### Question
How does the law define check clearinghouse association?


### Answer
Under *12 U.S.C. § 4001*, **check clearinghouse association** is defined as:

> any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System

#### Citation:
  - *12 U.S.C. § 4001*
  - Heading: **CHAPTER 41-EXPEDITED FUNDS AVAILABILITY**

