The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks. Its main purpose was to force all banks to abide by the Fed's rules. It also allowed banks to merge. Its secondary purpose was to allow credit unions and savings and loans to offer checkable deposits. The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal Law of the United States. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... A credit union is a not-for-profit co-operative financial institution that is owned and controlled by its members, through the election of a volunteer Board of Directors elected from the membership itself. ... A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ... Checkable deposits includes demand deposits, automatic transfer service account, Negotiable Order of Withdrawal account, and other checkable deposits. ...

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