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ACT OF OCTOBER 28, 1974

AN ACT To increase deposit insurance from $20,000 to $40,000, to provide full in

surance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I-AMENDMENTS TO AND EXTENSIONS OF PROVI

SIONS OF LAW RELATING TO FEDERAL REGULATION OF DEPOSITORY INSTITUTIONS

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INDEPENDENCE OF FINANCIAL REGULATORY AGENCIES SEC. 111.1 (12 U.S.C. 250] No officer or agency of the United States shall have any authority to require the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Housing Finance Board, or the National Credit Union Administration to submit legislative recommendations, or testimony, or comments on legislation, to any officer or agency of the United States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress if such recommendations, testimony, or comments to the Congress include a statement indicating that the views expressed therein are those of the agency submitting them and do not necessarily represent the views of the President.

1 Section 7446) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (P.L. 101–73) amended section 3 of title I of Public Law 93-495 by striking "Federal Home Loan Bank Board" and inserting "Director of the Office of Thrift Supervision”. There is no section 3 in such Public Law. The amendment probably should have been made to section 111 of such law.

ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT

OF 1982

ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT

OF 1982

TITLE VIII–ALTERNATIVE MORTGAGE TRANSACTIONS 1

SHORT TITLE

SEC. 801. (12 U.S.C. 3801 note] This title may be cited as the “Alternative Mortgage Transaction Parity Act of 1982".

FINDINGS AND PURPOSE.

SEC. 802. (12 U.S.C. 3801) (a) The Congress hereby finds that

(1) increasingly volatile and dynamic changes in interest rates have seriously impaired the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;

(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980's; and

(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.

(b) It is the purpose of this title to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.

DEFINITIONS
SEC. 803. (12 U.S.C. 3802) As used in this title

(1) the term “alternative mortgage transaction" means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in à residential cooperative housing corporation, or a residential manufactured home (as that term is defined in section 603(6) of the National Manufactured Home Construction and Safety Standards Act of 1974)

1 The Alternative Mortgage Transaction Parity Act of 1982 was enacted as title VIII of the Garn-St Germain Depository Institutions Act of 1982.

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