Depository Institutions Act of 1985

[AI summary unavailable — showing source text] Title I: Short Title - Entitles this Act the Depository Institutions Act of 1985. Title II: Amendments to the Bank Holding Company Act - Amends the Bank Holding Company Act of 1956 (BHCA) to redefine a "bank" as any institution which is insured by the Federal Deposit Insurance Corporation or which obtains (other than through a nonaffiliated bank) Federal Reserve System borrowing, discount, or payment system services. Excludes thrift institutions, trust companies (with restrictions on activities), foreign organizations which do not do business in the United States except as incident to their foreign activities, institutions which engage solely in credit care operations, and any State chartered savings bank or mutual savings bank, unless such institution enters into an agreement with the Federal Reserve Board to be considered a bank under BHCA. Defines a "special purpose bank" as an institution which becomes a bank due to the amendments made by this Act and which does not both accept demand deposits and make commercial loans. Prohibits a bank holding company from controlling a State-chartered bank which conducts insurance activities that are not authorized for a bank holding company …