House Passes Faleomavaega's bill to include American Samoa in the Expedited Funds Availability Act
Washington, D.C. – Congressman Faleomavaega announced today that the House passed by unanimous consent H.R. 1679, a bill he introduced to amend the Expedited Funds Availability Act, or Regulation CC, to clarify the application of that act to American Samoa and the Commonwealth of the Northern Mariana Islands. Faleomavaega spoke on the House floor in support of his legislation.
“I introduced this legislation last year to prevent the excessive delays in releasing funds from checks deposited at banks in our Territory,” Faleomavaega said. “This issue was raised during the debate last year when Bank of Hawaii was moving forward with closing their branches in American Samoa. Many constituents had complained about the 21-day hold policy on their checks rather than six days that are required of banks under Regulation CC.”
“This legislation will fix this delay and will put American Samoa and the Commonwealth of the Northern Marianas in-line with the schedule of availability of funds that are already required of banks in all states and other U.S. territories under Regulation CC,” Faleomavaega continued. “I do not hold the banks at fault but given the trend of electronic banking and quicker access to mailing services, I feel that they are able to provide quicker and better services for their customers.”
“H.R. 1679 is important because it will not only improve the current banking system in both Territories but it will also allow our constituents quicker access to their funds. And so, I want to take this opportunity to thank Chairman Jeb Hensarling and Ranking Member Maxine Waters of the House Committee on Financial Services for supporting H.R. 1679.”
“This legislation will now go to the Senate for further consideration. I will work closely with Chairman Johnson and Ranking Member Crapo of the Senate Committee on Banking, Housing, & Urban Affairs in moving this legislation forward and I will keep our people informed as the matter progresses,” Faleomavaega concluded.