105 STAT. 2360 PUBLIC LAW 102-242—DEC. 19, 1991 " (B) EXTENSIONS OF CREDIT TO OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS. —Paragraph (2) shall not apply with respect to a foreign bank solely because the foreign bank has an insured branch, but shall apply with respect to the insured branch. "(C) FOREIGN BANK DEFINED. —For purposes of this paragraph, the term 'foreign bank' has the same meaning as in section 1(b)(7) of the International Banking Act of 1978.". 12 USC 375b (1) EFFECTIVE DATE. —The amendments made by this section shall "°*®- become effective upon the earlier of— (1) the date on which final regulations under subsection (m)(l) become effective; or (2) 150 days after the date of enactment of this Act. 12 USC 375b (m) REGULATIONS. — ^°*®- (1) IN GENERAL.— The Board of Governors of the Federal Reserve System shall, not later than 120 days after the date of enactment of this Act, promulgate final regulations to implement the amendments made by this section, other than the amendments made by subsections (i) and (k). (2) LIMITING EXTENSIONS OF CREDIT TO EXECUTIVE OFFICERS. — The Federal Deposit Insurance Corporation and Director of the Office of Thrift Supervision shall each, not later than 120 days after the date of enactment of this Act, promulgate final regulations prescribing the maximum amount that a nonmember insured bank or insured savings association (as the case may be) may lend under section 22(g)(4) of the Federal Reserve Act, as made applicable to those institutions by subsections (k) and (i), respectively. 12 USC 375b (n) EXISTING TRANSACTIONS NOT AFFECTED.— The amendments ^°^- made by this section do not affect the validity of any extension of credit or other transaction lawfully entered into on or before the effective date of those amendments. 12 USC 375b (o) REPORTING OF CREDIT BY EXECUTIVE OFFICERS AND DIRECTORS. — "°*®- An executive officer or director of an insured depository institution, a bank holding company, or a savings and loan holding company, the shares of which are not publicly traded, shall report annually to the board of directors of the institution or holding company the outstanding amount of any credit that was extended to such executive officer or director and that is secured by shares of the institution or holding company. SEC. 307. FDIC BACK-UP ENFORCEMENT AUTHORITY. Section 8(t) of the Federal Deposit Insurance Act (12 U.S.C. 1818(t)) is amended to read as follows: "(t) AUTHORITY OF FDIC To TAKE ENFORCEMENT ACTION AGAINST INSURED DEPOSITORY INSTITUTIONS AND INSTITUTION-AFFILIATED PAR- TIES. — " (1) RECOMMENDING ACTION BY APPROPRIATE FEDERAL BANKING AGENCY. —The Corporation, based on an examination of an insured depository institution by the Corporation or by the appropriate Federal banking agency or on other information, may recommend in writing to the appropriate Federal banking agency that the agency take any enforcement action authorized under section 7(j), this section, or section 18(j) with respect to any insured depository institution or any institution-affiliated party. The recommendation shall be accompanied by a written explanation of the concerns giving rise to the recommendation.
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