Federal Savings and Loan Insurance Corporation and Financial Regulations Act

Summary

Expedited Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to begin to develop a system to provide that: (1) funds deposited by checks drawn on a local depository institution shall be available for withdrawal the next business day following the day of deposit; and (2) for all other checks, not more than three business days shall pass between the day of deposit and the day on which the funds become available. Requires such system to be implemented no later than five years after the date of enactment of this Act. Requires the Board, not later than six months after the date of enactment of this Act and annually thereafter until such goal is achieved, to report to the Congress concerning the actions it has taken. Sets forth time standards for expedited check clearing in any case in which funds are deposited by check in an account at a depository institution. Requires cash deposits to be available on the next business day. Makes exceptions to such standards with respect to: (1) checks drawn on a depository institution or an office of a depository institution located outside of the United States; (2) deposits of checks aggregating more than $5,000 in any account on any business day, excluding cashier's and certified checks beginning two years after enactment of this Act; (3) deposits made by new depositors within the first 30 days after opening an account, excluding cashier's and certified checks beginning two years after enactment of this Act; (4) any account that is overdrawn three times in six months; and (5) emergencies beyond the control of the depository institution. Permits a State to require, or a depository institution to provide for, shorter time periods for deposit availability. Requires interest to accrue on funds deposited in interest-bearing accounts beginning on the business day of deposit. Requires a depository institution to meet specified disclosure requirements concerning its general policy on the availability for withdrawal of funds deposited by check. Authorizes the Board to publish model disclosure forms and clauses for common transactions. Directs the Board to establish a Payments System Advisory Council to advise and consult with it in the exercise of its functions under this Act. Sets forth provisions governing: (1) the administrative enforcement of this Act; and (2) the civil liability of institutions that fail to comply with this title.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 May 1985

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

2. 8 May 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 May 1985

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

4. 8 May 1985

   Introduced

   Introduced in House

   Source: IntroReferral

5. 9 October 1985

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 10 October 1985

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 13 November 1985

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

8. 13 November 1985

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

9. 20 November 1985

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

10. 20 November 1985

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

11. 26 November 1985

    Calendars

    Placed on Union Calendar No: 240.

    Source: Calendars

12. 26 November 1985

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 99-404.

    Source: Committee

13. 26 November 1985

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 99-404.

    Source: Committee

14. 22 January 1986

    Passed

    House Agreed to Amendments Adopted by the Committee of the Whole.

    Source: Floor

15. 22 January 1986

    Reported

    Rules Committee Resolution H.Res.357 Reported to House.

    Source: Floor

16. 22 January 1986

    Floor

    Committee on Rules Granted a Modified Open Rule Providing One Hour of General Debate; Making in Order a Committee Amendment in the Nature of a Substitute; Waiving Points of Order Against the Substitute.

    Source: Floor

17. 23 January 1986

    Vote

    Passed House (Amended) by Yea-Nay Vote: 282 - 11 (Record Vote No: 8).

    Source: Floor

18. 23 January 1986

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 282 - 11 (Record Vote No: 8).

    Source: Floor

19. 23 January 1986

    Floor

    Called up by House by Rule.

    Source: Floor

20. 23 January 1986

    Passed

    Rule Passed House.

    Source: Floor

21. 27 January 1986

    Introduced

    Received in the Senate and read twice and referred to the Committee on Banking.

    Source: IntroReferral

22. 23 September 1986

    Committee

    See H.R.5576.

    Source: Committee

23. 18 October 1986

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

24. 18 October 1986

    Passed

    Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

    Source: Floor

25. 18 October 1986

    Discharge

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Discharge

26. 18 October 1986

    Committee

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

4 official files

• Passed Senate amended

  summary · EN · 18 October 1986

  Open at official source

• Passed House amended

  summary · EN · 23 January 1986

  Open at official source

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• Reported to House with amendment(s)

  summary · EN · 26 November 1985

  Open at official source

  Leesvertaling

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  Vertaal document

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• Introduced in House

  summary · EN · 8 May 1985

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Sponsor
• Del. Fauntroy, Walter E. [D-DC-At Large] · D · Sponsor
• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Rep. Garcia, Robert [D-NY-18] · D · Sponsor
• Rep. Roemer, Buddy [D-LA-4] · D · Sponsor
• Sen. Nelson, Bill [D-FL] · D · Sponsor
• Rep. Cooper, Jim [D-TN-5] · D · Sponsor
• Rep. McKinney, Stewart B. [R-CT-4] · R · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• Rep. Kleczka, Gerald D. [D-WI-4] · D · Sponsor
• Rep. Lehman, Richard H. [D-CA-19] · D · Sponsor
• Rep. Lundine, Stanley N. [D-NY-34] · D · Sponsor
• Rescom. Fuster, Jamie B. [D-PR-At Large] · D · Sponsor
• Rep. Manton, Thomas J. [D-NY-7] · D · Sponsor
• Rep. Oakar, Mary Rose [D-OH-20] · D · Sponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Sen. Carper, Thomas R. [D-DE] · D · Sponsor
• Sen. Boxer, Barbara [D-CA] · D · Sponsor
• Rep. Waxman, Henry A. [D-CA-33] · D · Cosponsor
• Rep. Downey, Thomas J. [D-NY-2] · D · Cosponsor
• Rep. Hertel, Dennis M. [D-MI-14] · D · Cosponsor
• Rep. Solomon, Gerald B. H. [R-NY-22] · R · Cosponsor
• Rep. Smith, Neal Edward [D-IA-4] · D · Cosponsor
• Rep. Schneider, Claudine [R-RI-2] · R · Cosponsor
• Rep. Mineta, Norman Y. [D-CA-15] · D · Cosponsor
• Rep. Fazio, Vic [D-CA-3] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
• Rep. Owens, Major R. [D-NY-11] · D · Cosponsor
• Rep. Fascell, Dante B. [D-FL-19] · D · Cosponsor
• Rep. Price, Melvin [D-IL-21] · D · Cosponsor
• Rep. Brown, George E., Jr. [D-CA-42] · D · Cosponsor
• Rep. Kostmayer, Peter H. [D-PA-8] · D · Cosponsor
• Rep. Dixon, Julian C. [D-CA-32] · D · Cosponsor
• Rep. Lehman, William [D-FL-17] · D · Cosponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Cosponsor
• Rep. Weiss, Ted [D-NY-17] · D · Cosponsor
• Rep. Mavroules, Nicholas [D-MA-6] · D · Cosponsor
• Rep. McMillan, J. Alex [R-NC-9] · R · Cosponsor
• Rep. Studds, Gerry E. [D-MA-10] · D · Cosponsor
• Rep. Barnes, Michael D. [D-MD-8] · D · Cosponsor
• Rep. Hutto, Earl [D-FL-1] · D · Cosponsor
• Rep. Seiberling, John F. [D-OH-14] · D · Cosponsor
• Del. de Lugo, Ron [D-VI-At Large] · D · Cosponsor
• Rep. Anderson, Glenn M. [D-CA-32] · D · Cosponsor

Showing 48 of 148 sponsors and actors.

Related records

• related to → A resolution providing for the consideration of the bill (H. R. 2443) to limit the number of days a depository institution may restrict the availability of funds which are deposited in any account.
• related to ← Banking Stability, Housing Improvement, and Consumer Protection Act of 1986
• amends ← An amendment to provide that availability schedules would not apply to a check if the receiving depository institution reasonably believed that the drawer or drawee of the check had become, or was about to become, subject to bankruptcy, receivership or similar proceedings, or when the receiving depository institution reasponably believed that a situation involving fraud.
• amends ← an amendment to include in the regulatory authority of the Board of Governors of the Federal Reserve System the responsibility of preserving the soundness and preventing the abuse of the payment system.
• amends ← An amendment provided that availability schedules would not apply to those instances in which there was a reasonable belief that bankruptcy, fraud or kiting might exist.
• amends ← An amendment to change the provisions of the bill relating to check return and notice of nonpayment to include all checks deposited in a receiving depository institution.
• amends ← An amendment to exempt depository institutions from the availability schedules provided in the bill when there is reason to doubt the collectability of funds for a cheque.
• amends ← An amendment to require prompt notification to be given to the drawer and drawee of a check that was not returned by a receiving depository institution because of a reasonable doubt as to the collectability of funds for the check involved.
• amends ← An amendment to replace the Availability Schedules mandated in the bill with the requirement that all depository institutions disclose their hold periods to their customers. It directs the Federal Reserve to publish within 18 months after the bill's enactment a regulation to improve the check clearing system which would then go into effect within 36 months after enactment.

Showing 9 of 10 related records.