10 May 2013

American Samoa supportative of Hunkin's banking bill

10:40 am on 10 May 2013

The American Samoa Chamber of Commerce says its supportive of Congressman Faleomavaega Eni Hunkin's introduction of a banking bill to amend the federal Expedited Funds Availability Act to include American Samoa.

The bill, also known as Regulation CC was introduced last month in the United States House of Representatives, has since been referred to the House Committee on Financial Services.

Currently, banks in the US mainland and some territories are required to make funds available for consumer use from in-state cheques no later than the second business day after the cheque is deposited.

American Samoa is currently not considered a state under Regulation CC.

The Chairman of the Chamber of Commerce, David Robinson says currently the two local retail banks in American Samoa take up to 21 business days to clear US cheques.

He says the system can be detrimental on the cash flow of small business operators.