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House committee vote today on funds access
WASHINGTON (9/16/08)—A bill scheduled for a House Financial Services Committee vote today would increase the dollar amount of funds subject to next day availability. The bill, developed by Rep. Carolyn Maloney (D-N.Y.), would allow accountholders next-day access to the first $175 deposited by check on any single business day, up from the current $100 cap. Maloney also proposes to raise to $700—up from $400—the amount of cash from a deposit that may be withdrawn by 5 p.m. on the day it is available. The New York congresswoman has said her bill, The Expedited Funds Availability Dollar Limits Adjustment Act of 2008 (H.R. 6871), is intended to account for inflation over the 21 years since the enactment of the original law. It also contains a provision to provide for future adjustments on a regular basis—at least every five years. Maloney is chairman of the House Financial Services subcommittee on financial institutions. H.R. 6871 is co-sponsored by Rep. Barney Frank (D-Mass.), who heads the parent financial services panel. The Credit Union National Association (CUNA) has worked closely with the bill’s designers, noted Ryan Donovan Monday. Donovan is CUNA vice president of legislative affairs. The funds availability legislation is among five bills scheduled for a vote today. The others on the calendar are:
* A new version of the Payment Systems Protection Act introduced Sept. 11 by Frank, which is intended to respond to concerns of the Credit Union National Association (CUNA) and many others in the financial services industry about aspects of a current plan to implement the 2006 Unlawful Internet Gambling Enforcement Act (see News Now; Sept. 15, “New Internet gambling definition bill up for vote.”); * H.R. 6694, FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act; * H.R. 3019, Expand and Preserve Home Ownership through Counseling Act; and * H.R. 6642, National Consumer Cooperative Bank Act Amendments.
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