Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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 Maloney also proposes to raise to $700—up from $400—the amount of cash from a deposit that may be withdrawn by 5 p.m. on the day it is available.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.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
14 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
16 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
17 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
17 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
17 hours ago