A bill to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions, to eliminate the prohibition on depository institutions situated in New York and New Jersey from offering negotiable order of withdrawal accounts, and Federal chartering of mutual savings banks.

Summary

Title I: Flexible Interest Rate Controls - Extends for three months the authority for the regulation of interest rates on deposits and accounts in depository institutions. Title II: Negotiable order of Withdrawal Accounts - Eliminates the prohibition on depository institutions situated in New York and New Jersey from offering negotiable order of withdrawal accounts. Title III: Chartering of Mutual Savings Banks - Amends the Home Owners' Loan Act to authorize the Federal Home Loan Bank Board to provide for the organization, operation, and regulation of associations which may be known as Federal Savings and Loan Associations of Federal Savings Banks. Allows for the chartering of such associations and permits them to offer checking accounts. Amends the Federal Deposit Insurance Act to provide that whenever a State-chartered mutual savings bank which is insured by the Federal Deposit Insurance Corporation is converted into a Federal savings bank, the Federal Deposit Insurance Corporation shall calculate the amount in its capital account attributable to such mutual savings bank and shall transfer to each Federal Savings Bank the amount calculated in accordance with this Act. Requires the Federal Savings and Loan Insurance Corporation to insure the accounts of all Federal savings banks. Allows for the conversion of a State-chartered mutual savings bank into a Federal savings and loan association or a Federal savings bank to the extent authorized by the Federal Home Loan Bank Board. Title IV: Interest Rate Differentials - Repeals previous legislation which (1) extended authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, and (2) extended the National Commission on Electronic Fund Transfers.

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

Timeline

1. 11 January 1977

   Introduced

   Introduced in House

   Source: IntroReferral

2. 11 January 1977

   Introduced

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

   Source: IntroReferral

3. 11 January 1977

   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 January 1977

  Open at official source

Sponsors

• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• · hsba00 · Standing

Related records

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