A bill to amend the National Bank Act, the Federal Deposit Insurance Act, the National Housing Act.

Summary

Provides that any national banking association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 percent in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, or in the case of a loan to a corporate borrower, at a rate of 5 percent in excess of the discount rate on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal reserve district where the Bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State. Makes provisions with respect to interest rates in order to prevent discrimination against State-chartered insured banks. Permits State-chartered banks to acquire FDIC insurance. Permits savings banks and savings and loan institutions insured under Title IV of the National Housing Act to charge up to 5 percent in excess of the discount rate on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal reserve district where the institution is located.

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Documents

2 official files

• Passed Senate amended

  summary · EN · 1 October 1974

  Open at official source

• Introduced in Senate

  summary · EN · 25 July 1974

  Open at official source

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