Title: Immediate Funds Availability Act of 2020
Policy area: Finance and Financial Sector

Summary:
Immediate Funds Availability Act of 2020
This bill temporarily requires depository institutions located in a state with a public health emergency to immediately make available for withdrawal certain deposited funds. Specifically, the first $1,500 of a deposit must be made available in real time. This requirement expires three years after enactment.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6306 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6306

 To amend the Expedited Funds Availability Act to temporarily require 
 that certain funds deposited with depository institutions by existing 
  customers be available for withdrawal in real time in States with a 
            public health emergency, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2020

Mr. Hill of Arkansas introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Expedited Funds Availability Act to temporarily require 
 that certain funds deposited with depository institutions by existing 
  customers be available for withdrawal in real time in States with a 
            public health emergency, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Immediate Funds Availability Act of 
2020''.

SEC. 2. TEMPORARY REQUIREMENT FOR REAL TIME AVAILABILITY OF FUNDS IN 
              STATES WITH A PUBLIC HEALTH EMERGENCY.

    The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is 
amended--
            (1) by redesignating section 613 as section 614; and
            (2) by inserting after section 612 the following:

``SEC. 613. TEMPORARY REQUIREMENT FOR REAL TIME AVAILABILITY OF FUNDS 
              IN STATES WITH A PUBLIC HEALTH EMERGENCY.

    ``(a) In General.--Notwithstanding any other provision of this 
title and with respect to a depository institution located in a State 
with a public health emergency, in any case in which cash or other 
funds are deposited in an account at a depository institution, the 
first $1,500 of such cash or funds shall be available for withdrawal in 
real time.
    ``(b) Applicable Only to Existing Customers.--Subsection (a) shall 
only apply to deposits made into an account of a customer of a 
depository institution if such customer has been a customer of the 
depository institution for at least 6 months.
    ``(c) State With a Public Health Emergency Defined.--In this 
section, the term `State with a public health emergency' means a State 
with respect to which, and during the period of time with respect to 
which, the Governor of the State has notified the Board (and made such 
notice available to the public) that the State is experiencing a public 
health emergency.
    ``(d) Sunset.--This section shall have no force or effect after the 
end of the 3-year period beginning on the date of enactment of this 
section.''.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of the Congress that the Board of Governors of the 
Federal Reserve System should consider moving to a same-day check 
settlement system (including weekends and holidays).
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