[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4936 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4936

To amend the Expedited Funds Availability Act, to adjust dollar limits 
            on check hold policies, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 2010

 Ms. Tsongas introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Expedited Funds Availability Act, to adjust dollar limits 
            on check hold policies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Faster Access and Shorter 
Transaction Time for Checks Act of 2010'' or the ``FASTT Checks Act''.

SEC. 2. ADJUSTMENT OF DOLLAR AMOUNTS.

    (a) Section 603 Adjustments.--Section 603 of the Expedited Funds 
Availability Act (12 U.S.C. 4002) is amended--
            (1) in subsection (a)(2)(D), by striking ``$100'' and 
        inserting ``$200'';
            (2) in subsection (b)(3)(B), by striking ``$400'' each 
        place that term appears and inserting ``$800'';
            (3) in subsection (b)(3)(C), in the subparagraph heading, 
        by striking ``$100'' and inserting ``$200''; and
            (4) in subsection (c)(1)(B)(iii), in the clause heading, by 
        striking ``$100'' and inserting ``$200''.
    (b) Section 604 Adjustments.--Section 604 of the Expedited Funds 
Availability Act (12 U.S.C. 4003) is amended--
            (1) in subsection (a)(3)--
                    (A) in the paragraph heading, by striking 
                ``$5,000'' and inserting ``$10,000''; and
                    (B) by striking ``$5,000'' each place that term 
                appears and inserting ``$10,000''; and
            (2) in subsection (b)(1), striking ``$5,000'' and inserting 
        ``$10,000''.

SEC. 3. ELIMINATION OF LARGE DEPOSIT EXCEPTION FOR LARGE DEPOSITARY 
              BANKS.

    Section 604(b) of the Expedited Funds Availability Act (12 U.S.C. 
4003(b)) is amended--
            (1) by redesignating paragraphs (1), (2), and (3) as 
        subparagraphs (A), (B), and (C), respectively, and moving the 
        left margin of each such subparagraph (as so redesignated) 2 
        ems to the right;
            (2) by striking ``Repeated Overdrafts.--The Board'' and 
        inserting ``Repeated Overdrafts.--
            ``(1) In general.--The Board''; and
            (3) by adding at the end the following new paragraph:
            ``(2) Exception for large depositary banks.--Subparagraph 
        (A) of paragraph (1) shall not apply, and the Board may not 
        establish any exception under such subparagraph, with respect 
        to any check that--
                    ``(A) has been truncated and cleared in accordance 
                with the Check Clearing for the 21st Century Act; and
                    ``(B) is received for payment or deposit at a 
                depositary bank (as defined in section 3(3)(B) of such 
                Act) which has total assets of $10,000,000,000 or 
                more.''.

SEC. 4. REGULAR ADJUSTMENTS FOR INFLATION.

    Section 607 of the Expedited Funds Availability Act (12 U.S.C. 
4006) is amended by adding at the end the following:
    ``(f) Adjustments to Dollar Amounts for Inflation.--The dollar 
amounts under this title shall be adjusted every 5 years after December 
31, 2011, by the annual percentage increase in the Consumer Price Index 
for Urban Wage Earners and Clerical Workers, as published by the Bureau 
of Labor Statistics, rounded to the nearest multiple of $25.''.

SEC. 5. TREATMENT OF SATURDAY AS A BUSINESS DAY.

    (a) Definition.--Section 602(3) of the Expedited Funds Availability 
Act (12 U.S.C. 4001(3)) is amended by inserting before the period at 
the end the following: ``, except that Saturday shall be treated as a 
business day in the calculation of any period within which funds 
deposited in an account at a receiving depository institution are 
required to be made available under this title''.
    (b) Conforming Amendment.--Section 607(a) of the Expedited Funds 
Availability Act (12 U.S.C. 4006(a)) is amended by striking 
``Saturday,''.
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