: Reports, Studies, Streamlined Regulatory Requirements Title II: Community Development Financial Institutions Title I: Regulatory Reform - Regulatory Reform Act of 1993 - Subtitle A: Amendments Relating to the Federal Deposit Insurance Corporation Improvement Act of 1991 - Amends the Federal Deposit Insurance Act (FDIA) to: (1) modify holding company audit requirements; (2) increase the asset size of small insured depository institutions eligible for Federal 18-month examination schedules; (3) repeal the mandate that each appropriate Federal banking agency prescribe stock valuation standards for insured depository institutions; (4) exclude depository institution holding companies from the scope of Federal standards for safety and soundness; and (5) direct the Federal Deposit Insurance Corporation to minimize the regulatory burden on insured depository institutions when prescribing reporting requirements. Subtitle B: General Regulatory Reform - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to direct the Appraisal Subcommittee to encourage the States to develop reciprocity agreements permitting licensed appraisers in good standing to perform appraisals in sister States. (Sec. 112) Amends the FDIA to: (1) permit certain small changes in agreements for collateralization of public deposits; (2) provide separate insurance for deposits made pursuant to any revocable trust established under the Bank Deposit Financial Assistance Program of the Department of Energy; and (3) mandate that State and Federal regulatory agencies coordinate their examinations and reporting requirements for insured depository institutions. (Sec. 116) Amends the Federal Reserve Act to limit the liability of member banks for deposits made at foreign branches. (Sec. 117) Amends the Bank Holding Company Act of 1956 (BHCA) to provide expedited procedures for forming a bank holding company. Amends specified banking law to: (1) reduce the number of directors of national banking associations which must come from a designated geographical area; and (2) repeal specified obsolete requirements for national banks. Subtitle C: Other Regulatory Reform - Amends the Real Estate Settlement Procedures Act (RESPA) to permit specified disclosures under the Truth in Lending Act to be used in lieu of RESPA disclosure requirements with respect to home equity loans. (Sec. 122) Amends the Housing and Urban Development Act of 1968 to state that creditors shall not be required to provide homeownership debt counseling notification more than once annually. (Sec. 123) Amends RESPA to: (1) modify the disclosure requirements regarding the servicing of federally related mortgage loans; and (2) exempt from its purview extensions of credit for business, commercial, or agricultural purposes and loans to government agencies. (Sec. 125) Amends the Truth in Lending Act, the Truth in Savings Act, and the Truth in Leasing Act to prescribe special disclosure guidelines for radio broadcast advertisements for open end consumer credit plans, specified other credit plans, certain deposits, and consumer leases, including use of a toll-free telephone number. Subtitle D: Reports, Studies, Streamlined Regulatory Requirements - Directs the Secretary of the Treasury to study and report to the Congress on: (1) the impact of the implementation of risk-based capital standards on the domestic economy; and (2) the availability of credit for consumers and small businesses. (Sec. 133) Directs the Board and selected Federal and congressional agencies to study and report to the Congress on the impact (including budgetary impact) of the payment of interest on the sterile reserves of insured depository institutions. (Sec. 134) Directs Federal banking agencies to: (1) review, streamline, and make uniform regulatory requirements, and report jointly to the Congress; (2) work jointly to simplify and make uniform the financial status reports required of the banking industry; (3) consider the burden upon such industry of additional regulatory requirements; (4) eliminate duplicative filings; and (5) jointly review and revise (if necessary) the manner in which recourse loans are treated under capital standards and other accounting principles. (Sec. 139) Amends the FDIA to cite conditions under which banking agencies shall not be required to submit antitrust reports in connection with bank merger transactions. (Sec. 140) Amends selected Federal banking laws and the Home Owners' Loan Act to modify the guidelines under which a national banking association or Federal savings association may purchase for its own account shares of stock owned exclusively by depository institution holding companies functioning as bankers' banks. (Sec. 141) Amends the FDIA to apply Federal due process protections to the prejudgment attachment of assets of a depository institution whose insured status has been terminated, without regard to the requirement that the applicant show irreparable and immediate injury or loss. Title II: Community Development Financial Institutions - Community Development Banking and Financial Institutions Act of 1993 - Establishes the Community Development Banking and Financial Institutions Fund as a wholly-owned government corporation to: (1) provide financial and technical assistance, including training, to community development financial institutions; and (2) establish a national information clearinghouse. Requires the Fund to submit to the President an annual status report and specified studies. (Sec. 212) Authorizes appropriations.