Small Savers Act of 1979

[AI summary unavailable — showing source text] Small Savers Act of 1979 - Amends the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act of 1933 to permit member banks in the Federal Reserve System, federally insured nonmember banks (including insured mutual savings banks), and Federal savings and loan associations to pay interest on negotiable order of withdrawal (NOW) accounts for individuals and nonprofit organizations. Amends the Federal Credit Union Act to authorize Federal credit unions to offer share draft accounts to individuals and nonprofit organizations. Requires the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration Board to consult with each other in setting the interest rates on time and savings deposits or the rate of dividends on share draft accounts which may be paid by financial institutions under their jurisdiction. Fixes the interest rate on all NOW accounts at one-fourth percent below the lowest passbook rate. Permits depository institutions which are currently authorized to offer NOW and share draft accounts to continue to pay i…