A bill to authorize automatic transfer accounts at commercial banks, remote service units at Federal savings and loan associations, and share draft accounts at Federal credit unions during the period beginning on December 31, 1979, and ending on April 1, 1980.

Summary

Amends the Federal Reserve Act and the Federal Deposit Insurance Act to authorize member banks in the Federal Reserve System and federally insured nonmember banks to make automatic funds transfers from a savings deposit to a demand deposit pursuant to the written authorization of the depositor to make such transfers in connection with checks or drafts drawn upon the bank. Amends the Home Owners' Loan Act of 1933 to permit Federal savings and loan associations and Federal mutual savings banks to establish remote service units pursuant to regulations of the Federal Home Loan Bank Board. Amends the Federal Credit Union Act to permit Federal credit unions to offer share-draft accounts subject to terms and conditions prescribed by the National Credit Union Administration Board. Terminates the authority conferred by this Act on April 1, 1980.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 11 December 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.