Sec. 4. Requirement that funds deposited be available for withdrawal in real-time
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/bill/118/hr/5039/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 602 of the Expedited Funds Availability Act ( 12 U.S.C. 4001 ) is amended— by redesignating paragraphs
(20)through
(25)as paragraphs
(21)through (26), respectively; and by inserting after paragraph
(19)the following: The term real-time — means any time; and includes a Saturday, Sunday, and a legal holiday. . Section 3 of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5002(2)(D)(iv) ) is amended by striking section 602(24) and inserting section 602(25) . Section 603 of the Expedited Funds Availability Act ( 12 U.S.C. 4002 ) is amended— in subsection (a)— in the subsection heading, by striking and inserting Next Business Day ; Real-time in paragraph (1)— in the matter preceding subparagraph (A), by striking Except as provided in subsection
(e)and in section 604, in and inserting In ; and in the matter following subparagraph
(B)by striking not later than the business day after the business day on which and inserting in real-time when ; and in paragraph (2), in the matter preceding subparagraph (A), by striking not later than the business day after the business day on which and inserting in real-time after ; by striking subsection
(b)and inserting the following: Funds deposited in an account at a depository institution by a check drawn on a local or nonlocal originating depository institution shall be available for withdrawal in real-time. ; by striking subsections
(c)and (d); by redesignating subsections
(e)and
(f)as subsections
(c)and (d), respectively; in subsection (c), as redesignated by paragraph (4)— in paragraph (1)— in subparagraph (A)— by striking Not more than 4 business days shall intervene between the business day a and inserting A ; by inserting a comma after subparagraph
(B); by striking is ; and by striking and the business day on which funds from such deposit are available for withdrawal and inserting shall be available for withdrawal in real-time ; and in subparagraph (B), in the subparagraph heading, by striking and inserting paragraph ; and subparagraph in paragraph (2)— by striking , (b), and
(c)and inserting and
(b); and in the paragraph heading, by striking and inserting temporary and permanent schedules ; and permanent schedule in subsection (d)(2), as redesignated by paragraph (4), by striking (c), or
(e)and inserting or
(c). Section 604 of the Expedited Funds Availability Act ( 12 U.S.C. 4003 ) is amended— in subsection (a)— in paragraph (1)— in the paragraph heading by striking and inserting Next business day ; and Real-time in the matter following subparagraph
(D)by striking on the business day after the business day on which such cash or funds are deposited or, in the case of a wire transfer, on the business day after the business day on which and inserting in real-time after such cash or funds are deposited or, in the case of a wire transfer, in real-time after ; in paragraph (2)— by striking , 603(c), or paragraphs and inserting paragraph ; and by striking 603(e) and inserting 603(c) ; and by striking paragraph (3)(B) and inserting the following: any such funds deposited in excess of such amount shall be available for withdrawal in real-time. ; in subsection (b), in the matter preceding paragraph (1), by striking (c), or
(e)and inserting or
(c); in subsection (c)(1), by striking (c), and
(e)and inserting and
(c); and in subsection (d), in the matter preceding paragraph (1), by striking (c), and
(e)and inserting and
(c). Section 607 of the Expedited Funds Availability Act ( 12 U.S.C. 4006 ) is amended— by striking subsections
(a)and (b); and by redesignating subsections
(c)through
(f)as subsections
(a)through (d), respectively. Section 609 of the Expedited Funds Availability Act ( 12 U.S.C. 4008 ) is amended— in subsection (b)(8), by striking , pursuant to the study under subsection
(f); by striking subsections
(d)and (f); and by redesignating subsection
(e)as subsection (d). Not later than 90 days after the date of enactment of this Act, the Comptroller General of the United States shall publish a study on the impact of payment delays on disadvantaged communities, including underbanked communities, and future access to and use of financial services by those communities. Not later than 90 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall submit to Congress a report on the progress of the FedNow instant payment infrastructure, including— any obstacles encountered with respect to institutions opting to utilize FedNow or participants using FedNow; and any challenges anticipated with respect to expanding the utilization of FedNow.
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Sec. 4
Requirement that funds deposited be available for withdrawal in real-time
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