A bill to provide for equitable regulation of savings accounts used to make payments to third parties.

Permits depository institutions to pay interest on accounts from which transfers to third parties may be made subject to specified conditions.

Amends the Federal Reserve Act to make changes with respect to reserve requirements.

Amends the Federal Deposit Insurance Act to transfer to the Federal Reserve Board all rule-making authority over payment and advertising of interest on third party payment accounts at nonmember insured banks.

Amends the Federal Credit Union Act to authorize Federal credit unions to offer interest-bearing NOW accounts.

Extends the authority of the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, and the Federal Reserve Board to set interest rate limits.