A bill to provide improved consumer deposit services; to promote competitive balance among financial institutions.

[AI summary unavailable — showing source text] Title I: Payment of Interest on Deposits of 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 Administrator of the National Credit Union Administration consulting with the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the Board of Directors of the Federal Deposit Insurance Corporation, to prescribe rules including those limiting interest rates for credit union accounts. Exempts specified New England states from the regulation that NOW accounts may be offered only to individuals. Title II: Reserve Requirements and Expanded Deposit Powers - Amends the Federal Reserve Act to impose reserve requirements on all depository institutions for NOW 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 phase-in period for …