S.Amdt. 1127
What it does: 4 changes: inserts text, replaces text in 3 places
Sen. Carl Levin (D-MI)What it changes
4 changes to H.R. 2056
Change 1: Inserts “and” after the semicolon
Inserted: and
Original wording
On page 2, line 10, insert “and” after the semicolon.
Change 2: Replaces the semicolon through line 19 with new text
Removes the semicolon through line 19 of the printed bill. See that page
Original wording
On page 2, line 14, strike the semicolon and all that follows through line 19 and insert a period.
Change 3: Rewrites page 4, line 14 through page 5, line 5
ReplacesPrinted pageRemoves page 4, line 14 through page 5, line 5 of the printed bill. See that page
Inserted: (2) Losses.--The significance of losses, including--
Inserted: (A) the number of insured depository institutions that have been placed into receivership or conservatorship due to significant losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans;
Inserted: (B) the impact of significant losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans, on the ability of insured depository institutions to raise additional capital;
Inserted: (C) the effect of changes in the application of fair value accounting rules and other accounting standards, including the allowance for loan and lease loss methodology, on insured depository institutions, specifically the degree to which fair value accounting rules and other accounting standards have led to regulatory action against banks, including consent orders and closure of the institution; and
Inserted: (D) whether field examiners are using appropriate appraisal procedures with respect to losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans, and whether the application of appraisals leads to immediate write downs on the value of the underlying asset.
Original wording
On page 4, strike line 14 and all that follows through page 5, line 5, and insert the following:
Change 4: Rewrites page 9, lines 15–19
ReplacesPrinted pageRemoves page 9, lines 15–19 of the printed bill. See that page
Inserted: SEC. 2. CONGRESSIONAL TESTIMONY.
Inserted: The Inspector General of the Federal Deposit Insurance Corporation and the Comptroller General of the United States shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, not later than 150 days after the date of publication of the study required under this Act to discuss the outcomes and impact of Federal regulations on bank examinations and failures.
Original wording
On page 9, strike lines 15 through 19, and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1127. Mr. LEVIN submitted an amendment intended to be proposed by him to the bill H.R. 2056, to instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes; which was referred to the Committee on Banking, Housing, and Urban Affairs; as follows:
On page 2, line 10, insert “and” after the semicolon.
On page 2, line 14, strike the semicolon and all that follows through line 19 and insert a period.
On page 4, strike line 14 and all that follows through page 5, line 5, and insert the following:
(2) Losses.--The significance of losses, including--
(A) the number of insured depository institutions that have been placed into receivership or conservatorship due to significant losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans;
(B) the impact of significant losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans, on the ability of insured depository institutions to raise additional capital;
(C) the effect of changes in the application of fair value accounting rules and other accounting standards, including the allowance for loan and lease loss methodology, on insured depository institutions, specifically the degree to which fair value accounting rules and other accounting standards have led to regulatory action against banks, including consent orders and closure of the institution; and
(D) whether field examiners are using appropriate appraisal procedures with respect to losses arising from loans for which all payments of principal, interest, and fees were current, according to the contractual terms of the loans, and whether the application of appraisals leads to immediate write downs on the value of the underlying asset.
On page 9, strike lines 15 through 19, and insert the following:
SEC. 2. CONGRESSIONAL TESTIMONY.
The Inspector General of the Federal Deposit Insurance Corporation and the Comptroller General of the United States shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, not later than 150 days after the date of publication of the study required under this Act to discuss the outcomes and impact of Federal regulations on bank examinations and failures.
Legislative Activity
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Senate amendment submitted
November 17, 2011
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Senate amendment submitted
November 17, 2011
Referred to the Committee on Banking, Housing, and Urban Affairs.
November 17, 2011