Although Congress did not enact comprehensive
banking legislation in 1997, lawmakers approved measures addressing interstate banking for
state-chartered banks and giving federal regulators flexibility in enforcing certain
regulations within disaster areas. Congress also approved Fiscal Year 1998 appropriations
for the FDIC Office of Inspector General (OIG).
The Riegle-Neal Amendments Act of 1997 (Public Law 105-24) was enacted
on July 3, 1997. The Act amends the Federal Deposit Insurance Act to change the law applicable to branches of out-of-state
state-chartered banks. Prior to the Act, host state law applied.
Supervision Examiner Glen Bakken wades in front of his Grand Forks, ND, home after record
flooding in April. The Depository Institutions Disaster Relief Act of 1997 provides
temporary regulatory relief for financial institutions in flooded areas of the Dakotas and
other areas where a major disaster has occurred.