I 111th CONGRESS 2d Session H. R. 4936 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.

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.

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.

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. .

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. .

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,.