The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations.
Read more about Expedited Funds Availability Act: Disclosure, Types of Hold, Payment of Interest, Enforcement
Famous quotes containing the words availability and/or act:
“Since ... six weeks ago, there has been no day in which I have not had letters and visits on the subject of my nomination for the Presidency.... I say very little. I have in no instance encouraged any one to work to that end.... I have said the whole talk about me is on the score of availability. Let availability do the work then.”
—Rutherford Birchard Hayes (1822–1893)
“Even the simple act that we call “going to visit a person of our acquaintance” is in part an intellectual act. We fill the physical appearance of the person we see with all the notions we have about him, and in the totality of our impressions about him, these notions play the most important role.”
—Marcel Proust (1871–1922)