A bill to require the Board of Governors of the Federal Reserve System to impose limitations on the number of days a depository institution may restrict the availability of funds which are deposited by check.
Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to promulgate regulations to establish a reasonable period of time within which a depository institution shall permit a retail banking customer to draw on an item received for deposit in such customer's account.
Permits a depository institution and retail banking customer to agree in writing to a greater period of time if special circumstances are involved.
Declares that the regulations promulgated under this Act shall require each depository institution to: (1) notify each of its retail banking customers, in writing, of the applicable time limitations on the right to draw on items received for deposit in the customer's account; and (2) keep posted in a conspicuous place at each branch a notice which substantially sets forth such applicable time limitations.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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