To amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Immigration.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H25CE5E83837246CDAC1FE4982E303EB2: 1. Short title This Act may be cited as the Payments Modernization Act of 2023.
- Section H62982188EF2241038EEC99CE68E4DCE0: 2. Findings and purposes Congress finds the following: Families in the United States spend billions of dollars in overdraft fees in part because they are...
- Section H82A67A351839430EAABBBD829F888AB7: 3. Definition In this Act, the term real-time has the meaning given the term in section 602 of the Expedited Funds Availability Act (12 U.S.C. 4001), as...
- Section HE00D8053BE6949CABDCB1FCAC000D08C: 4. Requirement that funds deposited be available for withdrawal in real-time Section 602 of the Expedited Funds Availability Act (12 U.S.C. 4001) is amended—...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Immigration
Primary Purpose
This bill, To amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMs. Pressley (for herself and Mr. Lynch) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology