Banking bill passes, ensuring deposits quickly available

Apr 17, 2015

When people in the Northern Marianas deposit a check, they should have access to their money as quickly as Americans in Hawai’i, Alaska and other U.S. areas outside the 48 contiguous states. That is why I supported the Expedited Funds Availability Act in the last Congress and supported its passage by the House again this week. The legislation was introduced by Congressman Eni Faleomavaega (D-American Samoa) in 2013 and by his successor Congresswoman Aumua Amata Coleman Radewagen (R), as H.R. 1367, last month. Lengthy waits for deposits to clear are more of a problem in American Samoa. Banks in the Northern Marianas tell me that with today’s electronic transactions they have no problem meeting the national standards for making funds quickly available; and I have only heard once from a constituent with a complaint—but once is too much. It is time for U.S. law to reflect this 21st century reality and give the people of the Northern Mariana Islands the same protection as Americans elsewhere in our nation.