National Bank Real Estate Loans: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Eighty-eighth Congress, Second Session on S. 2576, a Bill to Amend Section 24 of the Federal Reserve Act (12 U.S.C. 371) Relating to Certain Limitations on Real Estate Loans by National Banks, March 4 and 10, 1964U.S. Government Printing Office, 1964 - 58 pages |
Common terms and phrases
100 percent capital 20-year term 30 days 50 percent appraised 75 percent amortize 40 percent amortize in full amount apply authority bank shall pay banking practice borrower capital and surplus centum certificate of deposit CHAIRMAN commercial banks competition Comptroller CONGRESS THE LIBRARY date of deposit demand deposits depositor deposits payable exceed expiration Federal Reserve Act Federal Reserve System financial institutions fully amor funds improved real estate installments sufficient insured nonmember bank intended withdrawal interest rates investment LIBRARY OF CONGRESS lien on improved loans secured maturity member bank mortgage loans pay interest payment of interest percent appraised value percent of appraised rate of interest real estate loans regulation Q renewed or extended repayable in installments repayment residential savings banks savings departments savings deposits SAXON secured by real Senator BENNETT Senator JAVITS Senator LONG standby statutory restrictions sufficient to amortize tion tized U.S. Senate whichever is greater WILLIS ROBERTSON
Popular passages
Page 3 - CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill, as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic...
Page 40 - Time certificates of deposit. The term "time certificate of deposit" means a deposit evidenced by a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is payable to bearer or to any specified person or to his order...
Page 35 - ... deposits such as Christmas club accounts and vacation club accounts, which are made under written contracts providing that no withdrawal shall be made until a certain number of periodic deposits have been made during a period of not less than 3 months...
Page 3 - A loan secured by real estate within the meaning of this section shall be in the form of an obligation or obligations secured by a mortgage, trust deed, or other instrument upon real estate, which shall constitute a first lien on real estate in fee simple or, under such rules and regulations as may be prescribed by the Comptroller of the Currency, on a leasehold under a lease which does not expire for at least 10 years beyond the maturity date of the loan...
Page 42 - ... business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of conducting their business: Provided, That the bank maintains, until maturity date or until withdrawn, all deposits made with it (other than funds held by it in a fiduciary capacity) as time savings deposits of the specific term type or of the type where the right is reserved to the bank to require written notice before permitting withdrawal...
Page 30 - The Federal Reserve Board shall from time to time limit by regulation the rate of interest which may be paid by member banks on time deposits, and may prescribe different rates for such payment on time and savings deposits...
Page 33 - No member bank shall, directly or indirectly by any device whatsoever, pay any interest on any deposit which is payable on demand...
Page 40 - time deposit, open account" means a deposit, other than a "time certificate of deposit" or a "savings deposit", with respect to which there is in force a written contract with the depositor that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, prior to the date of maturity which shall be not...
Page 41 - Which consists of funds deposited to the credit of one or more individuals, or of a corporation, association, or other organization operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not operated for profit...
Page 42 - Within this part, any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit shall be considered interest.