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 H326A6B7F3D984ED2A27B02BB4536B231: 1. Short title This Act may be cited as the Payments Modernization Act of 2023.
- Section H9376651F85534822951764B30EA9C1F1: 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 H3E0B6904E8284E8392FA526510FF6700: 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 HD5FABEC156A14DC0BE82C10200CA74D0: 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
IntroducedMr. Van Hollen (for himself and Ms. Warren) introduced the …
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