To clarify the types of losses to be studied, to require appearances before Congress, and for other purposes.

1. 1

   Change 1: Inserts “and” after the semicolon

   InsertsPage 2, line 10Printed page

   Inserted: and

   Original wording

   On page 2, line 10, insert “and” after the semicolon.

2. 2

   Change 2: Replaces the semicolon through line 19 with new text

   ReplacesPage 2, lines 14–19Printed page

   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.

3. 3

   Change 3: Rewrites page 4, line 14 through page 5, line 5

   ReplacesPrinted page

   Removes 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:

4. 4

   Change 4: Rewrites page 9, lines 15–19

   ReplacesPrinted page

   Removes 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