Financial Institutions Act of 1984

Title I: Short Title; Findings and Policy - Financial Institutions Act of 1984 - Sets forth the findings and policies of this Act.

Title II: Restrictions on Combinations Involving Depository, Securities, Insurance and Commercial Enterprises - Amends the Bank Holding Company Act of 1956 to redefine the term "bank" as either a bank insured by the Federal Deposit Insurance Corporation, an institution eligible to apply for such insurance, or a State or federally chartered institution that accepts transaction accounts and makes commercial loans.

Prohibits any bank from engaging in any tandem operation with its bank holding company or any subsidiary or affiliate of such holding company, unless the Board of Governors of the Federal Reserve System determines that such tandem operation is not likely to cause unfair competition or pose risks to consumers.

Amends the Federal Deposit Insurance Act to state that the provisions of the Banking Act of 1933 relating to affiliations between member banks and organizations engaged principally in certain securities activities, and relating to officer, director, or employee relationships involving a member bank and a person or organization primarily engaged in certain securities activities, shall apply to every nonmember insured or uninsured bank in the same manner and to the same extent as if such nonmember bank were a member. Permits any affiliation or relationship that becomes unlawful because of such restriction to continue for a period of two years after enactment of this Act.

Declares that for the purposes of the Banking Act of 1933, engaging in the business of receiving deposits through affiliates shall be deemed the same as engaging in the business of receiving deposits directly by a person, firm, corporation, association, business trust, or other similar organization, unless the affiliate is an institution that functions solely as a trust company and all or substantially all the deposits of which are received solely in a fiduciary capacity.

Prohibits, after the date of enactment of this Act, any depository institution, bank holding company, savings and loan holding company or multiple savings and loan holding company from providing retail securities brokerage services. Permits any such activity which was taking place on May 24, 1984, to continue for a period not to exceed two years after enactment of this Act.

Amends the National Housing Act to make savings and loan holding companies owning institutions insured under State law subject to the same requirements as institutions insured under such Act.

Prohibits a savings and loan holding company, or any subsidiary that is not an insured or uninsured institution, from commencing or continuing any business activity other than those specified for multiple savings and loan holding companies and their subsidiaries. Permits any such existing activity to continue for two years after the date of enactment of this Act.

Declares that such prohibition shall not apply to a unitary savings and loan holding company the subsidiary insured or uninsured institution of which is a qualified institution.

Prohibits a savings and loan holding company, the subsidiary insured or uninsured institution of which is a nonqualified institution, from commencing, or continuing for more than two years, any business activity not permissible for a multiple savings and loan holding company.

Declares that for the ten-year period following enactment of this Act a qualified institution shall also include an institution chartered (as of May 24, 1984) as a mutual savings bank or a savings bank under Federal or State law. Requires the Federal Savings and Loan Insurance Corporation to determine that such institution: (1) does not decrease the percentage of its assets invested in residential mortgages and related investments below the percentage it held on the date of enactment of this Act; and (2) increases such percentage by an amount equal to specified percentages.

Prohibits any savings and loan holding company from commencing or continuing for more than two years any activity not permitted a multiple savings and loan holding company, if in any case an institution owned or controlled by such holding company engages in tandem operations.

Prohibits nonqualified institutions from engaging in any commercial lending activity.

Prohibits from engaging in commercial lending activities any institution owned by a unitary savings and loan holding company that engages in activities not permitted for a multiple savings and loan holding company.

Declares that the provisions of the Banking Act of 1933 relating to affiliations between member banks and organizations engaged principally in certain securities activities, and relating to officer, director, or employee relationships involving a member bank and a person or organization primarily engaged in certain securities activities, shall apply to every insured or uninsured institution in the same manner and to the same extent as if such institution were a member of the Federal Reserve System.

Prohibits any State chartered depository institution engaged in activities not authorized by the Bank Holding Company Act of 1956 or the National Housing Act as of such date, from continuing such activities unless such activities are conducted within such State and solely for its residents.

Permits a State chartered depository institution, pursuant to State law, to engage in any activity authorized by the Bank Holding Company Act of 1956 as of January 1, 1983.

Permits any State, after January 1, 1983, to enact a law permitting State chartered depository institutions to engage in activities not authorized pursuant to the Bank Holding Company Act of 1956 or the National Housing Act, so long as such activities are within such State and solely for its residents.

Prohibits any bank holding company from commencing any activity which was not authorized pursuant to the Bank Holding Company Act of 1956 as of January 1, 1983.

Prohibits any national bank from commencing any activity which was not authorized as of January 1, 1983.

Prohibits a federally chartered depository institution, unitary savings and loan holding company, or multiple savings and loan holding company from commencing any activity which was not authorized as of January 1, 1983, pursuant to the National Housing Act.

Declares that in any case in which a depository institution commences any activity which becomes prohibited under this Act between May 24, 1984, and the date of enactment of this Act, such depository institution shall cease such prohibited activity on the date of enactment.

Title III: Analyses of the Effects of Changes in Financial and Regulatory Systems - Requires the following to conduct analyses of the effects of changes in financial and regulatory systems: (1) the Board of Governors of the Federal Reserve System; (2) the Secretary of the Treasury; (3) the Federal Deposit Insurance Corporation; (4) the Securities and Exchange Commission; (5) the Department of Justice. Sets forth the particular matters to be studied in such analyses.

Requires specified Federal authorities to analyze the problems faced in effectively carrying out their respective statutory mandates, as a consequence of rapid changes in financial markets and financial intermediaries, in terms of meeting specified objectives.

Requires the Comptroller General to evaluate changes in the financial services industry and the effects of these changes on individuals, businesses, financial institutions, industries, capital and credit markets, and the economy, and on the ability of the regulatory agencies to meet their statutory responsibilities.

Requires a report to Congress on the results of each such analysis as soon as practicable after the date of enactment of this title, but no later than September 1, 1985, with copies made available to the public.