To amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa and the Northern Mariana Islands.

Mr. Speaker, I rise today in strong support of H.R. 1679, as amended, a bill to amend the Expedited Funds Availability Act to clarify the application of that act to American Samoa and to the Commonwealth of the Northern Mariana Islands.

Mr. Speaker, this has been a bipartisan effort, and I want to thank Chairman Jeb Hensarling and Ranking Member Maxine Waters of the Committee on Financial Services for bringing this legislation on the floor today. I also want to thank my good friend, Congressman Kilili Sablan, for his support of this bill. And I would be remiss if I did not also express my appreciation to the subcommittee chairman of our Financial Services Committee, Congresswoman Shelley Capito, and Ranking Member Gregory Meeks for their efforts in supporting this bill.

Mr. Speaker, this legislation is important because it will not only improve the current banking system in both territories, but it will also allow our constituents quicker access to their funds.

I introduced this legislation last year because one of our only two banks in the territory was scheduled to close all of its branches for good. In working together with Governor Lolo and many stakeholders in delaying the bank's departure, we learned that there was a systematic delay in access to funds for bank customers in American Samoa.

H.R. 1679 will fix this delay and will put American Samoa and the Commonwealth of the Northern Mariana Islands in line with the schedule of availability of funds that are already required of banks in all States and other territories under regulation CC.

Under regulation CC, banks in the U.S. mainland and certain territories are required to make funds available for consumer use for in-State checks no later than the second business day after the check is deposited. Out-of-State checks can be held up to 5 business days before funds can be released. Banks in Hawaii, Alaska, the U.S. Virgin Islands, and Puerto Rico may, at their discretion, hold out-of-State checks for an extra day.

This is not the same for American Samoa. Checks can be held for an intermittent and undetermined amount of time, even up to 21 days, before funds are available for the consumer to have access. This is unfair for my constituents and has a direct and indirect impact on our local economy.

For the record, I do not hold the banks at fault, but given the trend of electronic banking and quicker access to mailing services, I feel that they are able to provide quicker and better services for their customers.

Again, I thank Chairman Hensarling, Ranking Member Waters, and their staff for their work on this legislation, and I urge my colleagues to support this bill.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1679) to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa, as amended.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and submit extraneous materials in the Record on H.R. 1679, as amended, currently under consideration.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I would like to also thank my colleague, Delegate Faleomavaega, for introducing this bill. This bill makes a technical change to clarify that the Expedited Funds Availability Act applies to banks located in American Samoa and the Northern Mariana Islands, as well as the other 50 States and contiguous States. It was an inadvertent error that these territories were not included in this act. This legislation remedies this error.

I urge my colleagues to support this bill, and I reserve the balance of my time.

Mr. Speaker, with that, I would just like, again, to congratulate Delegate Faleomavaega for his leadership on this, and I am glad that we could get this done. With that, I yield back the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

Our Financial Services Committee simply amends the Expedited Funds Availability Act to apply it to American Samoa. Essentially, it does just these few things. It extends by 2 business days for American Samoa any time periods established for large or redeposited checks, repeated overdraft, reasonable cause, or other emergency exceptions to the 30- day funds availability requirements for deposits in a depository institution account by a new depositor.

It also applies this 2-day extension to any deposit in an account at a depository institution located in American

Samoa by a check drawn on an originating depository institution which is not located in the same State as the receiving depository institution.

With that, Mr. Speaker, I would like to yield to the distinguished gentleman from American Samoa (Mr. Faleomavaega) who has worked tirelessly on this effort and deserves so much credit for his sterling leadership.

(Mr. FALEOMAVAEGA asked and was given permission to revise and extend his remarks.)

Mr. Speaker, I yield back the balance of my time.