212 84th Annual Report, 1997
Governors the power, for a period of 240 days after June 12, 1997, to make exceptions to the Truth in Lending Act (TILA) and the Expedited Funds Avail- ability Act (EFAA) for transactions within a geographic area that the Presi- dent determined, on or after Febru- ary 28, 1997, to be a major disaster area as a result of the 1997 flooding of the Red River of the North, the Minnesota River, and the tributaries of these rivers. The Board had the power to grant exceptions from TILA and EFAA if it determined that an exception could alle- viate hardships to the public resulting from the disaster and that the benefits of the relief outweighed the possible adverse effects of granting the excep- tion. The Board was required to publish in the Federal Register a description of each exception and a statement of its benefits, including an explanation of how the benefits outweighed the pos- sible adverse effects. Exceptions had to expire no later than September 1, 1998. The act also granted the Board authority to allow an insured depository institution, in calculating compliance with the leverage limits prescribed under section 38 of the Federal Deposit Insur- ance Act (FDI Act), to subtract from the institution’s total assets an amount not exceeding the qualifying amount attrib- utable to insurance proceeds. The Board could grant such an exception if the following conditions were met: (1) the depository institution had its principal place of business within, and 60 percent of its total deposits were from persons located within, an area designated as a major disaster area as a result of the 1997 flooding of the Red River of the North, the Minnesota River, and the tributaries of these rivers; (2) the deposi- tory institution was adequately capital- ized before the disaster; (3) the deposi- tory institution had an acceptable plan for managing the increase in its total
assets and deposits; and (4) the subtrac- tion was consistent with the purposes of section 38 of the FDI Act. Exceptions to section 38 of the FDI Act had to expire no later than February 28, 1999.
The act also allowed the Board to exercise its authority with respect to depository institutions whose principal place of business is within, or with re- spect to transactions or activities within, an area designated as a major disaster area as a result of the 1997 flooding of the Red River of the North, the Minne- sota River, and the tributaries of these rivers without complying with certain provisions of the Administrative Pro- cedures Act or with provisions of any other law that requires a notice or oppor- tunity for a hearing or that sets time limits for agency action. It also allowed the Board to waive publication require- ments for establishing branches. The Board was required to publish in the Federal Register a description of each action taken as well as an explanation of the need for the action. The act also granted the Board authority to waive the application of the appraisal standards prescribed by title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 for transac- tions involving real property located within the disaster area.
50 States Commemorative Coin Program Act
The 50 States Commemorative Coin Program Act (Pub. L. 105–125, 111 Stat. 2534) (the act) grants the Treasury, among other powers, the authority to create a new $1 coin once the supply of Susan B. Anthony $1 coins is depleted. The new coin must (1) be golden in color, have a distinctive edge, with tac- tile and visual features making it readily discernible, (2) be minted and fabricated in the United States, and (3) have metal-