A bill to provide improved consumer deposit services; to promote competitive balance among financial institutions; and to enhance the effectiveness of the Federal Reserve System.

[AI summary unavailable — showing source text] Title I: Payment of Interest on Deposits or Accounts - Permits federally insured commercial banks, savings and loan associations and credit unions to offer negotiable order of withdrawal (NOW) accounts. Permits share draft accounts for credit unions. Delays the authority to offer such accounts until one year after the enactment of this Act. Amends the Federal Reserve Act to authorize the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration, jointly as a committee, to prescribe interest rate limitations on such accounts for a three year period after the effective date of this Act. Requires uniform interest rates on such accounts and requires that such rates shall not be less than that set by the Board for savings deposits of member banks. Title II: Reserve Requirements and Expanded Deposit Powers - Amends the Federal Reserve Act to impose reserve requirements on all depository institutions for new accounts and share drafts at levels the Federal Reserve Board may prescribe. Sets ranges for reserve ratios on these accounts and on the demand deposits of member banks. Sets forth a three-year phas…