A bill to amend the Federal Deposit Insurance Act and the National Housing Act to restrict the manner in which federally insured depository institutions may increase fees on individual retirement accounts and to limit the penalties imposed by any depository institution for the early withdrawal of a time deposit.

Amends the Internal Revenue Code regarding individual retirement accounts to require financial institutions to state fees clearly in governing instruments and delay fee increases for 90 days after announcement or the first date for penalty-free withdrawal, whichever is later. Prohibits early withdrawal penalties from reducing the original principal amount.

Amends the Federal Deposit Insurance Act and the National Housing Act, respectively, to require insured banks to comply with such Code amendments.