There were even cases where the ultimate paying branch returned the cheque to the originating bank since it had been defaced by multiple postal stampings on its travel. Contrast that with the situation today. Outstation cheques normally get cleared in two days. And if people shift from paper to electronic modes, the transfer can be even faster.
Recognizing the heightened need for disclosure of securitization transactions, the banking agencies, starting in 2001, required banks and their holding companies to disclose the type and amount of assets securitized, the risk exposure retained, and the charge-offs and delinquency status of the underlying assets.