Expedited Funds Availability Act

[AI summary unavailable — showing source text] Expedited Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to begin to develop a system to provide that funds deposited by check in an account of a depository institution shall be available for withdrawal: (1) immediately if the check is drawn on the Treasury or a State or local government and is endorsed only by the person to whom it is issued; (2) the next business day if the check is for not over $100, is a cashier's or certified check, or is drawn on a branch of the institution located in the same Federal Reserve district; and (3) following three business days after such deposit for all other checks. Requires such system to be implemented no later than three years after enactment of this Act. Requires the Board, not later than six months after enactment of this Act and annually thereafter until such system is implemented, to report to the Congress on its actions under this Act. Sets forth time standards for expedited check clearing to take effect 90 days after enactment of this Act. Requires funds deposited by check to be available: (1) on the second business day after deposit if the check is for not over $100, is drawn on a branch in the s…