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Washington
Inflation-adjusted available funds bill passed
WASHINGTON (9/18/08)—A bill to increase the dollar amount of funds subject to next-day availability passed the House Financial Services Committee Tuesday by voice vote. The bill would allow accountholders next-day access to the first $175 deposited by check on any single business day, up from the current $100 cap. It also proposes to raise to $700—up from $400—the amount of cash from a deposit that may be withdrawn by 5 p.m. on the day it is available.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 bill is formally known as The Expedited Funds Availability Dollar Limits Adjustment Act of 2008 (H.R. 6871). It was introduced by Rep. Carolyn Maloney (D-N.Y.), chairman of the House Financial Services subcommittee on financial institutions, and was co-sponsored by Rep. Barney Frank (D-Mass.), who heads the parent financial services panel. The bill 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. The Credit Union National Association (CUNA) worked closely with the bill's designers, Ryan Donovan, CUNA vice president of legislative affairs, noted. He cautioned, however, that the legislation is unlikely to see additional action this session of Congress, since the House and Senate are expected to adjourn Sept. 26 for the year, with a possible lame duck session in November or December.
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