Although Congress has given the Board authority to regulate the check system and other aspects of the payments system, we do not believe that this authority is sufficiently broad to enable us to adopt regulations that accomplish the purposes of the act.
In the 1987 Expedited Funds Availability Act (EFAA), Congress gave the Board broad authority to regulate "any aspect of the payment system, including the receipt, payment, collection, or clearing of checks; and any related function of the payment system with respect to checks" in order to carry out 2 the EFAA.