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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.
The resulting Competitive Equality Banking Act was signed on August 11, 1987, giving FSLIC $10.8 billion through sale of bonds via an off-balance sheet government entity. [69] [70] It also required thrift supervisors not to close thrifts that had equity ratios of more than 0.5 percent which met rather lax business viability criteria. [71]
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.
Federal Debt Collection Procedures Act of 1990; Federal Deposit Insurance Reform Act; Depository Institutions Deregulation and Monetary Control Act; Dodd–Frank Wall Street Reform and Consumer Protection Act; Durbin amendment
The Depository Institutions Deregulation and Monetary Control Act of 1980 (H.R. 4986, Pub. L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31. [1] It gave the Federal Reserve greater control over non-member banks.
The goal was the return to a balance between the benefits of a state bank charter versus a federal bank charter. Among other notable changes, the Act stipulated that a federally chartered bank wishing to expand must first undergo a review of its Community Reinvestment Act compliance. [3] Congress approved the bill by September 14, 1994.
Federal Deposit Insurance Corporation (FDIC): Insuring bank accounts was a direct result of the Emergency Banking Act, thus giving the U.S. the FDIC. Today, bank accounts that are FDIC-insured are ...
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.