Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Filter

Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.

  • Federal Reserve revises exam procedures for Regulation CC

    Agency Rule-Making & Guidance

    On October 17, the Federal Reserve Board issued CA 18-8, which announces revised interagency examination procedures for Regulation CC, the implementing regulation to the Expedited Funds Availability Act. The revised procedures reflect amendments to Regulation CC that were effective on July 1, which, among other things (i) creates a framework for electronic check collection and return; (ii) establishes certain indemnities for electronically-created checks; (iii) applies traditional-check-equivalent warranties to electronic checks; and (iv) modifies the requirements for the expeditious return of checks and expeditious-return liability. The revised procedures also incorporate amendments from the Economic Growth, Regulatory Relief, and Consumer Protection Act. CA 18-8 supersedes the examination procedures referenced in CA 04-9, “Revised Regulation CC Examination Procedures - Check Clearing for the 21st Century.”

    Agency Rule-Making & Guidance Regulation CC Federal Reserve EGRRCPA Electronic Check

  • Federal Reserve Board approves final amendments to Regulation CC

    Agency Rule-Making & Guidance

    On September 12, the Federal Reserve Board (Board) announced the final amendments to the liability provisions of Regulation CC. The final amendments, which were proposed in June 2017, update Regulation CC’s existing liability provisions to include a presumption that a substitute or electronic check was altered in the event of disputes over whether a check has been altered or was issued with an unauthorized signature when the original check is not available. The presumption is only applicable to disputes between banks when one bank has transferred an electronic or substitute check to the other bank. The amendments are effective January 1, 2019.

    Agency Rule-Making & Guidance Federal Issues Federal Reserve Regulation CC Electronic Check

Upcoming Events