More recent congressional action has focused increasingly on improving the eff iciency of the payments system by encouraging increased use of technology. In 1987, Congress enacted the Expedited Funds Availability Act (EFAA), which gave the Board, for the f irst time, the authority to regulate the payments system in general, not just those payments made through the Reserve Banks. The Board used its authority under the EFAA to revamp the check-return system, improve the presentment rights of private-sector banks, and establish rules governing the time that banks can hold funds from checks deposited into customer accounts before making the.
