After notice and opportunity to submit comment in accordance with section 553(c) of title 5, the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations-
In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that-
In order to carry out the provisions of this chapter, the Board of Governors of the Federal Reserve System shall have the responsibility to regulate-
The Board shall prescribe such regulations as it may determine to be appropriate to carry out its responsibility under paragraph (1).
The Board shall transmit a report to both Houses of the Congress not later than 18, 30, and 48 months after August 10, 1987.
Each such report shall describe-
The Board shall transmit a report to both Houses of the Congress not later than 2 years after August 10, 1987, regarding the effects the temporary schedule established under section 4002(c) of this title have had on depository institutions and the public.
Such report shall also assess the potential impact the implementation of the schedule established in section 4002(b) of this title will have on depository institutions and the public, including an estimate of the risks to and losses of depository institutions and the benefits to consumers. Such report shall also contain such recommendations for legislative or administrative action as the Board may determine to be necessary.
Not later than 6 months after September 1, 1988, the Comptroller General of the United States shall transmit a report to the Congress evaluating the implementation and administration of this chapter.
In prescribing regulations under subsections (a) and (b), the Board and the Director of the Bureau of Consumer Financial Protection, in the case of subsection (a), and the Board, in the case of subsection (b), shall consult with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board.
The Board shall study the feasibility of modernizing and accelerating the check payment system through the development of an electronic clearinghouse process utilizing existing telecommunications technology to avoid the necessity of actual presentment of the paper instrument to a payor institution before such institution is charged for the item.
In connection with the study required under paragraph (1), the Board shall-
The Board shall report its conclusions to the Congress within 9 months of August 10, 1987.
12 U.S.C. § 4008
EDITORIAL NOTES
CODIFICATIONIn subsec. (d)(3), "September 1, 1988" substituted for "section 603(b) takes effect" on authority of section 613(b) of Pub. L. 100-86 set out as an Effective Date note under section 4001 of this title.
AMENDMENTS2010-Subsec. (a). Pub. L. 111-203, §1086(d)(1), inserted ", jointly with the Director of the Bureau of Consumer Financial Protection," after "Board" in introductory provisions.Subsec. (e). Pub. L. 111-203, §1086(d)(2), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: "In prescribing regulations under subsections (a) and (b) of this section, the Board shall consult with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration Board."
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-203 effective on the designated transfer date, see section 1100H of Pub. L. 111-203 set out as a note under section 552a of Title 5, Government Organization and Employees.
EXCEPTIONS IN AREAS WHERE MAJOR DISASTER EXISTS Pub. L. 105-18, title V, §500020002,, 111 Stat. 211, provided that:"(a) TRUTH IN LENDING ACT.-During the 240-day period beginning on the date of enactment of this Act [June 12, 1997], the Board of Governors of the Federal Reserve System may make exceptions to the Truth in Lending Act [ 15 U.S.C. 1601 et seq.] for transactions within an area in which the President, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act [ 42 U.S.C. 5170 ], has determined, on or after February 28, 1997, that a major disaster exists, or within an area determined to be eligible for disaster relief under other Federal law by reason of damage related to the 1997 flooding of the Red River of the North, the Minnesota River, and the tributaries of such rivers, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweigh possible adverse effects."(b) EXPEDITED FUNDS AVAILABILITY ACT.-During the 240-day period beginning on the date of enactment of this Act [June 12, 1997], the Board of Governors of the Federal Reserve System may make exceptions to the Expedited Funds Availability Act [ 12 U.S.C. 4001 et seq.] for depository institution offices located within any area referred to in subsection (a) of this section if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweigh possible adverse effects."(c) TIME LIMIT ON EXCEPTIONS.-Any exception made under this section shall expire not later than September 1, 1998."(d) PUBLICATION REQUIRED.-The Board of Governors of the Federal Reserve System shall publish in the Federal Register a statement that-"(1) describes any exception made under this section; and"(2) explains how the exception can reasonably be expected to produce benefits to the public that outweigh possible adverse effects."Similar provisions were contained in the following prior acts: Pub. L. 103-76, §2, Aug. 12, 1993, 107 Stat. 752. Pub. L. 102-485, §3, Oct. 23, 1992, 106 Stat. 2772.
- Board
- The term "Board" means the Board of Governors of the Federal Reserve System.
- Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- Director
- The term "Director" means the Director of the Bureau.
- United States
- The term "United States" means the several States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the Virgin Islands.
- business day
- The term "business day" means any day other than a Saturday, Sunday, or legal holiday.
- check
- The term "check" means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.
- consumer
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.
- originating depository institution
- The term "originating depository institution" means the branch of a depository institution on which a check is drawn.
- receiving depository institution
- The term "receiving depository institution" means the branch of a depository institution or the proprietary ATM, located in the United States, in which a check is first deposited.