Page:United States Statutes at Large Volume 94 Part 1.djvu/195

 PUBLIC LAW 96-221—MAR. 31, 1980

94 STAT. 145

(1) section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), in the case of— (A) national banks, by the Comptroller of the Currency; (B) member banks of the Federal Reserve System (other than national banl^), by the Board of Governors of the Federal Reserve System; (C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation; and (2) section 5(d) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(d)), section 407 of the National Housing Act (12 U.S.C. 1730), and section 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions. (b) For the purpose of the exercise by any agency referred to in subsection (a) of its powers under any Act referred to in that subsection, a violation of any regulation prescribed under this title shall be deemed to be a violation of a regulation prescribed under the Act involved. In addition to its powers under any provision of law specifically referred to in subsection (a), each of the agencies referred to in such subsection may exercise, for the purpose of enforcing compliance with any regulation prescribed under this title, any other authority conferred on it by law.

12 USC 1437.

TRANSITIONAL PROVISIONS

SEC. 209. All rules and regulations issued pursuant to any authority 12 USC 3508. transferred by section 203 of this title shall remain in effect until repealed, amended, or superseded by a regulation of the Deregulation Committee. TERMINATION OF AUTHORITY

SEC. 210. Upon the expiration of six years after the date of the 12 USC 3509. enactment of this Act, all authorities transferred to the Deregulation Committee by this title shall cease to be effective and the Deregulation Committee shall cease to exist. TITLE III- -CONSUMER CHECKING ACCOUNT EQUITY ACT OF 1980

consumer ehecking Account Equity Act of 1980.

SHORT TITLE

SEC. 301. This title may be cited as the "Consumer Checking Account Equity Act of 1980^'. AUTOMATIC TRANSFER ACCOUNTS

SEC. 302. (a) Section 19(i) of the Federal Reserve Act (12 U.S.C. 371a) is amended by adding at the end thereof the following new sentence: "Notwithstanding any other provision of this section, a member bank may permit withdrawals to be made automatically from a savings deposit that consists only of funds in which the entire beneficial interest is held by one or more individuals through payment to the bank itself or through transfer of credit to a demand deposit or other account pursuant to written authorization from the depositor to make such payments or transfers in connection with checks or drafts

12 USC 226 note.

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