Financial Institutions Act

[AI summary unavailable — showing source text] Financial Institutions Act - Title I: Payment of Interest on Deposit Accounts - Authorizes member banks of the Federal Reserve System (and nonmember building and loan, savings and loan, and homestead associations, and cooperative banks) to pay interest on accounts requiring 30 days' notice for withdrawal from such accounts, even though such notice is not required in practice. Directs the Federal Reserve Board and the Federal Home Loan Bank Board to consult with the Secretary of the Treasury before prescribing rules for the payment and advertisement of interest on deposits (as well as shares or withdrawable accounts in the case of the Federal Home Loan Bank Board). Directs the Secretary of the Treasury, after consultation with appropriate specified bodies, to submit a report to Congress concerning limitation on rates of interest or dividends paid by depository institutions. Directs depository institutions to furnish in writing specified items of information concerning terms and conditions of deposit at the time of deposit and annually thereafter. Prohibits depository institutions from advertising calculations of percentage rate or yield based on a period in excess of one year or on …