Business Checking Modernization Act: Report (to Accompany H.R. 4067) (including Cost Estimate of the Congressional Budget Office). |
From inside the book
Results 1-5 of 12
Page 1
... Act may be cited as the " Business Checking Modernization Act " . SEC . 2. AMENDMENTS RELATING TO DEMAND DEPOSIT ACCOUNTS AT DEPOSITORY INSTITU- TIONS . ( a ) INTEREST - BEARING TRANSACTION ACCOUNTS AUTHORIZED.- ( 1 ) FEDERAL RESERVE ACT ...
... Act may be cited as the " Business Checking Modernization Act " . SEC . 2. AMENDMENTS RELATING TO DEMAND DEPOSIT ACCOUNTS AT DEPOSITORY INSTITU- TIONS . ( a ) INTEREST - BEARING TRANSACTION ACCOUNTS AUTHORIZED.- ( 1 ) FEDERAL RESERVE ACT ...
Page 2
... Act ) for purposes of the Federal Reserve Act . " . ( B ) REPEAL . - Effective at the end of the 3 - year period ... Checking Modernization Act ( the “ Act ” ) continues the efforts begun in the 102nd Congress to modernize the Federal ...
... Act ) for purposes of the Federal Reserve Act . " . ( B ) REPEAL . - Effective at the end of the 3 - year period ... Checking Modernization Act ( the “ Act ” ) continues the efforts begun in the 102nd Congress to modernize the Federal ...
Page 3
... checking and other services at a low cost . As time passed , some institutions shifted funds on a regular basis into ... Act does not require deposi- tory institutions to pay any interest on demand deposits . Instead , the Act merely ...
... checking and other services at a low cost . As time passed , some institutions shifted funds on a regular basis into ... Act does not require deposi- tory institutions to pay any interest on demand deposits . Instead , the Act merely ...
Page 4
... checking accounts . Recognizing that current banking relationships between ... legislation pro- vides for a three - year phase - in period . During that ... Modernization Act . ” During the markup , the Committee approved , by voice ...
... checking accounts . Recognizing that current banking relationships between ... legislation pro- vides for a three - year phase - in period . During that ... Modernization Act . ” During the markup , the Committee approved , by voice ...
Page 5
... Act were created by this legislation . CONGRESSIONAL ACCOUNTABILITY ACT The reporting requirement under section 102 ... Checking Modernization Act H.R. 4067 would repeal the prohibition on depository institutions paying interest on the ...
... Act were created by this legislation . CONGRESSIONAL ACCOUNTABILITY ACT The reporting requirement under section 102 ... Checking Modernization Act H.R. 4067 would repeal the prohibition on depository institutions paying interest on the ...
Common terms and phrases
24 transfers account as defined account offered pursuant association may permit bank may permit Board of Governors CBO estimates centum certificate of deposit charitable organizations Checking Modernization Act Committee considered a transaction construed to prevent date of enactment defined in section demand deposit account Deposit Insurance Act deposit of public deposit or share depository institutions paying determine by rule dividends are paid existing law Federal Deposit Insurance Federal Reserve Act Federal Reserve Board Federal Reserve System Federal savings association flexibility in setting greater number Home Owners institutions paying interest interest on business interest on demand interest or dividends interest with respect legislation member bank ment order under section payment of interest permissible for member permit the owner prevent an account prohibition on depository repeal reserve ratios reserve requirements rule or order savings bank savings deposit section 19(i subject to reserve subsection sweep accounts System may determine take effect transfers per month TRANSFERS.-Notwithstanding