Community Credit Needs Act

Summary

Community Credit Needs Act - Title I: Interest Rate Control - 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, 1981. Prohibits the establishment, by State or Federal law of interest rate differentials between: (1) banks, other than savings banks, the deposits of which are insured by the Federal Deposit Insurance Corporation; and (2) savings and loan, building and loan, or homestead associations (including cooperative banks) the deposits of which are insured by the Federal Savings and Loan Insurance Corporation, or mutual savings banks, on savings accounts from which automatic transfers to third-party payment accounts may be made pursuant to the prearranged agreement of depositors or accountholders. Title II: Federal Savings and Loan Investment Authority - Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to invest in, sell or otherwise deal with specified loans and investments. Title III: National Credit Union Central Liquidity Facility - Establishes the National Credit Union Central Liquidity Facility to provide funds to meet the liquidity needs of credit unions. Vests management of the Facility in the National Credit Union Administration. Declares the initial capitalization of the Facility shall be by stock subscription consisting of shares having par value of $50 each. Entitles any member of the Facility to apply for advances on a form prescribed by regulations. Authorizes the Administration to deny or grant any application upon such terms as it may prescribe by regulations. Authorizes the Secretary of the Treasury to lend the Facility up to $500,000,000 to enable it to meet the obligations arising under this Act. Directs the Administration to prepare and submit to the President and to the Congress annually a full report on the activities of the Facility for the previous year. Authorizes the Federal Reserve Banks to act as depositories, custodians and/or fiscal agents for the Facility. Directs the Comptroller General to audit the Facility.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 September 1978

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 11 September 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 September 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 11 September 1978

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• · hsba00 · Standing

Related records

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