A bill to protect depositors, creditors and Federal deposit insurance funds, to prevent significant disruptions in financial services, and for other purposes.

Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System to permit any bank holding company to acquire voting shares, interests in, or assets of any additional bank located outside the State in which such company's banking subsidiaries are principally conducted. Requires the Federal Financial Institutions Examination Council to be satisfied that an emergency exists with regard to the additional bank and a transaction involving an intrastate purchaser of such bank would not be in the public interest. Directs the Board to consider the possible adverse effects of any proposed transaction upon competition or upon the concentration of resources in any State, region, or the nation. Permits the Board to dispense with notice and hearing requirements if an emergency exists requiring immediate action.

Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to make loans to purchase the assets of, or make deposits in, insured banks when severe economic conditions exists which threaten the stability of insured banks in a large geographic region and such action will reduce the risk to the FDIC. Permits the FDIC to make loans or purchase assets to facilitate a merger or a sale of the assets and an assumption of the liabilities of an insured bank with or by a savings and loan association as well as another insured bank.

Amends the National Housing Act to authorize the Federal Savings and Loan Insurance Corporation (FSLIC) to permit any savings and loan holding company to acquire voting shares, interests in, or assets of any additional insured institution (including Federal stock savings banks and State-chartered mutual savings bank) located outside the State in which the principal savings and loan business of such company is conducted under the same circumstances in which a bank holding company may acquire an out-of-State bank.

Amends the Federal Home Loan Bank Act to authorize the Federal Home Loan Bank Board to suspend temporarily the reserve requirements and permit dividends to be paid out of existing reserves if severe economic conditions exist which threaten the stability of member institutions. Increases the aggregate principal amount of outstanding Federal Home Loan Bank obligations that may be held by the Secretary of the Treasury from $4,000,000,000 to $10,000,000,000.

Amends the Home Owners' Loan Act of 1933 to authorize the Federal Home Loan Bank Board to permit the conversion of a mutual savings and loan association in receivership into a Federal stock savings and loan association or charter a Federal stock savings and loan association to acquire the assets of such an institution in receivership.

Amends the Federal Credit Union Act to require the National Credit Union Administration Board to pay excess funds to the Secretary of the Treasury to be credited against any outstanding loans from the Secretary to the National Credit Union Share Insurance Fund. Authorizes the Fund to borrow from the National Credit Union Administration Control Liquidity Facility. Authorizes the Board to permit the merger or the purchase and assumption of the assets and liabilities of an insured credit union in danger of insolvency with or by any other insured credit union under similar circumstances by which holding companies may acquire out-of-State banks or savings and loans associations. Permits the Board to appoint itself as conservator and take possession and control of specified insured credit unions. Authorizes the Facility to act as an agent of the Federal Reserve System as requested by the Federal Reserve Board.

Terminates the amendments made by this Act three years after enactment.