SHORT TITLE; TABLE OF CONTENTS.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.— This Act may be cited as the “Competitive Equality Banking Act of 1987”. (b) Table of Contents.— TITLE I— FINANCIAL INSTITUTIONS COMPETITIVE EQUALITY Sec. 100. Short title. Sec. 101. Amendments to the Bank Holding Company Act of 1956. Sec. 102. Amendments to the Federal Reserve Act. Sec. 103. Securities affiliations of nonmember insured banks. Sec. 104. Amendments to savings and loan holding company provisions of the National Housing Act. Sec. 105. Amendment to the Federal Home Loan Bank Act. Sec. 106. Securities affiliations of FSLIC insured institutions. Sec. 107. Mutual holding company amendments. Sec. 108. Leasing authority of national banks. Sec. 109. NOW accounts. Sec. 110. Exemption from affiliate transaction restrictions. Sec. 111. Consideration of certain acquisitions. TITLE II— MORATORIUM ON CERTAIN NONBANKING ACTIVITIES Sec. 201. Moratorium on certain nonbanking activities. Sec. 202. Authority of Federal banking agencies. Sec. 203. Intent of Congress. Sec. 204. Amendments to the International Banking Act of 1978. Sec. 205. Amendments to the Bank Holding Company Act of 1956. TITLE III— FSLIC RECAPITALIZATION Sec. 301. Short title. Sec. 302. Financing corporation established. Sec. 303. Mixed ownership government corporation. Sec. 304. Recapitalization of FSLIC. Sec. 305. FSLIC authority to charge premiums reduced by amount of financing corporation assessments. Sec. 306. Miscellaneous provisions. Sec. 307. Secondary reserve provisions. TITLE IV— THRIFT INDUSTRY RECOVERY PROVISIONS Sec. 401. Short title. Sec. 402. Thrift institution accounting, appraisal, and reserve standards. Sec. 403. Audit of Federal Asset Disposition Association. Sec. 404. Thrift industry recovery regulations. Sec. 405. Capital instrument purchase program. Sec. 406. Minimum capital requirements. Sec. 407. Improvements in the supervisory process. Sec. 408. Prevention of insolvencies. Sec. 409. Feasibility study relating to establishment of asset holding corporation. Sec. 410. Notice and disapproval procedure required for all applications to the Bank Board. 101 STAT. 553 Sec. 411. Guidelines for asset disposition. Sec. 412. Expansion of use of underutilized minority thrift institutions. Sec. 413. Authority of independent contractors, consultants, and counsel. Sec. 414. Extension of forbearance previously provided in the acquisition of troubled thrift institutions. Sec. 415. Congressional oversight. Sec. 416. Sunset. TITLE V— FINANCIAL INSTITUTIONS EMERGENCY ACQUISITIONS Sec. 501. Short title. Sec. 502. FDIC assisted emergency interstate acquisitions. Sec. 503. Bridge banks. Sec. 504. Conversions. Sec. 505. Federal depository institutions regulatory agencies not subject to apportionment of funds provisions. Sec. 506. Federal depository institutions regulatory agencies not subject to sequestration. Sec. 507. Liquidation proceedings. Sec. 508. Capital pools. Sec. 509. Permanent extension of certain temporary provisions of law; 5 year extension of net worth certificates. TITLE VI— EXPEDITED FUNDS AVAILABILITY Sec. 601. Short title. Sec. 602. Definitions. Sec. 603. Expedited funds availability schedules. Sec. 604. Safeguard exceptions. Sec. 605. Disclosure of funds availability policies. Sec. 606. Payment of interest. Sec. 607. Miscellaneous provisions. Sec. 608. Effect on State law. Sec. 609. Regulations and reports by Board. Sec. 610. Administrative enforcement. Sec. 611. Civil liabilities. Sec. 612. Parity in clearing. Sec. 613. Effective dates. TITLE VII— CREDIT UNION AMENDMENTS Sec. 701. Short title. Sec. 702. Second mortgage and home improvement loans. Sec. 703. Ownership interest Sec. 704. Faithful performance. Sec. 705. Membership officers. Sec. 706. Nonparticipation. Sec. 707. Property acquisition flexibility. Sec. 708. Treatment of NCUAB funds. Sec. 709. Technical and clarifying amendments; removal and prohibition authority. Sec. 710. Effect of removal or suspension. Sec. 711. Imposition of conservatorship. Sec. 712. Reduction in State comment waiting period. Sec. 713. Authority as conservator. Sec. 714. Liquidation proceedings. Sec. 715. Transfer of FTC jurisdiction to NCUAB. Sec. 716. Assets which may be pledged. TITLE VIII— LOAN LOSS AMORTIZATION Sec. 801. Loan loss amortization for agricultural banks. TITLE IX— FULL FAITH AND CREDIT OF FEDERALLY INSURED DEPOSITORY INSTITUTIONS Sec. 901. Reaffirmation of security of funds deposited in federally insured depository institutions. TITLE X— GOVERNMENT CHECKS Sec. 1001. Report on difficulty in cashing Treasury checks. Sec. 1002. Time limit on payment of Treasury checks. Sec. 1003. Cancellation of Treasury checks. Sec. 1004. Limitation on reclamation actions and claims. Sec. 1005. Regulations. Sec. 1006. Effective date. 101 STAT. 554 TITLE XI— INTEREST TO CERTAIN DEPOSITORS Sec. 1101. Interest to certain depositors. TITLE XII— MISCELLANEOUS PROVISIONS Sec. 1201. High yield bond study. Sec. 1202. Study of competitive issues in the payments mechanism. Sec. 1203. Study and reports concerning direct investments. Sec. 1204. Adjustable rate mortgage caps. Sec. 1205. Separability of provisions.