Financial Services Equity Act of 1985

[AI summary unavailable — showing source text] Financial Services Equity Act of 1985 - Title I: Depository Institutions Act of 1985 - Amends the Bank Holding Company Act of 1956 to redefine the term "bank" to: (1) include any bank insured by the Federal Deposit Insurance Corporation; and (2) exclude foreign banks having an insured or uninsured branch in the United States, insured institutions, trust companies, credit unions that are, or are eligible for, insurance by the National Credit Union Administration Board, consumer banks (banks which do not make commercial loans), certain industrial banks which do not both make commercial loans and accept demand deposits, and institutions which engage solely in credit card operations. Defines the terms "depository institutions securities affiliate" and "commercial loan" for purposes of such Act. Provides that an institution shall not be deemed to be engaged in the business of making commercial loans if the aggregate principal amount of its outstanding commercial loans does not exceed ten percent of its total assets in three out of every four quarters and two out of every three years. Permits a company, with 30 days notice to the Board of Governors of the Federal Reserve System, but with…