Page:United States Statutes at Large Volume 103 Part 1.djvu/238

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103 STAT. 210 PUBLIC LAW 101-73 —AUG. 9, 1989 Fund members pursuant to sections 21 and 21B, respec- tively, of the Federal Home Loan Bank Act during the period required to change such members' premium year from the 1-year period applicable under section 404(b) of the National Housing Act (as in effect before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989) to a calendar year basis, " (2) ASSESSMENT PROCEDURES. — " (A) SEMIANNUAL ASSESSMENTS. —Except as provided in subsection (c)(2)— "(i) the semiannual assessment due from any Bank Insur- ance Fund member for any semiannual period shall be equal to the product of— "(I) V2 the annual assessment rate applicable to such Bank Insurance Fund member; and "(II) such Bank Insurance Fund member's average r assessment base for the immediately preceding semi- annual period; and "(ii) the semiannual assessment due from any Savings Association Insurance Fund member for any semiannual period shall be equal to the product of— "(I) Va the annual assessment rate applicable to such Savings Association Insurance Fund member; and "(II) such Savings Association Insurance Fund mem- ber's average assessment base for the immediately preceding semiannual period. "(B) DEFINITION.— For purposes of this section, the term 'semi- annual period' means a period beginning on January 1 of any calendar year and ending on June 30 of the same year, or a period beginning on July 1 of any calendar year and ending on December 31 of the same year."; —^ (5) by amending subsection (d) to read as follows: "(d) ASSESSMENT CREDITS.— "(1) IN GENERAL. — "(A) By September 30 of each calendar year, the (Dorpora- tion shall prescribe and publish the aggregate amount to be

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credited to insured depository institutions in the succeeding calendar year. "(B) Each insured depository institution shall be notified by the Corporation of the percentage by which the assess- ment rate should be reduced in computing its net premium. "(C) Any outstanding obligations owed to the (Dorporation by an individual insured depository institution shall be deducted from any assessment credit to be credited to such depository institution. "(2) ASSESSMENT CREDIT FOR INSURED BANKS. — "(A) CREDIT BARRED.— The Board of Directors shall not prescribe an assessment credit to Bank Insurance Fund members if the Board of Directors determines that the Bank Insurance Fund reserve ratio is expected to be equal to or less than the designated reserve ratio in the coming year after taking into consideration such Fund's expected expenses and income. (B) CREDIT AUTHORIZED. —I f the Board of Directors deter- mines, after taking into consideration the Bank Insurance Fund's expected operating expenses, case resolution . expenditures, investment income, and assessment income.