A bill to extend the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgage disclosure.

Summary

Title I: Regulation of Interest Rates - Directs the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board to maintain an interest rate differential of at least one-fourth of 1 percent, and to take no action to eliminate or lessen any such differential, which is in existence on the date of enactment of this Act with respect to any category of accounts between: (1) any bank (other than a savings bank) the deposits of which are insured by the Federal Deposit Insurance Corporation, and (2) any savings and loan, building and loan, or homestead association (including cooperative banks) the deposits or accounts of which are insured by the Federal Savings and Loan Insurance Cooperation or any savings bank the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation, except that such financial regulatory agencies may, upon a finding of competitive disadvantage, lessen or climinate the differential for selected geographic areas and by category accounts. Prohibits the reduction of an interest rate differential by any bank whose deposits are Federally insured unless written notice is given by the Board of Governors of the Federal Reserve System to the appropriate Committees of Congress, which may disapprove the reduction during the 45-day period after which the proposal is submitted to such committees. Directs the Federal agencies regulating banking to study the housing portfolios of State-chartered thrift institutions with special emphasis upon possible disentermediation effects. Title II: Electronic Fund Transfers - Directs the National Commission on Electronic Fund Transfers to study and make proposals for monitoring and evaluation of experimentation in electronic fund transfer systems presently being authorized by Federal regulatory agencies. Title III: Home Mortgage Disclosure - Home Mortgage Disclosure Act - States that each depository institution which has a home office or branch office located within a standard metropolitan statistical area, as defined by the Office of Management and Budget, shall compile and make available, in accordance with regulations of the Board, to the public for inspection and copying at each office of that institution the number and total dollar amount of mortgage loans which were (A) originated, or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immediately preceded the effective date of this title). Requires the Secretary to receive statistical summaries of information required by this title under procedures prescribed by the Board, and to furnish a written summary of the findings to appropriate public officals and to the Committee on Banking, Currency and Housing of the House of Representatives and the Committee on Banking, Housing and Urban Affairs of the Senate in furtherance of the objectives of the Housing and Community Development Act of 1974. Provides that the authority granted by this title shall expire two years after its effective date.

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Documents

2 official files

• Passed House amended

  summary · EN · 31 October 1975

  Open at official source

• Introduced in House

  summary · EN · 3 October 1975

  Open at official source

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