Home > 106th Congressional Bills > H.R. 5410 (rds) To establish revolving funds for the operation of certain programs and activities of the Library of Congress, and for other purposes. [Received in the Senate] ...H.R. 5410 (rds) To establish revolving funds for the operation of certain programs and activities of the Library of Congress, and for other purposes. [Received in the Senate] ...
108th CONGRESS
2d Session
H. R. 5410
To amend the Expedited Funds Availability Act to redress imbalances
between the faster withdrawals permitted under the Check 21 Act and the
slower rates for crediting deposits, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 19, 2004
Mrs. Maloney (for herself, Mr. Jackson of Illinois, Mr. Engel, and Mr.
Markey) introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Expedited Funds Availability Act to redress imbalances
between the faster withdrawals permitted under the Check 21 Act and the
slower rates for crediting deposits, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Consumer Checking Account Fairness
Act''.
SEC. 2. ADJUSTMENT OF CHECK HOLD PERIODS REQUIRED.
(a) In General.--Section 603(d) of the Expedited Funds Availability
Act (12 U.S.C. 4002(d)) is amended by adding at the end the following
new paragraph:
``(3) Coordination with check clearing for the 21st century
act.--
``(A) In general.--The Board shall prescribe
regulations under paragraph (1)--
``(i) to reduce the time periods under
subsections (a), (b), or (e), in accordance
with the requirements of paragraph (1), to take
into account the time within which any
receiving institution can reasonably expect to
learn of the nonpayment of most items for each
category of checks under the Checking Clearing
for the 21st Century Act or the regulations
implementing such Act; or
``(ii) to eliminate distinctions between
the schedules established under subsections
(a), (b), or (e) if the Board finds that such
distinctions no longer have any significance
for any category of checks under the Checking
Clearing for the 21st Century Act or the
regulations implementing such Act.
``(B) Paragraph (2) adjustments.--The Board may, by
regulation, eliminate the extension provided under
paragraph (2) for deposits of any category of checks if
the Board finds that the extension has no practical
necessity under the Checking Clearing for the 21st
Century Act or the regulations implementing such
Act.''.
(b) Technical and Conforming Amendment.--Paragraph (2) of section
603(d) of the Expedited Funds Availability Act (12 U.S.C. 4002(d)) is
amended by inserting ``(other than regulations prescribed under
paragraph (3)(B))'' after ``any other provision of law''.
(c) Regulations.--The Board shall prescribe the regulations
required under the amendment made by subsection (a) in final form
before the end of the 6-month period beginning on the date of the
enactment of this Act.
SEC. 3. AMENDMENTS RELATING TO CHECKING ACCOUNT CONSUMERS.
(a) Deposits at Proprietary ATMs.--Section 603(a)(2) of the
Expedited Funds Availability Act (12 U.S.C. 4002(a)(2)) is amended--
(1) in subparagraphs (B)(ii) and (C)(ii), by inserting ``or
is deposited at a proprietary ATM'' before the semicolon at the
end of each such subparagraph; and
(2) in subparagraph (E), by inserting ``, or a check
deposited at a proprietary ATM,'' after ``deposited in a branch
of a depository institution''.
(b) Limitation on Certain Fees During Check Hold Period.--Section
607 of the Expedited Funds Availability Act (12 U.S.C. 4006) is amended
by adding at the end the following new subsection:
``(f) Limitation on Certain Fees During Check Hold Period.--If a
receiving depository institution has received a provisional or final
settlement with respect to a check deposited in an account at the
depository institution and such depository institution has not yet made
the proceeds of the deposit available to the accountholder, the
receiving depository institution may not assess any fee for an
overdraft, or any fee associated with the payment of an overdraft, that
would not have occurred if such funds so deposited were available.''.
(c) Credits Required to Be Posted Before Debits.--Section 607 of
the Expedited Funds Availability Act (12 U.S.C. 4006) is amended by
inserting after subsection (f) (as added by subsection (b) of this
section) the following new subsection:
``(g) Order of Posting.--In the process of posting credits and
debits against a checking account used primarily for personal, family,
or household purposes after the close of any business day, the
receiving depository institution shall credit all deposits to the
account before debiting any check drawn on the account and presented to
the depository institution for payment.''.
(d) Saturdays May Be Treated as Business Days.--Section 602(3) of
the Expedited Funds Availability Act (12 U.S.C. 4001(3)) is amended by
adding at the end the following new sentence: ``For purposes of this
title, however, 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 be made available under
this title, if with respect to checks received by the depository
institution for which it is the originating institution, the depository
institution debits accounts on Saturdays for such checks.''.
(e) Reduction in Check Holds for Nonlocal Check Deposits.--Section
603(b)(2) of the Expedited Funds Availability Act (12 U.S.C.
4002(b)(2)) is amended by striking ``not more than 4 business days
shall intervene between'' and inserting ``funds shall be made available
on the 2nd business day after''.
(f) Adjustment for Inflation for Large Check Limitation.--
(1) In general.--Section 604(a)(3) of the Expedited Funds
Availability Act (12 U.S.C. 4003(a)(3)) is amended by striking
``$5,000'' each place such term appears and inserting
``$7,500''.
(2) Clerical amendment.--The paragraph heading for section
604(a)(3) of the Expedited Funds Availability Act is amended by
striking ``$5,000'' and inserting ``$7,500'' .
(g) Adjustment for Small Deposit Availability.--Section
603(a)(2)(D) of of the Expedited Funds Availability Act (12 U.S.C.
4002(a)(2)(D)) is amended by striking ``$100'' and inserting ``$500''.
(h) Fees for Services not Requested.--Section 607 of the Expedited
Funds Availability Act (12 U.S.C. 4006) is amended by inserting after
subsection (g) (as added by subsection (c) of this section) the
following new subsection:
``(h) Fees for Services not Requested.--No depository institution
may impose any fee for paying any check drawn on an account in spite of
a lack of sufficient funds in the account to pay such check or any
similar activity (commonly referred to as `bounce protection') unless
the accountholder has affirmatively requested such service.''.
(i) Clarification of Preemption.--Section 608 of the Expedited
Funds Availability Act (12 U.S.C. 4007) is amended--
(1) in subsection (b)--
(A) by inserting ``or (c)'' after ``subsection
(a)''; and
(B) by inserting ``, but only to the extent of any
such inconsistency'' before the period at the end; and
(2) by adding at the end the following new subsection:
``(c) Clarification of Inconsistency.--A State law shall not be
construed as inconsistent with this title, or any regulation prescribed
under this title, if the protection such law affords the consumer by
such law is greater than the protection afforded by this title. For
purposes of determining congressional intent with respect to
preemption, the purpose of this title shall be construed to be the
establishment of a minimum basis of protection for the consumer and not
the creation of a uniform national rule.''.
SEC. 4. RECREDIT FOR ALL CONSUMERS UNLESS SUBSTITUTE CHECKS ARE
PROVIDED WITHOUT COST UPON REQUEST.
Section 7(b) of the Checking for the 21st Century Act (12 U.S.C.
5006(b)) is amended by adding at the end the following new paragraph:
``(3) Fees for substitute checks.--If any bank that holds
the account of a consumer imposes any fee for producing a copy
of a substitute check for such consumer with respect to such
account, the expedited recredit process established under this
section shall be available for all charges against any such
account without regard to whether a substitute check was
involved or not.''.
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