Consumer Financial Services Act

[AI summary unavailable — showing source text] Consumer Financial Services Act - 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 those 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 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 …