Consumer Banking Act of 1979

Summary

Consumer Banking Act of 1979 - 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 insured credit unions to offer share draft deposits to individuals and nonprofit organizations in accordance with regulations prescribed by the National Credit Union Administration Board. Requires each Federal credit union to maintain reserves against such deposits in amounts and forms prescribed by the Board after consultation with the Board of Governors of the Federal Reserve System.

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

Timeline

1. 10 September 1979

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 10 September 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 10 September 1979

  Open at official source

Sponsors

• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Morgan, Robert B. [D-NC] · D · Cosponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.