12 U.S.C. § 4001 — Definitions

Page 1579 TITLE 12—BANKS AND BANKING § 4001 (2) An officer or employee of the Government Accountability Office may discuss a customer, bank, or bank holding company with an official of an appropriate Federal banking agency and may report an apparent criminal violation to an appropriate law enforcement authority of the United States Government or a State. (3) This subsection does not authorize an offi- cer or employee of an appropriate Federal bank- ing agency to withhold information from a com- mittee of the Congress authorized to have the information. (c) Records, property, workpapers, correspond- ence, and documents; accessibility (1)(A) To carry out this section, all records and property of or used by an appropriate Fed- eral banking agency, including samples of re- ports of examinations of a bank or bank holding company the Comptroller General considers sta- tistically meaningful and workpapers and cor- respondence related to the reports shall be made available to the Comptroller General, including such records and property pertaining to the co- ordination of international regulation, super- visor and examination activities of an appro- priate Federal banking agency. (B) The Comptroller General shall give each appropriate Federal banking agency a current list of officers and employees to whom, with proper identification, records and property may be made available, and who may make notes or copies necessary to carry out an audit. (C) Each appropriate Federal banking agency shall give the Comptroller General suitable and lockable offices and furniture, telephones, and access to copying facilities. (2) Except for the temporary removal of workpapers of the Comptroller General that do not identify a customer of an open or closed bank or bank holding company, an open bank, or an open bank holding company, all workpapers of the Comptroller General and records and property of or used by an appropriate Federal banking agency that the Comptroller General possesses during an audit, shall remain in such agency. The Comptroller General shall prevent unauthorized access to records or property. (Pub. L. 98–181, title I [title IX, § 911], Nov. 30, 1983, 97 Stat. 1282; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.) Editorial Notes AMENDMENTS 2004—Subsec. (b)(1)(A), (2). Pub. L. 108–271 substituted ‘‘Government Accountability Office’’ for ‘‘General Ac- counting Office’’. § 3911. Equal representation for Federal Deposit Insurance Corporation and the Office of Thrift Supervision (a) In general As one of the 4 Federal bank regulatory and supervisory agencies, and as the insurer of the United States banks involved in international lending, the Federal Deposit Insurance Corpora- tion shall be given equal representation with the Board of Governors of the Federal Reserve Sys- tem and the Office of the Comptroller of the Currency on the Committee on Banking Regula- tions and Supervisory Practices of the Group of Ten Countries and Switzerland. (b) Office of Thrift Supervision As one of the 4 Federal bank regulatory and supervisory agencies, the Office of Thrift Super- vision shall be given equal representation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on the Committee on Banking Reg- ulations and Supervisory Practices of the Group of Ten Countries and Switzerland. (Pub. L. 98–181, title I [title IX, § 912], Nov. 30, 1983, 97 Stat. 1284; Pub. L. 109–351, title VII, § 713(a), Oct. 13, 2006, 120 Stat. 1995.) Editorial Notes AMENDMENTS 2006—Pub. L. 109–351 inserted ‘‘and the Office of Thrift Supervision’’ after ‘‘Federal Deposit Insurance Cor- poration’’ in section catchline, designated existing pro- visions as subsec. (a), inserted heading, substituted ‘‘As one of the 4’’ for ‘‘As one of the three’’, and added sub- sec. (b). § 3912. Repealed. Pub. L. 104–208, div. A, title II, § 2224(c), Sept. 30, 1996, 110 Stat. 3009–415 Section, Pub. L. 98–181, title I [title IX, § 913], Nov. 30, 1983, 97 Stat. 1284; Pub. L. 100–418, title III, § 3121(e), Aug. 23, 1988, 102 Stat. 1379, directed Secretary of the Treasury and certain Federal banking agencies to re- port to Congress, no later than 6 months after Nov. 30, 1983, regarding changes that could improve inter- national lending operations of banking institutions. CHAPTER 41—EXPEDITED FUNDS AVAILABILITY Sec. 4001. Definitions. 4002. Expedited funds availability schedules. 4003. Safeguard exceptions. 4004. Disclosure of funds availability policies. 4005. Payment of interest. 4006. Miscellaneous provisions. 4007. Effect on State law. 4008. Regulations and reports by Board. 4009. Administrative enforcement. 4010. Civil liability. § 4001. Definitions For purposes of this chapter— (1) Account The term ‘‘account’’ means a demand de- posit account or other similar transaction ac- count at a depository institution. (2) Board The term ‘‘Board’’ means the Board of Gov- ernors of the Federal Reserve System. (3) Business day The term ‘‘business day’’ means any day other than a Saturday, Sunday, or legal holi- day. (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— Page 1580 TITLE 12—BANKS AND BANKING § 4001 (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 deposi- tory 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 de- mand draft drawn on or payable through an of- fice 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 Re- serve bank check processing center or such larger area as the Board may prescribe by reg- ulations. (10) Consumer account The term ‘‘consumer account’’ means any account used primarily for personal, family, or household purposes. (11) Depository check The term ‘‘depository check’’ means any cashier’s check, certified check, teller’s check, and any other functionally equivalent instru- ment as determined by the Board. (12) Depository institution The term ‘‘depository institution’’ has the meaning given such term in clauses (i) through (vi) of section 461(b)(1)(A) of this title. Such term also includes an office, branch, or agency of a foreign bank located in the United States. (13) Local originating depository institution The term ‘‘local originating depository in- stitution’’ means any originating depository institution which is located in the same check processing region as the receiving depository institution. (14) Noncash item The term ‘‘noncash item’’ means— (A) a check or other demand item to which a passbook, certificate, or other document is attached; (B) a check or other demand item which is accompanied by special instructions, such as a request for special advise of payment or dishonor; or (C) any similar item which is otherwise classified as a noncash item in regulations of the Board. (15) Nonlocal originating depository institution The term ‘‘nonlocal originating depository institution’’ means any originating depository institution which is not a local depository in- stitution. (16) Proprietary ATM The term ‘‘proprietary ATM’’ means an automated teller machine which is— (A) located— (i) at or adjacent to a branch of the re- ceiving depository institution; or (ii) in close proximity, as defined by the Board, to a branch of the receiving deposi- tory institution; or (B) owned by, operated exclusively for, or operated by the receiving depository institu- tion. (17) Originating depository institution The term ‘‘originating depository institu- tion’’ means the branch of a depository insti- tution on which a check is drawn. (18) Nonproprietary ATM The term ‘‘nonproprietary ATM’’ means an automated teller machine which is not a pro- prietary ATM. (19) Participant The term ‘‘participant’’ means a depository institution which— (A) is located in the same geographic area as that served by a check clearinghouse as- sociation; and (B) exchanges checks through the check clearinghouse association, either directly or through an intermediary. (20) Receiving depository institution The term ‘‘receiving depository institution’’ means the branch of a depository institution or the proprietary ATM, located in the United States, in which a check is first deposited. (21) State The term ‘‘State’’ means any State, the Dis- trict of Columbia, the Commonwealth of Puer- to Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the Virgin Islands. (22) Teller’s check The term ‘‘teller’s check’’ means any check issued by a depository institution and drawn on another depository institution. (23) United States The term ‘‘United States’’ means the several States, the District of Columbia, the Common- wealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Is- lands, Guam, and the Virgin Islands. (24) Unit of general local government The term ‘‘unit of general local govern- ment’’ means any city, county, town, town- ship, parish, village, or other general purpose political subdivision of a State. Page 1581 TITLE 12—BANKS AND BANKING § 4002 (25) Wire transfer The term ‘‘wire transfer’’ has such meaning as the Board shall prescribe by regulations. (Pub. L. 100–86, title VI, § 602, Aug. 10, 1987, 101 Stat. 635; Pub. L. 115–174, title II, § 208(a)(1), May 24, 2018, 132 Stat. 1312.) 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, known as the Expedited Funds Avail- ability Act, which enacted this chapter, amended sec- tion 248a of this title, and enacted provisions set out as notes under sections 248a and 4001 of this title. For complete classification of this Act to the Code, see Short Title note below and Tables. AMENDMENTS 2018—Par. (20). Pub. L. 115–174, § 208(a)(1)(A), inserted ‘‘, located in the United States,’’ after ‘‘ATM’’. Pars. (21), (23). Pub. L. 115–174, § 208(a)(1)(B), (C), in- serted ‘‘American Samoa, the Commonwealth of the Northern Mariana Islands, Guam,’’ after ‘‘Puerto Rico,’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2018 AMENDMENT Pub. L. 115–174, title II, § 208(b), May 24, 2018, 132 Stat. 1313, provided that: ‘‘The amendments made by this section [amending this section and section 4002 of this title] shall take effect on the date that is 30 days after the date of enactment of this Act [May 24, 2018].’’ EFFECTIVE DATE Pub. L. 100–86, title VI, § 613, Aug. 10, 1987, 101 Stat. 652, provided that: ‘‘(a) DATE OF ENACTMENT.—Except as provided in sub- section (b), this title [enacting this chapter, amending section 248a of this title, and enacting provisions set out as notes under this section and section 248a of this title] shall take effect on the date of the enactment of this title [Aug. 10, 1987]. ‘‘(b) 1 YEAR AFTER DATE OF ENACTMENT.—Sections 603, 604, 605, 606, 610, and 611 [enacting sections 4002 to 4005, 4009, and 4010 of this title] shall take effect on Sep- tember 1, 1988.’’ SHORT TITLE Pub. L. 100–86, title VI, § 601, Aug. 10, 1987, 101 Stat. 635, provided that: ‘‘This title [enacting this chapter, amending section 248a of this title, and enacting provi- sions set out as notes under this section and section 248a of this title] may be cited as the ‘Expedited Funds Availability Act’.’’ SEPARABILITY If any provision of Pub. L. 100–86 or the application thereof to any person or circumstances is held invalid, the remainder of Pub. L. 100–86 and the application of the provision to other persons not similarly situated or to other circumstances not to be affected thereby, see section 1205 of Pub. L. 100–86, set out as a note under section 226 of this title. § 4002. Expedited funds availability schedules (a) Next business day availability for certain de- posits (1) Cash deposits; wire transfers Except as provided in subsection (e) and in section 4003 of this title, 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 in- stitution by wire transfer for deposit in an account at such institution, such cash or funds shall be available for with- drawal not later than the business day after the business day on which such cash is depos- ited or such funds are received for deposit. (2) Government checks; certain other checks Funds deposited in an account at a deposi- tory 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 govern- ment and is staffed by individuals em- ployed by such institution; (iii) is deposited with a special deposit slip which indicates it is a check drawn by a unit of general local government; and (iv) is endorsed only by the person to whom it was issued; (D) the first $200 deposited by check or checks on any one business day; (E) a check deposited in a branch of a de- pository institution and drawn on the same or another branch of the same depository in- stitution if both such branches are located in the same State or the same check proc- essing region; (F) a cashier’s check, certified check, tell- er’s check, or depository check which— (i) is deposited in a receiving depository institution which is staffed by individuals employed by such institution; (ii) is deposited with a special deposit slip which indicates it is a cashier’s check, certified check, teller’s check, or deposi- tory check, as the case may be; and (iii) is endorsed only by the person to whom it was issued. (b) Permanent schedule (1) Availability of funds deposited by local checks Subject to paragraph (3) of this subsection, subsections (a)(2), (d), and (e) of this section,