Section 1 clarifies state law regarding the day on which a bank can close in connection with a holiday, in addition to the holiday itself. For instance, it permits a bank to be closed on a Saturday that follows a Friday holiday or closed on a Monday that follows a Sunday holiday.
Section 2 amends state law regarding bank lending limits, which limits the total amount for which any one individual can be indebted to a state-chartered bank. The change involves adding the bank's credit exposure to the individual arising out of a derivative transaction as defined.
Section 3 repeals two laws that define "demand deposit" and limit payment of interest on them.