12 U.S.C. § 5001 — Findings; purposes
submitted 23 years ago by Pub. L. 108-100 to r/title-12-BANKS-AND-BANKING · 236 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Congress finds as follows:
In the Expedited Funds Availability Act [12 U.S.C. 4001 et seq.], enacted on August 10, 1987, the Congress directed the Board* of Governors of the Federal Reserve System to consider establishing regulations requiring Federal reserve banks and depository institutions to provide for check* truncation, in order to improve the check processing system.
In that same Act, the Congress—
provided the Board of Governors of the Federal Reserve System with full authority to regulate all aspects of the payment system, including the receipt, payment, collection, and clearing of checks, and related functions of the payment system pertaining to checks; and
directed that the exercise of such authority by the Board superseded any State* law, including the Uniform Commercial Code*, as in effect in any State.
Check truncation is no less desirable in 2003 for both financial service customers and the financial services industry, to reduce costs, improve efficiency in check collections, and expedite funds availability for customers than it was over 15 years ago when Congress first directed the Board to consider establishing such a process.
The purposes of this chapter are as follows:
To facilitate check truncation by authorizing substitute checks.
To foster innovation in the check collection system without mandating receipt of checks in electronic form.
To improve the overall efficiency of the Nation’s payments system.
Source credit: (Pub. L. 108–100, § 2, Oct. 28, 2003, 117 Stat. 1177.)
- 2003Enacted · Pub. L. 108-100 · 117 Stat. 1177
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-100 on 2003-10-28.
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