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 |
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Page 24
... doesn't appear to be controversial any more , because as I understand it , the American Bankers Asso- ciation supported the legislation offered by the gentleman from Chicago . In other words , the American Bankers Association 24.
... doesn't appear to be controversial any more , because as I understand it , the American Bankers Asso- ciation supported the legislation offered by the gentleman from Chicago . In other words , the American Bankers Association 24.
Page 25
... Association thought it perfectly appropriate for Congress to pass this law gov- erning all retail transactions in America . So certainly if there is no adverse interference with the market in our regulating every retail transaction in ...
... Association thought it perfectly appropriate for Congress to pass this law gov- erning all retail transactions in America . So certainly if there is no adverse interference with the market in our regulating every retail transaction in ...
Page 50
... OF A LEVEL PLAYING FIELD FOR THEIR CUSTOMERS . THERE HAS ALSO BEEN LIMITED MOVEMENT ON BEHALF OF REGULATORS , BANKS , AND THEIR TRADE ASSOCIATIONS TO ENCOURAGE COMPLIANCE WITH THE AMERICAN NATIONAL STANDARDS INSTITUTE'S 1981 STANDARD ON 50.
... OF A LEVEL PLAYING FIELD FOR THEIR CUSTOMERS . THERE HAS ALSO BEEN LIMITED MOVEMENT ON BEHALF OF REGULATORS , BANKS , AND THEIR TRADE ASSOCIATIONS TO ENCOURAGE COMPLIANCE WITH THE AMERICAN NATIONAL STANDARDS INSTITUTE'S 1981 STANDARD ON 50.
Page 57
... the banking associations or from the in- stitutions- Chairman ST GERMAIN . Most assuredly . Mr. BARNARD [ continuing ] . Of their experience as far as kiting is concerned ? Chairman ST GERMAIN . We won't limit it to kiting 57.
... the banking associations or from the in- stitutions- Chairman ST GERMAIN . Most assuredly . Mr. BARNARD [ continuing ] . Of their experience as far as kiting is concerned ? Chairman ST GERMAIN . We won't limit it to kiting 57.
Page 60
... associations in Washington , DC , draws its checks on a far distant bank . That trade association plays the float with 60 Martin, Hon Preston, Vice Chairman, Board of Governors of the Federal Reserve System 215.
... associations in Washington , DC , draws its checks on a far distant bank . That trade association plays the float with 60 Martin, Hon Preston, Vice Chairman, Board of Governors of the Federal Reserve System 215.
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Common terms and phrases
American Bankers Association amount automated teller machine Availability Act availability of funds available for withdrawal bank's bill CARPER cash Chairman ST GERMAIN check clearing check kites check you deposit checks deposited checks drawn checks returned Committee CONOVER consumer credit union customer accounts day of deposit delayed availability delayed funds availability deposit account depositary bank deposited checks deposited items depository institution disclosure statement DOUGLAS Federal Home Loan Federal Reserve System financial institutions FSLA funds availability policies government checks hold policies Home Loan Bank insured interest issue item drawn items deposited legislation Loan Bank Board money market funds National Bank non-sufficient funds number of days payment payor bank place a hold policy statement provisional credit reasonable received redemption requests regulations require return process returned checks returned item Section Subarticle Subcommittee Subdivision teller TESE thrift institution transaction account uncollected funds Uniform Commercial Code Vincent Tese Washington WYLIE York
Popular passages
Page 339 - 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 76 - 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 77 - 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 79 - ... (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 76 - 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 383 - 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 76 - ... 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 75 - 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 371 - Edwin J. Gray Chairman Federal Home Loan Bank Board 1700 G Street, NW Washington, DC 20552 Dear Mr.
Page 75 - ... (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.