[Congressional Record Volume 159, Number 56 (Tuesday, April 23, 2013)]
[Extensions of Remarks]
[Pages E522-E523]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 IN SUPPORT OF AN AMENDMENT TO THE EXPEDITED FUNDS AVAILABILITY ACT TO 
         CLARIFY THE APPLICATION OF THAT ACT TO AMERICAN SAMOA

                                 ______
                                 

                       HON. ENI F.H. FALEOMAVAEGA

                           of american samoa

                    in the house of representatives

                        Tuesday, April 23, 2013

  Mr. FALEOMAVAEGA. Mr. Speaker, I submit for introduction this 
legislation to amend

[[Page E523]]

the Expedited Funds Availability Act, more commonly known as Regulation 
CC, to clarify the application of Regulation CC to American Samoa. 
Enacted in 1987, Regulation CC standardized hold periods on deposits 
made to commercial banks. It also excluded American Samoa from the 
definitions of ``State'' and ``United States.'' Banks in American Samoa 
were deemed ``Pacific Island banks,'' and checks drawn on Pacific 
Island banks were thereafter called ``Pacific Island checks.''
  A crucial distinction between State banks and checks and Pacific 
Island banks and checks lies in the ``hold time'' permitted by 
Regulation CC. For example, State banks must release funds from 
deposited checks immediately for in-state checks, and shortly 
thereafter for out-of-state checks. Pacific Island banks, however, can 
hold checks for an undetermined amount of time before releasing funds 
for access or use. Another distinction permits a delay in the return of 
Pacific Island checks that are overdrawn. However, State checks that 
are overdrawn must be returned ``in an expeditious manner.''
  Due to these distinctions, the people of American Samoa are subject 
to excessive hold times on funds that should be available in short 
order. This places a significant financial burden on my constituents. 
The legislation I have introduced today will amend Regulation CC to 
include American Samoa within the definition of ``State'' and ``United 
States.'' As a result, banks in my district will be required to treat 
local patrons with the same level of services offered in the rest of 
the states and other territories.
  In anticipation that this bill will be referred to the House 
Committee on Financial Services, I look forward to working closely with 
Chairman Jeb Hensarling and Ranking Member Maxine Waters to ensure that 
American Samoa is included within the provisions of Regulation CC.

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