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HR 2056 112th Congress House Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Congressional oversight Consumer credit Credit and credit markets Federal Deposit Insurance Corporation (FDIC) Financial services and investments Government studies and investigations Real estate business

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

Introduced: May 31, 2011 See on congress.gov
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 Everywhere this bill has been 33 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 3, 2012
Became Public Law No: 112-88.
Jan 3, 2012
Signed by President.
Dec 23, 2011
Presented to President.
Dec 20, 2011
Motion to reconsider laid on the table Agreed to without objection.
Dec 20, 2011
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)
Dec 20, 2011
Resolving differences -- House actions: 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)
Dec 20, 2011
Considered as unfinished business. (consideration: CR H9999)
Dec 19, 2011
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 The point of no quorum was withdrawn.
Dec 19, 2011
DEBATE - The House proceeded with forty minutes of debate on agreeing to the Senate amendments to H.R. 2056.
Dec 19, 2011
Mr. Westmoreland moved that the House suspend the rules and agree to the Senate amendments. (consideration: CR H9933-9936)
Nov 18, 2011
Message on Senate action sent to the House.
Nov 17, 2011
Passed Senate with amendments by Unanimous Consent. (text: CR S7777)
Nov 17, 2011
Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR S7777)
Nov 17, 2011
Measure laid before Senate by unanimous consent. (consideration: CR S7777)
Nov 17, 2011
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Jul 29, 2011
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 28, 2011
Motion to reconsider laid on the table Agreed to without objection.
Jul 28, 2011
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 7/26/2011 H5541-5542)
Jul 28, 2011
Passed/agreed to in 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)
Jul 28, 2011
Considered as unfinished business. (consideration: CR H5729)
Jul 26, 2011
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.
Jul 26, 2011
DEBATE - The House proceeded with forty minutes of debate on H.R. 2056.
Jul 26, 2011
Mr. Westmoreland moved to suspend the rules and pass the bill, as amended.
Jul 26, 2011
Considered under suspension of the rules. (consideration: CR H5541-5543)
Jul 26, 2011
Placed on the Union Calendar, Calendar No. 120.
Jul 26, 2011
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-182.
Jul 20, 2011
Subcommittee on Financial Institutions and Consumer Credit Discharged.
Jul 20, 2011
Ordered to be Reported (Amended) by Voice Vote.
Jul 20, 2011
Committee Consideration and Mark-up Session Held.
Jul 19, 2011
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 8, 2011
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
May 31, 2011
Referred to the House Committee on Financial Services.
May 31, 2011
Introduced in House
 Plain-English summary Congressional Research Service

(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.

What's happening now January 3, 2012

Became Public Law No: 112-88.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Republican 1