Depository Institution Service Corporation Reform Act of 1994

Depository Institution Service Corporation Reform Act of 1994 - Title I: Bank Service Corporation Act Amendments - Amends the Bank Service Corporation Act to place insured depository institutions under its jurisdiction and rename such Act the "Depository Institutions Service Corporation Act."

Allows an insured depository institution to invest in more than one depository institution service corporation. Prescribes investment limits, and reduces from five percent to three percent the percentage of total assets that may be so invested.

Requires a depository institution service corporation to obtain prior written approval of the appropriate Federal banking agency before paying management fees to an institution-affiliated party (or to any corporation owned by such party).

Prohibits a depository institution service corporation from performing activities or services that are not permissible for a national bank.