US Congress House Bill 2056 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 10-4)
Status: Passed on January 3 2012 - 100% progression
Action: 2012-01-03 - Became Public Law No: 112-88.
Text: Latest bill text (Enrolled) [PDF]

(Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions. Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; (5) the significance of losses; and (6) the number of insured depository institutions placed into either receivership or conservatorship due to significant losses arising from loans for which all payments of principal, interest, and fees (payments) were current, under the contract. Requires the study to examine: (1) the impact of significant losses arising from loans for which all payments were current on the ability of insured depository institutions to raise additional capital; (2) the degree to which fair value accounting rules and other accounting standards have led to regulatory action against banks; and (3) whether field examiners use appropriate appraisal procedures with respect to losses arising from loans for which all payments were current and whether the application of appraisals leads to immediate write downs on the value of the underlying asset. Requires the study also to cover: (1) the policies and procedures for evaluating the adequacy of an insured depository institution's allowance for loan and lease losses, (2) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (3) examiners' implementation of specified FDIC guidelines, (4) factors examiners use to assess the adequacy of capital at insured depository institutions, (5) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (6) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed. Requires such study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions. Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act. (Sec. 2) Directs the FDIC IG and the Comptroller General (GAO) to appear before certain congressional committees within 150 days after publication of the study required by this Act to discuss the outcomes and impact of federal regulations on bank examinations and failures. (Sec. 3) Directs the GAO to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes.

Rep. Lynn Westmoreland [R-GA]	Rep. Paul Broun [R-GA]	Rep. Michael Grimm [R-NY]	Rep. Nan Hayworth [R-NY]
Rep. Ruben Hinojosa [D-TX]	Rep. Connie Mack [R-FL]	Rep. Carolyn Maloney [D-NY]	Rep. Donald Manzullo [R-IL]
Rep. Kenny Marchant [R-TX]	Rep. Mike McIntyre [D-NC]	Rep. Gary Miller [R-CA]	Rep. Bill Posey [R-FL]
Rep. David Schweikert [R-AZ]	Rep. David Scott [D-GA]

Date	Chamber	Action
2012-01-03	Senate	Became Public Law No: 112-88.
2012-01-03	Senate	Signed by President.
2011-12-23	Senate	Presented to President.
2011-12-20	Senate	Motion to reconsider laid on the table Agreed to without objection.
2011-12-20	Senate	On motion that the House suspend the rules and agree to the Senate amendments Agreed to by voice vote. (text as House agreed to Senate amendments: CR 12/19/2011 H9933-9934)
2011-12-20	Senate	Considered as unfinished business. (consideration: CR H9999)
2011-12-19	Senate	At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Westmoreland objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
2011-12-19	Senate	DEBATE - The House proceeded with forty minutes of debate on agreeing to the Senate amendments to H.R. 2056.
2011-12-19	Senate	Mr. Westmoreland moved that the House suspend the rules and agree to the Senate amendments. (consideration: CR H9933-9936)
2011-11-18	Senate	Message on Senate action sent to the House.
2011-11-17	Senate	Passed Senate with amendments by Unanimous Consent. (text: CR S7777)
2011-11-17	Senate	S.AMDT.1221 Amendment SA 1221 agreed to in Senate by Unanimous Consent.
2011-11-17	Senate	S.AMDT.1221 Amendment SA 1221 proposed by Senator Levin. (consideration: CR S7777; text: CR S7777)To clarify the types of losses to be studied, to require appearances before Congress, and for other purposes.
2011-11-17	Senate	Measure laid before Senate by unanimous consent. (consideration: CR S7777)
2011-11-17	Senate	Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
2011-11-17	Senate	S.AMDT.1127 Referred to the Committee on Banking, Housing, and Urban Affairs.
2011-07-29	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2011-07-28	House	Motion to reconsider laid on the table Agreed to without objection.
2011-07-28	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 7/26/2011 H5541-5542)
2011-07-28	House	Considered as unfinished business. (consideration: CR H5729)
2011-07-26	House	At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Westmoreland objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
2011-07-26	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 2056.
2011-07-26	House	Considered under suspension of the rules. (consideration: CR H5541-5543)
2011-07-26	House	Mr. Westmoreland moved to suspend the rules and pass the bill, as amended.
2011-07-26	House	Placed on the Union Calendar, Calendar No. 120.
2011-07-26	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 112-182.
2011-07-20	House	Subcommittee on Financial Institutions and Consumer Credit Discharged.
2011-07-20	House	Ordered to be Reported (Amended) by Voice Vote.
2011-07-20	House	Committee Consideration and Mark-up Session Held.
2011-07-19	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-07-08	House	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
2011-05-31	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2056/all-info
Text	https://www.congress.gov/112/bills/hr2056/BILLS-112hr2056ih.pdf
Text	https://www.congress.gov/112/bills/hr2056/BILLS-112hr2056eh.pdf
Text	https://www.congress.gov/112/bills/hr2056/BILLS-112hr2056rh.pdf
Text	https://www.congress.gov/112/bills/hr2056/BILLS-112hr2056eas.pdf
Text	https://www.congress.gov/112/bills/hr2056/BILLS-112hr2056enr.pdf