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12 U.S.C. § 4008 — Regulations and reports by Board
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** After notice and opportunity to submit comment in accordance with [section 553(c) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553/c&num=0&edition=prelim), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations—
(1) to carry out the provisions of this chapter;
(2) to prevent the circumvention or evasion of such provisions; and
(3) to facilitate compliance with such provisions.
**(b) Regulations relating to improvement of check processing system** In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that—
(1) depository institutions be charged based upon notification that a check or similar instrument will be presented for payment;
(2) the Federal Reserve banks and depository institutions provide for check truncation;
(3) depository institutions be provided incentives to return items promptly to the depository institution of first deposit;
(4) the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks;
(5) each depository institution and Federal Reserve bank—
(A) place its endorsement, and other notations specified in regulations of the Board, on checks in the positions specified in such regulations; and
(B) take such actions as are necessary to—
(i) automate the process of reading endorsements; and
(ii) eliminate unnecessary endorsements;
(6) within one business day after an originating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)—
(A) such originating depository institution determines whether it will pay such chec
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Source file: Laws/federal/codes/united-states-code/title-12/section-4008-regulations-and-reports-by-board--e80e4c766e.md
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Source location: Title 12, Chapter 41, § 4008; chapter-041-expedited-funds-availability.md
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**(a) In general** After notice and opportunity to submit comment in accordance with [section 553(c) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553/c&num=0&edition=prelim), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations—
(1) to carry out the provisions of this chapter;
(2) to prevent the circumvention or evasion of such provisions; and
(3) to facilitate compliance with such provisions.
**(b) Regulations relating to improvement of check processing system** In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that—
(1) depository institutions be charged based upon notification that a check or similar instrument will be presented for payment;
(2) the Federal Reserve banks and depository institutions provide for check truncation;
(3) depository institutions be provided incentives to return items promptly to the depository institution of first deposit;
(4) the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks;
(5) each depository institution and Federal Reserve bank—
(A) place its endorsement, and other notations specified in regulations of the Board, on checks in the positions specified in such regulations; and
(B) take such actions as are necessary to—
(i) automate the process of reading endorsements; and
(ii) eliminate unnecessary endorsements;
(6) within one business day after an originating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)—
(A) such originating depository institution determines whether it will pay such check; and
(B) if such originating depository institution determines that it will not pay such check, such originating depository institution directly notify the receiving depository institution of such determination;
(7) regardless of where a check is cleared initially, all returned checks be eligible to be returned through the Federal Reserve System;
(8) Federal Reserve banks and depository institutions participate in the development and implementation of an electronic clearinghouse process to the extent the Board determines, pursuant to the study under subsection (f), that such a process is feasible; and
(9) originating depository institutions be permitted to return unpaid checks directly to, and obtain reimbursement for such checks directly from, the receiving depository institution.
**(c) Regulatory responsibility of Board for payment system**
(1) **Responsibility for payment system** — In order to carry out the provisions of this chapter, the Board of Governors of the Federal Reserve System shall have the responsibility to regulate—
(A) any aspect of the payment system, including the receipt, payment, collection, or clearing of checks; and
(B) any related function of the payment system with respect to checks.
(2) **Regulations** — The Board shall prescribe such regulations as it may determine to be appropriate to carry out its responsibility under paragraph (1).
**(d) Reports**
(1) **Implementation progress reports**
(A) *Required reports* — The Board shall transmit a report to both Houses of the Congress not later than 18, 30, and 48 months after August 10, 1987.
(B) *Contents of report* — Each such report shall describe—
(i) the actions taken and progress made by the Board to implement the schedules established in [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim), and
(ii) the impact of this chapter on consumers and depository institutions.
(2) **Evaluation of temporary schedule report**
(A) *Report required* — The Board shall transmit a report to both Houses of the Congress not later than 2 years after August 10, 1987, regarding the effects the temporary schedule established under [section 4002(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002/c&num=0&edition=prelim) have had on depository institutions and the public.
(B) *Contents of report* — Such report shall also assess the potential impact the implementation of the schedule established in [section 4002(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002/b&num=0&edition=prelim) will have on depository institutions and the public, including an estimate of the risks to and losses of depository institutions and the benefits to consumers. Such report shall also contain such recommendations for legislative or administrative action as the Board may determine to be necessary.
(3) **Comptroller General evaluation report** — Not later than 6 months after September 1, 1988, the Comptroller General of the United States shall transmit a report to the Congress evaluating the implementation and administration of this chapter.
**(e) Consultations** In prescribing regulations under subsections (a) and (b), the Board and the Director of the Bureau of Consumer Financial Protection, in the case of subsection (a), and the Board, in the case of subsection (b), shall consult with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board.
**(f) Electronic clearinghouse study**
(1) **Study required** — The Board shall study the feasibility of modernizing and accelerating the check payment system through the development of an electronic clearinghouse process utilizing existing telecommunications technology to avoid the necessity of actual presentment of the paper instrument to a payor institution before such institution is charged for the item.
(2) **Consultation; factors to be studied** — In connection with the study required under paragraph (1), the Board shall—
(A) consult with appropriate experts in telecommunications technology; and
(B) consider all practical and legal impediments to the development of an electronic clearinghouse process.
(3) **Report required** — The Board shall report its conclusions to the Congress within 9 months of August 10, 1987.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Next business day availability for certain deposits**
(1) **Cash deposits; wire transfers** — Except as provided in subsection (e) and in [section 4003 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4003&num=0&edition=prelim), in any case in which—
(A) any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or
(B) funds are received by a depository institution by wire transfer for deposit in an account at such institution,
such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit.
(2) **Government checks; certain other checks** — Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of—
(A) a check which—
(i) is drawn on the Treasury of the United States; and
(ii) is endorsed only by the person to whom it was issued;
(B) a check which—
(i) is drawn by a State;
(ii) is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution;
(iii) is deposited with a special deposit slip which indicates it is a check drawn by a State; and
(iv) is endorsed only by the person to whom it was issued;
(C) a check which—
(i) is drawn by a unit of general local government;
(ii) is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution;
(iii) i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4002
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** All requests for a declaration by the President that a major disaster exists shall be made by the Governor of the affected State. Such a request shall be based on a finding that the disaster is of such severity and magnitude that effective response is beyond the capabilities of the State and the affected local governments and that Federal assistance is necessary. As part of such request, and as a prerequisite to major disaster assistance under this chapter, the Governor shall take appropriate response action under State law and direct execution of the State’s emergency plan. The Governor shall furnish information on the nature and amount of State and local resources which have been or will be committed to alleviating the results of the disaster, and shall certify that, for the current disaster, State and local government obligations and expenditures (of which State commitments must be a significant proportion) will comply with all applicable cost-sharing requirements of this chapter. Based on the request of a Governor under this section, the President may declare under this chapter that a major disaster or emergency exists.
**(b) Indian tribal government requests**
(1) **In general** — The Chief Executive of an affected Indian tribal government may submit a request for a declaration by the President that a major disaster exists consistent with the requirements of subsection (a).
(2) **References** — In implementing assistance authorized by the President under this chapter in response to a request of the Chief Executive of an affected Indian tribal government for a major disaster declaration, any reference in this subchapter or subchapter III (except sections 5153 and 5165d of this title) to a State or the Governor of a State is deemed to refer to a
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5170
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Account** — The term “account” means a demand deposit account or other similar transaction account at a depository institution.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Business day** — The term “business day” means any day other than a Saturday, Sunday, or legal holiday.
(4) **Cash** — The term “cash” means United States coins and currency, including Federal Reserve notes.
(5) **Cashier’s check** — The term “cashier’s check” means any check which—
(A) is drawn on a depository institution;
(B) is signed by an officer or employee of such depository institution; and
(C) is a direct obligation of such depository institution.
(6) **Certified check** — The term “certified check” means any check with respect to which a depository institution certifies that—
(A) the signature on the check is genuine; and
(B) such depository institution has set aside funds which—
(i) are equal to the amount of the check; and
(ii) will be used only to pay such check.
(7) **Check** — The term “check” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.
(8) **Check clearinghouse association** — The term “check clearinghouse association” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System.
(9) **Check processing region** — The term “check processing region” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescrib
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4001
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter does not apply to the following:
(1) Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government or governmental agencies or instrumentalities, or to organizations.
(2) Transactions in securities or commodities accounts by a broker-dealer registered with the Securities and Exchange Commission.
(3) Credit transactions, other than those in which a security interest is or will be acquired in real property, or in personal property used or expected to be used as the principal dwelling of the consumer and other than private education loans (as that term is defined in [section 1650(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1650/a&num=0&edition=prelim)), in which the total amount financed exceeds $50,000.11 See Adjustments for Inflation note below.
(4) Transactions under public utility tariffs, if the Bureau determines that a State regulatory body regulates the charges for the public utility services involved, the charges for delayed payment, and any discount allowed for early payment.
(5) Transactions for which the Bureau, by rule, determines that coverage under this subchapter is not necessary to carry out the purposes of this subchapter.
(6) Repealed. Pub. L. 96–221, title VI, § 603(c)(3), Mar. 31, 1980, 94 Stat. 169.
(7) Loans made, insured, or guaranteed pursuant to a program authorized by title IV of the Higher Education Act of 1965 [[20 U.S.C. 1070](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1070&num=0&edition=prelim) et seq.].
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Federal law — U.S. Code and appendices · legal_authorities
Page 1588
TITLE 12—BANKS AND BANKING
§ 4007
(1) take such actions as may be necessary
fully to inform each employee (who performs
duties subject to the requirements of this
chapter) of the requirements of this chapter;
and
(2) establish and maintain procedures rea-
sonably designed to assure and monitor em-
ployee compliance with such requirements.
(f) Adjustments to dollar amounts for inflation
The dollar amounts under this chapter shall be
adjusted every 5 years after December 31, 2011,
by the annual percentage increase in the Con-
sumer Price Index for Urban Wage Earners and
Clerical Workers, as published by the Bureau of
Labor Statistics, rounded to the nearest mul-
tiple of $25.
(Pub. L. 100–86, title VI, § 607, Aug. 10, 1987, 101
Stat. 646; Pub. L. 111–203, title X, § 1086(f), July
21, 2010, 124 Stat. 2086.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this title’’, meaning title VI of Pub. L. 100–86, Aug. 10,
1987, 101 Stat. 635, which is classified principally to this
chapter. For complete classification of this Act to the
Code, see Short Title note set out under section 4001 of
this title and Tables.
AMENDMENTS
2010—Subsec. (f). Pub. L. 111–203 added subsec. (f).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the des-
ignated transfer date, see section 1100H of Pub. L.
111–203, set out as a note under section 552a of Title 5,
Government Organization and Employees.
§ 4007. Effect on State law
(a) In general
Any law or regulation of any State in effect on
September 1, 1989, which requires that funds de-
posited or received for deposit in an account at
a depository institution chartered by such State
be made available
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4008
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