,i #aafth ,,congress #ast ,session ,h4 ,r4 #ciea ,,in ,,the ,,house ,,of ,,representatives ,july #bd1 #bjai,ms4 ,pressley 7for herself and ,mr4 ,garca of ,illinois7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,expedited ,funds ,availability ,act to require that funds deposited be available for withdrawal in real time and to require the ,board of ,governors of the ,federal ,reserve ,system to create a real time payment system1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,payments ,modernization ,act of #bjai4 #b4 ,requirement that funds deposited be available for withdrawal in real time 7a7 ,expedited funds availability schedules ,section #fjc of the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjb7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a7-- 7i7 by striking ,except as provided in subsection 7e7 and in section #fjd1 in and inserting ,in2 and 7ii7 in the matter following subparagraph 7,b7 by striking not later than the business day after the business day on which and inserting in real time when2 7,b7 in paragraph 7#b7 by striking not later than the business day after the business day on which and inserting in real time after2 and 7,c7 in the subsection heading by striking ,next ,business ,day and inserting ,real ,time2 7#b7 by striking subsection 7b7 and inserting the following3 7b7 ,permanent ,schedule ,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 time4 2 7#c7 by striking subsection 7c72 7#d7 by striking subsection 7d72 7#e7 by redesignating subsections 7e7 and 7f7 as subsections 7c7 and 7d71 respectively2 7#f7 in subsection 7c71 as redesignated by paragraph 7#e7-- 7,a7 in paragraph 7#a77;,a7-- 7i7 by striking ,not more than #d business days shall intervene between the business day a and inserting ,a2 7ii7 by inserting a comma after subparagraph 7,b72 7iii7 by striking is2 and 7iv7 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 time2 and 7,b7 in paragraph 7#b7-- 7i7 by striking 1 7b71 and 7c7 and inserting and 7b72 and 7ii7 in the paragraph heading by striking ,temporary and permanent schedules and inserting ,permanent ,schedule2 and 7#g7 in subsection 7d71 as redesignated by paragraph 7#e71 by striking 7c71 or 7e7 and inserting or 7c74 7b7 ,safeguard exceptions ,section #fjd of the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjc7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a7-- 7i7 in the matter following subparagraph 7,d7 by striking on the business day after the business day on which such cash or funds are deposited or1 in the case of a wire transfer1 on the business day after the business day on which and inserting in real time after such cash or funds are deposited or1 in the case of a wire transfer1 in real time after2 and 7ii7 in the paragraph heading by striking ,next ,business ,day and inserting ,real ,time2 7,b7 in paragraph 7#b7-- 7i7 by striking 1 #fjc7;c712 and 7ii7 by striking #fjc7;e7 and inserting #fjc7;c72 and 7,c7 by striking paragraph 7#c77;,b7 and inserting the following3 7,b7 any such funds deposited in excess of such amount shall be available for withdrawal in real time4 2 7#b7 in subsection 7b7 by striking 7c71 or 7e7 and inserting or 7c72 7#c7 in subsection 7c77#a7 by striking 7c71 and 7e7 and inserting and 7c72 and 7#d7 in subsection 7d7 by striking 7c71 and 7e7 and inserting and 7c74 7c7 ,miscellaneous provisions ,section #fjg of the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjf7 is amended-- 7#a7 by striking subsections 7a7 and 7b72 and 7#b7 by redesignating subsections 7c7 through 7f7 as subsections 7a7 through 7d71 respectively4 7d7 ,regulations and reports by ,board ,section #fji of the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjh7 is amended-- 7#a7 by striking subsections 7d7 and 7f72 and 7#b7 by redesignating subsection 7e7 as subsection 7d74 #c4 ,real time payment system 7a7 ,in general ,the ,board of ,governors of the ,federal ,reserve ,system shall create a real time payment system that-- 7#a7 at a minimum1 conforms with the principles outlined in the final report of the ,faster ,payments ,task ,force of the ,federal ,reserve ,system2 7#b7 allows end users have fast access to funds1 in speeds approaching real time2 7#c7 operates as a utility1 allowing end users to reach any other end user1 including unbanked1 underserved1 and cross-border end users1 regardless of the solution used by the end user2 7#d7 prioritizes safety and soundness1 consumer health1 efficiency1 and other relevant public interest considerations2 7#e7 provides end users with the confidence and trust in the safety and security of the system by ensuring that-- 7,a7 fraud and errors are minimized and resolved quickly2 and 7,b7 the assets1 accounts1 and information of the end user are protected1 even as payments cross different solutions2 7#f7 has transparent operating information2 and 7#g7 ensures that there are no volume discounts made that disadvantage smaller financial institutions4 7b7 ,real time payment system defined ,in this section1 the term real time payment system means a payment-by-payment interbank settlement system that facilitates settlements in real time and at any time1 on any day1 including weekends and holidays4