Page:United States Statutes at Large Volume 101 Part 1.djvu/679

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 649

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(A) REPORT REQUIRED.—The Board shall transmit a report to both Houses of the Congress not later than 2 years after the date of the enactment of this title regarding the effects the temporary schedule established under section 603(c) have had on depository institutions and the public. (B) CONTENTS OF REPORT,—Such report shall also assess '^^ the potential impact the implementation of the schedule established in section 603(b) will have on depository institu^„,,, tions and the public, including an estimate of the risks to and losses of depository institutions and the benefits to consumers. Such report shall also contain such recommendations for legislative or administrative action as the Board may determine to be necessary. • (3) COMPTROLLER GENERAL EVALUATION REPORT.—Not later than 6 months after section 603(b) takes effect, the Comptroller General of the United States shall transmit a report to the Congress evaluating the implementation and administration of this title. (e) CONSULTATION.—In prescribing regulations under subsections (a) and (b), the Board shall consult with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration Board.

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(f) ELECTRONIC CLEARINGHOUSE STUDY.— (1) STUDY REQUIRED.—The Board shall study the feasibility of



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modernizing and accelerating the check payment system through the development of an electronic clearinghouse process utilizing existing telecommunications technology to avoid the necessity of actual presentment of the paper instrument to a payor institution before such institution is charged for the item. (2) CONSULTATION; FACTORS TO BE STUDIED.—In connection with the study required under paragraph (1), the Board shall— (A) consult with appropriate experts in telecommunications technology; and (B) consider all practical and legal impediments to the development of an electronic clearinghouse process. (3) REPORT REQUIRED.—The Board shall report its conclusions to the Congress within 9 months of the date of the enactment of this title.

SEC. 610. ADMINISTRATIVE ENFORCEMENT.

12 USC 4009.

(a) ADMINISTRATIVE ENFORCEMENT.—Compliance with the requirements imposed under this title, including regulations prescribed by and orders issued by the Board of Governors of the Federal Reserve System under this title, shall be enforced under— (1) section 8 of the Federal Deposit Insurance Act in the case 12 USC I8I8 of— (A) national banks, by the Comptroller of the Currency; (B) member banks of the Federal Reserve System (other than national banks), by the Board of Governors of the Federal Reserve System; and (C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation; (2) section 5(d) of the Home Owners' Loan Act of 1933, section 12 USC 1464. 407 of the National Housing Act, and section 17 of the Federal 12 USC nm.

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