HR 2443 99th Congress House Finance and Financial Sector Advisory bodies Awards, medals, prizes Bank deposits Bank failures Bank holding companies Bank mergers Checking accounts Checks Congressional tributes Consumer education Consumer protection Credit unions Deposit insurance Federal advisory bodies Government Operations and Politics Government corporations Government securities Interest Interstate banking

Federal Savings and Loan Insurance Corporation and Financial Regulations Act

Introduced: May 8, 1985 See on congress.gov

Everywhere this bill has been 25 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 18, 1986

Passed Senate with an amendment by Voice Vote.

Oct 18, 1986

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

Oct 18, 1986

Measure laid before Senate by unanimous consent.

Oct 18, 1986

Senate Committee on Banking discharged by Unanimous Consent.

Sep 23, 1986

See H.R.5576.

Jan 27, 1986

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

Jan 23, 1986

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

Jan 23, 1986

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

Jan 23, 1986

Committee Amendment in the Nature of a Substitute Considered as an Original Bill for the Purpose of Amendment.

Jan 23, 1986

Called up by House by Rule.

Jan 23, 1986

Rule Passed House.

Jan 22, 1986

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

Jan 22, 1986

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

Jan 22, 1986

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.

Nov 26, 1985

Placed on Union Calendar No: 240.

Nov 26, 1985

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

Nov 20, 1985

Ordered to be Reported (Amended).

Nov 20, 1985

Committee Consideration and Mark-up Session Held.

Nov 13, 1985

Forwarded by Subcommittee to Full Committee (Amended).

Nov 13, 1985

Subcommittee Consideration and Mark-up Session Held.

Oct 10, 1985

Subcommittee Hearings Held.

Oct 9, 1985

Subcommittee Hearings Held.

May 8, 1985

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

May 8, 1985

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

May 8, 1985

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now October 18, 1986

Passed Senate with an amendment by Voice Vote.

Committees of jurisdiction 3