text: need brief explanation of federal funds availabiliy act?   the expedited funds availability act (efa or efaa) was enacted in 1987 by the united states congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. it is also referred to as regulation cc or reg cc, after the federal reserve regulation that implements the act. the law is codified in title 12, chapter 40 of the us code and title 12, part 229 of the code of federal regulations[1].