House Passes Amata’s American Samoa Banking Bill
Washington, D.C. – Monday, Congresswoman Aumua Amata, “I could not be more pleased with the passage of H.R 1367, which will eliminate the 30 day hold on off island checks,” said Amata. “Upon passage in the Senate and the signing by the President; beginning in January, our islands will be in compliance with the federal standard of six days for the release of funds from off-island. This will eliminate many of the unnecessary hardships placed on the people of our islands and those who conduct business with us,” stated Amata.
H.R. 1367, to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa and the Northern Mariana Islands will:
- Amend the Expedited Funds Availability Act to apply it to American Samoa and the Commonwealth of the Northern Mariana Islands.
- Extend by two business days, for American Samoa and the Commonwealth, any time periods established for large or re-deposited check, repeated overdraft, reasonable cause, or other emergency exceptions to the 30-day funds availability requirements for deposits in a depository institution account by a new depositor.
- Extend by one business day any deposit which is both deposited: (1) in an account at a depository institution located in American Samoa or the Commonwealth, and (2) by a check drawn on an originating depository institution which is not located in the same commonwealth or territory as the receiving depository institution.
H.R. 1367 will now be sent to the Senate for consideration and is expected to pass that chamber without resistance.
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