the depository institutions deregulation and monetary control act of 1980 which authorized the deregulation of banks and savings institutions. allowed savings and loan associations to Offer checking-type accounts; to issue credit cards. established loan loss reserve requirements. a follow-on bill, the depository institutions act of 1982 (also sponsored by senators garn and st. germain), allowed savings and loan associations to have up to 50% of assets in real estate development; 30% of assets in consumer loans and corporate debt; own real estate development companies; and Offer money marketdeposit accounts. garn-st. germain
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