Interest Rate Control Act Amendments

[AI summary unavailable — showing source text] Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and share accounts in depository institutions from December 15, 1980. Prohibits the establishment, by State or Federal law, of interest rate differentials between: (1) banks, other than savings banks, the deposits of which are insured by the Federal Deposit Insurance Corporation; and (2) savings and loan, building and loan, or homestead associations (including cooperative banks) the deposits of which are insured by the FSLIC, or mutual savings banks, on savings deposits or accounts from which transfers to the depository institution itself, or to a demand or other deposit account of the same depositor or account holder may be made automatically or as a normal practice pursuant to the authorization of such a depositor or account holder.…