HR 4305 · 96th Congress · Finance and Financial Sector

Financial Institutions Funds Access Act

Introduced 1979-06-05· Sponsored by Rep. Annunzio, Frank [D-IL-11]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Banking, Finance and Urban Affairs.(1979-06-05)

Plain Language Summary

[AI summary unavailable — showing source text] Financial Institutions Funds Access Act - Amends the Federal Reserve Act and the Federal Deposit Insurance Act to permit member banks in the Federal Reserve System and federally-insured nonmember banks to automatically transfer funds from savings accounts to checking accounts pursuant to the written authorization of a depositor. Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to establish remote service units which shall not be considered branches. Amends the Federal Credit Union Act to permit Federal credit unions to offer share draft accounts. States that this Act shall take effect on January 1, 1980.…

Summarized by Claude AI · Non-partisan · For informational purposes only