note. PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2223 SEC. 316. ACCELERATION OF EFFECTIVE DATE FOR INTERAFFILIATE TRANSACTIONS. (a) HOME OWNERS' LOAN ACT AMENDMENT. —Section 11(a)(2) of the Home Owners' Loan Act (12 U.S.C. 1468(a)(2)) is amended by adding at the end the following new subparagraph: "(C) TRANSITION RULE FOR WELL CAPITALIZED SAVINGS ASSOCIATIONS.— "(i) IN GENERAL. —^A savings association that is well capitalized (as defined in section 38 of the Federal Deposit Insurance Act), as determined without including goodwill in calculating core capital, shall be treated as a bank for purposes of section 23A(d)(l) and section 23B of the Federal Reserve Act. "(ii) LIABILITY OF COMMONLY CONTROLLED DEPOSI- TORY INSTITUTIONS.—Any savings association that engages under clause (i) in a transaction that would not otherwise be permissible under this subsection, and any affiliated insured bank that is commonly controlled (as defined in section 5(e)(9) of the Federal Deposit Insurance Act), shall be subject to subsection (e) of section 5 of the Federal Deposit Insurance Act as if paragraph (6) of that subsection did not apply.". (b) REPEAL PROVISION.— Effective on January 1, 1995, subpara- Effective date, graph (C) of section 11(a)(2) of the Home Owners' Loan Act (12 ^^ USC 1468 U.S.C. 1468(a)(2)) (as added by subsection (a) of this section) is repealed. SEC. 317. COLLATERALIZATION OF PUBLIC DEPOSITS. Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. 1823(e)) is amended— (1) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and indent appropriately; (2) by striking "No agreement" and inserting the following: "(1) IN GENERAL.— No agreement"; and (3) by adding at the end the following new paragraph: "(2) PUBLIC DEPOSITS.— An agreement to provide for the lawful collateralization of deposits of a Federal, State, or local governmental entity or of any depositor referred to in section 11(a)(2) shall not be deemed to be invalid pursuant to paragraph (1)(B) solely because such agreement was not executed contemporaneously with the acquisition of the collateral or with any changes in the collateral made in accordance with such agreement.". SEC. 318. MODIFICATION OF REGULATORY PROVISIONS. (a) IN GENERAL. —Section 39(b) of the Federal Deposit Insurance Act (12 U.S.C. 1831p-l(b), as added by section 132(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991) is amended to read as follows: "(b) ASSET QUALITY, EARNINGS, AND STOCK VALUATION STAND- ARDS.—Each appropriate Federal banking agency shall prescribe standards, by regulation or guideline, for all insured depository institutions relating to asset quality, earnings, and stock valuation that the agency determines to be appropriate.". (b) ESTABLISHING STANDARDS.— Section 39(d) of the Federal Deposit Insurance Act (12 U.S.C. 183Ip-1(d), as added by section
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