A bill to amend the National Bank Act, the Federal Deposit Insurance Act, the National Housing Act.

(LATEST SUMMARY)

=Title I: Interest Rate Amendments Regarding State Usury Ceilings on Business Loans= - Permits National banks, State chartered Federally insured banks, and Federally insured savings and loan associations to charge interest on business or agricultural loans of at least $25,000 at a rate up to 5 percent in excess of the Federal Reserve discount rate on ninety-day commercial paper, regardless of State law.

Penalizes State banks and savings and loan associations for charging interest at a rate in excess of that allowable under this Act where such rate is greater than that permissable under State law.

=Title II: Applicability of State Usury Ceilings to Certain Obligations Issued by Banks and Affiliates= - Precludes specified financial institutions from pleading or claiming, directly or by counterclaim, with regard to any deposit or obligation of such institution any defense or right under any State law regulating interest rates.

Suspends criminal and civil penalties otherwise applicable under any such State statute.

Stipulates that the provisions of this title shall apply through fiscal year 1977 or until States enact overriding legislation.