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FRS RIN: 7100-AD68 Publication ID: Fall 2016 
Title: Regulation CC--Availability of Funds and Collection of Checks (Docket No: R-1409) 
Abstract:

The Board of Governors of the Federal Reserve System (the Board) proposed amendments to Regulation CC to facilitate the banking industry's ongoing transition to fully electronic interbank check collection and return, including proposed amendments to subpart C to condition a depositary bank's right of expeditious return on the depositary bank agreeing to accept returned checks electronically, either directly or indirectly, from the paying bank. The Board also proposed amendments to subpart B, the funds availability schedule provisions to reflect the fact that there are no longer any non-local checks. The Board proposed to revise the model forms in appendix C that banks may use in disclosing their funds availability policies to their customers and to update the preemption determinations in appendix F. Finally, the Board requested comment on whether it should consider future changes to the regulation to improve the check collection system, such as decreasing the time afforded to a paying bank to decide whether to pay a check in order to reduce the risk to a depositary bank of needing to make funds available for withdrawal before learning whether a deposited check has been returned unpaid.

 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 12 CFR 229   
Legal Authority: 12 U.S.C. 4001 to 4010    12 U.S.C. 5001 to 5018   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  03/25/2011  76 FR 16862   
Board Requested Comment on Revised Proposal  02/04/2014  79 FR 6673   
Board Expects Further Action on Subpart C  11/00/2016 
Board Expects Further Action on Subpart B  12/00/2016 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Clinton Chen
Senior Attorney
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-3952