110 STAT. 3009 -419 PUBLIC LAW 104-208—SEPT. 30, 1996 SEC. 2243. STATE BANK REPRESENTATION ON BOARD OF DIRECTORS OF THE FDIC. Section 2(a)(1)(C) of the Federal Deposit Insurance Act (12 U.S.C. 1812(a)(1)(C)) is amended by inserting before the period ", 1 of whom shall have State bank supervisory experience". SEC. 2244. CONSULTATION AMONG EXAMINERS. (a) IN GENERAL.—Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is amended by adding at the end the following new subsection: " 0") CONSULTATION AMONG EXAMINERS. — "(1) IN GENERAL.— Each appropriate Federal banking agency shall take such action as may be necessary to ensure that examiners employed by the agency— "(A) consult on examination activities with respect to any depository institution; and "(B) achieve an agreement and resolve any inconsistencies in the recommendations to be given to such institution as a consequence of any examinations. "(2) EXAMINER-IN-CHARGE.— Each appropriate Federal banking agency shall consider appointing an examiner-in- charge with respect to a depository institution to ensure consultation on examination activities among all of the examiners of that agency involved in examinations of the institution.". (b) COORDINATED AND UNIFIED EXAMINATION FLEXIBILITY.— Section 10(d)(6)(B) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)(6)(B)) is amended by inserting "or State bank supervisors" after "one of the Federal agencies". Subtitle C—Regulatory Impact on Cost of Credit and Credit Availability SEC. 2301. AUDIT COSTS. (a) AUDITOR ATTESTATIONS.— Section 36 of the Federal Deposit Insurance Act (12 U.S.C. 1831m) is amended by striking subsection (e) and inserting the following: "(e) [Repealed]". (b) INDEPENDENT AUDIT COMMITTEES. —Section 36(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1831m(g)(l)) is amended— (1) in subparagraph (A), by inserting ", except as provided in subparagraph (D)" after "management of the institution"; and (2) by adding at the end the following new subparagraph: "(D) EXEMPTION AUTHORITY. — "(i) IN GENERAL.— An appropriate Federal banking agency may, by order or regulation, permit the independent audit committee of an insured depository institution to be made up of less than all, but no fewer than a majority of, outside directors, if the agency determines that the institution has encountered hardships in retaining and recruiting a sufficient number of competent outside directors to serve on the internal audit committee of the institution.
�
