United States · United States Congress · 8 September 1978
Permits the Administrator of Veterans' Affairs to recognize representatives of the Italian American War Veterans of the United States in the preparation, presentation, and prosecution of claims under laws administered by the Administration. (Amends 38 U.S.C. 3402(a)(1))
United States · United States Congress · 16 August 1978
Directs the Civil Aeronautics Board to immediately dissolve the Airlines Mutual Aid Pact. Directs the Board to study the collective bargaining process within the airline industry and to make recommendations to Congress within six months on methods of alleviating the occurrence of protracted airline strikes.
United States · United States Congress · 16 August 1978
Expresses the sense of Congress that the Environmental Protection Agency, the Nuclear Regulatory Commission, and the Federal courts should expedite all remaining administrative and judicial proceedings with respect to the Seabrook Nuclear Station project (New Hampshire), and that all licensing and permitting procedures for the construction and operation of nuclear generating stations should be reviewed and modified to improve the efficiency of such procedures.
United States · United States Congress · 11 August 1978
Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary aggregates. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Requires such banks to maintain reserves against their reservable liabilities, as such term is defined in this Act, at a rate of six percent, or at such other rate between five and one-half and six and one-half percent as the Board may by requlation prescribe. Sets forth a formula for determining the amount of reservable liabilities held by such banks. Eliminates the use of different reserve ratios for member banks not in reserve cities. Authorizes the Board to impose reserve requirements outside the limits established by this Act for 30-day periods upon a finding that extraordinary circumstances require such action. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks in the Federal Reserve System to nonmember banks maintaining reserves required by this Act.
United States · United States Congress · 9 August 1978
States that the Territory of American Samoa shall be represented in the United States Congress by a nonvoting delegate to the House of Representatives. Sets forth the procedure for the election of such delegate.
United States · United States Congress · 3 August 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1980.
United States · United States Congress · 2 August 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1980.
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
United States · United States Congress · 27 July 1978
Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1978, to December 15, 1980.
United States · United States Congress · 27 July 1978
Expresses the sense of the Congress that the President should use his influence to induce the Soviet Union to withdraw all troops occupying Czechoslovakia by December 1978, and to reevaluate sales and export licenses to the Soviet Union and participating Warsaw Pact countries if such withdrawal is not effectuated.
United States · United States Congress · 20 July 1978
Creates an additional position of Assistant Chief Telephone Operator in the Office of the Clerk, and abolishes five telephone operator positions with such Office.
United States · United States Congress · 18 July 1978
Provides that where two or more Members of the House of Representatives pay the basic pay of an individual from the clerk-hire allowance of each such Member, such individual shall be considered to be on the payroll of only one such Member for purposes of determining the number of individuals employed by such Members under the clerk-hire allowance. Requires such Members to designate who shall be considered the employer for the month involved and to report such designation to the Office of Finance.
United States · United States Congress · 14 July 1978
Susan B. Anthony Dollar Coin Act - Amends the Coinage Act of 1965 to change the size and weight of the one-dollar coin and to require that the obverse side of such coin bear the likeness of Susan B. Anthony.
United States · United States Congress · 13 July 1978
Financial Institutions Regulatory Act - Title I: Supervisory Authority Over Depository Institutions - Creates civil penalties for specified insiders loans and loans to affiliates, prohibited by the Federal Reserve Act, for violations of reserve borrowing loan limits. Amends the Federal Reserve Act to prohibit member banks from making loans to insiders under specified conditions. Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System to order the termination of control or ownership by a bank holding company of any of its nonbank subsidiaries whenever they constitute a serious risk to the financial safety of a subsidiary bank of the holding company. Amends the National Housing Act by authorizing the Federal Savings and Loan Insurance Corporation to order the termination of ownership or control of any noninsured subsidiary by a savings and loan holding company whenever there is reasonable cause to believe that continued ownership constitutes unsafe and inconsistent banking practice. Grants authority to the Federal Savings and Loan Insurance Corporation to make loans to a savings and loan association in order that it may buy the assets of a failing savings and loan institution so as to prevent the failure of such institution. Prescribes penalties for the violation of any provision of this Title. Authorizes financial regulatory agencies, including the National Credit Union Administration and the Federal Home Loan Bank Board, to initiate cease and desist actions against officers, directors, stockholders, or any person participating in the affairs of a financial institution (as well as against the institution itself as is allowed by current law) when there have been violations of laws and regulations or unsafe and unsound banking practices which are likely to seriously weaken the condition of the institution in question. Sets forth a procedure to be followed for removal of any officer or director for breach of fiduciary duty. Increases the allowable mortgage and education loans to executive officers of banks. Creates a hearing process for removal of a bank officer or director based on an indictment for or conviction of a felony. Title II: Interlocking Directors - Depository Institution Management Interlocks Act - Prohibits interlocking management and director relations between any depository institutions or depository holding companies located in the same metropolitan area. States that this prohibition applies without regard to geographical limits where such an institution has assets exceeding $1,000,000,000 and seeks an interlocking relationship with any institution with assets over $500,000,000. Delegates authority for the enforcement of this Act. Title III: Foreign Branching - Amends the Federal Deposit Insurance Act to prohibit any State nonmember insured bank from operating any foreign branch without prior written consent of the Federal Deposit Insurance Corporation (FDIC). States that when the liabilities of an insured bank for deposits are assumed by another insured bank the following shall occur: (1) the insured status of the bank whose liabilities are assumed shall terminate on the date of receipt by the FDIC of evidence of such assumption; (2) termination of separate insurance of all assumed deposits at the end of six months from the effective date; and (3) notification of such assumption by the assuming bank to each of the depositors of the assumed bank. Amends existing requirements for the reporting and assessment of deposits accumulated for the payment of personal loans when such deposits are assigned or pledged to assure the payment of such loans at maturity. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interests Act - Amends the Federal Deposit Insurance Act, the Federal Reserve Act and the Federal Home Loan Bank Act to prohibit specified Presidential-appointee bank regulatory agency heads and members of such agencies from being employed for a period of two years after they leave office by institutions under their regulatory jurisdiction or with a holding company affiliate. Prohibits such individuals from appearing before the board of their respective agencies, either formally or informally, from contacting such board, directly or indirectly, orally or in writing, or from acting as agent or attorney for any other person, other than the United States, before such board for a period of two years immediately following their employment. Title V: Credit Union Restructuring - Reorganizes the National Credit Union Administration and places it under the management of the National Credit Union Administration Board. Directs the chairperson of such Board to represent the Administration in its official relations with other branches of Government. Restricts the employment and activities of Board members for a period of two years immediately following their employment. Requires each Federal credit union to pay the Administration an annual operating fee and to make annual financial reports to the Board. Title VI: Change in Bank Control Act - Amends the Federal Deposit Insurance Act to prohibit any person from acquiring any insured bank or bank holding company unless the appropriate Federal banking agency has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by any agency in making its determination to approve or deny such change of control. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to prohibit any person from acquiring control of any federally insured savings and loan association or holding company unless the Federal Deposit Insurance Corporation has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by the Corporation in making its determination to approve or deny such change of control. Requires any insured institution to disclose any loan secured, or to be secured, by 25 percent or more of the outstanding voting stock of an insured institution to the Corporation. Prescribes civil penalties for violations of this Title. Title VIII: Correspondent Accounts - Prohibits the extension of credit to any officer, director, or specified stockholders of a bank which has a correspondent relationship with the lending bank, in its own name or in the name of another bank, unless such loan does not: (1) involve more than the normal risk of repayment; (2) include unusual terms of interest or collateral; or (3) present any other unfavorable features. Prohibits the establishment of a correspondent account where a loan already has been made to any officer, director, or specified stockholders of the bank desiring to open the account. Prescribes civil penalties for violations of this Title. Requires each executive officer and each stockholder who directly or indirectly owns, controls, or has the power to vote more than ten percent of any class of voting securities of an insured bank, to submit a written report to the board of directors of such bank for any year in which such officer or stockholder has outstanding an extension of credit from a bank which maintains a correspondent account in the name of such bank. Requires such report to include: (1) the maximum amount of indebtedness to the bank maintaining the correspondent account of such officer or stockholder and of each company, political or campaign committee which will benefit or is controlled by such officer or stockholder; (2) the maximum amount of such indebtedness as of a date not more than ten days prior to the filing of the report; (3) the range of interest rates charged on such indebtedness; and (4) the terms and conditions of such indebtedness. Requires each insured bank to compile and submit such reports to specified regulatory agencies. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to list information which must be included in an annual report to be made by each insured bank to the appropriate Federal banking agency. Title X: Federal Financial Institutions Examination Council - Federal Financial Institutions Examination Council Act - Establishes a Financial Institutions Examinations Council to prescribe uniform principles and standards for the Federal examination of financial institutions. Defines the term "financial institution" to mean: (1) a commercial bank; (2) a savings bank; (3) a trust company; (4) a savings and loan association; (5) a building and loan association; (6) a homestead association; (7) a cooperative bank; and (8) a credit union. Directs that one-fifth of the operating costs of the Council be paid by each of the Federal financial institution regulatory agencies. Directs the Council to make recommendations for uniformity in other supervisory matters, including classification of loans subject to risk and identification of financial institutions in need of special supervisory attention. Requires the Council to establish a liaison committee composed of five representatives of State supervisory agencies in order to encourage the application of uniform examination principles and standards by State and Federal Supervisory agencies. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Government authority from obtaining copies of, access to, or the information contained in, the financial records of any customer from a financial institution unless such records are reasonably described and: (1) such customer has authorized such disclosure in accordance with this Act; (2) such records are disclosed in response to an administrative subpena or summons; (3) such records are disclosed in response to a court order; (4) such records are disclosed in response to a judicial subpena; or (5) such financial records are disclosed in response to a formal written request meeting specified requirements. Requires in all cases that the customer be notified of the agency seeking such records, the purpose for which such records are sought, and the rights of customers under this Act. Establishes specific conditions and procedures for the delay of notice to a customer. States that no financial institution may provide to a Government authority copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Sets forth provisions governing customer authorization, administrative subpenas and summonses, judicial subpenas, and search warrants. Establishes procedures for a customer to challenge the disclosure of financial records. Provides exceptions to the provisions of this Act and special procedures for the disclosure of records to the Secret Service and government authorities acting in the field of foreign intelligence. Establishes civil penalties and the right to injunctive relief without regard to the amount in controversy for violation of the provisions of this Title. Establishes conditions on the use of financial records about a customer obtained under the authority of a Federal grand jury. Title XII: Charters for Thrift Institutions - Amends the Home Owners' Loan Act to authorize the Home Loan Bank Board to provide for the organization, chartering operation, and regulation of associations to be known as Federal Savings and Loan Associations or Federal mutual savings banks. Subjects converting mutual savings banks to the requirements of existing State law pertaining to discrimination in the extension of home mortgage loans if the State requirements are more stringent than Federal laws and regulations. Establishes a five year shared risk program in the event that a converting insititution fails. Title XIII: Holding Companies - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from providing insurance as a principal, agent, or broker except: (1) where the insurance is to secure a credit transaction; (2) where the insurance is sold in a community with a population of less than 5,000 or that has no other adequate insurance agency facilities; (3) where the insurance is sold by a bank holding company or its affiliate lawfully engaged in insurance activities prior to June 6, 1978; or (4) where the bank holding company engaged in insurance activities has assets of $50,000,000 or less. Title XIV: Amendments to the National Banking Laws - Makes changes with respect to the following: (1) the power of national banks to purchase, hold, and convey real property; (2) the trust powers of national banks; (3) the emergency restrictions on Federal Reserve banks; and (4) examination of foreign operations of State member banks. Allows an individual who holds the required number of shares in a company that controls a banking association to serve as a director of that association. Permits a banking association to purchase shares of stock in a State chartered bank insured by the Federal Deposit Insurance Corporation if the stock of such bank is owned exclusively by other banks and if such bank is exclusively engaged in providing banking services for other banks, their officers, directors or employees. Limits the total amount of such stock which may be held by an association to five percent of its capital stock and paid in unimpaired surplus. Title XV: Termination of National Bank Closed Receivership Fund - Directs the Comptroller of the Currency to disburse the liquidating dividends from national banks closed on or before January 22, 1934, held by the Comptroller in the capacity as successor to receivers of those banks. Title XVI: Transaction Accounts - Permits any depository institution chartered by the Federal Home Loan Bank Board and located in a State which authorizes State-chartered institutions insured by the Federal Savings and Loan Insurance Corporation to offer transaction accounts permitting withdrawals or transfers of account on negotiable, transferable, or nonnegotiable check, order, or authorization, as determined by the Board, to offer comparable services to the extent authorized by the Board. Authorizes the Board to allow depository institutions located in the District of Columbia to offer transaction accounts if depository institutions in Virginia and Maryland are permitted to offer such accounts. Title XVII: Financial Regulation Simplification Act - Requires the Federal financial regulatory agencies to establish a program which assures periodic review of existing regulations to insure that: (1) the need for and purposes of a regulation are clearly established; (2) timely participation is available to the public, financial institutions, and other Federal, State and local agencies; (3) alternatives to the promulgation of regulations are considered; (4) compliance costs, paperwork and other problems are minimized; and (5) conflicts, inconsistencies and duplication between the regulations of Federal agencies are avoided. Terminates this Title five years after its effective date. Title XVIII: Alternative Mortgage Instruments - Permits federally chartered savings and loan associations to offer alternative mortgage instruments where State law, rules, or regulations, allow State chartered savings and loan associations to offer such instruments. Tile XIX: Prohibition on Credit Card Surcharges - Repeals the prohibition on the imposition of surcharges for payment by credit card in sales transactions. Title XX: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 12 July 1978
Steel Trade Negotiations Act - Lists products the manufacture of which shall constitute the "steel sector" for purposes of determining the appropriate product sector with respect to import restriction authority under the Trade Act of 1974.
United States · United States Congress · 29 June 1978
Authorizes the Board of Regents of the Smithsonian Institution to acquire the Museum of African Art. Establishes a Commission for the Museum of African Art to assist the Board in the operation and development of the Museum. Authorizes appropriations to carry out the purposes of this Act.
United States · United States Congress · 12 June 1978
Safe Banking Act - Title I: Supervisory Authority Over Depository Institutions - Creates civil penalties for specified insider's loans and loans to affiliates prohibited by the Federal Reserve Act, for violations of reserve requirements relating to one borrower loan limits. Amends the Federal Reserve Act to prohibit member banks from making loans to insiders under specified conditions. Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System to order the termination of control or ownership by a bank holding company of any of its nonbank subsidiaries whenever they constitute a serious risk to financial safety of a subsidiary bank of the holding company. Amends the National Housing Act by authorizing the Federal Savings and Loan Insurance Corporation to order the termination of ownership or control of any noninsured subsidiary by a savings and loan holding company whenever there is reasonable cause to believe that continued ownership constitutes unsafe and inconsistent banking practice. Grants authority to the Federal Savings and Loan Insurance Corporation to make loans to a savings and loan association in order that it may buy the assets of a failing savings and loan institution so as to prevent the failure of such institution. Prescribes penalties for the violation of any provision of this Title. Authorizes financial regulatory agencies, including the National Credit Union Administration and the Federal Home Loan Bank Board, to initiate cease and desist actions against officers, directors, stockholders, or any person participating in the affairs of a financial institution (as well as against the institution itself as is allowed by current law) when there have been violations of laws and regulations or unsafe and unsound banking practices which are likely to seriously weaken the condition of the institution in question. Sets forth a procedure to be followed for removal of any officer or director for breach of fiduciary duty. Increases the allowable mortgage and education loans to executive officers of banks. Creates a hearing process for removal of a bank officer or director based on an indictment for or conviction of a felony. Title II: Interlocking Directors - Depository Institution Management Interlocking Act - Prohibits interlocking management and director relations between any depository institutions or depository holding companies located in the same metropolitan area. States that this prohibition applies without regard to geographical limits where such an institution has assets exceeding $1,000,000,000 and seeks an interlocking relationship with any institution with assets over $500,000,000. Delegates authority for the enforcement of this Act. Title III: Foreign Branching - Amends the Federal Deposit Insurance Act to prohibit any State nonmember insured bank from operating any foreign branch without prior written consent of the Federal Deposit Insurance Corporation (FDIC). States that when the liabilities of an insured bank for deposits are assumed by another insured bank the following shall occur: (1) the insured status of the bank whose liabilities are assumed shall terminate on the date of receipt by the FDIC of evidence of such assumption; (2) termination of separate insurance of all assumed deposits at the end of six months from the effective date; and (3) notification of such assumption by the assuming bank to each of the depositors of the assumed bank. Title IV: Conflicts of Interest - Depository Institutions Conflict of Interest Act - Amends the Federal Deposit Insurance Act, the Federal Reserve Act and the Federal Home Loan Bank Act to prohibit specified Presidential-appointee bank regulatory agency heads and members of such agencies from being employed for a period of two years after they leave office by institutions under their regulatory jurisdiction or with a holding company affiliate. Title V: Credit Union Restructuring - Reorganizes the National Credit Union Administration and places it under the management of the National Credit Union Administration Board. Directs the chairperson of such Board to represent the Administration in its official relations with other branches of Government. Requires each Federal credit union to pay the Administration an annual operating fee and to make annual financial reports to the Board. Title VI: Change in Bank Control Act - Amends the Federal Deposit Insurance Act to prohibit any person from acquiring any insured bank unless the appropriate Federal banking agency has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by any agency in making its determination to approve or deny such change of control. Title VII: Change in Savings and Loan Control Act - Amends the National Housing Act to prohibit any person from acquiring control of any federally insured savings and loan association unless the Federal Deposit Insurance Corporation has been notified and has not issued a notice of its disapproval within a specified time period. Prescribes the procedure to be followed by the Corporation in making its determination to approve or deny such change of control. Requires any insured institution to disclose any loan secured, or to be secured, by 25 percent or more of the outstanding voting stock of an insured institution to the Corporation. Prescribes civil penalties for violations of this Title. Title VIII: Correspondent Accounts - Prohibits the extension of credit to any officer, director, or specified stockholders of a bank which has a correspondent relationship with the lending bank, in its own name or in the name of another bank, unless such loan does not: (1) involve more than the normal risk of repayment; (2) include unusual terms of interest or collateral; or (3) present any other unfavorable features. Prohibits the establishment of a correspondent account where a loan already has been made to any officer, director, or specified stockholders of the bank desiring to open the account. Prescribes civil penalties for violations of this Title. Title IX: Disclosure of Material Facts - Amends the Federal Deposit Insurance Act to list information which must be included in an annual report to be made by each insured bank to the appropriate Federal banking agency. Title X: Federal Bank Examination Council - Federal Bank Examination Council Act - Establishes a Bank Examination Council to prescribe uniform principles and standards for the Federal examination of financial institutions. Directs the Council to make recommendations for uniformity in other supervisory matters, including classification of loans subject to risk and identification of financial institutions in need of special supervisory attention. Requires the Council to establish a liaison committee composed of five representatives of State supervisory agencies in order to encourage the application of uniform examination principles and standards by State and Federal supervisory agencies. Title XI: Right to Financial Privacy - Right to Financial Privacy Act - Prohibits any Government official from obtaining copies of, access to, or the information contained in, the financial records of any customer from a financial institution unless such records are described with particularity and: (1) such customer has authorized such disclosure in accordance with this Act; (2) such records are disclosed in response to an administrative subpena or summons; (3) such records are disclosed in response to a court order; (4) such records are disclosed in response to a judicial subpena; or (5) such financial records are disclosed in response to a formal written request meeting specified requirements. States that no financial institution may provide to a Government official copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Sets forth provisions governing customer authorization, administrative subpenas and summons, judicial subpenas, and search warrants. Prescribes civil and criminal penalties for violation of the provisions of this Title. Title XII: Charters for Thrift Institutions - Amends the Home Owners' Loan Act to authorize the Home Loan Bank Board to provide for the organization, chartering operation, and regulation of associations to be known as Federal Savings and Loan Associations or Federal mutual savings banks. Subjects converting mutual savings banks to the requirements of existing State law pertaining to discrimination in the extension of home mortgage loans if the State requirements are more stringent than Federal laws and regulations. Establishes a five year shared risk program in the event that a converting institution fails. Title XIII: Holding Companies - Prohibits bank mergers or acquisitions by bank holding companies if such transactions would result in a monopoly, furtherance of a combination or conspiracy to monopolize, or substantially lessen competition in any section of the country unless such anticompetitive effects are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served. Prohibits such transactions if the appropriate regulatory agency finds that as a result of such a transaction any one bank or holding company will control more than 20 percent of the banking assets held by banks in the States in which such bank or holding company is located. Excepts from such 20 percent prohibition a transaction which the appropriate agency finds to be immediately necessary to prevent the probable failure of a bank and a less anticompetitive alternative is not available. Gives the appropriate agency discretion to prohibit such a transaction even if it is not disallowed by any other part of this Act if it is found to have probable adverse effects on competition or market concentration which are not clearly outweighed by the public interest. Prohibits any national bank from engaging in any activity which the Board finds to be an improper activity for bank holding companies in general, or the holding company owning the bank in question, in particular. Requires bank holding companies and their subsidiaries to be capitalized in a safe and sound manner and to refrain from discriminating in making loans in favor of their parent holding company or their affiliated subsidiaries. Requires regular reports to the Board dealing with all intercompany loans. Sets forth procedures for administration of this Act and for judicial review. Gives to any interested person the right to petition the Board to commence a proceeding to consider the issuance, amendment, or revocation of a regulation promulgated here under. Title XIV: Amendments to the National Banking Laws - Makes changes with respect to the following: (1) the power of national banks to purchase, hold, and convey real property; (2) the trust powers of national banks; (3) the emergency restrictions on Federal Reserve banks; and (4) examination of foreign operations of State member banks. Title XV: Termination of National Bank Closed Receivership Fund - Directs the Comptroller of the Currency to disburse the liquidating dividends from national banks closed on or before January 22, 1934, held by the Comptroller in the capacity as successor to receivers of those banks. Title XVI: Transaction Accounts - Permits any depository institution chartered by the Federal Home Loan Bank Board and located in a State which authorizes State-chartered institutions insured by the Federal Savings and Loan Insurance Corporation to offer transaction accounts permitting withdrawals or transfers of account on negotiable, transferable, or nonnegotiable check, order, or authorization, as determined by the Board, to offer comparable services to the extent authorized by the Board. Title XVII: Effective Date - Sets forth the effective date for this Act.
United States · United States Congress · 12 June 1978
Electronic Fund Transfer Act - Requires the issuers of debit instruments designed to make payments and effect transfers through electronic terminals to do the following: (1) disclose a customer's rights and obligations when an account is opened and when there is a change of terms; (2) make available to the customer a written receipt of every transaction at electronic funds transfer terminals; and (3) furnish a monthly statement to each customer identifying all transactions. Provides a procedure for the correction of account errors. Excuses a customer of liability for unauthorized use of his debit instrument unless the debit instrument issuer can establish customer fraud or negligence. Sets forth liability for system malfunction. Provides civil liability for willful violation of this Act and criminal liability for fraudulent use of debit instruments. Makes bank regulatory agencies and the Federal Trade Commission responsible for administrative enforcement of the terms of this Act.
United States · United States Congress · 7 June 1978
Electronic Fund Transfer Act - Requires the issuers of debit instruments designed to make payments and effect transfers through electronic terminals to do the following: (1) disclose a customer's rights and obligations when an account is opened and when there is a change of terms; (2) make available to the customer a written receipt of every transaction at electronic funds transfer terminals; and (3) furnish a monthly statement to each customer identifying all transactions. Provides a procedure for the correction of account errors. Excuses a customer of liability for unauthorized use of his debit instrument unless the debit instrument issuer can establish customer fraud or negligence. Sets forth liability for system malfunction. Provides civil liability for willful violation of this Act and criminal liability for fraudulent use of debit instruments. Makes bank regulatory agencies and the Federal Trade Commission responsible for administrative enforcement of the terms of this Act.
United States · United States Congress · 18 May 1978
Electronic Fund Transfer Act - Amends the Consumer Credit Protection Act to add the following title: Title IX: Electronic Fund Transfers. Prohibits any financial institution from engaging in any transaction with a customer by means of an electronic terminal without first clearly disclosing to the customer all terms and conditions governing such transfer. States that such disclosure shall include: the rights, duties, and liabilities of both the account holder and institution involved; the types of transfers the consumer may make; and the consumer's ability to authorize another to initiate transfers. Requires a financial institution to give the customer 31 days notice prior to changing any of the terms of the agreement. States that the consumer must receive a receipt for each transfer affecting the consumer's account at the time of the transfer. Requires financial institutions to provide consumers with a periodic statement for each EFT account. Allows the making of preauthorized transfers only by written authorization from the consumer which shall be revokable at will at any time up to three business days preceding the scheduled transfer. Permits a consumer to reverse a transfer in the amount of $50 or more to a third party. Sets forth a procedure for the resolution of errors which calls for prompt investigation of errors and reply to the consumer. States that if a court finds that a financial institution willfully reported to a consumer that his account was correct when such a conclusion could not reasonably be drawn, such institution shall be liable for treble damages. Limits a consumer's liability (in the event of an unauthorized cash transfer) to the lesser of $50 or the amount of money obtained. Holds a financial institution liable to a consumer for any unauthorized transfer in excess of $50. Makes exceptions to such rule in the case of an improper or incorrect transfer if the error was caused by a technical malfunction beyond the control of the institution. Suspends the consumer's obligation to make payment when a technical malfunction prevents the transfer of funds to a third party who has agreed to accept payment by means of an EFT. Prohibits the conditioning of employment, government benefits, or the extension of credit on the consumer's use of EFT's. Restricts the disclosure of information regarding EFT's. Prohibits any agreement which would deprive a consumer of any right granted under this Act. Sets forth the formula for the determination of civil liability for violations of this Act. States that any person who willfully and knowingly gives false or inaccurate information, fails to provide information which is required to be disclosed, or otherwise fails to comply with any provision of this title shall be fined not more than $5,000 or imprisoned not more than a year, or both. Places the enforcement of this title in the case of national banks, Federal Reserve member banks, insured banks, Federal savings and loan associations, and Federal credit unions with their respective regulatory agencies. Directs the Federal Trade Commission to enforce the requirements of this title in all other cases. Directs the Board and the Attorney General to make reports to Congress concerning the administration of their functions under this title. Exempts persons from the laws of any State with respect to EFT's only to the extent that those laws are inconsistent with any of the terms of this Title.
United States · United States Congress · 17 May 1978
Urban Grant University Act - Amends the Higher Education Act of 1965 to authorize appropriations for, and establish a program of grants to, urban universities for (1) development of urban-oriented educational, research, or service programs; and (2) assistance in carrying out such programs. Establishes a five year comprehensive grant to a university qualifying as an "urban grant university" and establishes criteria for such designation. Creates an Urban University Advisory Council to (1) review, along with the Commissioner of Education, "urban grant university " applications; (2) advise the Commissioner; and (3) make recommendations to the President and to the Congress.
United States · United States Congress · 9 May 1978
Declares it the sense of Congress that the President should do everything possible to expedite the return of John Jodwalis and Lorraine Jodwalis Vaicekauskiene to the United States from the Soviet Union.
United States · United States Congress · 9 May 1978
Denounces the assassination of Aldo Moro as an abhorrent criminal act which deserves the fullest condemnation. Expresses the sense of the Congress: (1) that the people and Government of Italy have the full confidence of the United States and should receive its full support in their efforts to apprehend the perpetrators of the murder of Aldo Moro and to eliminate the campaign of terrorism; and (2) that the President should redouble United States efforts to gain international cooperation in wiping out the scourge of terrorism.
United States · United States Congress · 9 May 1978
Declares that certain proposed regulations of the Department of the Treasury regarding centralized firearms sales recordkeeping and other firearms control measures exceed the Departments' authority, and directs that the regulations be withdrawn.
United States · United States Congress · 9 May 1978
Condemns those responsible for the crimes against Aldo Moro. States the sense of Congress that: (1) the President extend support to the Government of Italy; and (2) the President encourage nations of the North Atlantic Treaty Organization to work with the Italian Government to coordinate and strengthen efforts of free nations to apprehend terrorists and work through diplomatic channels for the isolation and condemnation of those countries which give refuge and support to terrorists.
United States · United States Congress · 9 May 1978
Condemns those responsible for the crimes against Aldo Moro. States the sense of Congress that: (1) the President extend support to the Government of Italy; and (2) the President encourage nations of the North Atlantic Treaty Organization to work with the Italian Government to coordinate and strengthen efforts of free nations to apprehend terrorists and work through diplomatic channels for the isolation and condemnation of those countries which give refuge and support to terrorists.
United States · United States Congress · 4 May 1978
Interstate Land Sales Reform Act - Amends the Interstate Land Sales Full Disclosure Act to expand the exemption from the terms of the Act for the sale or lease of lots in subdivisions and to limit the exemption for the sale or lease of real estate which is not a part of a common promotional plan. Grants purchasers or lessees of subdivided real property the right to void a contract for purchase or lease during the 30-day period following the consummation of the transaction and during the three-year period after consummation under specified circumstances. Requires land developers to make public all printed promotional material, transcripts of all radio and television advertisements, and accurate summaries of all verbal representations made by a developer or his agent to promote the purchase or lease of subdivided lots. Revises the formula for determining the amount of damages awarded to purchasers or lessees prevailing in civil suits for untrue statements or omissions of material facts in statement of record to include reasonable court costs, attorneys' fees, appraisal costs, and travel expenses. Permits suits for securing specific performance of contracts or promises made by a developer in connection with a sale or lease of subdivided land. Extends the statute of limitations for such suits from one to three years after the discovery of the untrue statement or omission or after a discovery should have been made by the exercise of reasonable diligence. Authorizes the Secretary of Housing and Urban Development to initiate administrative proceedings upon a reasonable belief that a developer is violating or had violated any provision of this Act or any rules or regulations prescribed pursuant to this Act. Grants the Secretary the power to issue temporary compliance orders if it is in the public interest to do so. Prescribes civil penalties for violations of this Act and increases the amount of criminal penalties which may be assessed. Authorizes any attorney general of a State to bring a civil action, as parens patriae on behalf of individuals residing in such State to secure monetary or injunctive relief for injury sustained by reason of any violations of the Interstate Land Sales Full Disclosure Act.
United States · United States Congress · 3 May 1978
Prohibits, after specified dates: (1) any licensee or permittee from manufacturing, importing, or otherwise placing or receiving in commerce any explosive, or (2) any person from placing or receiving in commerce any explosive sold as military surplus, unless such substance contains a material which permits identification of the manufacturer and date of manufacture after detonation and a material which permits detection of the substance prior to detonation.
United States · United States Congress · 19 April 1978
Amends the Trade Act of 1974, with respect to the authority of the President to negotiate trade agreements, to direct the President to reserve any article for which an agreement limiting agricultural imports has been entered into, from negotiations to reduce or eliminate customs duties or import restrictions.
United States · United States Congress · 18 April 1978
Consumer Credit Protection Act Amendments - Title I: Electronic Funds Transfers - Electronic Funds Transfer Act - Amends the Consumer Credit Protection Act to prohibit the execution of purchase or transfer transactions by electronic means other than under an electronic funds transfer agreement entered into between an institution and a consumer. Defines the term "electronic funds transfer agreement" as an agreement between an institution and a consumer under which the institution provides the consumer with the capacity to engage in electronic transfer or purchase transactions. Requires an institution, before entering into an electronic funds transfer agreement, to disclose clearly in writing to a consumer: (1) the conditions under which any charges may be imposed on any consumer account; (2) the terms and conditions of the electronic funds transfer agreement; (3) the circumstances under which the institution may cancel or restrict the electronic funds transfer agreement; (4) the consumer's right to receive a record of transactions; (5) the consumer's right to reverse a transfer of funds; (6) the manner in which the consumer should report a theft, loss, or unauthorized use of a funds transfer card; (7) the consumer's right to initiate an error correction and to receive a written response from the institution; and (8) the fact that Federal law makes the institution responsible to the consumer for all losses to any account of the consumer in excess of $50 resulting from an unauthorized transfer of funds. Requires an institution to mail or deliver to each consumer an itemized monthly statement which includes the date, amount, and number of the consumer's account into or out of which funds were transferred and a brief description of each transfer transaction. Prohibits any institution from amending any electronic funds transfer agreement without giving prior notice to the consumer. Prohibits an institution from disclosing to a seller any information about any account of a consumer in connection with a purchase transaction other than whether the purchase transaction is authorized except when information is necessary for error resolution. Makes an institution liable to the consumer for all losses to the consumer that result from the failure of the institution to carry out a transfer transaction. Allows consumers to initiate an error correction of an account by notifying the involved institution of the alleged error. Requires the institution to correct the error or to explain the absence of error. Establishes restrictions on preauthorized payments from or deposits to an account of a consumer, or on transfers of funds between accounts of a consumer, made by electronic means. Prohibits an institution from providing a consumer with purchase or transfer capacity, except in response to a request or application for an electronic funds transfer agreement that is in writing and signed by the consumer. Requires institutions to inform consumers of their rights. Places liability for all losses to any account of a consumer resulting from an unauthorized transfer of funds on the financial institution unless specified conditions are met. Prohibits any seller from charging a consumer more for any goods, property, or services purchased by the consumer and paid for by check than the seller would charge the consumer if the goods, property, or services were paid for through a purchase transaction. Sets forth the formula for the determination of the amount of civil penalties to be assessed for violations of this Act. States that any person who willfully and knowingly gives false or inaccurate information, fails to provide information which is required to be disclosed, or otherwise fails to comply with any provision of this title shall be fined not more than $5,000 or imprisoned not more than a year, or both. Places the enforcement of this title in the case of national banks, Federal Reserve member banks, insured banks, Federal savings and loan associations, and Federal credit unions with their respective regulatory agencies. Directs the Federal Trade Commission to enforce the requirements of this title in all other cases. Permits the Board of Governors of the Federal Reserve System to exempt classes of practices involving electronic fund transfer with any State from the requirements of this title if the Board determines that the State's regulations are similar to those of this title. Directs the Board and the Attorney General to make reports to Congress concerning the administration of their functions under this title. Title II: Credit Card Amendments to the Truth in Lending Act - Amends the Truth in Lending Act to expand the required disclosures by creditors before credit is extended under an open end consumer credit plan. Prohibits the issuance of unsolicited credit cards. Requires credit card issuers to be prompt in the billing of charges. Requires credit card issuers to disclose the following information to prospective cardholders: (1) the circumstances under which the plan may be restricted or closed; (2) the circumstances under which any line of credit under the plan may be temporarily or permanently unavailable or reduced and the extent to which the line of credit may be reduced; and (3) the consequences to a cardholder of exceeding a line of credit permitted under the plan. Prohibits any card issuer from amending any credit card plan by modifying or adding services without giving proper notification to the cardholder. Disallows the imposition of service charges by the card issuer in specified instances. States that no finance charge may be imposed on purchases of goods or services which are paid within 25 days after the closing date of the billing cycle in which the purchase was posted to the account. Sets forth the formula for determining the balance upon which a finance charge may be imposed under a credit card plan. Prohibits the billing of a cardholder for any annual or periodic fees where the card issuer has permitted a cardholder to elect to defer payment of all or any portion of the outstanding balance at the end of a billing cycle and to incur a finance charge thereon. Requires card issuers to disclose to each cardholder the total amount of finance charges paid each year.
United States · United States Congress · 18 April 1978
Amends the Truth in Lending Act to require that contracts and agreements respecting any consumer credit transactions subject to such Act be written in clear and understandable language.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married individual filing a separate return to the amount actually earned by that individual.
United States · United States Congress · 12 April 1978
American Dream Act - Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to make and invest in graduated payment mortgages and reverse annuity mortgages. Directs the Federal Home Loan Bank Board to consider consumer safeguards in adopting regulations allowing the making of and investment in such mortgages.
United States · United States Congress · 6 April 1978
Interstate Land Sales Reform Act - Amends the Interstate Land Sales Full Disclosure Act to expand the exemption from the terms of the Act for the sale or lease of lots in subdivisions and to limit the exemption for the sale or lease of real estate which is not a part of a common promotional plan. Grants purchasers or lessees of subdivided real property the right to void a contract for purchase or lease during the 30-day period following the consummation of the transaction and during the three-year period after consummation under specified circumstances. Requires land developers to make public all printed promotional material, transcripts of all radio and television advertisements, and accurate summaries of all verbal representations made by a developer or his agent to promote the purchase or lease of subdivided lots. Revises the formula for determining the amount of damages awarded to purchasers or lessees prevailing in civil suits for untrue statements or omissions of material facts in statement of record to include reasonable court costs, attorneys' fees, appraisal costs, and travel expenses. Permits suits for securing specific performance of contracts or promises made by a developer in connection with a sale or lease of subdivided land. Extends the statute of limitations for such suits from one to three years after the discovery of the untrue statement or omission or after a discovery should have been made by the exercise of reasonable diligence. Authorizes the Secretary of Housing and Urban Development to initiate administrative proceedings upon a reasonable belief that a developer is violating or had violated any provision of this Act or any rules or regulations prescribed pursuant to this Act. Grants the Secretary the power to issue temporary compliance orders if it is in the public interest to do so. Prescribes civil penalties for violations of this Act and increases the amount of criminal penalties which may be assessed.
United States · United States Congress · 22 March 1978
Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to invest in cooperative housing. Removes the limitation on the percentage of its assets which a savings and loan association may invest in the following: (1) commercial real estate loans; (2) loans for home improvement and mobile homes; and (3) State and local government bonds to raise revenue for the rehabilitation, financing, or construction of residential real estate.
United States · United States Congress · 22 March 1978
Directs the Secretary of the Interior to accept a donation from the National Council for the Encouragement of Patriotism of the property known as the Highway of Flags Servicemen's Memorial in Lake County, Indiana. Directs the Secretary to designate such property as the Highway of Flags National Servicemen's Memorial and to administer it as a national monument.
United States · United States Congress · 16 March 1978
Expresses the condemnation of the House of Representatives of the kidnapping of Aldo Moro. Declares it the sense of the House of Representatives that (1) Italy deserves the support of the United States, and (2) the President should instruct the Permanent Representative to the United Nations to press for consideration of solutions to the problem of terrorism in all appropriate forums.
United States · United States Congress · 14 March 1978
Expresses the condemnation by the Congress of the March 11, 1978, attack on Israel by the Palestine Liberation Organization, and the expressed intention of the PLO to continue such attacks and to disrupt the peace efforts between Israel and Egypt. Requests the President to make the disapproval of the Congress known to governments approving the PLO attack. Expresses Congressional approval of the peace efforts between Israel and Egypt. Urges other Middle East countries to join such efforts. Declares negotiation to be the best way to bring peace to the Middle East.
United States · United States Congress · 10 March 1978
Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling property and casualty insurance as principals, agents, or brokers.
United States · United States Congress · 9 March 1978
Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.
![Official portrait of Rep. Annunzio, Frank [D-IL-11]](https://www.congress.gov/img/member/a000212_200.jpg)