An act to clarify the treatment of international banking facility deposits for purposes of deposit insurance assessments and to remove certain limitations on the mortgage loan purchase authority of the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.

(Measure passed Senate, amended)

Title I: International Banking Facility Deposit Insurance Act - Amends the Federal Deposit Insurance Act to declare that any international banking facility deposit, including an international banking facility time deposit, shall not be a deposit for any of the purposes of such Act or be included as part of total deposits or of an insured deposit of a bank insured under such Act.

Extends Federal Deposit Insurance Corporation deposit insurance coverage to branches of insured banks operating in the Trust Territory of the Pacific Islands.

Title II: Mortgage Purchase Amendments of 1981 - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to remove the limitation on the cumulative amount of conventional mortgages more than one year old that the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association may purchase. Prohibits the Federal Home Loan Mortgage Corporation, with respect to the purchase of any such mortgage, from imposing any fee or charge upon an eligible seller which is not a member of a Federal Home Loan Bank which differs from that imposed upon an eligible seller which is such a member. Provides for the purchase of such mortgages from the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration.

Title III: Miscellaneous - Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to extend, for six months, the effective date of the Truth in Lending Simplification Act.

Amends the Depository Institution Management Interlocks Act to permit a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company to continue to serve as a management official of that depository institution or holding company as a result of the nondepository institution or company's becoming a diversified savings and loan holding company. Terminates this permission ten years after the date of enactment of such Act.

Declares that the provisions of the charter of the Alaska USA Federal Credit Union which would terminate the eligibility for membership in the Credit Union of the enrollees and employees of certain corporations shall not be effective.

Amends the National Housing Act to permit housing assistance payments contracts to be entered into under such Act for commitments issued on or before September 30, 1981, where housing is to be developed on land which was municipally owned on such date, and where a local government contributes at least $1,000 per unit of funds obtained under the Housing and Community Development Act of 1974 and at least $2,000 per unit of additional funds to assist housing under the National Housing Act.