An Act to extend the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgage disclosure.
PL 94-200 (S.1281), enacted 12/31/1975

89 STAT. 1124 
PUBLIC LAW 94-200—DEC. 31, 1975 
Public Law 94-200 
94th Congress 
An Act 
Dec. 61, 1975 
rp^^ extend the authority for the flexible regulation of interest rates on deposits 
[S. 1281] 
and share accounts in depository institutions, to extend the National Com-
mission on Electronic Fund Transfers, and to provide for home mortgage 
disclosure. 
Depository 
institutions, 
interest rates; 
National 
Commission on 
Electronic Fund 
Transfers, 
extension; home 
mortgage 
disclosure. 
12 u s e 461 note. 
12 u s e 461 note. 
12 u s e 2403. 
Be it enacted hy the Senate and House of Representatives of the 
United States of America in Congress assembled, 
TITLE I—REGULATIOX OF INTEREST RATES 
SEC. 101. Section 7 of the Act of September 21, 1966 (Public Law 
89-597), is amended by striking out "December 31,1975-' and inserting 
in lieu thereof "March 1,1977*'. 
SEC. 102. (a) An interest rate differential for any category of 
deposits or accounts which is in effect on December 10, 1975, between 
(1) any bank (other than a savings bank) the deposits of which are 
insured by the Federal Deposit Insurance Corporation and (2) any 
savings and loan, building and loan, or homestead association (includ-
ing cooperative banks) the deposits or accounts of which are insured 
by the Federal Savings and Loan Insurance Corporation or any mutual 
savings bank as defined in section 3(f) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(j)) may not be eliminated or reduced 
unless—• 
(A) written notification is given by the Board of Governors of 
the Federal Reserve System to the Congress; and 
(B) the House of Representatives and the Senate approve, by 
concurrent resolution, the proposed elimination or reduction of 
the interest rate differential. 
(b) In the case of the elimination or reduction of any interest rate 
differential under subsection (a) with respect to any category of 
deposits or accounts between (1) any bank (other than a savings 
bank) the deposits of which are insured by the Federal Deposit Insur-
ance Corporation and (2) any savings and loan, building and loan, or 
homestead association (including cooperative banks) the deposits or 
accounts of which are insured by the Federal Savings and Loan Insur-
ance Corporation or any mutual savings bank as defined in section 
3(f) of the Federal Deposit Insurance Act (12 U.S.C. 1813(f)), 
the maximum rate of interest which shall be established for such cate-
gory of deposits for banks (other than savings banks) the deposits of 
which are insured by the Federal Deposit Insurance Corporation shall 
be equal to the highest rate of interest which savings and loan associa-
tions the deposits or accounts of which are insured by the Federal 
Savings and Loan Insurance Corporation were permitted to charge 
for such category of deposits immediately prior to the elimination or 
reduction of such interest rate differential. 
TITLE 
II—ELECTRONIC 
FUND TRANSFERS 
SEC. 201. Section 203(b) of title II of the Act of October 28, 1974 
(Public Law 93^95), is amended by— 
(1) striking out "within one year of its findings and recommen-
dations" and inserting in lieu thereof "within one year of the date 
PUBLIC LAW 94-200—DEC. 31, 1975 
89 STAT. 1125 
of the confirmation by the Senate of the Chairperson or the 
appointment by the President of an acting Chairperson"; and 
(2) striking out "not later than two years after the date of 
enactment of this Act" and inserting in lieu thereof "not later 
than two years after the date of the confirmation by the Senate 
of the Chairperson or the appointment by the President of an 
acting Chairperson". 
T I T L E I I I — H O M E MORTGAGE D I S C L O S U R E 
Home Mortgage 
Disclosure Act of 
SHORT TITLE 
1975. 
SEC. 301. This title may be cited as the "Home Mortgage Disclosure 12 USC 2801 
Act of 1975". 
note-
FINDINGS AND PURPOSES 
SEC. 302. (a) The Congress finds that some depository institutions 12 USC 2801. 
have sometimes contributed to the decline of certain geographic areas 
by their failure pursuant to their chartering responsibilities to provide 
adequate home financing to qualified applicants on reasonable terms 
and conditions. 
(b) The purpose of this title is to provide the citizens and public 
officials of the United States with sufficient information to enable them 
to determine whether depository institutions are filling their obliga-
tions to serve the housing needs of the communities and neighborhoods 
in which they are located and to assist public officials in their determi-
nation of the distribution of public sector investments in a manner 
designed to improve the private investment environment. 
(c) N^othing ill this title is intended to, nor shall it be construed to, 
encourage unsound lending practices or the allocation of credit. 
DEFINITIONS 
SEC. 303. For purposes of this title— 
12 USC 2802. 
(1) the term "mortgage loan" means a l6an which is secured 
by residential real property or a home improvement loan; 
(2) the term "depository institution" means any commercial 
bank, savings bank, savings and loan association, building and 
loan association, or homestead association (including cooperative 
banks) or credit union which makes federally related mortgage 
loans as determined by the Board; 
(3) the term "Board" means the Board of Governors of the Fed-
eral Reserve System; and 
(4) the term "Secretary" means the Secretary of Housing and 
Urban Development. 
MAINTENANCE OF RECORDS AND PUBLIC DISCLOSURE 
SEC. 304. (a)(1) Each depository institution which has a home 12 USC 2803., 
office or branch office located within a standard metropolitan statistical 
area, as defined by the Office of Management and Budget shall compile 
and make available, in accordance with regulations of the Board, to 
the public for inspection and copying at the home office, and at at least 
one branch office within each standard metropolitan statistical area in 
which the depository institution has an office the number and total 
dollar amount of mortgage loans which were (A) originated, or (B) 
purchased by that institution during each fiscal year (beginning with 
the last full fiscal year of that institution which immediately preceded 
the effective date of this title). 
57-194 O - 77 - 75 
89 STAT. 1126 
PUBLIC LAW 94-200—DEC. 31, 1975 
12 use 1707. 
42 use 1471. 
38 use 1801 et 
seq. 
(2) The information required to be maintained and made available 
under paragraph (1) shall also be itemized in order to clearly and 
conspicuously disclose the following: 
(A) The number and dollar amount for each item referred to 
in paragraph (1), by census tracts, where readily available at a 
reasonable cost, as determined by the Board, otherwise by Z I P 
code, for borrowers, under mortgage loans secured by property 
located within that standard metropolitan statistical area, 
(B) The number and dollar amount for each item referred to 
in paragraph (1) for all such mortgage loans which are secured 
by property located outside that standard metropolitan statistical 
area. 
For the purpose of this paragraph, a depository institution which 
maintains offices in moie than one standard metropolitan statistical 
area shall be required to make the information required by this par-
agraph available at any such office only to the extent that such infor-
mation relates to mortgage loans which were originated or purchased 
by an office of that depository institution located in the standard met-
ropolitan statistical area in which the office making such information 
available is located. 
(b) Any item of information relating to mortgage loans required 
to be maintained under subsection (a) shall be further itemized in 
order to disclose for each such item— 
(1) the number and dollar amount of mortgage loans which 
are insured under title I I of the National Housing Act or under 
title V of the Housing Act of 1949 or which are guaranteed under 
chapter 37 of title 38, United States Code; 
(2) the number and dollar amount of mortgage loans made to 
mortgagors who did not, at the time of execution of the mortgage, 
intend to reside in the property securing the mortgage loan; and 
(3) the number and dollar amount of home improvement loans. 
(c) Any information required to be compiled and made available 
under this section shall be maintained and made available for a period 
of five years after the close of the first year during which such informa-
tion is required to be maintained and made available. 
Regulations. 
12 use 2804. 
eompliance. 
12 use 1818. 
ENFORCEMENT 
SEC. 305. (a) The Board shall prescribe such regulations as may be 
necessary to carry out the purposes of this title. These regulations 
may contain such classifications, differentiations, or other provisions, 
and may provide for such adjustments and exceptions for any class 
of transactions, as in the judgment of the Board are necessary and 
proper to effectuate the purposes of this title, and prevent circumven-
tion or evasion thereof, or to facilitate compliance therewith. 
(b) Compliance with the requirements imposed under this title 
shall be enforced under— 
(1) section 8 of the Federal Deposit Insurance Act, in the case 
of— 
(A) national banks, by the Comptroller of the Currency; 
(B) member banks of the Federal Reserve System, other 
than national banks, by the Board; 
(C) banks insured by the Federal Deposit Insurance Cor-
poration (other than members of the Federal Reserve Sys-
tem) and mutual savings banks as defined in section 3(f) of 
the Federal Deposit Insurance Act (12 U.S.C. 1813(f)) and 
PUBLIC LAW 94-200—DEC. 31, 1975 
89 STAT. 1127 
any other depository institution not referred to in this para-
graph or paragraph (2) or (3) of this subsection, by the 
Board of Directors of the Federal Deposit Insurance 
Corporation; 
(2) section 5(d) of the Home Owners' Loan Act of 1933, sec- 12 USC 1464. 
tion 407 of the National Housing Act, and sections 6(i) and 17 12 USC 1730. 
of the Federal Home Loan Bank Act, by the Federal Home Loan 12 USC 1426, 
Bank Board (acting directly or through the Federal Savings and ^'^^'^• 
Loan Insurance Corporation), in the case of any institution sub-
ject to any of those provisions; and 
(3) the Federal Credit Union Act, by the Administrator of 12 USC 1751. 
the National Credit Union Administration with respect to any 
credit union, 
(c) For the purpose of the exercise by any agency referred to in Violation, 
subsection (b) of its powers under any Act referred to in that sub-
section, a violation of any requirement imposed under this title shall 
be deemed to be a violation of a requirement imposed under that Act. 
In addition to its powers under any provision of law specifically 
referred to in subsection (b), each of the agencies referred to in that 
subsection may exercise, for the purpose of enforcing compliance with 
any requirement imposed under this title, any other authority con-
ferred on it by law. 
RELATION TO STATE LAWS 
SEC. 306. (a) This title does not annul, alter, or affect, or exempt 12 USC 2805. 
any State chartered depository institution subject to the provisions of 
this title from complying with the laws of any State or subdivision 
thereof with respect to public disclosure and recordkeeping by 
depositor institutions, except to the extent that those laws are incon-
sistent with any provision of this title, and then only to the extent of 
the inconsistency. The Board is authorized to determine whether such 
inconsistencies exist. The Board may not determine that any such law 
is inconsistent with any provision of this title if the Board determines 
that such law requires the maintenance of records w4th greater 
geographic or other detail than is required under this title, or that such 
law otherwise provides greater disclosure than is required under this 
title. 
(b) The Board may by regulation exempt from the requirements of 
this title any State chartered depository institution within any State 
or subdivision thereof if it determines that, under the law of such State 
or subdivision, that institution is subject to requirements substantially 
similar to those imposed under this title, and that such law contains 
adequate provisions for enforcement. Notwithstanding any other pro-
vision of this subsection, compliance with the requirements imposed 
under this subsection shall be enforced under— 
(1) Section 8 of the Federal Deposit Insurance Act in the 12 USC 1818. 
case of national banks, by the Comptroller of the Currency; and 
(2) Section o(d) of the Home Owners' Loan Act of 1933 in 12 USC 1464. 
the case of any institution subject to that provision, by the Fed-
eral Home Loan Bank Board. 
RESEARCH AXD IMPROVED METHODS 
SEC. 307. (a) (1) The Federal Home Loan Bank Board, with the 12 USC 2806. 
assistance of the Secretary, the Director of the Bureau of the Census, 
the Comptroller of the Currency, the Board of Governors of the Fed-
eral Eeserve System, the Federal Deposit Insurance Corporation, and 
89 STAT. 1128 
PUBLIC LAW 94-200—DEC. 31, 1975 
Appropriation 
authorization. 
Recommendation 
to congressional 
committees. 
such other persons as the Federal Home Loan Bank Board deems 
appropriate, shall develop, or assist in the improvement of, methods 
of matching addresses and census tracts to facilitate compliance by 
depository institutions in as economical a manner as possible with the 
requirements of this title. 
(2) There is authorized to be appropriated such sums as may be 
necessary to carry out this subsection. 
(3) The Federal Home Loan Bank Board is authorized to utilize, 
contract with, act through, or compensate any person or agency in 
order to carry out this subsection. 
(b) The Federal Home Loan Bank Board shall recommend to the 
Committee on Banking, Currency and Housing of the House of Repre-
sentatives and the Committee on Banking, Housing and Urban Ajffairs 
of the Senate such additional legislation as the Federal Home Loan 
Bank Board deems appropriate to carry out the purpose of this title. 
STUDY 
12 use 2807. 
Report to 
Congress. 
12 use 2808. 
SEC. 308. (a) The Board, in consultation with the Secretary of 
Housing and Urban Development, is authorized and directed to carry 
out a study to determine the feasibility and usefulness of requiring 
depository institutions located outside standard metropolitan statisti-
cal areas, as defined by the Office of Management and Budget, to make 
disclosures comparable to those required by this title, 
(b) A report on the study under this section shall be transmitted to 
the Congress not later than three years after the date of enactment of 
this title. 
EFFECTIVE DATE 
SEC. 309. This title shall take effect on the one hundred and eightieth 
day beginning after the date of its enactment. Any depository institu-
tion which has total assets as of its last full fiscal year of $10,000,000 
or less is exempt from the provisions of this title. 
TERMINATION OF AUTHORITY 
12 use 2809, 
SEC. 310. The authority granted by this title shall expire four years 
after its effective date. 
Approved December 31, 1975. 
LEGISLATIVE HISTORY: 
HOUSE REPORTS: No. 94-561 accompanying H.R. 10024 (Comm. on Banking, 
Currency and Housing) and No. 94-726 (Comm. of eonference). 
SENATE REPORTS: No. 94-187 (Comm. on Banking, Housing and Urban Affairs) and 
No. 94-553 (eomm. of Conference). 
CONGRESSIONAL RECORD, Vol. 121 (1975): 
July 26, Sept. 4, considered and passed Senate. 
Oct. 30, 31, considered and passed House, amended, in lieu of H.R. 10024. 
Dec. 15, Senate agreed to conference report. 
Dec. 18, House agreed to conference report. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 12, No. 1: 
Jan. 1, Presidential statement.