| The Office of the Comptroller of the Currency (OCC), the
Board of Governors of the Federal Reserve System (FRB),
the Federal Deposit Insurance Corporation (FDIC), and the
Office of Thrift Supervision (OTS) have withdrawn their
joint statement of policy on delayed availability of funds.
Pursuant to Section 303 of the Riegle Community Development
and Regulatory Improvement Act of 1994, the federal banking
agencies are required to streamline and remove obsolete
and duplicative requirements.
| The agencies decided to withdraw the statement because
it was no longer necessary with the enactment of the Expedited
Funds Availability Act (EFAA), which requires institutions
to disclose their funds availability policies. The EFAA
also lists specific time periods during which a depository
institution must make deposited funds available to its account
The interagency notice is attached.
|| Carmen J. Sullivan
Attachment: PDF Format (11 kb, PDF help or hard copy),HTML
Distribution: FDIC-Supervised Banks (Commercial and Savings)