Competitive Equality Banking Act of 1987

The Competitive Equality Banking Act of 1987 aims to regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, and regulate consumer checkholds. The key provisions include amendments to the definition of a "bank," exemptions for certain institutions, restrictions on transactions between member banks and their affiliates, and prohibitions on savings and loan holding companies engaging in certain activities. Effective dates and regulations are also specified, including the establishment of the Financing Corporation to handle the recapitalization of FSLIC.