The Depository Institutions Deregulation and Monetary Control Act (H.R. 4986) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31st. It gave the Federal Reserve greater control over non-member banks.
- It forced all banks to abide by the Fed's rules.
- It allowed banks to merge.
- It removed the power of the Federal Reserve Board of Governors under the Glass–Steagall Act to use Regulation Q to set maximum interest rates for any deposit accounts other than demand deposit accounts (with a six-year phase-out).
- It allowed NOW Accounts to be offered nationwide.
- It raised the deposit insurance of US banks and credit unions from $40,000 to $100,000.
- It allowed credit unions and savings and loans to offer checkable deposits.
- It allowed institutions to charge any loan interest rates they choose.
- It required that banks be charged Fed Float for use of funds received before clearing between depository institutions.