(7) SAIF.-The term "Savings Association Insurance Fund" means the fund established pursuant to section 11(a)(6)(A) of the Federal Deposit Insurance Act, as that section existed on the day before the date of enactment of this Act. (8) SAIF-ASSESSABLE DEPOSIT.-The term "SAIF-assessable deposit" (A) means a deposit that is subject to assessment for purposes of the Savings Association Insurance Fund under the Federal Deposit Insurance Act (including a deposit that is treated as insured by the Savings Association Insurance Fund under section 5(d)(3) of the Federal Deposit Insurance Act); and (B) includes any deposit described in subparagraph (A) which is assumed after March 31, 1995, if the insured depository institution, the deposits of which are assumed, is not an insured depository institution when the special assessment is imposed under section 2702(a). SEC. 2711. [26 U.S.C. 162 nt] DEDUCTION FOR SPECIAL ASSESSMENTS. For purposes of subtitle A of the Internal Revenue Code of 1986 (1) the amount allowed as a deduction under section 162 of such Code for a taxable year shall include any amount paid during such year by reason of an assessment under section 2702 of this subtitle, and (2) section 172(f) of such Code shall not apply to any deduction described in paragraph (1). EXPEDITED FUNDS AVAILABILITY ACT1 TITLE VI—EXPEDITED FUNDS AVAILABILITY SEC. 601. [12 U.S.C. 4001 nt.] SHORT TITLE. This title may be cited as the "Expedited Funds Availability Act". SEC. 602. [12 U.S.C. 4001] DEFINITIONS. For purposes of this title (1) ACCOUNT.-The term "account" means a demand deposit account or other similar transaction account at a depository institution. (2) BOARD.-The term "Board" means the Board of Governors of the Federal Reserve System. (3) BUSINESS DAY.-The term "business day" means any day other than a Saturday, Sunday, or legal holiday. (4) CASH.-The term "cash" means United States coins and currency, including Federal Reserve notes. (5) CASHIER'S CHECK.-The term "cashier's check" means any check which— (A) is drawn on a depository institution; (B) is signed by an officer or employee of such depository institution; and (C) is a direct obligation of such depository institution. (6) CERTIFIED CHECK.-The term "certified check" means any check with respect to which a depository institution certifies that (A) the signature on the check is genuine; and (B) such depository institution has set aside funds which (i) are equal to the amount of the check; and (7) CHECK.-The term "check" means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items. (8) CHECK CLEARINGHOUSE ASSOCIATION.-The term "check clearinghouse association" means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without The Expedited Funds Availability Act was enacted as title VI of the Competitive Equality Banking Act of 1987. using the check processing facilities of the Federal Reserve System. (9) CHECK PROCESSING REGION.-The term "check processing region" means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescribe by regulations. (10) CONSUMER ACCOUNT.-The term "consumer account" means any account used primarily for personal, family, or household purposes. (11) DEPOSITORY CHECK.-The term "depository check" means any cashier's check, certified check, teller's check, and any other functionally equivalent instrument as determined by the Board. (12) DEPOSITORY INSTITUTION.-The term "depository institution" has the meaning given such term in clauses (i) through (vi) of section 19(b)(1)(A) of the Federal Reserve Act. Such term also includes an office, branch, or agency of a foreign bank located in the United States. (13) LOCAL ORIGINATING DEPOSITORY INSTITUTION.-The term "local originating depository institution" means any originating depository institution which is located in the same check processing region as the receiving depository institution. (14) NONCASH ITEM.-The term "noncash item” means— (A) a check or other demand item to which a passbook, certificate, or other document is attached; (B) a check or other demand item which is accompanied by special instructions, such as a request for special advise of payment or dishonor; or (C) any similar item which is otherwise classified as a noncash item in regulations of the Board. (15) NONLOCAL ORIGINATING DEPOSITORY INSTITUTION.— The term "nonlocal originating depository institution" means any originating depository institution which is not a local depository institution. (16) PROPRIETARY ATM.-The term "proprietary ATM” means an automated teller machine which is (A) located (i) at or adjacent to a branch of the receiving depository institution; or (ii) in close proximity, as defined by the Board, to a branch of the receiving depository institution; or (B) owned by, operated exclusively for, or operated by the receiving depository institution. (17) ORIGINATING DEPOSITORY INSTITUTION.-The term "originating depository institution" means the branch of a depository institution on which a check is drawn. (18) NONPROPRIETARY ATM.-The term "nonproprietary ATM" means an automated teller machine which is not a proprietary ATM. (19) PARTICIPANT.-The term "participant” means a depository institution which— (A) is located in the same geographic area as that served by a check clearinghouse association; and |