An Act to authorize the regulation of interest rates payable on obligations issued by affiliates of certain depository institutions, and for other purposes.

(LATEST SUMMARY)

=Title I: Regulation of Interest Rates on Certain Obligations= - Revises the Federal Reserve Act by authorizing the Federal Reserve Board to regulate debt obligations of a parent holding company or an affiliate of a member bank regardless of the use of the proceeds within the holding company.

Grants similar regulatory authority to the Board of Directors of the Federal Deposit Insurance Corporation with respect to parent holding companies and affiliates of insured non-member banks and to the Federal Home Loan Bank Board with respect to parent holding companies and affiliates of Federally insured institutions.

=Title II: Interest Rate Amendments Regarding State Usury Ceilings on Business Loans= - Allows, through fiscal year 1977, specified financial institutions to charge interest on business and agricultural loans over $25,000 at a rate up to 5 percent above the Federal discount rate, regardless of State law.

Prescribes penalties for institutions charging interest at a rate in excess of that allowable under this title, where such rate exceeds that permissible under State law.

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

Suspends criminal and civil penalties which would otherwise be applicable under any such statute.

Stipulates that the provisions of this title are to be in effect until July 1, 1977, or until States enact overriding legislation limiting the amount of interest which may be charged in connection with deposits or obligations referred to in this title.