A bill to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.

Title I: Extends for three months, the authorization of more flexible regulation of maximum interest rates on deposits and accounts in depository institutions and of open market operations in agency issues by Federal Reserve banks.

Title II: Exempts depository institutions situated in New York, New Jersey, and Pennsylvania from the prohibition against offering interest or dividend-paying accounts, from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties.

Title III: Amends the Federal Reserve Act to extend the period during which any direct obligation of the United States or any obligation fully guaranteed by the United States may be brought and sold without regard to maturities either on the open market or directly from the United States. Delays the period when such obligations will only be able to be brought or sold on the open market.

Title IV: Amends the Federal Credit Union Act to remove specified requirements which must be met by State credit unions as a condition for insurance of members accounts.

Empowers a Federal credit union to make loans and extend credit to members, other credit unions or financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) lines of credit shall be established to a stated maximum amount on specified terms and conditions which may be different than those for another borrower; (3) loans to other credit unions shall be approved by the board of directors and are not to exceed one percent of the paid-in and unimpaired capital and surplus of the credit union; and (4) participation loans shall be in accordance with written policies of the board of directors.

Prohibits a Federal credit union from making loans to its directors and to members of its supervisory credit committee.

Makes changes with respect to the powers of Federal credit unions including the power to: (1) invest funds, with some limitations, in the shares, stocks, or obligations of any other organization or corporation which advances the development of credit unions; and sell all or part of its assets to another credit union, to purchase all or part of the assets of another credit union and to assume the liabilities of the selling credit union.