The Expedited Funds Availability Act: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, Second Session, on H.R. 5301 ... April 4, 1984
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance
U.S. Government Printing Office, 1984 - Bank deposits - 414 pages
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action additional adopted agencies American amount apply Association authority availability of funds Bank Board bank's bankers believe bill business day California cash Chairman ST GERMAIN checks drawn clearing Code collection Committee concerned Congress CONOVER consumer cost credit union delayed delayed availability deposit account depositary bank depository institution determined direct disclosure DOUGLAS efforts Federal Reserve Federal Reserve Board financial institutions funds availability going Government hear hold period House industry insured interest issue legislation limit Loan located losses March MARTIN matter means notes notice opened payment person policy statement practices problem proposed question reasonable received redemption reduce regarding regulations REPRESENTATIVES request require response result returned risk savings Security Senator shares Subcommittee suggested Superintendent TESE Thank transfers Trust Washington withdrawal York
Page 341 - These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary Is a criminal offense.
Page 78 - In determining the amount of award in any class action, the court shall consider, among other relevant factors, the amount of any actual damages awarded, the frequency and persistence of failures of compliance by the creditor, the resources of the creditor, the number of persons adversely affected, and the extent to which the creditor's failure of compliance was intentional.
Page 79 - Commission, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 81 - ... (4) Subject to any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in an account with its customer becomes available for withdrawal as of right (a) in any case where the bank has received a provisional settlement for the item,— when such settlement becomes final and the bank has had a reasonable time to learn that the settlement is final...
Page 78 - A creditor may not be held liable in any action brought under this section for a violation of this chapter if the creditor shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.
Page 385 - Act for a period not in excess of an additional banking day without discharge of secondary parties and without liability to its transferor or any prior party. (2) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this...
Page 78 - ... in the case of a class action, such amount as the court may allow, except that as to each member of the class no minimum recovery shall be applicable, and the total recovery under this subparagraph in any class action or series of class actions...
Page 77 - Corporation and to savings and loan holding companies: (2) the term "regulated financial institution" means an insured bank as defined in Section 3 of the Federal Deposit Insurance Act or an insured institution as defined in Section 401 of the National Housing Act...
Page 373 - Edwin J. Gray Chairman Federal Home Loan Bank Board 1700 G Street, NW Washington, DC 20552 Dear Mr.
Page 77 - ... (5) A deposit of money in a bank is final when made but, subject to any right of the bank to apply the deposit to an obligation of the customer, the deposit becomes available for withdrawal as of right at the opening of the bank's next banking day following receipt of the deposit.