STUDY ON CHECK-RELATED FRAUD.

SEC. 333. STUDY ON CHECK-RELATED FRAUD. (a) Study.— The Board of Governors of the Federal Reserve System (hereafter in this section referred to as the “Board”) shall conduct a study on the advisability of extending the 1-business-day period specified in section 603(b)(1) of the Expedited Funds Availability Act, regarding availability of funds deposited by local checks, to 2 business days. (b) Considerations.— In conducting the study under subsection (a), the Board shall consider— (1) whether there is a pattern of significant increases in check-related losses at depository institutions attributable to the provisions of the Expedited Funds Availability Act; and (2) whether extension of the time period referred to in subsection (a) is necessary to diminish the volume of any such check-related losses. (c) Report to the Congress.— Not later than 2 years after the date of enactment of this Act, the Board shall submit a report to the Congress concerning the results of the study conducted under this section and including any recommendations for legislative action.