This proposal mirrors the FASTT Checks Act's proposals for adjusting the dollar amounts used in the EFAA and Regulation CC to catch up and keep pace with inflation, treating Saturday as a "business day" for the purpose of calculating hold periods, and eliminating hold exceptions for "large deposits.
Amending the EFAA in Light of Check 21's Success: The FASTT Checks Act (105)
106) Representative Tsongas re-introduced the FASTT Checks Act before the 112th Congress with two co-sponsors, Representative Jackie Speier and Representative Frederica Wilson.
160) The benefits to bank customers and to the checking payment system that the FASTT Checks Act would provide justify any expected detriment to banks.
The proposed FASTT Checks Act of 2011 incorporates the "Saturday as a business day" proposal of the CCAF.
The 112th Congress should consider enacting a variation on the FASTT Checks Act of 2011.
The FASTT Act, if passed, would require that banks make certain deposited funds available to their customers more quickly.