(Sec. 3) Authorizes interest-bearing transaction accounts for businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board (Board) may determine) to another account of the owner in the same institution.
(Sec. 4) Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.
Revises the requirements for the annual survey of bank fees and services by the Board to specify the inclusion of: (1) checking and other transaction accounts; (2) negotiable order of withdrawal and savings accounts; (3) automated teller machine transactions; and (4) other electronic transactions. Establishes minimum survey requirements for each such account or transaction area. Requires such survey to address minimum balance requirements as well as fees.
Amends the Truth in Lending Act (and Consumer Credit Protection Act) to revise the requirements for the semiannual survey of credit card price and availability information to specify the inclusion of certain information, including finance charges, annual percentage rates, and various fees.
Requires the Board to report annually to Congress on the results of both surveys.
Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to repeal the termination date for and so continue the annual survey by the Board of certain retail banking services (and associated fees) provided by insured depository institutions.
(Sec. 5) Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.
(Sec. 6) Directs the Federal reserve banks in FY 2002 through 2006 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions.
(Sec. 7) Provides a rule of construction for escrow accounts maintained at a depository institution in connection with a real estate transaction. Declares that the institution's absorption of expenses or forbearance in charging a fee or other benefit should not be treated as the payment or receipt of interest.