Page:United States Statutes at Large Volume 101 Part 1.djvu/678

 101 STAT. 648

PUBLIC LAW 100-86—AUG. 10, 1987

(4) the Federal Reserve banks and depository institutions take V such actions as are necessary to automate the process of return- ing unpaid checks; \ (5) each depository institution and Federal Reserve bank— (A) place its endorsement, and other notations specified V in regulations of the Board, on checks in the positions f specified in such r e f l a t i o n s; and (B) take such actions as are necessary to— (i) automate the process of reading endorsements; fiv'' and ' (ii) eliminate unnecessary endorsements; (6) within one business day after an originating depository il amount as the Board may prescribe)— (A) such originating depository institution determines whether it will pay such check; and (B) if such originating depository institution determines uL that it will not pay such check, such originating depository i', institution directly notify the receiving depository institun tion of such determination; (7) regardless of where a check is cleared initially, all recturned checks be eligible to be returned through the Federal Reserve System; (8) Federal Reserve banks and depository institutions participate in the development and implementation of an electronic ^^; clearinghouse process to the extent the Board determines, ^ • pursuant to the study under subsection (f), that such a process is feasible; and i (9) originating depository institutions be permitted to return unpaid checks directly to, and obtain reimbursement for such checks directly from, the receiving depository institution.
 * v institution is presented a check (for more than such minimum

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(c) REGULATORY RESPONSIBILITY OF BOARD FOR PAYMENT SYSTEM.— » ^ (1) RESPONSIBILITY FOR PAYMENT SYSTEM.—In order to carry

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^ r out the provisions of this title, the Board of Grovernors of the Federal Reserve System shall have the responsibility to regulate— (A) any aspect of the payment system, including the receipt, payment, collection, or clearing of checks; and -,j (B) any relateid function of the payment system with respect to checks. (2) REGULATIONS.—The Board shall prescribe such regulations as it may determine to be appropriate to carry out its responsibility under paragraph (1). (d) REPORTS.— (1) IMPLEMENTATION PROGRESS REPORTS.— (A) REQUIRED REPORTS.—The Board

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shall transmit a report to both Houses of the Congress not later than 18, 30, and 48 months after the date of the enactment of this title. (B) CONTENTS OF REPORT.—Each such report shall describe— (i) the actions taken and progress made by the Board to implement the schedules established in section 603, '*

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(ii) the impact of this title on consumers and depository institutions. (2) EVALUATION OF TEMPORARY SCHEDULE REPORT.—

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