§5017 — Title 12 Banks and Banking | U.S. Code

Summary

The Comptroller General must, during the five years starting October 28, 2003, study how this law is being carried out. The review must estimate efficiency gains from check truncation, look at benefits to consumers and banks (like lower transport costs, faster crediting of deposits, and fraud effects), estimate consumers’ share of benefits, and check whether consumers accept truncation and if some now face new costs from not getting originals returned with monthly statements. Before that five-year period ends, the Comptroller General must send a report to Congress with the findings and any recommended changes to laws or agency rules.

Title 12, §5017

Banks and Banking — Source: USLM XML via OLRC

(a)During the 5-year period beginning on October 28, 2003, the Comptroller General of the United States shall evaluate the implementation and administration of this chapter, including—

(1)an estimate of the gains in economic efficiency made possible from check truncation;

(2)an evaluation of the benefits accruing to consumers and financial institutions from reduced transportation costs, longer hours for accepting deposits for credit within 1 business day, the impact of fraud losses, and an estimate of consumers’ share of the total benefits derived from this chapter; and

(3)an assessment of consumer acceptance of the check truncation process resulting from this chapter, as well as any new costs incurred by consumers who had their original checks returned with their regular monthly statements prior to October 28, 2003.

(b)Before the end of the 5-year period referred to in subsection (a), the Comptroller General shall submit a report to the Congress containing the findings and conclusions of the Comptroller General in connection with the evaluation conducted pursuant to subsection (a), together with such recommendations for legislative and administrative action as the Comptroller General may determine to be appropriate.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 108–100, Oct. 28, 2003, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5001 of this title and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title.

§5017 Evaluation and Report by the Comptroller General