118th Congress · SENATE BILLBILL

S. 2348 — Payments Modernization Act of 2023

“A bill to amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes.”

Finance and financial sector

Introduced Jul 18, 2023

Last action Jul 18, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 18, 2023

Step 2

Referred

Jul 18, 2023

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill requires depository institutions to make deposits available for withdrawal in real time. Under current law, deposits must be made available according to specified schedules based on the type of deposit. The Government Accountability Office must publish a study on the impact payment delays have on disadvantaged communities.

Provisions · 4 sectionsIntroduced in Senate

Timeline · 2 actions

Jul 18, 2023

Introduced in Senate

Jul 18, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.