,,ii #aah? ,,congress #a/ ,session ,s4 #bcdh ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ah1 #bjbc,mr4 ,van ,holl5 7= himself & ,ms4 ,w>r57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,exp$it$ ,funds ,availability ,act to require t funds deposit$ be available = )drawal 9 real-"t1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,paym5ts ,mod]nization ,act ( #bjbc4 #b4 ,f9d+s & purposes 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,families 9 ! ,unit$ ,/ates sp5d billions ( doll>s 9 ov]draft fees 9 "p because !y are wait+ = *ecks to cle> ov] a week5d or holiday4 7#b7 ,! ineffici5t paym5t sy/em 9 ! ,unit$ ,/ates drives families1 especially ^? liv+ pay*eck to pay*eck1 to use high-co/ f9ancial s]vices to access funds m rapidly4 7#c7 ,a fa/] paym5t sy/em w\ld provide p ( ! ,unit$ ,/ates imm$iate access to funds & relief = ^? :o ov]draw _! acc\nts because _! deposits are n available 9 real-"t1 help+ families pot5tially save billions ( doll>s ea* ye>4 7#d7 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em has creat$ ,fed,now1 an in/ant paym5t infra/ructure t all[s p>ticipants to s5d & receive funds 9 real "t4 7#e7 ,f9ancial s]vices provid]s h a duty to make paym5ts available z soon z x is reasonably possible4 7b7 ,purposes ,! purposes ( ?is ,act are-- 7#a7 to ensure t ! ,unit$ ,/ates has a safe1 fa/1 effici5t1 equitable1 & fair paym5t sy/em2 & 7#b7 to cl>ify t f9ancial in/itutions %all prioritize effici5t paym5ts1 except 9 cases 9 :i* fraudul5t activity is suspect$4 #c4 ,def9ition ,9 ?is ,act1 ! t]m real-"t has ! mean+ giv5 ! t]m 9 section #fjb ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja71 z am5d$ by section #d7;a7 ( ?is ,act4 #d4 ,requirem5t t funds deposit$ be available = )drawal 9 real-"t 7a7 ,def9itions 7#a7 ,9 g5]al ,section #fjb ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja7 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#bj7 ?r\gh 7#be7 z p>agraphs 7#ba7 ?r\gh 7#bf71 respectively2 & 7,b7 by ins]t+ aft] p>agraph 7#ai7 ! foll[+3 7#bj7 ,real-"t ,! t]m real-"t-- 7,a7 means any "t2 & 7,b7 includes a ,saturday1 ,sunday1 & a legal holiday4 4 7#b7 ,te*nical & con=m+ am5dm5t ,section #c ( ! ,*eck ,cle>+ = ! #ba/ ,c5tury ,act 7#ab ,u4,s4,c4 #ejjb7b77;,d77iv77 is am5d$ by /rik+ section #fjb7bd7 & ins]t+ section #fjb7be74 7b7 ,exp$it$ funds availability s*$ules ,section #fjc ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjb7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 ! subsection head+1 by /rik+ ,next ,bus9ess ,day & ins]t+ ,real-"t2 7,b7 9 p>agraph 7#a7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ ,except z provid$ 9 subsection 7e7 & 9 section #fjd1 9 & ins]t+ ,92 & 7ii7 9 ! matt] foll[+ subp>agraph 7,b7 by /rik+ n lat] ?an ! bus9ess day aft] ! bus9ess day on :i* & ins]t+ 9 real-"t :52 & 7,c7 9 p>agraph 7#b71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ n lat] ?an ! bus9ess day aft] ! bus9ess day on :i* & ins]t+ 9 real-"t aft]2 7#b7 by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,p]man5t ,s*$ule ,funds deposit$ 9 an acc\nt at a depository in/itution by a *eck drawn on a local or nonlocal orig9at+ depository in/itution %all be available = )drawal 9 real-"t4 2 7#c7 by /rik+ subsections 7c7 & 7d72 7#d7 by r$esignat+ subsections 7e7 & 7f7 z subsections 7c7 & 7d71 respectively2 7#e7 9 subsection 7c71 z r$esignat$ by p>agraph 7#d7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ ,n m ?an #d bus9ess days %all int]v5e betwe5 ! bus9ess day a & ins]t+ ,a2 7,,ii7 by ins]t+ a comma aft] subp>agraph 7,b72 7,,iii7 by /rik+ is2 & 7,,iv7 by /rik+ & ! bus9ess day on :i* funds f su* deposit are available = )drawal & ins]t+ %all be available = )drawal 9 real-"t2 & 7ii7 9 subp>agraph 7,b71 9 ! subp>agraph head+1 by /rik+ p>agraph & ins]t+ subp>agraph2 & 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ 1 7b71 & 7c7 & ins]t+ & 7b72 & 7ii7 9 ! p>agraph head+1 by /rik+ tempor>y & p]man5t s*$ules & ins]t+ p]man5t s*$ule2 & 7#f7 9 subsection 7d77#b71 z r$esignat$ by p>agraph 7#d71 by /rik+ 7c71 or 7e7 & ins]t+ or 7c74 7c7 ,safegu>d exceptions ,section #fjd ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjc7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! p>agraph head+ by /rik+ ,next bus9ess day & ins]t+ ,real-"t2 & 7ii7 9 ! matt] foll[+ subp>agraph 7,d7 by /rik+ on ! bus9ess day aft] ! bus9ess day on :i* su* ca% or funds are deposit$ or1 9 ! case ( a wire transf]1 on ! bus9ess day aft] ! bus9ess day on :i* & ins]t+ 9 real-"t aft] su* ca% or funds are deposit$ or1 9 ! case ( a wire transf]1 9 real-"t aft]2 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ 1 #fjc7;c71 or p>agraphs & ins]t+ p>agraph2 & 7ii7 by /rik+ #fjc7;e7 & ins]t+ #fjc7;c72 & 7,c7 by /rik+ p>agraph 7#c77;,b7 & ins]t+ ! foll[+3 7,b7 any su* funds deposit$ 9 excess ( su* am\nt %all be available = )drawal 9 real-"t4 2 7#b7 9 subsection 7b71 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ 7c71 or 7e7 & ins]t+ or 7c72 7#c7 9 subsection 7c77#a71 by /rik+ 7c71 & 7e7 & ins]t+ & 7c72 & 7#d7 9 subsection 7d71 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ 7c71 & 7e7 & ins]t+ & 7c74 7d7 ,miscellane\s provisions ,section #fjg ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjf7 is am5d$-- 7#a7 by /rik+ subsections 7a7 & 7b72 & 7#b7 by r$esignat+ subsections 7c7 ?r\gh 7f7 z subsections 7a7 ?r\gh 7d71 respectively4 7e7 ,regulations & reports by ,bo>d ,section #fji ( ! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djjh7 is am5d$-- 7#a7 9 subsection 7b77#h71 by /rik+ 1 pursuant to ! /udy "u subsection 7f72 7#b7 by /rik+ subsections 7d7 & 7f72 & 7#c7 by r$esignat+ subsection 7e7 z subsection 7d74 7f7 ,,gao /udy ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all publi% a /udy on ! impact ( paym5t delays on disadvantag$ communities1 includ+ und]bank$ communities1 & future access to & use ( f9ancial s]vices by ^? communities4 7g7 ,f$]al ,res]ve report ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all submit to ,congress a report on ! progress ( ! ,fed,now in/ant paym5t infra/ructure1 includ+-- 7#a7 any ob/acles enc\nt]$ ) respect to in/itutions opt+ to utilize ,fed,now or p>ticipants us+ ,fed,now2 & 7#b7 any *all5ges anticipat$ ) respect to exp&+ ! utilization ( ,fed,now4