Regulation CC: Availability of Funds and Collection of Checks
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Get up to speed on Regulation CC, the EFA Act and the Check 21 Act.This topic will cover how Regulation CC (12 CFR part 229) implements the EFA Act and the Check Clearing for the 21st Century Act (Check 21 Act). Subpart B of Regulation CC implements the requirements set forth in the EFA Act regarding the availability schedules within which bank? must make funds available for withdrawal, exceptions to those schedules, disclosure of funds availability policies, and payment of interest. This material will discuss the EFA Act and subpart B of Regulation CC which contains specified dollar amounts, including, the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits (minimum amount); the amount a bank must make available when using the EFA Act's permissive adjustment to the funds-availability rules for withdrawals by cash or other means (cash withdrawal amount); the amount of funds deposited by certain checks in a new account that are subject to next-day availability (new-account amount); the threshold for using an exception to the funds-availability schedules if the aggregate amount of checks on any one banking day exceed the threshold amount (large-deposit threshold); the threshold for determining whether an account has been repeatedly overdrawn (repeatedly overdrawn threshold)[ and the civil liability amounts for failing to comply with the EFA Act's requirements.
AuthorsMark D. Belongia, Johnson & Bell, Ltd.
Regulation CC Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) Made Certain Amendments to the EFA Act
Check-Return Rules and Same-Day Settlement Rules Outlined and Implemented Under Regulation CC