64 1 2 3 AMENDMENTS TO THE DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT SEC. 303. (a) Section 202(3) of the Depository Institu 4 tion Management Interlocks Act (12 U.S.C. 3201(3)) is 5 amended 6 7 8 9 (1) by striking out "; or" after paragraph (C) and inserting in lieu thereof a period; and (2) by striking out paragraphs (D) and (E). (b) Section 205(6) of the Depository Institution Manage10 ment Interlocks Act (12 U.S.C. 3204(6)) is amended to read 11 as follows: 12 "(6) A Federal Home Loan Bank or any bank or the 13 parent holding company thereof organized specifically to 14 serve depository institutions, their parent holding companies, 15 subsidiaries thereof, and the officers, directors, and employ16 ees of each.". 17 18 AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956 19 SEC. 304. (a) Section 2(c) of the Bank Holding Compa20 ny Act of 1956 (12 U.S.C. 1841(c)) is amended by inserting 21 after the first sentence thereof the following: "The term 22 'bank' also includes a State chartered bank or a national 23 banking association if (1) such bank or its parent holding 24 company is owned exclusively (except to the extent directors' 25 qualifying shares are required by law) by depository institu S 2181 IS 65 1 tions, and (2) such bank, its parent holding company, and all 2 subsidiaries thereof are organized to engage exclusively in 3 providing services for depository institutions, their parent 4 holding companies, subsidiaries thereof, and the officers, di5 rectors, and employees of each.". 6 (b) Section 4(c)(14)(F) of the Bank Holding Company 7 Act of 1956 (12 U.S.C. 1843(c)(14)(F)) is amended (1) by striking the period after clause (i) and inserting in lieu thereof a semicolon; (2) by inserting "and" after clause (ii); (3) by striking out clause (iii) and inserting in lieu thereof the following: “(iii) notwithstanding any other provision of law, the term 'bank holding company' shall include a bank if (1) such bank or its parent holding company is owned primarily by depository institutions, and (2) such bank, its parent holding com pany, and all subsidiaries thereof are organized to engage exclusively (except as provided in this paragraph) in providing services for depository institutions, their parent holding companies, subsidiaries thereof, and the officers, directors, and em ployees of each. No depository institution, owning stock in a bank or a holding company described in this clause which invests in an export trading 66 company, shall extend credit to an export trading company in an amount exceeding at any one time 10 per centum of such depository institution's capital and surplus."; and (4) by striking out clause (iv). TITLE IV-COMPETITIVE SAVINGS INCENTIVE SHORT TITLE SEC. 401. This title shall be referred to as the "Com 9 petitive Savings Incentive Act of 1983". 10 11 MONEY MARKET DEPOSIT ACCOUNTS SEC. 402. Section 19(c) of the Federal Reserve Act (12 12 U.S.C. 461) is amended by adding at the end thereof the 13 following new paragraph: 14 15 16 17 18 19 21 22 “(3) Notwithstanding any other provision of law, reserves held by— "(A) any bank, savings and loan association or mutual or stock savings bank against accounts authorized by section 327 of the Garn-St Germain Deposi tory Institutions Act of 1982 and regulations promul 20 gated thereunder or transaction accounts authorized after December 1, 1982, pursuant to section 327 of the Garn-St Germain Depository Institutions Act of 1982 or sections 203 and 204 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 23 24 2235 U.S.C. 3502 and 3503); or S 2181 IS 1 67 "(B) any insured credit union against any compa 2 rable accounts authorized by section 117 of title I of 3 the Federal Credit Union Act (12 U.S.C. 1763) and regulations promulgated thereunder, 4 5 may be in the form of vault cash, or as deposits in an Earn6 ings Participation Account at a Federal Reserve Bank which 7 shall receive earnings to be paid each month at the rate 8 earned on the securities portfolio of the Federal Reserve 9 System during that month. The earnings on such portfolio 10 shall be passed through on a prorated basis to the depository 11 institutions which maintain reserves pursuant to this para12 graph. The Board may prescribe rules and regulations con13 cerning the maintenance and administration of Earnings Par14 ticipation Accounts under this paragraph.". 15 16 17 18 TITLE V-CONSUMER LEASES AND RENTAL PURCHASE AGREEMENTS SHORT TITLE SEC. 501. This title may be cited as the "Consumer 19 Lease and Rental-Purchase Agreement Act". 20 AMENDMENT TO THE CONSUMER CREDIT PROTECTION ACT 21 SEC. 502. The Consumer Credit Protection Act is 22 amended by adding at the end thereof the following new title: "TITLE X-CONSUMER LEASE AND RENTAL-PURCHASE ACT 68 "CHAPTER 1-GENERAL PROVISIONS "Sec. "101. Short title. "102. Findings and declaration of purpose. "103. Definitions and rules of construction. "104. Exempted transactions. "105. Regulations. "CHAPTER 2-CONSUMER LEASES AND RENTAL-PURCHASE AGREEMENTS "Sec. "111. General requirements of disclosure. "112. Consumer lease disclosures. "113. Consumer's liability at early termination or at the end of the lease term. 5 "This title may be cited as the 'Consumer Lease and 6 Rental-Purchase Act'. 7 "§ 102. Findings and declaration of purpose 8 "(a) The Congress finds that the leasing of consumer 9 goods continues to be a popular alternative to installment S 2181 IS |