What is House Bill H.R. 1679?
This bill deals with the Expedited Funds Availability Act (commonly known as Regulation CC) and American Samoa and the Commonwealth of the Northern Mariana Islands. Regulation CC was enacted in 1987, and with the purpose of preventing lengthy delays in releasing funds from checks deposited at banks. American Samoa is an unincorporated territory of the United States; the Act only applies to States. At present, some banks in American Samoa have a policy of holding checks for three weeks.
If enacted, the bill would decrease the amount of time U.S. checks were held in banks in American Samoa.
Cost of House Bill H.R. 1679
A CBO cost is unavailable.