US Congress House Bill 1660 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on April 15 2011 - 25% progression, died in committee
Action: 2011-05-02 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

Faster Access and Shorter Transaction Time for Checks Act of 2011 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit. Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act, and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more. Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.

Faster Access and Shorter Transaction Time for Checks Act of 2011

Rep. Niki Tsongas [D-MA]

Rep. Jackie Speier [D-CA]

Rep. Frederica Wilson [D-FL]

Date	Chamber	Action
2011-05-02	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-04-15	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1660/all-info
Text	https://www.congress.gov/112/bills/hr1660/BILLS-112hr1660ih.pdf