Consumer Banking Act of 1987

[AI summary unavailable — showing source text] Consumer Banking Act of 1987 - Amends the Bank Holding Company Act of 1956 to allow the establishment of depository institutions to be known as consumer banks. Requires a consumer bank: (1) not to engage in the business of making commercial loans; (2) to pay dividends to its shareholders only to the extent permitted for a national bank; (3) to engage in covered transactions with affiliates only to the extent permitted by the Federal Reserve Act; (4) to maintain investments of at least 65 percent of its total assets during two of every three consecutive years in loans or extensions of credit to natural persons secured by a one to four family residence or for personal, family, or household purposes, loans and extensions of credit for charitable purposes, loans or extensions of credit to individuals through the use of credit cards or similar means, and the purchase of, or investment in, retail installment sales contracts, consumer loans, and accounts receivable; (5) to make available in the State in which such bank is chartered an aggregate amount of loans equal to 65 percent of the deposits received from residents of that State; (6) to disclose that certain actions are taken on behal…