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The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act.
Other laws and regulations that govern substitute checks in the United States include the Expedited Funds Availability Act, Article 3 (Negotiable Instruments), [15] and Article 4 (Bank Deposits and Collections) [16] of the Uniform Commercial Code (UCC), along with a variety of state and federal regulatory laws. U.S. federal laws that also ...
The Expedited Funds Availability Act (EFAA) of 1987, implemented by Regulation CC, defines when standard holds and exception holds can be placed on checks deposited to checking accounts, and the maximum length of time the money can be held. A bank's hold policy can be less stringent than the guidelines provided, but it cannot exceed the guidelines.
An Act to reform Federal deposit insurance, protect the deposit insurance funds, recapitalize the Bank Insurance Fund, improve supervision and regulation of insured depository institutions, and for other purposes. Nicknames: Bank Enterprise Act of 1991: Enacted by: the 102nd United States Congress: Effective: December 19, 1991: Citations ...
All regulated financial institutions in the United States are required to file periodic financial and other information with their respective regulators and other parties. . For banks in the U.S., one of the key reports required to be filed is the quarterly Consolidated Report of Condition and Income, generally referred to as the call report or RC rep
Specifically, OTS regulation 12 CFR 563.180 requires the completion of the TFR by all savings associations as defined in 12 CFR 561.43. The TFR is filed electronically on a quarterly basis and is due no later than 30 days after quarter end, except for Schedule HC, Thrift Holding Company, and Schedule CMR, Consolidated Maturity and Rate, which ...
Introduced in the House as "Financial Institutions Reform, Recovery and Enforcement Act of 1989" H.R. 1278 by Henry B. Gonzalez (D-TX) on March 6, 1989; Committee consideration by House Banking, Finance, and Urban Affairs, House Government Operations, House Judiciary, House Rules, House Ways and Means
The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 [1] [2] (IBBEA) amended the laws governing federally chartered banks in order to restore the laws' competitiveness with the recently relaxed laws governing state-chartered banks.