Financial Institutions Act

[AI summary unavailable — showing source text] Financial Institutions Act - Title I: Payment of Interest on Deposit Accounts - States that the Federal Reserve Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the Secretary of the Treasury, prescribe rules governing the payment and advertisement of interest on deposits, including limitations on the rates of interest which may be paid by member banks on time and savings deposits. States that eighteen months after the enactment of this Act, the Board shall prescribe interest rate limitations on deposits in all member banks which will begin to eliminate all differential rates among all depository institutions. States that the authority to limit the rates of interest or dividends shall only be exercised by the Board for five years and six months after the enactment of this Act. Directs the Board of Directors of the Federal Deposit Insurance Corporation to prohibit the payment of interest or dividends on demand deposits in insured nonmember banks. Requires each depository institution which pays interest on deposits to disclose annually and at the time any earnings report is mad…